billsfanmiami(oh) Posted July 12, 2017 Share Posted July 12, 2017 No sympathy at all for people like this. I guarantee in every one of these stories there is a ton of "self inflicted" damage that is never mentioned. Link to comment Share on other sites More sharing options...
DriveFor1Outta5 Posted July 12, 2017 Share Posted July 12, 2017 Gee, what a novel concept. Too bad the political establishment in the US has absolutely no interest in having a financially literate voting public. That's why I make my daughter pay me back for the supplies when she runs a lemonade stand. What I can never figure out is why these idiots are taking out loans all over town when they are earning millions per year. Good grief, if you can't live within a seven figure paycheck, you have serious problems. More like too bad the political establishment can't be financially literate themselves. Link to comment Share on other sites More sharing options...
BuffaloBud Posted July 12, 2017 Share Posted July 12, 2017 I really like how it's all upon "we" to teach these people how to not spend all their money. There was no "we" when I graduated from college and had to pay back the student loan. There was no "we" when I purchased my first new car. There was no "we" when my ex and I purchased our first and second home. There was no "we" when I had to split half of my 401K savings with my ex. You blow all your mega money on whatever - tough. Figure it out. Link to comment Share on other sites More sharing options...
Gugny Posted July 12, 2017 Author Share Posted July 12, 2017 I really like how it's all upon "we" to teach these people how to not spend all their money. There was no "we" when I graduated from college and had to pay back the student loan. There was no "we" when I purchased my first new car. There was no "we" when my ex and I purchased our first and second home. There was no "we" when I had to split half of my 401K savings with my ex. You blow all your mega money on whatever - tough. Figure it out. You equate your situation and preparation for financial responsibility to that of a Cuban pitcher who probably stopped learning anything other than baseball by the age of 10? I'm not saying anyone owes anyone anything. But I do feel bad for the guy and others like him. Link to comment Share on other sites More sharing options...
shrader Posted July 12, 2017 Share Posted July 12, 2017 This stuff always astounds me...you'd think that once you get down to that final $1-2M you might actually take a step back and re-assess. Especially with the picture this article paints of him. There was the comment about how he lived with no money before and can do it again. That sounds like the kind of guy who wouldn't spend anything. Then again, it could also be the type who trusts just about everyone and gives money to every hair brained scheme that comes his way. Allen Iverson took a Reebok deal that pays him $800k/year for life with a $32 mil trust he gets when he turns 55 (half of which he lost to an ex, but that's another thread). I'm sure HE wasn't smart enough to come up with that, but it was a wise move. Does anyone get that trust if he dies before 55? That's about the only possible catch I could see with a deal like that. Or he could have been a grown ass man and read a couple of books or spent a day or two reading about basic personal finances. Dude could have put 10% of his earnings in an Index Fund and been set for life. Instead he took less than 15 years to burn through about 20x what the average person makes in their lifetime. Yeah, poor him. Given the circumstances some of these guys go through in getting here from Cuba, do we even know if he was literate during most of his career? Link to comment Share on other sites More sharing options...
BuffaloBud Posted July 12, 2017 Share Posted July 12, 2017 You equate your situation and preparation for financial responsibility to that of a Cuban pitcher who probably stopped learning anything other than baseball by the age of 10? I'm not saying anyone owes anyone anything. But I do feel bad for the guy and others like him. True - but, I'm sure LH has an agent or someone else "working" for him that prolly has told LH - "Stop Spending"! Link to comment Share on other sites More sharing options...
Gugny Posted July 12, 2017 Author Share Posted July 12, 2017 True - but, I'm sure LH has an agent or someone else "working" for him that prolly has told LH - "Stop Spending"! Like Mike Tyson did? That's my concern. I don't know if ANYONE has these guys' best interest in mind. At the very least, I'd like to see professional leagues have something like a network of financial advisers that are paid by the league and, perhaps, assigned to a certain number of athletes. This would be a service that the athlete would pay for, but the payment would go to the league - not the person assisting them. Right now, these guys are probably hiring their cousins who "done real good in math when we were young," to handle this stuff. Those decisions somehow need to be prevented. Link to comment Share on other sites More sharing options...
