Meathead Posted April 8, 2013 Share Posted April 8, 2013 How stupid do you have to be to miss manage classic Link to comment Share on other sites More sharing options...
DC Tom Posted April 8, 2013 Share Posted April 8, 2013 I think this is hilarious. Haha How stupid do you have to be to miss manage that kind of money! For all intensive purposes, it comes down to having a low self of steam. Link to comment Share on other sites More sharing options...
DrDawkinstein Posted April 8, 2013 Share Posted April 8, 2013 If you havent seen the 30 for 30 episode: Broke, find it on Netflix. Pretty interesting stuff. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted April 8, 2013 Share Posted April 8, 2013 I think that this is pretty sad. Travis Henry and his poor decisions are one thing but guys trusting the wrong people and investing poorly is another. I take no joy in people filling for bankruptcy. It is a little disturbing that this article makes some people feel good. Some of these guys have done a lot of good off of the field and their demise is nothing to rejoice over. Link to comment Share on other sites More sharing options...
Miyagi-Do Karate Posted April 8, 2013 Share Posted April 8, 2013 Those career earnings numbers can't be right. Someone paid deuce Mcallister 70m over his career? huh? Link to comment Share on other sites More sharing options...
Webster Guy Posted April 8, 2013 Share Posted April 8, 2013 Something tells me Stevie Johnson will be on that list someday. I hope I'm wrong. Link to comment Share on other sites More sharing options...
ny33 Posted April 8, 2013 Share Posted April 8, 2013 I think that this is pretty sad. Travis Henry and his poor decisions are one thing but guys trusting the wrong people and investing poorly is another. I take no joy in people filling for bankruptcy. It is a little disturbing that this article makes some people feel good. Some of these guys have done a lot of good off of the field and their demise is nothing to rejoice over. For the players who lost everything through investments, I blame hubris. Instead of trusting your money with responsible people/firms, they believe they, or their friends, can manage wealth best. I have no sympathy for people foolish enough to trust swindlers with their money. There are plenty of reputable, high-yield places to invest your money if you have a lot of capital. Link to comment Share on other sites More sharing options...
NoSaint Posted April 8, 2013 Share Posted April 8, 2013 For the players who lost everything through investments, I blame hubris. Instead of trusting your money with responsible people/firms, they believe they, or their friends, can manage wealth best. I have no sympathy for people foolish enough to trust swindlers with their money. There are plenty of reputable, high-yield places to invest your money if you have a lot of capital. Part of the problem is that a lot of these guys have no idea how to tell the difference. They are surrounded by a weird mix of scam artists and hangerons starting at about 13 if they are true stars. With shady recruitment, boosters, family etc...what's real and what's not can get blurry and one bad choice can open the door to a lot of bad news. That doesn't excuse them all but despite my record label and baby momma comment earlier, I mostly get frustrated - certainly don't take joy in their failures. There's a good number that would struggle to figure out how to budget what you or I have.... The only chance they have to manage millions is to pick the right guy to guide them and.... It's harder than I think we sometimes realize for a kid that doesn't know JP Morgan from JP the guy in the nice suit that claims to make great money for other athletes. Poor financial education, often limited exposure to money management growing up, and an often "go big or go home" personality that got them the money in the first place is a bad recipe for "new money millionaires. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted April 8, 2013 Share Posted April 8, 2013 For the players who lost everything through investments, I blame hubris. Instead of trusting your money with responsible people/firms, they believe they, or their friends, can manage wealth best. I have no sympathy for people foolish enough to trust swindlers with their money. There are plenty of reputable, high-yield places to invest your money if you have a lot of capital. Tell that to Madoff's clients. Link to comment Share on other sites More sharing options...
sodbuster Posted April 8, 2013 Share Posted April 8, 2013 Part of the problem is that a lot of these guys have no idea how to tell the difference. They are surrounded by a weird mix of scam artists and hangerons starting at about 13 if they are true stars. With shady recruitment, boosters, family etc...what's real and what's not can get blurry and one bad choice can open the door to a lot of bad news. That doesn't excuse them all but despite my record label and baby momma comment earlier, I mostly get frustrated - certainly don't take joy in their failures. There's a good number that would struggle to figure out how to budget what you or I have.... The only chance they have to manage millions is to pick the right guy to guide them and.... It's harder than I think we sometimes realize for a kid that doesn't know JP Morgan from JP the guy in the nice suit that claims to make great money for other athletes. Poor financial education, often limited exposure to money management growing up, and an often "go big or go home" personality that got them the money in the first place is a bad recipe for "new money millionaires. Because they were handed a free college education and made nothing of it. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted April 8, 2013 Share Posted April 8, 2013 (edited) This thread is actually quite disturbing. Do some of you really take joy in others misfortunes? A lot of these guys have NO IDEA what to do with their money but I don't think that it is "hilarious" that they lost it. Athletes surround themselves with people that they knew before they were rich because they feel like they can trust them. They have heard enough about people scamming other athletes (ie Antoine Walker) to feel like this is their best bet. The people that they are surrounded by (ie Vince Young's uncle) have no clue how to manage money. They should not be entrusting their cash to people unfit to manage it. With that being said I still don't understand how them losing their money makes some people on here happy. Edited April 8, 2013 by Kirby Jackson Link to comment Share on other sites More sharing options...
