paychecks in pro football

[A HERETIC I AM]

24. And what security these days do you think is going to yield 7%? (Edited)

I'll just cut to the chase, OK?

You're being unrealistic and using gains and potential yield numbers that, while not completely unattainable, can not be done these days without significant risk.

If you want a baseline of near zero risk for yield, use the 30 year treasury coupon rate, the most recent of which is 3.0%.

That means $30,000 a year out of your million, not $70,000 and that thirty grand is taxable as ordinary income. If you want to take on more risk and go for potentially higher gains then an equity portfolio is going to be necessary and then you are subject to the whims of the stock market.

here's the edit;

I am not sure where the money that you are using as a starting point is coming from. Is that what is left over after a 3 or 4 year career as a player? Is that income from one year? If I gave you a million dollars after I won the Powerball, and you just stuffed it in your closet and drew out what you wanted till it was gone, you would not have to pay any income or payroll or Medicare or SS taxes on it. It isn't income at that point. But if you wanted to invest it in such a way as to generate income and retain the principle amount, you would be tying it up, so to speak and paying taxes on the interest, but ONLY income taxes.