billsfanmiami(oh) Posted July 12, 2017 Share Posted July 12, 2017 (edited) Like Mike Tyson did? That's my concern. I don't know if ANYONE has these guys' best interest in mind. At the very least, I'd like to see professional leagues have something like a network of financial advisers that are paid by the league and, perhaps, assigned to a certain number of athletes. This would be a service that the athlete would pay for, but the payment would go to the league - not the person assisting them. Right now, these guys are probably hiring their cousins who "done real good in math when we were young," to handle this stuff. Those decisions somehow need to be prevented. Why is there no accountability on the athlete? Whys is it up to "someone else" to make sure this doesn't happen to people? Sure many athletes come from a variety of backgrounds and might not have had a lot of formal education growing up, but that doesn't mean they're incapable of making good decisions. How are you going to force someone to surround themselves with people who will have their best interests in hand? These guys have all kinds of resources available to them and make the kind of money that could sustain multiple generations in their family. They have a huge head start in life and if they make decisions that cause them to go broke, oh well. You don't blow through 50 million without personally making many many mistakes along the way Edited July 12, 2017 by billsfanmiami(oh) Link to comment Share on other sites More sharing options...
Gugny Posted July 12, 2017 Author Share Posted July 12, 2017 Why is there no accountability on the athlete? Whys is it up to "someone else" to make sure this doesn't happen to people? Sure many athletes come from a variety of backgrounds and might not have had a lot of formal education growing up, but that doesn't mean they're incapable of making good decisions. How are you going to force someone to surround themselves with people who will have their best interests in hand? These guys have all kinds of resources available to them and make the kind of money that could sustain multiple generations in their family. They have a huge head start in life and if they make decisions that cause them to go broke, oh well. You don't blow through 50 million without personally making many many mistakes along the way Again ... I'm not saying anyone owes anyone anything. I'm looking at this with a heart. I simply don't subscribe to the, "well they're grown men and millionaires, so they should know better," theory. They may make millions, but they're also lining the owners' pockets. These guys aren't trying to lose everything. They just don't know any better. All I'm saying is that the leagues should consider doing what they can (within reason) to make sure that these athletes, who are helping to make the leagues lots of money, will be able to live comfortably after their time in the game is over. Link to comment Share on other sites More sharing options...
BuffaloBud Posted July 12, 2017 Share Posted July 12, 2017 Again ... I'm not saying anyone owes anyone anything. I'm looking at this with a heart. I simply don't subscribe to the, "well they're grown men and millionaires, so they should know better," theory. They may make millions, but they're also lining the owners' pockets. These guys aren't trying to lose everything. They just don't know any better. All I'm saying is that the leagues should consider doing what they can (within reason) to make sure that these athletes, who are helping to make the leagues lots of money, will be able to live comfortably after their time in the game is over. This is where I'll agree that we have differing viewpoints on this. Out. Link to comment Share on other sites More sharing options...
Just Jack Posted July 12, 2017 Share Posted July 12, 2017 Do you know how to make enough money now to retire? You heard of this thing, the 8-Minute Abs? Yeah, this is going to blow that right out of the water. Listen to this: 7... Minute... Abs. Think about it. You're looking for a stream online, you see 8-Minute Abs sittin' there, there's 7-Minute Abs right beside it. Which one are you gonna pick, man? Sell this and in one month you'll be rich. Meads version of 7 Minute Abs will be how to get rid of them through eating his patented diet of Stromboli. Link to comment Share on other sites More sharing options...
TheElectricCompany Posted July 12, 2017 Share Posted July 12, 2017 (edited) Again ... I'm not saying anyone owes anyone anything. I'm looking at this with a heart. I simply don't subscribe to the, "well they're grown men and millionaires, so they should know better," theory. They may make millions, but they're also lining the owners' pockets. These guys aren't trying to lose everything. They just don't know any better. All I'm saying is that the leagues should consider doing what they can (within reason) to make sure that these athletes, who are helping to make the leagues lots of money, will be able to live comfortably after their time in the game is over. The league does offer resources for financial guidance. How would you feel if your employer and their cronies told you what to save and what to spend, for your "best interest" and "because you don't know better"? You'd tell them to pound sand, as you should! Could be worse for these athletes, they could sign non competes, NDAs, or receive no financial guarantees beyond 12 months, like much of the work force already does. Edited July 12, 2017 by TheElectricCompany Link to comment Share on other sites More sharing options...
Chef Jim Posted July 12, 2017 Share Posted July 12, 2017 Again ... I'm not saying anyone owes anyone anything. I'm looking at this with a heart. I simply don't subscribe to the, "well they're grown men and millionaires, so they should know better," theory. They may make millions, but they're also lining the owners' pockets. These guys aren't trying to lose everything. They just don't know any better. All I'm saying is that the leagues should consider doing what they can (within reason) to make sure that these athletes, who are helping to make the leagues lots of money, will be able to live comfortably after their time in the game is over. Why just athletes? Why are they special? Why not actors? Doctors? Firefighters? Chefs? I have zero sympathy for people that burn through money like this. Link to comment Share on other sites More sharing options...
