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Ed Butowsky of Chapwood Investments gives advice to the players about to become professional football players.
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Joining us now is -- -- get -- -- investments at.
You manage the money a lot of very wealthy people and I today and you may lose half just like missed a lot of us.
What are they feel about what's funny about that isn't in California -- actually lose more than happy to start thinking about you know the -- a city tax -- tax and -- federal taxes.
I mean people are now start to catch on to the message that Obama is is you know -- and that is the more he talks the better it is for the Republicans because people realized what -- saying just doesn't make any economic sense at all.
And the people our management for the wealthy that they've already been there and they feel victimized they -- -- almost as though what they have done and gone out and created businesses created wealth.
Down you know for the most part they didn't just like Romney did I mean Romney wasn't -- -- told the silver spoon video store -- tell you something the Silverstone he was not born -- from his father was a governor he did well but.
When he first got out of -- you think given how.
House it was a given all this money he craved it just like most of my clients created the demonizing of the wealthy has got to end all right Doug yes the wealthy on the people who support Democrats and have given a -- them.
It's right to Barack Obama right the very very wealthy who don't have to worry about taxes are the ones who support the Democrats it is people who are right below the you know people with hundred million dollar networks who are most impacted because they're the ones working creating jobs forming businesses right and they.
How many of what many -- which -- taxes -- just -- the Tories that is not the very that not all -- and look you've had people on the -- -- and people -- -- all around the country -- very very wealthy who don't support the Democrats so it's not just look you can't -- but the good -- -- the biggest democratic donors are the billionaires.
Who our our -- basically socialist or.
Social them in their orientation.
Is a word social is billion would drive me off the wall however that's an oxymoron if I could involve the sectors that you are in a new movie.
It's cold broke yes debuts tonight TriBeCa film festival is about why pro athletes some of whom you management not those particular athletes why -- go broke.
And a big reason I understand is over spending corrects well -- over.
Thing is a key part to it.
And what -- this you know right now we're having the draft hurt there are literally crying scenes occurring right this moment there should be yellow -- around some of these meetings because you see a young player with an agent and the agent is saying.
All take care of everything you worry about nothing and that's where the crime begins these young men need to learn how to manage their money stop overspending.
Get -- do not invest in any private real estate investments of any kind and private equity then they will be okay.
Let me show you this how we look at this OK this is the NFL on FOX & Friends this morning on the Fox News Channel right marketing the -- variety.
As the official -- of the NFL.
Now won't -- of images that presenting to these young.
Instant -- -- in the draft tomorrow that's right in with what they should be doing is showing them a future.
-- investment account that is three times bigger than the one they started today because what they're gonna do is they're gonna go out maybe by Hamas -- put a 100000 dollars Panama's -- when they they could have had in fourteen years -- 100000 dollars.
-- do better as agents to teach them about compound interest.
Rather than about luxury cars just given the number 72 bright light of -- rate of return that's how many years it takes to double your money.
Once someone understands that they're better -- what they do is they give them everything that they need they -- -- -- -- here's how to do anything you want and that's where the crime begins -- happening to -- separating top masses -- young guy -- handed a multimillion dollar paycheck and your -- can't gotten -- 100000 dollar car -- you put my -- I -- as -- for a lot of very well known very wealthy athletes most of -- budgets you know what they're concerned.
Believe it or not these young men are concerned about their future because the average football player is -- we have here are you the wanna put -- on -- budget.
I do actually you do you really dissident -- -- look at their money yet but it.
You're going to lord's work I I think it's -- yes to commissioner of the NBA right how serious a problem this was.
He told me not to worry about it stick with politics -- but I think you're right and I think this is a huge problem.
I'm I'm involved with a lot of these programs including the NBA they do -- pretty good job but we need to do a better job of educating absolutely -- -- Ed potassium all around good guy and a movie star as a yeah.
-- Axel thanks that we've.
