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

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 7 years ago '05        #41
daliff89 1 heat pts
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 ra1n said:
^ yup, CD's / High Interest Savings Accounts are fundamental
not to mention real estate

do y'all realize how much money you could make with a $5 million investment into various properties?

buy a house out of foreclosure for $100,000, do $50,000 worth of upgrades, sell it for $250,000

do that once a month, that's another $1.2 million yearly you can add to your bank account

do that for 2 years and you'll be making enough on interest to buy/improve one of those houses and it'll eventually become a self-sustaining thing
 7 years ago '05        #42
Tonero 8 heat pts
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Shoulda never gives these n*ggas money
 7 years ago '05        #43
Tonero 8 heat pts
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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
 7 years ago '07        #44
stogz 18 heat pts18
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 daliff89 said:


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
You realize how f**king stupid your reply is?


You start off by saying 'you don't need all that school bullsh*t'.... then you proceed to talk a bunch of math. You do know math is from school, right?

What f**king 13-year-old from the bottom of the gawd damn projects you know that has any clue about school???!


These recruiters find them from jr high.... send them to a school, whether it be a Nike high school or and Adidas high school, or whatever. Sh*t is all taken care of... a bus picks them up, they go to a school, learn basketball... fail class, then go practice after school, then go home.. and do no homework. Go to sleep, get up the next morning and do it again.

Like I clearly stated.. if you have never witnessed the sh*t first hand, then you really couldn't begin to fathom how these kids are 'developed'.
 7 years ago '05        #45
daliff89 1 heat pts
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 stogz said:
You realize how f**king stupid your reply is?


You start off by saying 'you don't need all that school bullsh*t'.... then you proceed to talk a bunch of math. You do know math is from school, right?

What f**king 13-year-old from the bottom of the gawd damn projects you know that has any clue about school???!
god damn you're a retard

nothing i said has anything to do with what is actually done by the athlete

unless these dudes have a huge safe that they're keeping their money in, it's in a bank already

all that is required by the athlete is that they go into the bank and say 'i want to open a CD / high yield savings account'

there's no math involved you fu*king idiot
 7 years ago '10        #46
ThRoWeD MaN LaN 2 heat pts
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 Steelers4Ever said:
LMAO, then when that clown was like "I'm dealing with almost losing my life" that n*gga Lamar was like {LIGHTBULB} "she said you were going to say that". sh*t was hilarious.
got a youtube to that? I want to see it
 7 years ago '07        #47
stogz 18 heat pts18
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 daliff89 said:


god damn you're a retard

nothing i said has anything to do with what is actually done by the athlete

unless these dudes have a huge safe that they're keeping their money in, it's in a bank already

all that is required by the athlete is that they go into the bank and say 'i want to open a CD / high yield savings account'

there's no math involved you fu*king idiot

Jackass..... mentioning a base amount of money, then talking about yields and returns = MATH!!!

I should f**king know, it's what I went to school for. My business calculator has 5 specific buttons across it that does all that work for me. Guess what calculators are used for... yep, MATH!!!

Let's highlight in yellow all that you said that has to do with math...

 daliff89 said:


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
N = Number of periods

I/Y = Interest/Yield

PV = Present Value

PMT = Payments

FV = Future Value


 7 years ago '05        #48
daliff89 1 heat pts
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they don't have to think about yields and returns, all they have to do is deposit their money like they're already doing

everything you 'highlighted' was just me explaining how that strategy could work

once again, you're a fu*king idiot
 7 years ago '07        #49
stogz 18 heat pts18
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 daliff89 said:
they don't have to think about yields and returns, all they have to do is deposit their money like they're already doing

everything you 'highlighted' was just me explaining how that strategy could work

once again, you're a fu*king idiot
J*sus you are stupid.


1) You response is really that it's not math because someone else is doing the math? Really?

2) How would the player know anything about strategy? He skipped math all through school and was given passing marks.