Augie Posted July 12, 2017 Share Posted July 12, 2017 Why just athletes? Why are they special? Why not actors? Doctors? Firefighters? Chefs? I have zero sympathy for people that burn through money like this. I agree it's a problem in all walks of life. (Doctors are clueless more often than most people would realize.) I fully realize that they bring this on themselves, but I still feel bad for them. People make mistakes, despite all efforts to get them going in the right direction. A little common sense or restraint would go a long way, but some people just don't have it. It's no one else's fault. And it's not just finances, it's all kinds of things. You know unprotected sex is unwise, but I still feel bad for AIDS patients. One thing I really don't like is people who hate on folks who make a very good living..... Usually because they make far less and there's a deep resentment. I don't get a warm glow from seeing people with wealth being stupid and managing to lose it all. Link to comment Share on other sites More sharing options...
Gugny Posted July 12, 2017 Author Share Posted July 12, 2017 Why just athletes? Why are they special? Why not actors? Doctors? Firefighters? Chefs? I have zero sympathy for people that burn through money like this. Who gives a schit about chefs? Link to comment Share on other sites More sharing options...
Chef Jim Posted July 12, 2017 Share Posted July 12, 2017 I agree it's a problem in all walks of life. (Doctors are clueless more often than most people would realize.) I fully realize that they bring this on themselves, but I still feel bad for them. People make mistakes, despite all efforts to get them going in the right direction. A little common sense or restraint would go a long way, but some people just don't have it. It's no one else's fault. And it's not just finances, it's all kinds of things. You know unprotected sex is unwise, but I still feel bad for AIDS patients. One thing I really don't like is people who hate on folks who make a very good living..... Usually because they make far less and there's a deep resentment. I don't get a warm glow from seeing people with wealth being stupid and managing to lose it all. When people ask what I do for a living I tell them I'm an Investment Behavior Consultant. I say the biggest threat to people not achieving financial independence is themselves. Not that they are bad people they just make poor choices. Money choices are more times that not an emotional choice. Making financial decisions based on emotion is a recipe for disaster. Who gives a schit about chefs? Not me. That's why I got out. Link to comment Share on other sites More sharing options...
Augie Posted July 12, 2017 Share Posted July 12, 2017 When people ask what I do for a living I tell them I'm an Investment Behavior Consultant. I say the biggest threat to people not achieving financial independence is themselves. Not that they are bad people they just make poor choices. Money choices are more times that not an emotional choice. Making financial decisions based on emotion is a recipe for disaster. I love the bolded part, and the rest is true as well. My wife is in the wealth management field. More often than not, if they have the minimum to be a client, they are quite good with money. Every so often you get the wife who cleared $20 mil in a divorce (or some other windfall), and seems to be in a race to see how quickly she can blow it! Link to comment Share on other sites More sharing options...
teef Posted July 12, 2017 Share Posted July 12, 2017 When people ask what I do for a living I tell them I'm an Investment Behavior Consultant. I say the biggest threat to people not achieving financial independence is themselves. Not that they are bad people they just make poor choices. Money choices are more times that not an emotional choice. Making financial decisions based on emotion is a recipe for disaster. Not me. That's why I got out. the concept of being responsible is so simple, yet some people just can't adhere to it. the first rule is to always live within your means. then, pay off your debt, (high interest first), save for retirement, and anything after that can be spent. i know that this is a overly simplistic way of putting it, but as someone who has zero finance training, it's done well for me. Link to comment Share on other sites More sharing options...
Augie Posted July 12, 2017 Share Posted July 12, 2017 the concept of being responsible is so simple, yet some people just can't adhere to it. the first rule is to always live within your means. then, pay off your debt, (high interest first), save for retirement, and anything after that can be spent. i know that this is a overly simplistic way of putting it, but as someone who has zero finance training, it's done well for me. As a former lender, the mistake most people make is to live in a fashion that works if everything keeps going well. What happens when there's a bump in the road? THAT is the test. Always keep the emergency fund up and the resume updated. Chit happens... Link to comment Share on other sites More sharing options...
Chef Jim Posted July 12, 2017 Share Posted July 12, 2017 the concept of being responsible is so simple, yet some people just can't adhere to it. the first rule is to always live within your means. then, pay off your debt, (high interest first), save for retirement, and anything after that can be spent. i know that this is a overly simplistic way of putting it, but as someone who has zero finance training, it's done well for me. I always say "it's simple but not easy". Link to comment Share on other sites More sharing options...
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