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

most viewed right now
 99
Image(s) inside Yall thought Twitter on Big Sean was bad? Check out the comments about..
125 comments
@hiphop
most viewed right now
 87
Image(s) inside Learn the difference between a DR. Wife and a "Boxden Simp Thot"!
110 comments
@thotsdimesetc
most viewed right now
 87
Post Malone almost commits career suicide on stream
66 comments
@hiphop
most viewed right now
 59
Article inside Salma Hayek claims Harvey Weinstein threatened 'I will kill you, don'..
66 comments
@movies

section   (0 bx goons and 1 bystanders) Share this on Twitter   Share this on Facebook
 

Props Slaps
 7 years ago '10        #1
5654 pageviews
96 comments


NJallD 41 heat pts41
space
avatar space
space
$3,146 | Props total: 0 0
NBPA Clams 60% of Players are Broke within 5 years of retirement
 

 

[pic - click to view]

 Bankrupt stars: Athletes who lost it all - Yahoo! Sports


[pic - click to view]


In 2008, the NBA Players’ a.ssociation claimed that 60 percent of pro basketball players go broke within five years of retirement. It’s not hard to see why. In the annals of “easy come, easy go,” few people see it come and go like professional athletes.

While it’s true that many take their salaries and invest them in sensible and enduring business ventures, many others squander their multimillion-dollar salaries on expensive cars, jewelry and mansions, and when the checks stop coming in, they have little to show for it.

Basketball player Latrell Sprewell first made headlines during his tenure with the Golden State Warriors. During a 1997 practice, he choked his coach, P.J. Carlesimo, and earned a 68-game suspension. Sprewell still went on to a substantial career, earning almost $100 million.
It all came to an end when he turned down a three-year contract extension from the Minnesota Timberwolves worth $30 million. According to Sprewell, this was simply not enough money. He said, “I have a family to feed … [team owner Glen Taylor] better cough up some money. Otherwise, you’re going to see these kids in one of those Sally Struthers commercials soon.” (Sprewell was referencing ChildFund International commercials, which provided sponsorship to deprived children around the world.)

The Timberwolves’ upper management, unmoved by his family’s tragic situation, didn’t offer him one more cent, and by the end of the 2005 season, he was unemployed. By 2007, his yacht, “Milwaukee’s Best,” had been repossessed by federal marshals after missed payments and insurance worth over $1 million. In 2008, he defaulted on the mortgage on his Milwaukee home, sending it into foreclosure. His Westchester mansion went into foreclosure two years later.

For a while, no boxer on earth was as feared as “Iron Mike” Tyson. The powerful puncher won his first 19 professional f!ghts by knockout, some of which took place during the first round. He quickly became the heavyweight champion of the world, but in 1992 he was convicted of s3xual a.ssault and served three years in prison. When he got out, no amount of comeback matches could get him back his mojo, and after biting off a piece of Evander Holyfield’s ear during a 1997 f!ght, Tyson was disqualified. He never again won another championship.

Money shouldn’t have been a problem for Tyson. After all, according to the New York Times, he had earned more than $400 million in his boxing career. However, he had spent almost all of it, frittering it away on extravagances like mansions, luxury cars and pet tigers. He also owed $9 million for his divorce settlement and $13 million to the IRS. When he filed for bankruptcy in 2003, he claimed debts of $27 million.
image at these people making millions and then blowing it all with their "new friends" only to be living back at home by age 30

96 comments for "NBPA Clams 60% of Players are Broke within 5 years of retirement"

 04-27-2011, 02:23 PM         #2
Tempus # 1 
space
space
space
$n/a | Props total:  
I remember when people got mad at Bogut for mentioning this. n*gga cant handle the truth
 7 years ago '05        #3
ReppinDaBurghh 55 heat pts55
space
avatar space
space
$53,445 | Props total: 7088 7088
I'm on the owners side.


The players are fu*king idiots.
 7 years ago '07        #4
carltouss619 8 heat pts
space
avatar space
space
$9,336 | Props total: 403 403
LMAO when ever the subject of where did the money go? all of sudden it's the "I got kids, I got a family to feed" bullsh*t. Where was this mentality when you were splurging......... slaves will be slaves oh well
 7 years ago '10        #5
NJallD 41 heat pts41 OP
space
avatar space
space
$3,146 | Props total: 0 0
 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
not to mention greedy "friends" and agents and sh*t skimming money and taking advantage of them. Like you said tho, just put a few mill in the bank and live off the interest.


