NBPA Clams 60% of Players are Broke within 5 years of retirement

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 7 years ago '04        #61
Cap Peeler 7 heat pts
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 P. Dedos said:
at the end of the day uncle sam takes 40% of what you make off top so lets say 50 million dollar contract is actually 30 million after IRS is through with it


then if you buy a 5 million dollar home the taxes for the house alone is acouple hundred thousand a year

nevermind the fact that these fools have 5 kids from 5 diffrent baby mothers so lets say in total 50,000 a month

and nevermind other expenses when you live a high lifestlye its gonna come with big price tag


its really crazy because if you put two million in the bank off that intrest alone you make more in a year then about 80% of US Families

they just dont manage they money right
exactly... stupid n*ggas act like stupid n*ggas at the end of the day.

a couple million dollars in chains, 4 luxury cars for every house they own, big a.ss mansions in the most expensive cities, spending hundreds of thousands at strip clubs ...

Very seldom do you ever catch billionaires doing that sh*t. I've never heard of Bill Gates having to buy the latest Bugatti even though he can basically buy Volkswagen. I've never heard of Arthur Blank spending $200,000 at Magic City, Onyx or the Pink Pony (strip clubs in atl).. or the Glazers buying stupid chains and jewelry... or when was the last time you heard of team owner having to pay 50,000 a month for 4 different baby mommas. All those billionaires continue making investments even if they fail in some.

Athletes come from poor backgrounds but I feel like when u get a bunch of money, the primary thing to do is set yourself right, buy a 500,000 dollar house or condo, a couple cars, buy your pops a crib, set them right too, siblings as well. And fu*k the hood. n*ggas think they owe the hood something back.... friends and females are men's downfalls.
 7 years ago '07        #62
CadillacVyse 944 heat pts944
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Whats funny...the nbapa is going to lose in court and are going to be like what happened? the difference between the nfl and teh nba..the nfl is making money out the a.ss. the nba has many teams losing money. the nba can justify lowering the cut the players get. the nfl cant. done deal!
 7 years ago '05        #63
Poloi3eai2 
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I wonder how many of these broke athletes come from poor backgrounds.

At 19-21 these rookies are still kids that never had more than a few hundred dollars in their bank account. Their family is depending on them to get them out of the hood and live the good life. So draft day comes and you're a top 5 pick and BOOM you go from a few hundred dollars to 5 million!! Now your mama doesn't have to drive the schoolbus anymore, your siblings dont have to worry about getting a job either, and your long lost daddy suddenly reappears asking for money too. You also got your boys, AAU Coach, HS Coach who are whispering in your ear dont forget about me.

These new millionaires also have tons of people gunning to be their agent, financial advisor, lawyer just to get a percentage of that 5 million. How do you know they have your best interest in mind and not just trying to make a living off you?

These kids dont really have anybody they can truly trust or guide them on how to manage their money. Moms and family dont know any better because they are relying on you. They got tons of people trying to ask for money, investments in their record labels, clothing line, restaurants. Keep in mind these kids aren't businessmen or probably ever worked a job in their life. They're basketball players and spend most of their day practicing and working out to be the best player. Also NOW you got gold diggers that are trying to get pregnant by you so they can make a living off you as well.

I believe that the people around these pro athletes are what really make them broke. They're pretty much lottery winners because they didn't gradually become millionaires. The millions dropped in their lap all in one day. They dont have any financial education because all they know is basketball.

I can't fathom what they go through because at 19-21 I wasn't the most financial savvy either. I'm lucky that I had my parents to guide me and make sure I didn't make any dumb decisions like max out credit cards with no income or job.
 04-28-2011, 08:40 AM         #64
billieskeet 
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it's not even just they buy the overpriced homes, it's how much of their salary they use doing it. For instance you make 3 million a year, but you're buying a 1 million house? Why are you locking up a 1/3 of ur income in your house, you know when and if you sell it you'll never get a million back for it. It's like the depreciation goods ppl buy make up the most of their income.
 7 years ago '04        #65
Hardkore 10 heat pts10
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 Tonero said:
Yo know i dont blame the athletes, bad friends, bad business practices. Its all bout n*ggas. They shoulda never given these n*ggas money though. I remeber getting $2700 for free that sh*t went like the wind on chronic and clothes.....i cant imagine if i have 2.7 million.

