Are you unfamiliar with inflation? The late 90s to early 2000s NBA players made basically the same amount of money as the current players when adjusting for inflation. The median US home price in 1999 was $161K. The median home price today is $415K. Adjusted for inflation, Antoine Walker and Vin Baker made over $200 million each and both went broke. And based on his behavior, Ja is around questionable people himself.
Former NBA player born in the projects 10s of millions made while playing now back living in the projects and facing federal prison time.
- Thread starter Problematic Pat
- Start date
Are you unfamiliar with inflation? The late 90s to early 2000s NBA players made basically the same amount of money as the current players when adjusting for inflation. The median US home price in 1999 was $161K. The median home price today is $415K. Adjusted for inflation, Antoine Walker and Vin Baker made over $200 million each and both went broke. And based on his behavior, Ja is around questionable people himself.
Ja is most likely funding the lives of 50+ people DAILY who are overspending. Thats me also being CONSERVATIVE with the amount of people.
Yeah anyone can lose a fortune.
Sometimes it's a series of bad luck, and sometimes it's poor spending habits. Sometimes it's bad investment strategy.
There was a story in 2012 about former MLB pitcher Curt Schilling who lost $50,000,000 with a video game company that went bankrupt. I don't know that he's dirt poor or anything, but that guy retired in 2009 and to lose 50M just 3 years later? Goodness...
(also, fukk Curt Schilling)
also theres a lot of scammers working as investment advisors who are purposely robbing athletes
Yeah it's hard to know who to trust.
These athletes grow up almost entirely devoted to being the best they can be at their sport. They're probably not well-rounded guys studying history, economics and all the other things a normal kid is absorbing.
So it's easy (or natural) for them to trust some advisor/accountant/investor who was referred to them by word of mouth or who is already in these social circles with other athletes/agents/advisors.
And while it's true that anybody should "do their own research"...let's be honest here...most people aren't going to put a lot of effort into that. And even if they do, they might not even know HOW to do it.
Anybody can be fooled. Hell, look at all the people who got scammed by Bernie Madoff. If the Wilpons who owned the Mets could get got...any athlete can get taken.
That’s not even really an excuse anymore. These athletes just need to go to advisors at large reputable institutions. If an adviser at UBS misappropriates or does something fraudulent with their funds, they can sue UBS and they’ll get their money back. It probably won’t even go as far as a lawsuit since a bank of that stature can’t afford the reputational damage.
I'm not sure I agree with that.
In any financial transaction someone wins, someone loses.
It's hard for me to accept this idea that rich athletes can never lose just because they have tremendous levels of money.
Even if you don't get scammed, there's always that possibility to lose wealth.
I think we as the general public are infatuated with how quickly it sometimes happens.
That’s true but most of these guys lose their wealth as far as financial advisors from dealing with shady advisors at shady companies. The odds of them getting finessed or misled by an advisor are lower at large reputable institutions.
IsThatBrothaMouzone?
Veteran
Facts.
New generation can struggle, but it would take considerably more effort to burn through 2025 money compared to 2009 money.
Key component is kids. As long as you don't have 5, 6, 10 kids by a bunch of different women, you good. Also can't let family friends handle your money or run biz for you. Spending rarely takes guys down. It's all the other shyt.
