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Sad to hear this, although, this has been a common story for decades. If players aren't getting good financial advise, they can easily blow millions of dollars. I have to admit, that for the top level players who earn $100 million plus, I honestly can't fathom how you can ever spend that much money. I guess I can, but it is hard.
In the case of Allen Iverson (and other players), I read that he was buying houses and cars for many of his friends he grew up with. I guess that will drain you pretty quickly. But, if a superstar is not that extreme with spending, it's hard to imagine how someone can spend that much money. I can definitely see how mid-tier players living above their means could be drained pretty quickly.
Cautionary tale for sure. These guys feel the need to support these "so-called friends" for various reasons. Then they want to look the part with the big house, big cars, jewelry, etc. If you single, you only need 1 car and 1 house. At some point, you just have to say no to even your immediate family. That kid, Lorenzen Wright, lost his life over his money. Don't feel like looking up the link about him. Long story, short his own wife had him taken out to collect his insurance money. Also, she was trying to collect his NBA pension before she got caught. Just so she could continue to live that "lifestyle."
Cautionary tale for sure. These guys feel the need to support these "so-called friends" for various reasons. Then they want to look the part with the big house, big cars, jewelry, etc. If you single, you only need 1 car and 1 house. At some point, you just have to say no to even your immediate family. That kid, Lorenzen Wright, lost his life over his money. Don't feel like looking up the link about him. Long story, short his own wife had him taken out to collect his insurance money. Also, she was trying to collect his NBA pension before she got caught. Just so she could continue to live that "lifestyle."
Yes, I definitely remember Lorenzen Wright and what happened to him. Athletes also get into trouble with people they associate with.
Reminds me of Steve McNair. I loved him as a player. He was having affairs with multiple women, and one of them tragically ended up murdering him:
Sad, sad story, but they just can't afford to play with fire.
Even friends have turned on players. I remember the story of the missing Baylor basketball player, that was one of the craziest stories ever (I remember hearing bits and pieces of it when it happened, but to see the whole thing on Dateline or some other show was pretty crazy):
This is going off on a tangent, but it shows why athletes keeping a tight circle and being financially responsible and not giving into the many "friends" they have is important.
Sad, sad story, but they just can't afford to play with fire.
Even friends have turned on players. I remember the story of the missing Baylor basketball player, that was one of the craziest stories ever (I remember hearing bits and pieces of it when it happened, but to see the whole thing on Dateline or some other show was pretty crazy):
This is going off on a tangent, but it shows why athletes keeping a tight circle and being financially responsible and not giving into the many "friends" they have is important.
I actually was going to leave this thread alone after your comments. Enough said being the sentiment. However, I caught the Steve McNair story on ID the other day. Most of the facts I knew about but I didn't realize that the woman had financial and mental(obviously) issues. She was deep into debt before everything went down. I am just guessing that's why they hooked up in the first place(both getting something out of their relationship) Back to the OP, the leagues do role play on situations like this so they don't get involved. This affects their pocketbook as well.Trying to juggle multiple women, pregnancies, etc. Even relationships with so called friends affect the bottom line, i.e. Patrick Dennehy. Pat was going places but that "friend" was in danger of losing his scholarship. Plenty of landmines when money is involved. My dear dad told me when I was young, "Money changes people." Didn't realize until I was older how true that is.
^^^^I could go a step further. What if you are the 12th or 14th man on a NBA roster. You are making $500,000. So big deal, still good money? The take home on that is $250,000. Local taxes on your road trips? Lawyers, accountants, trainers, i.e. your team so you can concentrate on just basketball. That takes you down to $150,000. Give or take a few thousand. Not so glamorous, huh? Not taking up for these guys because they are making good money but it's all in perspective.
I know I've seen interviews about how bench players feel the need to keep up appearances with the higher paid stars. Despite the NBA trying it's best educate players, it is hard to expect 19-21 year olds to be "sensible" when presented with a boatload of money.
I actually was going to leave this thread alone after your comments. Enough said being the sentiment. However, I caught the Steve McNair story on ID the other day. Most of the facts I knew about but I didn't realize that the woman had financial and mental(obviously) issues. She was deep into debt before everything went down. I am just guessing that's why they hooked up in the first place(both getting something out of their relationship) Back to the OP, the leagues do role play on situations like this so they don't get involved. This affects their pocketbook as well.Trying to juggle multiple women, pregnancies, etc. Even relationships with so called friends affect the bottom line, i.e. Patrick Dennehy. Pat was going places but that "friend" was in danger of losing his scholarship. Plenty of landmines when money is involved. My dear dad told me when I was young, "Money changes people." Didn't realize until I was older how true that is.
Didn't Eugene Robinson talk about "the list" of items his Mother expected him to buy her (payment for rearing him) when he signed his first pro contract?
Sad to hear this, although, this has been a common story for decades. If players aren't getting good financial advise, they can easily blow millions of dollars. I have to admit, that for the top level players who earn $100 million plus, I honestly can't fathom how you can ever spend that much money. I guess I can, but it is hard.
In the case of Allen Iverson (and other players), I read that he was buying houses and cars for many of his friends he grew up with. I guess that will drain you pretty quickly. But, if a superstar is not that extreme with spending, it's hard to imagine how someone can spend that much money.
I can definitely see how mid-tier players living above their means could be drained pretty quickly.
As has been noted in other posts, the NBA is having seminars on financial management. In my view, it is not "getting good financial advice", it is choosing to listen to good financial advice!
Well it's true most players come from lower income families and are expected to be the financial carriers of too many people who expect a free ride and the men themselves feel obligated to not "turn their back on where they came from".
This is a great article about a Cowboys player who had to cut his family entirely out of his life because of their demands of him and the short window he had to make money from the sport: https://www.espn.com/nfl/story/_/pag...g-family-money
That is actually a false assumption. Majority of NBA players come from middle on up. Also there are a good number of athletes living check to check coming from the NFL and MLB as well.
Doesn't surprise me one bit! They always seem to break the cardinal rule of money making advice. NEVER spend large amounts of money buying things that depreciate!
Instead if they were smart, they'd find valuable investment properties like apartment buildings etc in highly desirable neighborhoods and really all they need to do is hire a good property manager and this is the type of investment that pays back for life.
All they need to do is to do some research on former Milwaukee Bucks Junior Bridgeman as an example. He did it correctly.
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The take home on that is $250,000. Local taxes on your road trips? Lawyers, accountants, trainers, i.e. your team so you can concentrate on just basketball. That takes you down to $150,000. Give or take a few thousand. Not so glamorous, huh? Not taking up for these guys because they are making good money but it's all in perspective.
