Early Retiree (#21 SA Spurs) is $24M short

[mickeyd]

Tim Duncan (#21) finally gets his day in court. Judge suggests an alternate investment scheme.

“In good-old 20/20 hindsight, if Mr. Duncan had taken the $24 million and bought a government bond at 2 or 3 percent interest, he’d still have the $24 million and...he’d be making about $500,000 a year,” Biery noted. “There is a lot to be made for simple (investing), and that is my recommendation.”

Tim Duncan confronts ex-financial adviser - San Antonio Express-News

 

[Dawg52]

Just curious.....I wonder what Duncan is worth after the loss? A $24 mil loss is tough to swallow even if you're a billionaire.

 

[bw5972]

Tim Duncan (#21) finally gets his day in court. Judge suggests an alternate investment scheme.



Tim Duncan confronts ex-financial adviser - San Antonio Express-News

I had not heard of this case before, just another example of a athlete getting taken. I occasionally seek financial advice and might even be willing to pay for it. But I would never give someone else access to my funds or the power to transact on them. Give me the advice and if I choose, I will take the actions myself.

 

[jollystomper]

Just curious.....I wonder what Duncan is worth after the loss? A $24 mil loss is tough to swallow even if you're a billionaire.

Various places have reported his net worth between $130 and $180 million. Also, from the article, me may not have lost the entire $24 million as it was claimed he received interest payments of 12% on that amount for several years.

So close to 18% (worst case) of his net worth is certainly a wound, but not fatal. He never seemed to live an extravagant life. But his divorce (which actually uncovered this situation) will certainly cost him more.

 

[CaliKid]

Interestingly I just saw an article about Clinton Portis and his losses:

Clinton Portis contemplated murder after fortune lost

 

[CaliKid]

Lol. The article after the Clinton Portis article is about pro athletes wasting money on cars. Unbelievable waste... and I am a car guy. This car dealer is like an advisor to them telling them to buy less cars. One highlight: "In less than five years, Ramirez has had 32 cars customized at Vega's shop, The Auto Firm."

When stars want cars, they call Miami's Alex Vega

 

[ExFlyBoy5]

I always liked Tim Duncan...he was a stand up guy when he played in San Antonio. I can only imagine how great of a mentor he was to some of those younger kids that were coming up with fame and fortune. He is probably one of the most humble professional athletes to walk the earth...

From the article:

In a separate four-page statement, Duncan said he never wanted to see his name in the papers again after his 19-year NBA career ended, taking pride in being a private individual who spent time in the spotlight only because he had to, to make a living that would last him for the rest of his life.

 

[Koolau]

Yes, this is really a bummer for someone who's earning days are over. No way to recoup the losses. Unfortunately, this is not an unusual situation. It happened to me on a much smaller scale (including fraud.) YMMV

 

[ncbill]

Like I tell the kids, "always rent, never buy," toys like RVs/boats/planes.

Lol. The article after the Clinton Portis article is about pro athletes wasting money on cars. Unbelievable waste... and I am a car guy. This car dealer is like an advisor to them telling them to buy less cars. One highlight: "In less than five years, Ramirez has had 32 cars customized at Vega's shop, The Auto Firm."

When stars want cars, they call Miami's Alex Vega

 

[Koolau]

Interestingly I just saw an article about Clinton Portis and his losses:

Clinton Portis contemplated murder after fortune lost

Not nearly as big a loss, but a guy I supervised bragged to me years ago that he was going to retire early (before me) 'cause his FA told him he could spend 8% of his stash. The FA was writing covered calls with the guys money. When it all came crashing down a year or so later, the guy needed to go find w*rk just to survive. He's still doing piddly work (repositioning cars, etc.) 15 years later at age 69. The FA had done the same thing to another guy at Megacorp and the two of them crashed and burned at about the same time. IIRC at least one of them sued the FA, but I don't think the suit went anyplace. YMMV

 

[ExFlyBoy5]

Not nearly as big a loss, but a guy I supervised bragged to me years ago that he was going to retire early (before me) 'cause his FA told him he could spend 8% of his stash. The FA was writing covered calls with the guys money. When it all came crashing down a year or so later, the guy needed to go find w*rk just to survive. He's still doing piddly work (repositioning cars, etc.) 15 years later at age 69. The FA had done the same thing to another guy at Megacorp and the two of them crashed and burned at about the same time. IIRC at least one of them sued the FA, but I don't think the suit went anyplace. YMMV

Sounds like a fella I used to fly with. He would hold 'classes' on trading futures and folks were chomping at the bit to get involved. A group of 12 or so would meet every Saturday morning to discuss methods and how great everyone was doing with paper trades. Once some of them started trading actually money (and lost their ass!) there was a lot of animosity towards the guy. About the time I left, he was starting to pool other's money that he would trade...I told him that he was treading a fine line with the law, but he didn't seem to care...he was going to retire within a year with all the money he was making. Last I heard, he had filed for bankruptcy and moved into a run down single wide trailer. And oh yeah, he's still wo*king...

 

[mickeyd]

Various places have reported his net worth between $130 and $180 million

I see that Steph Curry reupped for $201M (5 years) recently. Wonder who his FA is?