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

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 7 years ago '04        #21
gimmethat 1 heat pts
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$11,483 | Props total: 2720 2720
more money more problems
bad investments,bad accountants,the more money u have the less u know what you re really worth
Did u pay all taxes,which property should u get rid off ...

these guys went to college and then signed a 6 figure deal ,none learned to deal with money
 7 years ago '07        #22
st21 1237 heat pts1237
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 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.
its easy to say what you would or wouldn't do when you're not in that situation. you've never had millions in your bank account.

if you ever got a million dollars you might change too.

you act like you would have a poor mans or middle class mans perspective on life if you had a that kind of money like mr. deeds and sh*t.


Last edited by st21; 04-27-2011 at 08:40 PM..
 7 years ago '10        #23
Agentzer0oo0 209 heat pts209
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$67,875 | Props total: 20888 20888
 Tempus # 1 said:
I remember when people got mad at Bogut for mentioning this. n*gga cant handle the truth
link?
 7 years ago '08        #24
Dee Grande 1269 heat pts1269
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$22,380 | Props total: 7934 7934
i wonder what the percentage is of dudes who are blowing millions


u gotta remember that there are dleague call-ups, 2nd round draft picks, etc that are having short careers with relatively low earnings. i wouldnt exactly be surprised if a dude ran thru his $600K savings in 5 years


articles like this are always tryna sensationalize the sh*t tho, like everybody's blowing tens of millions of dollars
 7 years ago '10        #25
LORD PLISSKEN 15 heat pts15
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$21,017 | Props total: 8022 8022
sh*t is disgusting
 7 years ago '06        #26
K-Train 19 heat pts19
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Some of it actually comes from Bad investments (Trying to start up a restaurant, or a Clothing store) I guess some of them trying to put it inside their neighborhoods where they grew up.

Its sad quite really.
 7 years ago '06        #27
beantown 74 heat pts74
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It's not about siding with one side or the other, if you're making millions of dollars and going broke 5 years after your career in the NBA ended, you're a f'king moron. That's not siding, that's just stating a fact. There's not much to debate. Even if you made 1 million per year over 5 years, that's still 5 million dollars in a 5 year span more than any average schmuck off the street will ever see. I don't buy the argument that "it's a lifestyle" that's just a bullsh*t excuse.
 7 years ago '06        #28
beantown 74 heat pts74
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 K-Train said:
Some of it actually comes from Bad investments (Trying to start up a restaurant, or a Clothing store) I guess some of them trying to put it inside their neighborhoods where they grew up.

Its sad quite really.
That was the case with Antoine but he was blowing so much money gambling that whether he made those bad investments or not he would've eventually burned through that cash too.
 7 years ago '09        #29
minnesota763 6 heat pts
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turned down 30 mil cause he needs more to feed your fam? smh, i could live a lifetime with a mil, just gotta know how to spend and invest.
 04-27-2011, 10:00 PM         #30
Ca$h Out 
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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
 7 years ago '08        #31
Earbum 
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Lauryn hill said it best

"It aint about what you cop/ it's about what you keep" ~~` Final hour
 7 years ago '04        #32
J.BEEZY 10 heat pts10
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u dont even have to invest if u think about it

lets say u make 5 mil for 1 yr after taxes

u can live off 100gs a yr for 50 yrs give/take taxes

plus all the free food/clothes u get
 04-27-2011, 10:15 PM         #33
Bsktballa20 
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Maybe if these basketball players majored in something like business instead of poetry or sociology, they wouldn't be broke all of the sudden. I see it now with athletes at my college. They take the easiest classes and hope that their athletic abilities will provide them with everything they need.... Maybe if they didn't spend all their cash on cars, tattoos, and hood rat sh*t they wouldn't be broke. Just a thought
 04-27-2011, 10:15 PM         #34
freakbucket 
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 ReggieA said:
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.
exactly. I don't believe it's 60%, but who am I to argue with a study. I don't think u can honestly go broke from just buying some cars and houses though. That's not enough. I think it's the fact that their expenses sometimes are like 100k a month...then they are taking care of 20-30 people. Buying homes for 10 folks, etc...

I don't know exactly what it is, but I really hope it's not as big as a problem as folks say it is. Filing bankruptcy is like whatever, but actually going broke, like having millions, then having thousands....that's fu*ked up.
 7 years ago '05        #35
Jaiden05 23 heat pts23
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How is 100 milly not enough to live on? Unless these players are being taxed like crazy it's no ones fault but theirs ( players) sh*t I bust my a.ss for 48 hours straight and I don't see no where near that type of bread.
 7 years ago '05        #36
daliff89 1 heat pts
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 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.
son

if you make $5 million a year, you DON'T need all that school bullsh*t

all you have to do is take half of your money each check and deposit it in a high yield interest account and you're pretty much set for life

let's say you have a 5 year career and make $5 million and the interest rate is 5%, that's conservative

first year you'd deposit $2.5 million, you'd make $125,000 a year off the interest, giving you $2,625,000..........second year you deposit another $2.5 million, for a total of $5,125,000, add another $256,250 from interest and you have $5,381,250.......third year you'd have $8,275,312.......fourth year you'd have $11,314,078.......fifth year you'd have $14,504,782

you've made $2 million in 5 years, just off interest

in 8 years after that, you'd be drawing a million dollars in interest yearly and you'd have $21.4 million.......7 years after that, you'd break $30 million........6 years after that you break $40 million.......the next year you break $2 million yearly interest.....

there's no need to do anything fancy, no need to make high-risk investments, no expertise is needed

dudes just need to open up a bank account and quit spending money like it's always going to be there
 04-27-2011, 10:28 PM         #37
TUNES707 
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well no sh*t, theyre kids....
 04-27-2011, 10:31 PM         #38
Motivated 
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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

but do you really NEED a home worth 5 million?
 7 years ago '06        #39
swoosh363 1 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




except for jamarcus... .... you know the GOAT didn't let uncle sam touch a dime of his guaranteed 32 mil














 7 years ago '05        #40
Reggie Xtreme 
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 ReggieA said:
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.
The crazy thing is they have enough money to live for today and tomorrow.
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