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Thread: Warriors' Klay Thompson's dad will cut his allowance after league fine

  1. #26
    Pacer Pride, Colts Strong Kid Minneapolis's Avatar
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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    This to me is the opposite end of the spectrum from those riches-to-rags story. It's a frugal lesson, I spose, but it's still pretty extreme. It's one thing to be frugal, but to not let a man have some semblance of freedom, independence, and responsibility is almost disrespectful to Klay as a man. Teach Klay from age two years... the value of money, good decision-making, the importance of conserving, let him learn and make his good decisions but also allow him to take his lumps and learn lessons... that's called parenting, from Day 1. Controlling his bank at age 25 or whatever is just... overboard. Be an advisor, a parent, guide him towards the right decisions... I guess it's not so much even the $300 weekly limit, as much as the kid has absolutely no say in his money. That to me is wrong. Of course it's wrong to make $100,000,000 in your career and be broke, but I firmly believe in raising a kid right and that won't happen. You gotta do the work early, not later... as a parent. That's what that sounds like to me. Or maybe they did start in with the control early and never relinquished it... which is plain over-bearance. It even sounds like his dad is managing his bills. I just don't see how that is supposed to prepare him at all for anything. Even reading the article from today when Mychal watched Klay go over and shove Hibbert, he called him an idiot. What kind of parenting job is this? Do everything for him, stifle growth, and then call him an idiot.
    Last edited by Kid Minneapolis; 03-02-2013 at 12:25 AM.
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  3. #27
    Member rabid's Avatar
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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    Quote Originally Posted by MAStamper View Post
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    It just smells like one of those situations where the word agreement has to be put in quotation marks based off of what could be an overbearing father.
    Yeah the key factoid I think is the fact that dad is going to cut out some of the allowance because Klay got into a fight in a game. That goes well beyond any sort of money-management thing and straight into "I'm your dad and I'm going to punish you." It does seem awfully weird.

    Having said that, I guess it's better then the opposite extreme where an athlete earns hundreds of millions only to lose it all and end up totally broke. Mike Tyson anyone?

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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    Quote Originally Posted by MAStamper View Post
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    It just smells like one of those situations where the word agreement has to be put in quotation marks based off of what could be an overbearing father.
    He's an "overbearing father" who has seen first hand how professional athletes can squander millions and end up broke. I would have to think he has shared those cautionary tales with his son over the years and that they came to this arrangement together. If not, and if Klay decides he doesn't like the arrangement anymore, he's not a minor, I'd have to think he could back out any time.

    I'd love to see the particulars, legally or otherwise, of their arrangement, though.

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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    I don't think Klay is learning a damn thing about financial responsibility. What he's learning is that Dad'll take care of it.

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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    Quote Originally Posted by TinManJoshua View Post
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    I don't think Klay is learning a damn thing about financial responsibility. What he's learning is that Dad'll take care of it.
    So, you think his father gives him his allowance, but offers nothing else along with it? Nothing about financial responsibility, nothing about the importance of saving your money, no cautionary tales, nothing?

    "Just take your allowance, son, and shut up. I don't owe you any explanation or words of wisdom!"

    Yeah, that's probably how it goes.

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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    Quote Originally Posted by A-Train View Post
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    So, you think his father gives him his allowance, but offers nothing else along with it? Nothing about financial responsibility, nothing about the importance of saving your money, no cautionary tales, nothing?

    "Just take your allowance, son, and shut up. I don't owe you any explanation or words of wisdom!"

    Yeah, that's probably how it goes.
    We don't know how it goes. You have no inside knowledge of how it works. Sure, maybe he's trying to teach his son how to be responsible with money, but look at it from an outsider's perspective. 23 year old guy is getting an allowance from his own paycheck. Someone else is determining his weekly spending budget. Someone else pays his bills on time. Someone else pays his taxes and balances his checkbook. If he's actually learning how to be responsible, it's not through experience.
    Last edited by TinManJoshua; 03-02-2013 at 05:06 PM.

