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Old 06-25-2012, 03:37 AM
 
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I have read articles about most nba players going broke after retirement, such as antoine walker, latrell spreewell, scottie pippen, etc.

I can see from their standpoint, they cant live normal lives, if they live in an average house, people will plan and rob them because they have money, they have to live in more secure places.

anyways, for the lowest pay player is over 500k per year, while the average player makes 5 million a year. 5 million dollars, even after a 50% tax, is still 2.5 million. I know for a fact that even doctors and lawyers cant save that much (2.5 million) and hold that in their hand in their lifetime. most doctors and lawyers have tons of student loans and will start to make money in their 40's, and retire at their 60's. they only have 20 years of "earning time".

I dont understand how nba players can blow that much money. heck, if I had even 1 million right now, I will study and learn how to fix homes and learn about the renting business. I would pretty much just buy a fourplex and just live off rent and retire. Im pretty sure the cash flow after prop taxes and expenses would be more than enough for me. Or at least put that in a CD and work a part time job and live off interest and slowly take an amount that is reasonable if I need it.
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Old 06-25-2012, 08:45 AM
 
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It's pretty simple. A lot of athletes, and celebrities, are simply stupid when it comes to money. They live over the top, extravagant lifestyles and just assume the money will not run out. Antoine Walker gambled like crazy and owed casinos hundreds of thousands of dollars.

You have players who will buy 4, 5 and 6 $200,000 plus cars which is ridiculous.

You also have players who listen to the wrong people.

You have some athletes that come from nothing, are given millions, and they blow it away. You also have some athletes that have their crews that feed off of them. I would assume a lot of times these people are simply leeches that are only around because the player got famous and has money.

I always get a good laugh when you hear these stories about a player who is now broke because he blew all of this money. Hard to have any sympathy for them.
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Old 06-25-2012, 02:28 PM
 
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I seriously doubt it's *most* players. You only hear about the most egregious examples.

Pippen actually got ripped off to some extent and won a court case where he at least got some of the money back.
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Old 06-25-2012, 02:49 PM
 
Location: The "Rock"
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Quote:
Originally Posted by Mathguy View Post
I seriously doubt it's *most* players. You only hear about the most egregious examples.

I was thinking the same thing.
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Old 06-25-2012, 04:20 PM
 
Location: spring tx
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actually it is athletes in general.


good article.
Pro athletes and financial trouble

a cnp of this article.

Quote:
Though financial woes can beset all sorts of athletes -- skater Dorothy Hamill, baseball players Lenny Dykstra and Jack Clark, boxer Mike Tyson, pro golfer John Daly come to mind -- the condition seems acute among basketball and football stars.
Sports Illustrated estimated in 2009 that 78 percent of NFL players are bankrupt or facing serious financial stress within two years of ending their playing careers and that 60percent of NBA players are broke within five years of retiring from the game. A starting lineup of financial-distress examples could include Terrell Owens, Lawrence Taylor, Michael Vick, Deuce McAllister and Bernie Kosar in football, and Allen Iverson, Scottie Pippen, Latrell Sprewell and Antoine Walker in basketball.
seems this thread is just another nba bash thread.
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Old 06-25-2012, 04:36 PM
 
Location: The "Rock"
2,551 posts, read 2,879,302 times
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Quote:
Originally Posted by rigas View Post
actually it is athletes in general.


good article.
Pro athletes and financial trouble

a cnp of this article.



seems this thread is just another nba bash thread.

Agreed... Pippen is not even broke. He just lost "some" of his money.

And why is Michael Vick mentioned in there. Doesnt he have a 100 Million dollar contract?

They list all the athletes who have filed bankrupcty. Filing Bankruptcy does not mean you are broke... I think they just do articles like that to garner attention.
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Old 06-25-2012, 05:02 PM
 
Location: southwestern USA
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Athletes should hire agents who have their financial well being in mind.

Athletes need to be represented by managements teams who can plan for both their short and long term financial futures. Their money managers need to place their clients on a realistic living budget, develop solid and conservative investment plans, and develop plans for their careers after the glitter ends.

Athletes need to realize that the big dollars they are making probably need to stretch out for the rest of their lives---unless they are able to cash in on endorsements, broadcasting, or personal services contracts, their cash pile needs to stretch out over many years.

The athletes need to get real----they are not playing monopoly and need to stockpile houses, cars, jewelry, and other ostentenous objects. To that end either their agents, or even the schools they attend, need to place them with financial planners and ethical people.

I doubt we will stop hearing about athletes making millions and squandering it all---but we can only hope.
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Old 06-25-2012, 05:27 PM
 
77,755 posts, read 59,900,878 times
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Quote:
Originally Posted by jefffla01 View Post
Athletes should hire agents who have their financial well being in mind.

Athletes need to be represented by managements teams who can plan for both their short and long term financial futures. Their money managers need to place their clients on a realistic living budget, develop solid and conservative investment plans, and develop plans for their careers after the glitter ends.

Athletes need to realize that the big dollars they are making probably need to stretch out for the rest of their lives---unless they are able to cash in on endorsements, broadcasting, or personal services contracts, their cash pile needs to stretch out over many years.

The athletes need to get real----they are not playing monopoly and need to stockpile houses, cars, jewelry, and other ostentenous objects. To that end either their agents, or even the schools they attend, need to place them with financial planners and ethical people.

I doubt we will stop hearing about athletes making millions and squandering it all---but we can only hope.
My lawyer buddy told me that within 18 months most people that get a lump sum settlement have burned through the money.

They try to set them up with financial adivsors but the person usually just ignores it or skips anything after the first meeting.

You really cannot make the horse drink the water after leading them there.

Fortunately, the pro-sports pensions are not touchable by bankruptcy and they've strengthened those in recent agreements.
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Old 06-25-2012, 06:45 PM
 
1,018 posts, read 3,368,015 times
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Quote:
I seriously doubt it's *most* players. You only hear about the most egregious examples.

60% of nba players go broke after 5 years... that is most players, its over half of them. for an average person without the gift of height and skills on a basketball court, becoming a lawyer or doctor will not even compare to what a nba player makes. if I can be an average nba player making 5 million a year, and play for a few seasons, I will be set for life.
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Old 06-25-2012, 07:00 PM
 
Location: spring tx
7,912 posts, read 10,018,075 times
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Quote:
Originally Posted by civic94 View Post
60% of nba players go broke after 5 years... that is most players, its over half of them. for an average person without the gift of height and skills on a basketball court, becoming a lawyer or doctor will not even compare to what a nba player makes. if I can be an average nba player making 5 million a year, and play for a few seasons, I will be set for life.
So did you start a thread about the 78% of nfl players who file bankruptcy within a single year of being out of the league, or do you just dislike the nba?
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