ITT: athletes who got their shit fucked
>Even though he earned nearly $70 million during his career in the NFL, in November 2011 he announced to a judge that he is completely broke and has absolutely no monthly income
>At the time he was in court asking for reductions in four(4)[FOUR] separate child support cases. In documents submitted to the judge, Terrell described how he is currently required to pay nearly $60,000 a month to four (4) [FOUR] different baby mamas. He also pays $63,000 a month for all the homes that these women live in.
Honestly how the fuck do you blow 70 millions dollars? Even at the point where you have 5 mil left in the bank wouldn't you think "shit, I gotta slow down the spending and invest"
Jordan and Magic are the two most famous examples of investing their money well enough.
Eugene Profit (https://en.wikipedia.org/wiki/Profit_Investment_Management) started and still runs a $2 billion investment firm.
Elway has also done well for himself. Pretty much any player who still gets sponsorship deals after retirement.
30 for 30: broke is a good documentary on why so many of these guys go broke, there's a bit more to it than just
>hurr he's a nig nigging so he blows it all on drugs/jewelry etc
Although that is certainly a part of it.
No there's not really. That's what their culture is based on. I don't feel sympathetic for not being able to escape dogmatic hood life creed after being given the most coveted chance card in all of monopoly. It's easy to blame your environment.
Daily reminder that they think "investing" is:
>funding a restaurant with no experience
>funding a car dealership with no experience
>buying ridiculous properties to live for a while and then sell that less than 5% of the country could even afford
>buying 5 cars
>obvious pyramid and ponzi schemes
So no, they don't really have a grasp on investing
why do these niggas never buy shit like Google or Apple stock?
like fuck nigga I know that the stock market is not a sure bet but putting your money in a solid blue chip is a 100 times better than buying 5 ferraris and jewelery with a 10000% markup from De Beers for your gold digger girlfriend
Because it's reality to blame the environment. If a person doesn't know how to budget $70 because they didn't grow up in an environment that didn't teach them shit, why would they be able to budget $70 mil? Getting paid quick, doesn't make you smarter. Plus a lot of them do make bad investments thinking they were doing the right thing and they get fucked over. Some think that they HAVE to help out friends and family that were there for them or looked out for them when they didn't have shit, but that's the environment.
or putting 75% of your career earnings into berkshire hathaway stock and letting warren buffett make investments for you as the greatest investor in the history of the world....
these guys have choices and they make the wrong ones
>are there any wealthy succesful athletes who haven't fallen for the attractive gold digging slut scam
His is worse. He's not even attracted to women yet he will marry one to keep up persona since he's afraid to come out. Than when he never wants to kiss or have sex his wife he was never attracted to or loved will rob him blind
>brady is the attractive gold digging slut
Child support enforcement worker here. Child support obligation isn't determined by "child care or basic necessities" it's the court trying to preserve what the child's quality of life would have been with both parents. That's why you get scummy women buying new cars with their 3k a month orders. It's fucked.
They don't know better. Most of these people start getting paid millions at a very young age, most of them don't even know accountants or financial advisors exist and have their agent do those jobs, who usually has the same mentality as the athlete.
Even if they're smart enough to invest in the market, without any advice they get fucked, like Curt Schilling.
>gives his parents power of attorney
>they take out a bunch of loans, secured on their son's contract
>they can't pay back the loans
>he declares bankruptcy, cites a 18 million debt
>his brother in law is Brady Quinn
so long story short: hood niggers will never learn
>These are the people liberals unironically want to give free money too.
Don't you see how that's a brilliant strategy? They hoard or save no money, they just dump it in cars and watches and shit, the economy flows thanks to dindus
Steve Smith Sr. was on Mike and Mike earlier today and he was talking about how he always thinks hard about every purchase he makes and only uses money from excess endorsement checks to fund things like trips he takes with his family. He really should have zero problems with money when he retires next season.
Pension or not, if your expenses outweigh your income, you're going to go broke. That's why "live within your means" is always stressed. Even if you're making 1mil a month, if your expenses are 5 mil a month, you're going to go broke.
These athletes play hard and fast with their money. Clothes, cars, jewelry, houses, loans to family and friends. Then they wonder why they can't pay their electric bill one day.
Annuities give low payments and the insurance is a smart move but the payments could be expensive, especially since you're playing in a sport where injuries are highly likely.
Investing your money is the only real way to insure you have something to fall back on when your playing days are over.
More like how COULD they learn? They simply do not have the knowledge or experience they need to handle that kind of paycheck. Poor people don't take financial windfalls well at all.
If you grow up where $1000 is more money than you have any idea what to do with, how do you think you would handle $20,000,000 falling into your lap? Even if you had the general idea of "Rich people put their money in the stock market", you still wouldn't have the faintest idea how to actually invest it, and would be in danger of losing it all faster than just spending it on cars and jewelry.
You can actually see this in action every time some trailer trash wins a big lottery jackpot. No matter how much money they win, they still burn through it all in less than 5 years and are right back where they started.
That's why financial investors exist, so you don't have to worry about making bad investment decisions but most players are too stupid to use them because they think they can manage their money just fine. Hell, they work for billionaires after all, who better to get financial advice from than the man who had enough money to buy his own NFL team. There's no excuse
the NFL has a rookie symposium covering all the troubles players will/could have with money
and how/where to find help when it comes to money
then after that, the 32 NFL teams have staff like player development and all kinds of other options, your head coach or general manager, or more likely your assistant GM who's more than likely going to be a CBA/cap money nerd will know a guy who can help
it's about asking for help, the help is readily available
they literally have drivers provided by the NFLPA "safe ride" or some shit is the program name, so players don't have to drunk drive...yet they still go out and drink because they make shitty choices
>because they think they can manage their money just fine
That's the point. They don't know those people exist. They think Bill Gates managed every single penny of his fortune himself like he's Scrooge McDuck, so they try to do it and fail.
a lot of advisors are corrupt and lead to athletes making bad decisions that only benefit them and the athlete listens because they think hes the professional and has his best interest in hand
These guys are just big black bucks, not very intelligent outside of the commission of plays in their sport. Blacks can be intelligent and save their money, but the big black buck needs to spend his earnings on expensive women, cars and jewelry.
Iverson made $350 million dollars in career earnings alone and had endorsements as well, he's a broke boy now
wow, equality when?
no wonder they go broke, you literally can't blame them for the courts deciding a woman who drank red wine for 6 years of marriage deserves 1/2 of something she never worked for....