Its all about discipline after going through the first million...Hehe

Anthony
hahaha. i feel you, dog.

i am 22 years old and my total debts right now are like 2 G's.

i was supposed to get a G or two from taxes but i got f*cked over by a family member.

all it takes is an initial pile of money, splitting it up into three or four parts (one part in a mutual fund, one part in the stock market, one part in a savings account, and one part in an "in case of an emergency" account)

after you put the money into those various parts, at least one or two of them will grow over the years.

a n*gga already broke down how savings work. i used to have like a G in my savings account and i would be like, "how the f*ck did i earn $20 this month?" or some sh*t like that. it's that interest, man.

interest on a four digit number in a savings account usually yields a two-digit number or a three-digit number return in the span of a year.

so interest on a six figure number in a savings account will usually yield a four- or five-digit number return in the span of a year.

imagine interest in a savings account on six or seven figure money.
 04-28-2011, 09:37 AM         #66
billieskeet 
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 Hardkore said:
hahaha. i feel you, dog.

i am 22 years old and my total debts right now are like 2 G's.

i was supposed to get a G or two from taxes but i got f*cked over by a family member.

all it takes is an initial pile of money, splitting it up into three or four parts (one part in a mutual fund, one part in the stock market, one part in a savings account, and one part in an "in case of an emergency" account)

after you put the money into those various parts, at least one or two of them will grow over the years.

a n*gga already broke down how savings work. i used to have like a G in my savings account and i would be like, "how the f*ck did i earn $20 this month?" or some sh*t like that. it's that interest, man.

interest on a four digit number in a savings account usually yields a two-digit number or a three-digit number return in the span of a year.

so interest on a six figure number in a savings account will usually yield a four- or five-digit number return in the span of a year.

imagine interest in a savings account on six or seven figure money.
due 2000 aint bad at all. I know ppl your age who have 6 figure debt, now that's when you're in trouble. 2000, if you get a nice job and save, that will be wiped away in half a year.
 7 years ago '05        #67
chi town hustla 194 heat pts194
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 antoniob 321 said:
And you know why bi*ches always want a basketball player

Big d!cks and money


Dumb a.ss n*ggas don't know how to manage there money



hope u a female
cuz that statement wuz homo like a muthafuca
 7 years ago '06        #68
ClevelandRay 
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Its all that wanting to have everything you see, having a big house, cars and not having a degree or an action plan; There is upkeep to homes and taxes go up it seems every year. If you are spending more than you make yeah you'll be broke fast. If you dont think about a career after the sport you'll be broke.
 7 years ago '05        #69
Poloi3eai2 
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I don't think anybody here can fathom the life of a professional athlete. It's easy for US to say "if I had millions I'd do this and wouldn't buy this" but nobody here is a nationally known pro athlete. Pro athletes have targets on their backs by snake agents, gold digging women, long lost family members, and so called friends. Everybody is trying to give them advice on what they should do but how do you know if that advice is for your best interest or strictly for their benefit??

So you want to be the next Peyton Manning or Kobe Bryant so you take after them and spend ALL of your time in the gym, on the court, practicing, watching tape before games, after games, weekends, and offseason. Your goal is to be the best athlete in the world so you dont have time to analyze every single transaction that goes in and out of your bank account. Your single goal is to win MVP and take your team to a Championship NOT to maximize your returns on investments.

These athletes NEED to hire trustworthy accountants, lawyers, and agents to protect them from any bad advice, investments, or purchases. A good team of people that allow the athlete to be the best in his field while protecting his income.
 7 years ago '05        #70
Poloi3eai2 
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 Steelers4Ever said:
And they don't and who's fault is that? It's their's. I know I will most likely NEVER see the amount of money these athlete's see but if I was to hit the lotto tomorrow I would buy a house out in the boonies somewhere, take care of my only "true" homeboy, my sister and mother, buy a new whip and bank the rest of that sh*t. Pay off what little debts I have and keep it moving. These muthafukas get rich and look at it like that sh*t ain't never going to end, if you want to carry it like that make sure you get one of them Bobby Bonilla deals where your team is still paying for the next 25 years after retiring. That n*gga gets 1 million a year from the Mets for 25 years after his retiring date in '89 I think.
And you'll be the same person just with millions of dollars. You dont have Nike Commercials, nationally televised games, or endorsements. You could walk in the mall and nobody would recognize you. The only people that would be begging you for money are people that know you, which would be your family and friends. With Pro Athletes EVERYBODY knows who you are and that you make millions of dollars. Everywhere you go there's someone wanting to give you advice or get you to loan them money so they can make a living.
 04-28-2011, 12:49 PM         #71
kjyo20 
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its these "wanna be ballas and shot callas" who blow their money. Hayward when he got drafted by the jazz was like I have no idea what the hell im gonna do with all this money. I'ma let my dad help me handle it. Haywards parents are doctors as well. Its just a matter of growing up and knowing how to handle ur money
 7 years ago '10        #72
BEAST7 1 heat pts
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 kjyo20 said:
its these "wanna be ballas and shot callas" who blow their money. Hayward when he got drafted by the jazz was like I have no idea what the hell im gonna do with all this money. I'ma let my dad help me handle it. Haywards parents are doctors as well. Its just a matter of growing up and knowing how to handle ur money

STFU

his parents are doctors, did u see his living standards already, he lived in a pretty nice house in a pretty nice neighborhood. You can not compare his situation to everyone elses.