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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    Quote Originally Posted by TinManJoshua View Post
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    We don't know how it goes. You have no inside knowledge of how it works. Sure, maybe he's trying to teach his son how to be responsible with money, but look at it from an outsider's perspective. 23 year old guy is getting an allowance from his own paycheck. Someone else is determining his weekly spending budget. Someone else pays his bills on time. Someone else pays his taxes and balances his checkbook. If he's actually learning how to be responsible, it's through experience.
    You're right, we don't know.

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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    Quote Originally Posted by TinManJoshua View Post
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    We don't know how it goes. You have no inside knowledge of how it works. Sure, maybe he's trying to teach his son how to be responsible with money, but look at it from an outsider's perspective. 23 year old guy is getting an allowance from his own paycheck. Someone else is determining his weekly spending budget. Someone else pays his bills on time. Someone else pays his taxes and balances his checkbook. If he's actually learning how to be responsible, it's through experience.
    Do you?

    Let the kid mess up on his own and he loses everything. People say what a terrible teacher you must have been and how you should have been more hands on

    Help the kid out, pay his bills, tax care of his other expenses, and give him a stipend*, and you are an overbearing parents.

    Damned if you do, damned if you dont

    *minus the stipend part, dont most athletes have agents and accountants to help out with exactly the same stuff?

    There is always room for a middle ground, but unless you raised the kid and know him personally, I am going to give the dad the benefit of the doubt.

    I never made millions (come on powerball!), and I have learned plenty in my young life, but I would have loved to have had someone helping me out when I was a young man

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  16. #34
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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    You guys know there is a middle ground right? I think his Dad has definitely gone over the top here. Having the checks in the parents name and everything.... its a bit much. There are plenty of ways to make sure your son doesn't waste all his money that are less controlling than this. And I think they would be more beneficial to Klay as well.

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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    Quote Originally Posted by vapacersfan View Post
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    Do you?

    Let the kid mess up on his own and he loses everything. People say what a terrible teacher you must have been and how you should have been more hands on

    Help the kid out, pay his bills, tax care of his other expenses, and give him a stipend*, and you are an overbearing parents.

    Damned if you do, damned if you dont

    *minus the stipend part, dont most athletes have agents and accountants to help out with exactly the same stuff?

    There is always room for a middle ground, but unless you raised the kid and know him personally, I am going to give the dad the benefit of the doubt.

    I never made millions (come on powerball!), and I have learned plenty in my young life, but I would have loved to have had someone helping me out when I was a young man
    No I don't. I can only go off of what the article says. The article says Klay's paychecks are written in his parent's names and that he receives a weekly stipend for spending money. Based on the knowledge I have from the article, the conclusion I came to was that his dad is not only his accountant but treating him like a teenager still. YMMV. That's fine I didn't say I was right, just expressing my opinion based on the information given in the article. Maybe Klay learns by being told. I don't know, but the majority learns by doing. He's not doing the "doing", based on what is presented in the article.

  18. #36
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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    I have a feeling that his dad knows what he is doing. Being employed with others in the same scenario and witnessing them being dumb with money is something that strikes him more than any of us will know. Also, teaching your son about the values of saving money will help... until he is making $2M and is surrounded by idiots throwing their money away. Monkey see, monkey do, anybody? I think its just fine for him to be doing this because he knows his son could fall into the same trap as many others, so wants to show him how to conserve and live on a sliced paycheck to ready him for post rookie deal life.
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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    This is the equivalent of having an accountant or investor handle your money. Good for the Thompsons.

  20. #38
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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    Quick note - Young people who receive money lose it period. Regardless of profession. The military is a great example of that.
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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    So apparently everyone got punked?

    darren rovell ‏@darrenrovell

    Story that Mychal Thompson receives son Klay’s paycheck and would deduct $ for fight was a joke. Warriors pay Klay directly.
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    Default Re: Warriors' Klay Thompson's dad will cut his allowance after league fine

    I'm not so prideful that I can't admit I was wrong. I was wrong.

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