Be a millionaire living on bad credit, brehs
All the caution stories to learn from and these guys still keep falling down the rabbit hole
It might be time for 30 for 30 Broke reloaded
This nikka said Broke: Reloaded
Clinton Portis owes his mom $500k, $5 million in total debt
- Thread starter dterpsss
- Start date
This nikka said Broke: Reloaded
I've met Drew a few times. Dude comes across as a scumbag. I wouldn't trust him with a dime of my money
Rell84shots
Veteran
That's not the same at all, you just equated starving to voluntarily blowing millions of dollars
jwonder
Superstar
Need more info. As I understand he is just an agent. Gets his cut and is out. He has gotten some NFL players some lucrative contracts. If he is advising them into invest money in scams then that is different.
I still believe in my heart drew is stealing these players money and giving a cut to these owners. His sports agent license should have been revoked.
Dr. Narcisse
Veteran
78% of nfl players go broke after retirement
People don't understand how quick the money goes...with taxes...lifestyle...taking care of others...
Also a lot of guys careers end before they think the league is done with them/money runs out..
So they're spending money as if they are counting on new money.
Dr. Narcisse
Veteran
For example, Portis owes $500,000 to his own mother, and the same amount to Nischelle Turner — a correspondent for Entertainment Tonight and CNN.
He was messing with her?
Also not to defend Portis. But I want folks to know often times rich folks file bankruptcy and cry broke to not spend the money they have to creditors.
A man by the name of Donald Trump has done this many times. Hell even companies do this shyt
I mentioned before on here that my parents know a older sista who is a self made millionaire. She lost most of her investments in 9/11. But filed for bankruptcy to make sure creditors didn't touch her liquid cash. She took her liquid cash made investments again in the bad economy and became a millionaire again. Then the economy went under in 2008 and she lost her investments but filed bankruptcy again to protect her liquid cash and made investments again and is right back to being a millionaire again.
So for rich folks bankruptcy is used as a golden parachute to protect their money. But think about this credit isn't as important to rich folks as middle class and poor people. After 2008 folks with perfect credit couldn't get a loan. Banks werent loaning shyt. But rich folks didn't need loans they had liquid cash and was buying up real estate for dirt cheap cause the economy went under.
EDIT- Also remember this. Companies file for bankruptcy to get out of paying such benefits as 401k and pensions. As an individual you can place anything on bankruptcy the more the better because you want to file everything at one time. That is why is these bankruptcy hearings kats put everything in there including what they owe they great aunt and Santa Claus. Finally the only thing you can't place in bankruptcy is student loans (that I know of).
A man by the name of Donald Trump has done this many times. Hell even companies do this shyt
I mentioned before on here that my parents know a older sista who is a self made millionaire. She lost most of her investments in 9/11. But filed for bankruptcy to make sure creditors didn't touch her liquid cash. She took her liquid cash made investments again in the bad economy and became a millionaire again. Then the economy went under in 2008 and she lost her investments but filed bankruptcy again to protect her liquid cash and made investments again and is right back to being a millionaire again.
So for rich folks bankruptcy is used as a golden parachute to protect their money. But think about this credit isn't as important to rich folks as middle class and poor people. After 2008 folks with perfect credit couldn't get a loan. Banks werent loaning shyt. But rich folks didn't need loans they had liquid cash and was buying up real estate for dirt cheap cause the economy went under.
EDIT- Also remember this. Companies file for bankruptcy to get out of paying such benefits as 401k and pensions. As an individual you can place anything on bankruptcy the more the better because you want to file everything at one time. That is why is these bankruptcy hearings kats put everything in there including what they owe they great aunt and Santa Claus. Finally the only thing you can't place in bankruptcy is student loans (that I know of).
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The problem is that their careers are short and they earn less as the get older (normally unless they are mega stars such as a kobe) In real life most Americans spend just as silly as athletes. But regular folks normally earn more money as they get older and more exp and their careers last longer. I regular folks careers can last 40 years or more which is plenty of time to correct bad spending habits yet most Americans still spend their money un-wisely. An athletes career may last 15 to 20 years if they are lucky and at the worst a season or preseason if they get hurt or aren't that good.
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Carlos Huerta
Just keep my rep red
Why do you say this?
That's why Notre Dames coach tells his players. "The NFL is not a career, it's a experience"
Dr. Narcisse
Veteran
Average NFL career is about 3 years. Pro Sports is basically an upper scale dopeman or Hip Hop money. What I mean is that the money provides instant gratification, but it typically doesn't last long. The best thing to come out of pro sports is using your name as a pro athlete to get a good job afterwards. Thing is how many brehs are getting those benefits? It usually happens if people like(d) you or were a great player. What are the options that you can gain the most from it? Usually the job is sports related. But how many people want to do that? And its difficult as hell to get in it.
Brehs best bet is knowing years in advance that the NFL is truly NOT FOR LONG. So get the assets that's needed and begin planning for life after football, basketball, etc. from the jump. Cause when the league is done with you...they're done with you.
Also factor in the players benefits really don't kick in until you're a much older man. So that's a long time between getting paid if you don't have something set up. As I said most athletes only get to play 3 years. So they don't even qualify for those benefits..
mastermind
Rest In Power Kobe
its at most 40 hours a month including all the production meetings
True and also those benefits such as insurance are set to expire 5 years after retiring. Why 5 years after retiring? Because the NFL doctors know that on average after 5 years after a player has retired they begin to have life threatening medical issues (this fact was brought up by Moose Johnson and Mike Ditka in a documentary done a few years ago).