And in regards to owners v players, i usually side with the owners..its their money man, they are billionaires for a reason. Most (obviously some are trust fund babies who inherited the money to buy teams) owners tho are shrewd business men and have made their own fortune, compared to what most professional athletes are, which are people who are payed millions to play a sport they love and you or I probably play a few times a week for fun, the difference between them and us (for the most part) is they won the genetic lottery and are gifted with 6'9 athletic bodies that can run and jump faster and higher than we can imagine, or 6'6 320 pound offensive lineman bodies who are quick as sh*t
 7 years ago '06        #6
hood135 2 heat pts
space
avatar space
space
$8,607 | Props total: 3 3
Its dumb but most people are not ready for that blessing the first time around. Add the fact that most of them are going from rags to riches without ever being taught to handle that kind of money...well this is what you get.

Sad day but I can't hate them for blowing opportunities and making mistakes in their lives.
 04-27-2011, 02:46 PM         #7
Silver N Black 
space
space
space
$n/a | Props total:  
 hood135 said:
Its dumb but most people are not ready for that blessing the first time around. Add the fact that most of them are going from rags to riches without ever being taught to handle that kind of money...well this is what you get.

Sad day but I can't hate them for blowing opportunities and making mistakes in their lives.
NBA offers money management classes to all NBA players, these kats are obviously not attending.
 7 years ago '07        #8
stogz 18 heat pts18
space
avatar space
space
$41,067 | Props total: 30374 30374
I'd go as far to say... that more than half of athletes, from all sports, declare bankruptcy within 5 years of retirement.
 7 years ago '10        #9
NJallD 41 heat pts41 OP
space
avatar space
space
$3,146 | Props total: 0 0
 stogz said:
I'd go as far to say... that more than half of athletes, from all sports, declare bankruptcy within 5 years of retirement.
and 95% of them make more money in 5 or 10 years then most do in a lifetime
 7 years ago '05        #10
katalist 229 heat pts229
space
avatar space
space
$36,999 | Props total: 1319 1319
 7 years ago '06        #11
marcusaka50 58 heat pts58
space
space
space
$29,663 | Props total: 8610 8610
I could see how players go broke coming from rags to riches.

if you go broke aint nobody fault but your own.

My grandfather always taught me "it aint about who got it first its about who got it last"
 04-27-2011, 03:33 PM         #12
DrX 
space
space
space
$n/a | Props total:  
most of these fools are uneducated and dont understand how money work


i dont feel sorry for them tho...because i know damn well they dont give a sh*t about me...so fu*k em


Last edited by DrX; 04-27-2011 at 06:39 PM..
 7 years ago '09        #13
ReggieA 196 heat pts196
space
avatar space
space
$41,654 | Props total: 2764 2764
It's sad because when these guys get drafted in the league, they are all required to take a money management class/workshop to learn about financing, since they be sh*tting on the average american income by a lot.

guys just need to stop living for today, and prepare for tomorrow.
 7 years ago '07        #14
stogz 18 heat pts18
space
avatar space
space
$41,067 | Props total: 30374 30374
 NJallD said:
and 95% of them make more money in 5 or 10 years then most do in a lifetime
That's not the point.


You have kids that are recruited out of jr highschool... told that they don't need to rely on that school bullsh*t, and these little a.ss kids believe that. They take those lessons with them through high school (where they don't go to class and it's allowed), and then they take it to college (where they don't go to class, and it's allowed).

People who are not made to develop themselves mentally will not succeed in life, whether they make large amounts of money or not. Unless you've witnessed first hands how these kids are recruited and see all that goes on... you would not understand the underlying principles that are ignored in what should be formidable years for these individuals.

I bet the vast majority of these athletes, whether they attended college or not, are severely under educated... and it is the enablers, the vultures, the professional con-artists who are to blame.
 7 years ago '08        #15
McBreezy 2 heat pts
space
space
space
$340 | Props total: 1 1
 stogz said:
That's not the point.


You have kids that are recruited out of jr highschool... told that they don't need to rely on that school bullsh*t, and these little a.ss kids believe that. They take those lessons with them through high school (where they don't go to class and it's allowed), and then they take it to college (where they don't go to class, and it's allowed).

People who are not made to develop themselves mentally will not succeed in life, whether they make large amounts of money or not. Unless you've witnessed first hands how these kids are recruited and see all that goes on... you would not understand the underlying principles that are ignored in what should be formidable years for these individuals.

I bet the vast majority of these athletes, whether they attended college or not, are severely under educated... and it is the enablers, the vultures, the professional con-artists who are to blame.
This is just ridiculous. Way to excuse personal responsibility from the equation. At some point you become a grown-ass man and with the resources available to them, those who wish to seek money management skills certainly can do so. Too many of these cats just have that hood mentality they will never get rid of.
 04-27-2011, 04:21 PM         #16
billieskeet 
space
space
space
$n/a | Props total:  
 stogz said:
That's not the point.


You have kids that are recruited out of jr highschool... told that they don't need to rely on that school bullsh*t, and these little a.ss kids believe that. They take those lessons with them through high school (where they don't go to class and it's allowed), and then they take it to college (where they don't go to class, and it's allowed).