3) Again, like I stated TWICE already... you don't know sh*t because you haven't witnessed it. All you are doing is repeating what the entire problem is. You sit there and say that the player should give the money to some other party so that THEY can turn the money into more money. Which is what they all do ANYWAY! All of these people get r*ped by third parties who actually do know math. Bank, advisor, financial planner, accountant, whatever the title... it's still someone else who they give money to, and then get ripped off.

4) How the f**k is someone who never had money before, who didn't complete any real education, supposed to know what the rates or interest are? Most people who put their money in a bank, do so because they are forced to... not because they know a damn thing about what banks actually do.


Good luck with your bank fantasy. Your bullsh*t banks that go belly up and everyone loses all their money. Yea, let's give the money to people that made the entire country and a few other countries bankrupt.

I got a math question for you.... Say you invested $5 million in Lehman Brothers in 2005, and your return is 10% per year, how much money would you have in 2009?

Wait, another one.... If you invested $100 million with Bernie Madoff in 2004, at a return of 15% per year... how much money would the New York Mets have?


dumb f**k
 7 years ago '05        #50
daliff89 1 heat pts
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 stogz said:
J*sus you are stupid.


1) You response is really that it's not math because someone else is doing the math? Really?
it's not math because they're not fu*king doing anything you fu*king idiot

they already have their money in a bank account, all they have to do is say 'put my money in this other account'

2) How would the player know anything about strategy? He skipped math all through school and was given passing marks.
two things for this

1) there's no math involved for the player in this method

2) common sense? i mean, how do i know about this method? he can find out the same as i could

3) Again, like I stated TWICE already... you don't know sh*t because you haven't witnessed it. All you are doing is repeating what the entire problem is. You sit there and say that the player should give the money to some other party so that THEY can turn the money into more money. Which is what they all do ANYWAY! All of these people get r*ped by third parties who actually do know math. Bank, advisor, financial planner, accountant, whatever the title... it's still someone else who they give money to, and then get ripped off.
your point is negated by the fact that these motherfu*kers have their money in a bank ANYWAY

you're saying that they shouldn't put their sh*t in a CD / high yield savings account because someone else would be managing it? there's no managing going on, stupid.

4) How the f**k is someone who never had money before, who didn't complete any real education, supposed to know what the rates or interest are? Most people who put their money in a bank, do so because they are forced to... not because they know a damn thing about what banks actually do.
i know what banks actually do, and i still put my money in there, for various reasons

1) it's safer than having a safe in your home

2) it's easier / safer to use a debit card than to carry cash

3) i don't give a sh*t if banks play the market with my money

your entire argument is predicated on the notion that everyone who skipped math class is a complete fu*king retard, when the fact is, to make money off of interest, you don't have to do ANYTHING

there's absolutely no action required by the 'investor' to make money off interest

you literally do NOTHING and make money, how does that require education?

Good luck with your bank fantasy. Your bullsh*t banks that go belly up and everyone loses all their money. Yea, let's give the money to people that made the entire country and a few other countries bankrupt.

I got a math question for you.... Say you invested $5 million in Lehman Brothers in 2005, and your return is 10% per year, how much money would you have in 2009?

Wait, another one.... If you invested $100 million with Bernie Madoff in 2004, at a return of 15% per year... how much money would the New York Mets have?


dumb f**k
fantasy huh?

my fantasy that a bank will pay you interest on one of these proven, low-risk methods?

like i said, unless these dudes have their sh*t in a safe at their house, it's in a bank already, why not put it into an account that's going to pay you money FOR DOING NOTHING?

you give examples of investments that weren't anything like opening a CD, you gave a few high-risk, high-yield investments that ended up being bad choices

there's a difference between 'give me $1 million and i'll turn it into $5 million' investments and 'give us $1 million and we'll pay you $50,000 a year just to keep that $1 million' investments

the only risk you run with a CD is that the bank goes under and you lose your money, which will happen if you have your money in a regular low-yield savings / checking account anyway

for the third time, you're a fu*king retard
 7 years ago '06        #51
RAZAH CUTS 5835 heat pts5835
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The problem is that a fair amount of these kids, and that's exactly what they are most times, are severely under educatedfrom the get go about managing money. Most of them never have balanced a check book or had a checking account of their own...whatchu think was gonna happeb when you start throwing loot by the pound at em? They're ill equipped to handle the responsibilities that come w/ having a lot of money...
 7 years ago '07        #52
stogz 18 heat pts18
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These dudes lose their money based on relationships. They trust people they should not trust. How many times do I have to say I witnessed this sh*t upclose. You are told EVERYTHING is taken care of.

