Ever since Caleb Williams stepped foot into the NFL, he has been hanging out with all the right people, from Michael Rubin to Jay Z, both of whom have literally built empires. Although his efforts have been commendable so far, financial literacy entrepreneur John Hope Bryant believes that Caleb’s approach to maximizing his salary could have landed him in prison.
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In an Instagram video by Bryant, the entrepreneur noted that Caleb has been trying to maximize his salary by registering himself as an LLC. Under normal circumstances, an employee receives his salary in his personal bank account and is subject to all the necessary state taxes.
However, when Caleb registers himself as a company, he opens up avenues to avoid paying taxes. While Bryant commended Caleb and his team for thinking of creative ways to save money, he also showed them the hard truth.
The entrepreneur noted that this is actually very bad advice, as everyone knows that “avoiding paying federal taxes” is a “felony.”
James then urged the rookie quarterback to fire the person or team that gave him this idea, as Caleb would have been in real trouble if the NFL had not rejected this plea.
“I’m going to criticize them because actually somebody’s giving him very bad advice and he needs to fire the person because that person could have gotten Caleb in prison.”
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This is truly a sound piece of observation from John Hope Bryant. For someone who aims to be a businessman in the future, Caleb and his team could have been a bit more careful before presenting this proposition.
That said, this setback hasn’t affected Caleb’s plans to maximize his revenue, as he continues investing his money in good places.
Caleb is very particular about his money
Even before signing his NFL contract with the Bears, Caleb made a strong business move by launching his own investment firm — 888 Midas. According to the rookie quarterback, the firm is run by advisors and partners he has “known for years.”
Caleb’s advisory cohort includes reputable figures such as former Wolff Urban chairman Lew Wolff and Hawkins Way Capital co-founder Ross Walker. Together, they help him make the most of alternative investments like venture capital, private equity, and old-school real estate.
Talking about real estate, the latest reports reveal that the Bears QB is super close to making his first-ever property purchase. According to reports from Glancer Magazine, he has purchased an incredible mansion in Illinois, worth $12.9 million, with direct access to Lake Michigan.
Although the property is 33 miles from where he plays, registering in Illinois comes with its own financial incentives.
With the way Caleb has been making investment decisions, this property will certainly be the first of many in his real estate portfolio. However, along with off-field success, the Bears fanbase is also hoping that the rookie will soon be able to translate his collegiate success into the NFL.