People who are not made to develop themselves mentally will not succeed in life, whether they make large amounts of money or not. Unless you've witnessed first hands how these kids are recruited and see all that goes on... you would not understand the underlying principles that are ignored in what should be formidable years for these individuals.

I bet the vast majority of these athletes, whether they attended college or not, are severely under educated... and it is the enablers, the vultures, the professional con-artists who are to blame.
I'm sorry, but when you're a grown a.ss man you gotta stop making excuses and start taking responsibility, we're not talking about 12 year olds, we're talking about 20, 30 and 40 year old men. I don't care how uneducated you maybe, it doesn't take 16 years of education to know the value of a dollar. These players have every opportunity to learn about financing and they don't, that's on them, not anybody else. If you ran into a lot of money, wouldnt you wan t to know how to control it or expand it. Fact is, your friends, leeches, vultures, enables can't dip into your acct unless you give them access to it. And ppl need to learn to say no, why are you always asking for money don't you have a job? You're a grown a.ss man, why am I paying your bills? These are the questions that need to be asked. And stop fu*kin these hoes raw, gettin simped on. Get a pr0n star or an escort, they wanna get pregnant they just wanna get paid and leave, no strings attached, they don't want no kids.
 7 years ago '06        #17
Vdot88 4 heat pts
space
avatar space
space
$2,620 | Props total: 2 2
good discussion
 7 years ago '04        #18
lilsnatch770|M 101 heat pts101
space
avatar space
space
$31,891 | Props total: 2001 2001
 P. Dedos said:
Your stuff about a 50 million dollar contract
If you got a 50 million dollar contract and after you buy a house and a car and keep money to live off of let's say you have 20 million dollars.

30 million after taxes (according to you) - 5 million for a house - 5 million for living (car, food, bills, taxes) = 20 million dollars

If you put your 20 million in a savings account that only nets you 1% back per year (which is low for that kind of money) you would make 200,000 dollars a year on interest ALONE. That is without even taking into account putting some of that money in Stocks, CDs or Mutual Funds.

If an athlete ever had 20 million dollars from a contract and couldn't live off of the interest alone, they deserve to be broke.


If someone came to me and said you have 200,000 dollars a year to live off of, I would be way more than happy living like that.
 7 years ago '10        #19
NJallD 41 heat pts41 OP
space
avatar space
space
$3,146 | Props total: 0 0
 lilsnatch770 said:
If you got a 50 million dollar contract and after you buy a house and a car and keep money to live off of let's say you have 20 million dollars.

30 million after taxes (according to you) - 5 million for a house - 5 million for living (car, food, bills, taxes) = 20 million dollars

If you put your 20 million in a savings account that only nets you 1% back per year (which is low for that kind of money) you would make 200,000 dollars a year on interest ALONE. That is without even taking into account putting some of that money in Stocks, CDs or Mutual Funds.

If an athlete ever had 20 million dollars from a contract and couldn't live off of the interest alone, they deserve to be broke.


If someone came to me and said you have 200,000 dollars a year to live off of, I would be way more than happy living like that.
Some people who have it, don't deserve it,

But many people who deserve it, don't have it
 7 years ago '07        #20
Ham Rove 3511 heat pts3511
space
avatar space
space
$55,224 | Props total: 19982 19982
these dudes need to know that sh*t like bentleys and nice whips depreciate over time. Cars are pretty much a sunk investment. but these dudes have like 10 cars. My Attorney told me a brand new Jag that goes for like $60,000 drops about $15,000 as soon as you drive that bi*ch off the lot.
Home      
  
 

 






most viewed right now
 34
NFL The Explicit Details of Accusations Vs NFL Network Employees
137 comments
2 days ago
@sports
most viewed right now
 27
Image(s) inside X-MEN return to Marvel Studios in less than 48 hours
89 comments
1 day ago
@movies
most viewed right now
 26
Floor Kids (Game looks dope)
20 comments
1 day ago
@games
most viewed right now
 8
BOX Mayweather reveals comeback offer, fighting in ufc; poppin mad sh*t:"th..
70 comments
1 day ago
@sports
most viewed right now
 6
Jeezy Sets the Record Straight With Budden and Akademiks | Everyday Struggle
296 comments
2 days ago
@hiphop
most viewed right now
 6
NBA Kelly Oubre with the supreme sleeve in a game
79 comments
1 day ago
@sports
most viewed right now
 5
Image(s) inside Joyner Lucas responds back to criticisms of “I’m not racist”
103 comments
2 days ago
@hiphop
most viewed right now
 5
Dec 12 - US 'Living Off 1950s Infrastructure,' Must Spend $2 Trillion to Moder..
76 comments
1 day ago
@news
back to top
register contact Follow BX @ Twitter Follow BX @ Facebook search BX privacy