Former NBA #1 pick Joe Smith's journey from $61M to $157k in debt

[En Sabah Nur]

Keith Booth and Duane Simpkins probably eating way better in 2019 than Joe Smith

 

[Piff Perkins]

Friend of mine is an accountant and does finance for rappers and some athletes. He said the biggest hurdle is that dudes will not listen to any conservative advice. They either do nothing with their money (including not pay taxes lol), decide they want ludicrous investments or decide that their mom should handle everything.

He advises everyone to put money into index funds. If all else goes bad you know you got a safe investment. The Vanguard index fund has only had one negative year in the last 12 years or so, and that was the year the economy crashed (08). 22% return last year. 12% the year before. You put 5-10mil in there and leave it alone for a decade and you'll be beyond straight by the time you retire.

 

[daboywonder2002]

this mf in his 40s and needed Alex Rodriguez to tell him to move into a smaller crib

dumb

that's what i don't get. People who not in the league yet they still spending like they are. Downsize and move down south, Get a smaller crib, get your child support lowered. Get rid of your cars and just get keep 3.

 

[Tupac in a Business Suit]

Even the wackest nba player can make a good living selling basketball camps to those spoiled rich little white kids in the suburbs. Their parents have no problem putting down $100/session type of guap so their kid can "learn" from a former professional, gain some self-confidence, and get them the fukk out of the house lol. A lot of ex-NBAers that were scrubs are eating of that in the affluent Dallas suburbs.

Big facts. My son goes to camp every summer for the entire summer to learn from current NBA pros. During the fall, he trains 1on1 with former pros. Joe could easily make a decent living for himself training spoiled kids on the fundamentals.

The problem is, I don’t recall Joe having much fundamentals besides being tall and athletic which is why he never took off in the pros.

 

[AceMan]

Reminds me of Clinton Portis

 

[Rekkapryde]

I was at the Rucker when he played back in 95

Even Pee Wee Herman couldn't imagine this

 

[TheEgyptianConniption]

Cant feel sorry or make excuses for a man who blows through lets say 30 mil after taxes. I know about all the pitfalls or whatever. The leeches the family with their hands out. Its not hard as a grown man to tell somebody no.

Put up a few mil for your kids at least before you blow through tens of millions of dollars

 

[The War Report]

:stevedash:

 

[jadillac]

Cant feel sorry or make excuses for a man who blows through lets say 30 mil after taxes. I know about all the pitfalls or whatever. The leeches the family with their hands out. Its not hard as a grown man to tell somebody no.

Put up a few mil for your kids at least before you blow through tens of millions of dollars

it's like I said, he played for like 8-9 years AFTER he was pretty much washed as a player.

So he was making free money basically.

There's two ways to look at that, you can either think, "yo, this is easy money coming in...I'm spending b/c I'll keep getting it" or you can think, "I'm not a good player, but making alot of money pretty easily, this may not last much longer so I better save"