2nd these are professional athletes. even in HS, elementary school everyone wants to be cool with the athletes,everyone knows who they are. someone said something about winning the lotto that is completely different, only a select few will know that u are rich, and only a select few know you, unlike the millions that know the names of these athletes.

since we are not as rich as them it is easy 2 say why do you need all of this blah, blah, blah but that is having a poor man's view on things. we go to the store say we want these sneakers, i want this shirt, i want this car, i want this game etc but dont buy it bc it will hurt financially. imagine it didnt why would u not buy it.

and for the people out there if someone in your family, or alot of people in your family asked for financial a.ssistance u wouldnt help? if someone you were cool with asked for a little $$ u wouldn't a.ssist?
then what is the point of being rich, u are a rich man with a poor mind which means that you have the money for no reason. but they still should not be going bankrupt
 7 years ago '05        #73
Poloi3eai2 
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 Steelers4Ever said:
And what the fu*k does that have to do with anything? Are you saying that Pro Athletes don't know how to pronounce a two letter word? NO is one of those little a.ss words with a big a.ss meaning. If you're really using this as a reason for athletes going broke you're just as dumb as them. Sorry but that sh*t is some dumb a.ss illogical thinking.
You have a cousin who's going to college and your aunt cant pay his school loans would you say no? Your best friend who can't land a job but has a business idea that needs an investment would you say no? A financial guru is urging you to invest your savings in this stock because it will blow up would you say no? A real estate developer is asking you to invest in his new neighborhood because the real estate market is blowing up in your city and you will triple you investment, would you say no?

But how do you know what to say NO to? Would you turn down your family and loved ones? Would you pass up an opportunity to multiply your wealth?
 7 years ago '04        #74
Tikyle2 4 heat pts
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 DrX said:
most of these fools are uneducated and dont understand how money works
Education and money management are two totally different things. The smartest man in the world can be terrible w/ money and the most uneducated man in the world can be a supreme hustler when it comes to funds. The two are mutually exclusive.
 7 years ago '04        #75
Tha754kid 1 heat pts
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 Poloi3eai2 said:
You have a cousin who's going to college and your aunt cant pay his school loans would you say no? Your best friend who can't land a job but has a business idea that needs an investment would you say no? A financial guru is urging you to invest your savings in this stock because it will blow up would you say no? A real estate developer is asking you to invest in his new neighborhood because the real estate market is blowing up in your city and you will triple you investment, would you say no?

But how do you know what to say NO to? Would you turn down your family and loved ones? Would you pass up an opportunity to multiply your wealth?
I'd turn down every last one of them sumbi*ches!! First thing I would ask is where were you when I was down and out!!

Now, tuition....I could do that only if I saw some good grades at the end of each semester. And helping my best friend. Other than that, fukk yall!
 7 years ago '08        #76
Illuminati 194 heat pts194
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white wh0ores took all those suckas for everything they were worth. good for them
 7 years ago '08        #77
AC_89 200 heat pts200
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I know 1 thing if i was making millions like these dudes were i'd buy alot of stupid sh*t too
 7 years ago '04        #78
Hardkore 10 heat pts10
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 dj ac said:
I know 1 thing if i was making millions like these dudes were i'd buy alot of stupid sh*t too
^ only truthful reply in this whole discussion.
 7 years ago '09        #79
ReggieA 196 heat pts196
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 dj ac said:
I know 1 thing if i was making millions like these dudes were i'd buy alot of stupid sh*t too
LOL I would to, you get in a position to get money like that and you are young, of course you going to go out and do that, but as you get older and you are still good, you got to think the money is not going to be there forever. Start saving and pay taxes, and don't get married or have children outside of marriage.

I remember hearing a story just a couple years ago about Jason Caffey, former Bulls player who was on that 2nd 3peat, this dude was making 6-8 million a year riding the bench, now he is knee deep in child support 8 kinds, 5 women, in 3 states, dumb sh*t like that makes you broke quick.
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