Great article in the Los Angeles Daily News on Kevin Love as he prepares for the NBA draft.and also life in the NBA.
Kevin, with the help of a strong family -- and also, I would like to think, a small assist to my book, Money Players, is thinking ahead. Way ahead.
Here's a great :
Note the 2008 maximum is $15,500.
Participation in the NBA's 401(k) program is a “negative election.” Translation: players have to opt out rather than opt in. Don’t opt out!
These are heady times for any 19-year old entering the NBA (or any 22-year old for that matter), but Kevin is doing the right things on and off the court to maximize his professional career and also secure his financial future.
Kevin, with the help of a strong family -- and also, I would like to think, a small assist to my book, Money Players, is thinking ahead. Way ahead.
Here's a great :
"Kevin Love was explaining how he isn't going to burn through the millions of dollars he is about to earn. He was discussing putting aside part of his paycheck in a long-term tax-deferred account he could use 'in like 40 years,' although he couldn't remember the name. 401k? 'That's it,' said UCLA's former All-American center."Note to Kevin: Turn to page 91 of your copy of Money Players:
401(k)s: Believe this hype!
Your league provides a 401(k) retirement plan. Participation in the 401(k) is voluntary. You contribute to it (through a deduction from your paycheck) up to the maximum allowed by the federal government ($15,000 in 2007). Now comes the amazing part. Your professional league matches your contribution, dollar for dollar, up to a specified limit...In the NBA, teams match 140% of the players’ allowed contribution. If a player puts in $15,000, the NBA team contributes $21,000. You should love this game.
Your league provides a 401(k) retirement plan. Participation in the 401(k) is voluntary. You contribute to it (through a deduction from your paycheck) up to the maximum allowed by the federal government ($15,000 in 2007). Now comes the amazing part. Your professional league matches your contribution, dollar for dollar, up to a specified limit...In the NBA, teams match 140% of the players’ allowed contribution. If a player puts in $15,000, the NBA team contributes $21,000. You should love this game.
Note the 2008 maximum is $15,500.
Participation in the NBA's 401(k) program is a “negative election.” Translation: players have to opt out rather than opt in. Don’t opt out!
These are heady times for any 19-year old entering the NBA (or any 22-year old for that matter), but Kevin is doing the right things on and off the court to maximize his professional career and also secure his financial future.