Ben Simmons Might Be “Broke” And Forced To Return To Sixers Due To Financial Issues

[GilSho]

If someone can't live off $17M, they're a serious moron. I mean, he's getting that PER YEAR....whole generations could live off $17M for decades, if invested properly and if people live frugally enough.

There's reckless spending, and then there's just being batshyt retarded.

The typical black male athlete and the typical white one are living two completely different lives. The black one has to financially support his family, friends and sometimes hood due to societal pressure. He's shelling millions on clothes, jewelry, cars, at the club and other ultimately meaningless shyt because of social pressure. And he's usually spending a fortune on bytches and/or child support since hoes know most black men are a lick.

Add in bad investments and what not and It isn't really that hard to imagine why they go broke so quickly.

 

[Shadow King]

Yeah Gilbert Arenas broke it down on one of his old pods. Basically a lot of NBA players start getting loans and mortgages in their first year in anticipation of future earnings. It’s an endless cycle where they’re living in anticipation of another big contract.

This and people forget that it's not a lump sum every year. They get checks too.

 

[Collateral]

The typical black male athlete and the typical white one are living two completely different lives. The black one has to financially support his family, friends and sometimes hood due to societal pressure. He's shelling millions on clothes, jewelry, cars, at the club and other ultimately meaningless shyt because of social pressure. And he's usually spending a fortune on bytches and/or child support since hoes know most black men are a lick.

Add in bad investments and what not and It isn't really that hard to imagine why they go broke so quickly.

That died out a good 20 years ago now. You’ll find that more so in the NFL today but even then, they don’t get paid enough to be doing all of that without going broke. In the NBA most of those guys today grew up affluent, going to private schools and playing aau basketball from like the 5th grade. If an average role player type of NBA player goes broke today, then that’s completely on him. The bag is too deep to to sign multi million dollar contracts for you to not see any of it once you retire.

 

[lib123]

Athletes are FORCED to get loans.

If you are selling something to an athlete it makes NO SENSE to accept anything other than a loan agreement. Because you’ll make more off the interest as opposed to a one off full payment.

How are they forced to get loans?

 

[lib123]

We’re simply just not like cacs.

Once we come up we will help those who came up with us + family.

Cacs are loyal to nothing but money so them dissociating is easier.

I don’t think it’s that. It’s just taboo for the younger generations to financially support older generations among financially well off cacs.

 

[lib123]

That died out a good 20 years ago now. You’ll find that more so in the NFL today but even then, they don’t get paid enough to be doing all of that without going broke. In the NBA most of those guys today grew up affluent, going to private schools and playing aau basketball from like the 5th grade. If an average role player type of NBA player goes broke today, then that’s completely on him. The bag is too deep to to sign multi million dollar contracts for you to not see any of it once you retire.

I personally went to school with several current and recently retired NBA players. This generation of most NBA players grew up financially stable, not affluent. They get scholarships to play at private schools and the top AAU teams have sponsors. Also while their immediate family as in parents are financially stable, many still have broke extended family.

 

[Barney Rubble]

On his Vlad interview, Sebastian Telfair said after the 30 for 30 Broke documentary came out the prior player’s association president Billy Hunter pushed for them to set up bridge accounts where players put some money aside to hold them over until they can tap into NBA pensions. He said that’s why we haven’t been hearing stories of players going completely broke after retirement. I’m sure they still blow thru most of the money tho.

Think about it, to ensure they maintain their spending while playing for the rest of their lives, they need to be saving and investing 70-75% of their net income. Realistically how many of them are disciplined enough to do that?

On average, three million invested right now with a financial advisor will be worth 12 to 14 million in 20 years. I think most players could manage something like that, even it was over several years. Plus, in 20 years, most will be a lot smarter and experienced enough to live wisely off that 14 million. They don't need to be investing 75% of their net income, they just need a good teacher to break down the basics for them.

 

[lib123]

On average, three million invested right now with a financial advisor will be worth 12 to 14 million in 20 years. I think most players could manage something like that, even it was over several years. Plus, in 20 years, most will be a lot smarter and experienced enough to live wisely off that 14 million. They don't need to be investing 75% of their net income, they just need a good teacher to break down the basics for them.

It’s all about their spending habits. If they’re still trying to spend the same after retirement as they are while playing, yes they’ll need to save and invest 70-75% of their salaries.

 

[MJ Truth]

Context matters. If you take the average 18 or 19 year old who probably wouldn’t have attended college if not for sports and give them $17 million per year, most of them are gonna blow it. And it’s not mostly reckless spending on themselves. It’s financially supporting 40+ friends and family.

Not to mention if you’re coming from poverty, and even if you’re coming from a middle class background, you’ve never seen money like this and have no idea how to manage it. It’s unlikely you have people in your life who you trust that can manage it or know how to manage it. Add in to it you’re at the age where most people make mistakes and are financially irresponsible (teens and early 20s), they just don’t have enough money to fukk up that it can set them back. I’m not saying it’s reasonable to mess up millions of dollars, I’m just saying I can definitely understand it happening.

 

[MJ Truth]

There's a simple fix to all of this, mandatory financial literacy courses for new players and pay old vets to come in and tell stories of when they got scammed, overwhelmed by friends, families and entourages etc.. The NBA could also cultivate a list of trustworthy financial advisors for new players to invest with.

They do that type of stuff already. That’s a simple solution to a more complex issue. Your financial situation is way more of a behavioral/emotional issue than it is a mathematical/intelligence issue.