NoSaint Posted April 8, 2013 Share Posted April 8, 2013 (edited) Because they were handed a free college education and made nothing of it. Yup. And it's not unique to them. Frankly, a good chunk don't have the education to be a successful student in college before they get to campus yet alone be a successful student athlete. And look around the country - a whole lot of college grads have no idea of what to do with finances. Look, I'm not excusing them, but to be realistic a lot have been set up to fail from the get go. Having a marketable skill doesn't mean you have any concept of finances. That's why you see me beat up the ones with 8 baby mommas a lot harder than the ones with restaurants, car dealerships and real estate. Ultimately, a huge number do great but in its own way it amazes me that more of these guys don't end up dead with the sudden influx of cash and no skills to handle it. Edited April 8, 2013 by NoSaint Link to comment Share on other sites More sharing options...
Kelly the Dog Posted April 8, 2013 Share Posted April 8, 2013 I would imagine that if 21-30 year old Wall Street guys that made millions in their early 20s, and then weren't allowed to be on Wall Street once they were in their 30s, the percentages of broke morons would be close to the same. Link to comment Share on other sites More sharing options...
NoSaint Posted April 8, 2013 Share Posted April 8, 2013 I would imagine that if 21-30 year old Wall Street guys that made millions in their early 20s, and then weren't allowed to be on Wall Street once they were in their 30s, the percentages of broke morons would be close to the same. Especially if they don't get to know if its their 26th or 32nd birthday that the paycheck instantly goes from huge to zero. Link to comment Share on other sites More sharing options...
billsfan714 Posted April 8, 2013 Share Posted April 8, 2013 I 2nd the recommendation of ESPN's broke. The one line that stood out from that is the line about 'you can live like a king for a few years or a prince for the rest of your life. " Link to comment Share on other sites More sharing options...
NoSaint Posted April 8, 2013 Share Posted April 8, 2013 I 2nd the recommendation of ESPN's broke. The one line that stood out from that is the line about 'you can live like a king for a few years or a prince for the rest of your life. " For a good chunk there are definitely delayed gratification issues. Link to comment Share on other sites More sharing options...
Malazan Posted April 8, 2013 Share Posted April 8, 2013 It's a shame. All the talk of 'protecting' the players from the NFL and NFLPA should extend to their finances. You can't stop and idiot from being an idiot, but they can do a lot more than they are doing right now. Link to comment Share on other sites More sharing options...
KOKBILLS Posted April 8, 2013 Share Posted April 8, 2013 Tiki's a dork, but his new wife (the intern that got him canned from TV) is amazing. Yes...Yes she is... Link to comment Share on other sites More sharing options...
ny33 Posted April 8, 2013 Share Posted April 8, 2013 Tell that to Madoff's clients. Madoff's returns were unrealistic. http://www.nytimes.com/2009/01/06/your-money/06wealth.html?pagewanted=all&_r=0 I know a few people who have family members that lost money to Madoff. I'm pretty sure you had to have some level of awareness that the returns were not legitimate; I would guess that most investors silently thought that his returns were thanks to insider trading, not a Ponzi scheme. Because they were handed a free college education and made nothing of it. This thread is actually quite disturbing. Do some of you really take joy in others misfortunes? A lot of these guys have NO IDEA what to do with their money but I don't think that it is "hilarious" that they lost it. Athletes surround themselves with people that they knew before they were rich because they feel like they can trust them. They have heard enough about people scamming other athletes (ie Antoine Walker) to feel like this is their best bet. The people that they are surrounded by (ie Vince Young's uncle) have no clue how to manage money. They should not be entrusting their cash to people unfit to manage it. With that being said I still don't understand how them losing their money makes some people on here happy. I agree completely with sodbuster. The lack of respect by many successful athletes for academic or intellectual pursuits is unfortunate. If you don't take your education- financial, university coursework, or independent reading- seriously, you are to blame for losses incurred to sleazy financial advisors or questionable business deals. Link to comment Share on other sites More sharing options...
Kkspike Posted April 8, 2013 Share Posted April 8, 2013 $85,000.00 car.you take that 85 grand put in some low interest cd for 30 years your return will be about $750,000.00. That's what theses players do not get. Link to comment Share on other sites More sharing options...
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