MTJ Goes Into a New Business Venture

Truex_rox

Truex_rox

Wannabe racecar driver.
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Say what you will about his "boring" personality, "whiny" radio transmissions; whether it is true or not, I think Truex has always been one of the genuine good guys of NASCAR. Quite recently, he started up a new business besides the foundation that he and Sherry have run through the years. The business is a private charter plane company founded with the intent of delivering fellow NASCAR drivers to races, as well as potentially delving into corporate or leisure travelers. Since COVID threw a monkey wrench into everyone's plans, he had the time to include another purpose in going this route - flying surgical teams and life-saving organs in the area covering the East Coast to Texas.

 
And that's how athletes get wealthy; usually they make pennies on the dollar from their salaries (after taxes, agent fees, etc) and the smart ones use their name recognition to start businesses that quickly blossom. Good on MTJ for using it for a good cause too.
 
RacerrecaR said:
And that's how athletes get wealthy; usually they make pennies on the dollar from their salaries (after taxes, agent fees, etc) and the smart ones use their name recognition to start businesses that quickly blossom. Good on MTJ for using it for a good cause too.
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So how much does Kyle have left after taxes on his 16 million dollar salary?
In Canada top tax is 57% so he would still have 6,880,000 for walking around money.
 
Team Penske said:
So how much does Kyle have left after taxes on his 16 million dollar salary?
In Canada top tax is 57% so he would still have 6,880,000 for walking around money.
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The short answer is it depends on how his salary is structured (signing bonus, incentives, lump sum vs installments) and what other fine print is included in the contract. Often times athletes are also responsible for paying for their equipment and travel expenses to games/races. None of this is even including attorney fees, accountant fees, agent fees, insurance, or other fees. There is a very real chance Kyle only sees $2 million out of that $16 million but I would guess it is around the $5 million range
 
RacerrecaR said:
The short answer is it depends on how his salary is structured (signing bonus, incentives, lump sum vs installments) and what other fine print is included in the contract. Often times athletes are also responsible for paying for their equipment and travel expenses to games/races. None of this is even including attorney fees, accountant fees, agent fees, insurance, or other fees. There is a very real chance Kyle only sees $2 million out of that $16 million but I would guess it is around the $5 million range
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Only 2 million? Damn! How the hell could anyone live on that!!
 
Daytripper said:
Only 2 million? Damn! How the hell could anyone live on that!!
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Their jet payment, jet insurance, jet storage, jet maintenance, jet fuel, pilots and flight attendant salary should eat up a large chunk of that. What's left over will go towards their high maintenance wife and her large resort she will call her home. We should start a Go Fund Me page to help them out and lessen the burden on them.:)
 
Team Penske said:
So how much does Kyle have left after taxes on his 16 million dollar salary?
In Canada top tax is 57% so he would still have 6,880,000 for walking around money.
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How do you know how much he makes? I am curious not being a dick.
 
Hopefully this venture will be very successful for him, and who knows maybe he will become the next Connie Kalitta and own one of the most successful Air Services and Motorsports teams in the world.
www.kalittaair.com

Kalitta Air

Kalitta Air provides scheduled or on-demand charter service for customers in the United States and around the world.
www.kalittaair.com www.kalittaair.com
 
Anyways, this is an awesome initiative for MTJ to get into. I wish him the best with this and hope it is a long-term and very successful business venture. Using his platform to do this is really cool to see.
 
Nitro Dude said:
Their jet payment, jet insurance, jet storage, jet maintenance, jet fuel, pilots and flight attendant salary should eat up a large chunk of that. What's left over will go towards their high maintenance wife and her large resort she will call her home. We should start a Go Fund Me page to help them out and lessen the burden on them.:)
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Go for it; I'll contribute a few bucks (paid for by you, of course) :pbjtime:

Also, I hope he doesn't make Jack Roush his pilot tbh.
 
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And if MTJ is only netting $2,000,000 on $15,000,000 driver income he most definitely needs a different financial/tax adviser and accountant. Smart rich people avoid paying excessive taxes as they damn well should!
 
I came back to read this thread the other day and was blown away by how so much of it was on something else. Come back again tonight and almost the whole thread has been shelved! lol
 
Revman said:
Thank you. Those numbers aren't a shock, but seeing them "in print" is. Just wow. That is a lot of moola.
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Right? I've not been able to find out much about NASCAR's top drivers' earnings, so to actually see these figures is impressive. Maybe one wouldn't seem too foolish for wanting to try their hand at it after all. :D
 
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