You dumb f**k.... who cares if the money is in a bank if your own name isn't the only name on the account. If the money doesn't even go through someone else before it gets to you. If you don't even know how much of the money you lose before you see your bank statement.

Idiots like you don't understand the fundamental problems these rich and famous types go through.... so your idiot a.ss says something along the lines of 'You don't need all that school bullsh*t'. When in actuality, they do need it. Cuz if you don't have it, your dumbass would be smart enough to get someone else who has that 'school bullsh*t' to work for you.... and THAT dude is smart enough to make money disappear from an idiot's bank account... into his own.
 7 years ago '07        #53
stogz 18 heat pts18
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 RAZAH CUTS said:
The problem is that a fair amount of these kids, and that's exactly what they are most times, are severely under educatedfrom the get go about managing money. Most of them never have balanced a check book or had a checking account of their own...whatchu think was gonna happeb when you start throwing loot by the pound at em? They're ill equipped to handle the responsibilities that come w/ having a lot of money...
See, you have common sense. I don't understand why other retards in this thread can't grasp that concept. Other jackasses in this thread seem to believe that know-nothing kids just go to bed dumb, and wake up rich talking about high-yield returns right after they sing they name on the contract.
 7 years ago '05        #54
daliff89 1 heat pts
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motherfu*ker nobody is talking about who they have around them

i'm talking about how they invest their money

you're saying they don't go to school, so they don't know math, so they just give their money away to somebody else? how the fu*k is that somebody else's fault? how does that have anything to do with not going to class?

nobody is saying that people aren't trying to rip these kids off, we're simply stating that even if somebody is trying to rip the kid off, it's the kid's responsibility to say 'fu*k off, it's my money'

you're saying they don't have the education to handle their own money, we're saying they don't have to manage it, they just have to put it in an account and leave it
 7 years ago '09        #55
LLCOOLFERN 5 heat pts
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This is what happens when you spend all of your time playing a sport, and never educating yourself.
 7 years ago '04        #56
justinjones 307 heat pts307
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because players have the mc hammer syndrome or just spend their money on sh!t thats not neccesary
 7 years ago '08        #57
Andre3stacks 20 heat pts20
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Its strictly money management and balancing needs and wants. Average NBA player should easily live off 3 Million in there lifetime including yearly vacations. U got people making thousands rain at clubs when there married with kids instead of taking care of them. Buying all unneeded nonsense that doesn't better them at all. Just helps them maintain the status quo and gain temporary happiness.
 7 years ago '07        #58
Deniro732 8 heat pts
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 Andre3stacks said:
Its strictly money management and balancing needs and wants. Average NBA player should easily live off 3 Million in there lifetime including yearly vacations. U got people making thousands rain at clubs when there married with kids instead of taking care of them. Buying all unneeded nonsense that doesn't better them at all. Just helps them maintain the status quo and gain temporary happiness.
it all comes down to money management, and that's something a lot of these pro athletes are completely oblivious to..because of their lack of an education, which someone stated in here already..you hear all these fu*king retards give terrible interviews before/after games..so it's nothing new really
 7 years ago '10        #59
NJallD 41 heat pts41 OP
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Its crazy- think of your favorite nba team, now think of 10 people on that team, on average 6 of them will be broke within 5 years of retirement :
 7 years ago '05        #60
NomiS 2 heat pts
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I remember when duce dailey came to my job to pay for a fax and didnt have a penny to his name
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