Broke NFL / NBA players after retirement

[Walt34]

Quote:

Originally Posted by bclover Many NBA teams are now trying to work with young athletes. Remember guys a lot of these kids and they are just that, young adults at best are coming from crazy backgrounds.

I know, if had it happened to me at that age I can't be certain that I'd have done better. I knew the difference between a checking and savings account but not much more. To me the stock market was equivalent to going to Vegas. It is good to hear that the NBA is steering the players to put some away for later years.

[Mulligan]

Quote:

Originally Posted by easysurfer Iverson was on the morning news the other day saying that how things are portrayed of him on the media isn't totally accurate. He didn't much about his finances, other they saying that he isn't broke. Here's the interview if you want to see that: NBA great Allen Iverson on new documentary and legacy - Videos - CBS News

An article in past few years cited he had a Rebook shoe trust fund set up by an advisor. He cannot touch any of proceeds until he is 55. It was in the neighborhood of 30 million and will provide a monthly payout. Plus his NBA pension is very generous too.

http://probasketballtalk.nbcsports.c...end-was-smart/



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[bclover]

Quote:

Originally Posted by Walt34 I know, if had it happened to me at that age I can't be certain that I'd have done better. I knew the difference between a checking and savings account but not much more. To me the stock market was equivalent to going to Vegas. It is good to hear that the NBA is steering the players to put some away for later years.

throw in the fact that the people closets to them are a lot of times part of the problem.
I remember seeing an interview with a shall not be named ballplayer at the draft and his mother was yelling how he was now going to buy her a mansion.
seriously?? there's not middle ground between public housing and a mansion...

I felt so bad for this kid, he just got drafted (hasn't signed a contract yet) and his family is spending his money.

[eta2020]

"He doesn't know the meaning of the word fear, but then again he doesn't know the meaning of most words."

Bobby Bowden

This is why they end up broke

[bclover]

Quote:

Originally Posted by eta2020 "He doesn't know the meaning of the word fear, but then again he doesn't know the meaning of most words." Bobby Bowden This is why they end up broke

wooza, what a way to insult.

[eta2020]

Quote:

Originally Posted by bclover wooza, what a way to insult.

I agree but that is not my quote.... that is what coach said. Bobby Bowden - Wikipedia, the free encyclopedia

Yea you are better off making 200-250k a year for 30 years then making huge sum for 5-6. Often far more than they know how to handle. And looking at what job requires (those frequent concussions)....it is no surprise.

[Elbata]

With the internet--Bogleheads, this forum and such, it's much like having the most brilliant minds at the tips of your fingers.

[JPatrick]

New book on the subject of blowing big money..
http://www.amazon.com/New-Money-Stay.../dp/B00W1VC22U

Got it on my wish list..anyone?

[HFWR]

Quote:

Originally Posted by bclover ...there's not middle ground between public housing and a mansion...

Yep, lots of "family" and other leeches, to buy mansions for, none of whom realize, or care, what the ongoing cost of a mansion is...

[athena53]

Oprah Winfrey's advice to young superstars of any kind who are making more money than they'd ever seen: make sure you personally sign every check that goes out. I'm sure that was a lot of work for her but it kept her aware of where her money was going.


A lot of people who have lucrative successes at an early age act like lottery winners. I despair at the discussions I read on other boards about "what I'd do if I won the lottery". (Funny I haven't seen that topic here.) When you've accumulated money slowly over decades, with a few market crashes thrown in and taxes paid on some along the way and you end up with a lottery-winning size pile, you're darned careful where it goes.


Like the others, I'm also glad that the NBA is trying to teach their younger athletes about money management. Too many of them probably got off to a bad start by being pushed from grade to grade through HS and then into a non-demanding major in college and they have a lot of catching up to do.

[FANOFJESUS]

Here is the movie broke on youtube

https://www.youtube.com/watch?v=TSOAwNSv8EM

[Mulligan]

Quote:

Originally Posted by eta2020 I agree but that is not my quote.... that is what coach said. Bobby Bowden - Wikipedia, the free encyclopedia Yea you are better off making 200-250k a year for 30 years then making huge sum for 5-6. Often far more than they know how to handle. And looking at what job requires (those frequent concussions)....it is no surprise.

That is the main problem facing them that education will not cure. "Im making 2 million a year and you are telling me I have to live on 50k a year for it to last me? No way!" Besides each individual is always going to be the one who lasts 15 years in the league. And.... Someone will still convince them to invest in that cant lose restaurant and bar venture.


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[frayne]

Quote:

Originally Posted by athena53 When you've accumulated money slowly over decades, with a few market crashes thrown in and taxes paid on some along the way and you end up with a lottery-winning size pile, you're darned careful where it goes.

Best line of the day !