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Is anybody watching this? I thought they just said something like 78% of NBA players and 60% of NFL players ended up filing for bankruptcy. Even players who made 100 million or even 200 million dollars in their careers ended up in bankruptcy. That is unbelievable
More believable than unbelievable
These clowns need to wear some rubbers...jesus christ
Not guilty y'all got to feel me
the NBA % is really baffling bc their money is guaranteed unlike the NFL.
My wife and I were talking during the show about how amazing it is that people who make $1M+/month can easily, easily spend enough to go in debt, while people that barely make $1500/month (or less) are able to make ends meet as long as they discipline themselves and make tough decisions.
I have seen it. Problem is so many people come around wanting money and they can't say no. It amazes me and remember, they only get 16 paychecks a year (NFL). To watch the money they blow is unbelievable
My son's message to Obama, Clemson, and Georgia
the more you really sit and think about it, the more unsurprising it is. The fact that you would have that much money in that short amount of time most people who have never had any amount of money would just blow through it thinking it's never going to stop. One car turns into 4, which then turns into one for every day of the week. Each of your buddies then needs a car and a house, which turns into each of their buddies needing $1k here or there.
Who the crap needs a 50k sq home with two bowling alleys? If you're living by yourself, get a freaking apartment, or a small house, go get a nice car, but limit it to one. And please, don't be be stupid and go get a DUI. You would think athletes could just afford a freaking driver. They could as plastered as they want and not worry about a DUI or jail time, or being suspended and losing more money on top of being fined. But then again with all the crap they're buying and all the crap everyone else keeps asking for, there's just no room.
XoGisele, Ashley Sky, Niki Skyler
If you ever watch a show on it or know someone who works for a state lottery they will tell you: 75% of the time or more, winning the lottery is the worst thing that ever happened to that person. All these athletes are just winning the lottery.
They can get paid 1 of 3 ways, all at the beginning of the season, broke up throughout the season, or all at the end.
Darrell Smith, Keith Delong and I talked on this very subject.
Many get it all at the beginning, and are borrowing on next years salary before the end of the season.
Simple fact is most have never seen that kind of money and the blow through it like its nothing, and end up broke, sad thing is the NFL does have a retirement, but most dont qualify
thats because most people who play the lottery have no idea how to manage money. If I won the lottery, that money would double every 6-8 years. I would have a nice house, 2 nice cars, some great vacations, amazing seats doak, amazing seats at ravens games, and a huge investment account.
90% of people dont see money the way someone who is a financial advisor does.
Exactly and that goes with much smaller amounts too.
I have seen people out of school and get a job that pays like 30,000 or so which is not a lot, but try telling that to a 20 something year old. Next thing you know they have a new vehicle, get a nice not so cheap place, around here they may buy an ATV or a motorcycle too, take trips to the beach and New Orleans a few times a year and of course they party and eat out often. New laptops, new guns, whatever.
The worst thing though are those big ticket items I mentioned, next thing they know they have 20,000-30,000 in monthly payments a year and after a couple of years they have a bunch of crap and bills they can't get rid of and no longer have any disposable income and are making just barely, I mean barely more than they started out making. At which point they start using credit cards and the hole just gets deeper....Actually now that I think about it this is most of America, lol.
Point being that most people have no idea how to handle money at all it seems people always think they have or make more than they do and don't realize otherwise until it's too late.
I'm sorry, but when you make that much money your a complete idiot if you go broke.
I mean really...even if I knew 0 about money I'd know to hire someone to handle my money and investments for me.
Pain is temporary. It may last a minute, or it may last a year. But eventually, it will subside. If i quit, however it will last forever.
Sadly, a lot of times, those are the people that exploit their lack of financial knowledge the most.
This post was edited by gamecockguy12 18 months ago
Or if they don't the client will often ignore their advice.
LOL at them not knowing about taxes.
O pitty for any of these guys that went broke, none whatsoever. I just spent the last year unemployed, quit job last October, and had a recurrent health issue that made it almost impossible to get another till now (start new job this Monday!). Between lack of income and 1,000s in out of pocket medical bills, my wife and I have made it work with minimal help for us and our 2 kids.
For sure. You get 25 million and you should make 400-750K a year just from your money for the rest of your life.
Municipal bonds, property, etc. You could go hella conservative and still make bank.
1. Most of these guys have no clue or no positive fiscally responsible models in their lives prior to the wealth, so it does not surprise me much.
2. Outside influences from family members to "advisors" to nonprofit orgs hit up these athletes and are pretty much wealth suckers.
3. You have college guys (mostly) going from broke (unless they got some "church offering from Uncle Luke") to instant wealth, so they are star struck with all the things they can buy. There is a reason why credit card companies prey on broke college students: with new found "credit" they can buy the world with little discretion. Furthermore, most programs do not teach these athletes anything abt managing finances. Hell, most traditional families don't talk abt finances bc half of divorces are directly a result of finances. I personally have counseled couples who refused to talk basic level finances and budgets with their children. Reason cited for it: it will just cause them issues. It's like not teaching your children to stay out of the street when playing. It's just ridiculous. I would teach my children fiscal responsibility before I taught them to clean their room and make their bed.
I wonder what personal property taxes/utility bills are for a 10 million dollar house, 5 cars etc...
tough to keep money when you are not bringing it anymore..
lol at Andre Rison - still acting like a million bucks, after taxes that's like $400k - so yeah, that's about right..
Ever wonder why a lot of athletes live in Texas? No taxes
How bout Kosar's dad ripping him off? What a PoS
that was tough to watch. never been a huge kosar fan, but i really felt for that guy. you're f*ing dad? really?
It's not a coincidence that people smart enough to manage their money never win the lottery. They're smart enough to not play.
I've worked with some pro athletes over the past ten years. With most by the time they get to me, their finances are an absolute junk show due to family members insisting on being involved and them believing their family member wouldn't steer them wrong. The problem is, just because her title is "Mom" and she's paid the rent for the last 21 years doesn't qualify her to be your "manager."
With the guys I work with now, I let them know that I work with you and you alone (other than their CPA and attorney) and if someone asks you for money, you send them to me because it'll be hard for you to say no but I've got no problem doing it.
These guys are getting preyed on from every single angle. It's both amazing and sad to see.
good post bro
3 time POTW, member since 2006, MLWTI: 4-3
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