Former NBA Player Craig Smith Says Business Manager Left Him With $85

Marvel

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They should really make high school students take some sort of finance management class. Too many people use the excuse of not knowing how to manage money

:heh: You must not know what manner of man that Esau is. Why would he want to teach you how to be financially literate when he wants you to become a debt slave?
 
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Most professionals of an high level have money managers. Not just NBA athletes. You sound dumb.

What exactly is a high level money manager lol, you sound stupid, because you don't know any rich people and I do

The richest person only deals with somebody at merill lynch and it is nowhere near the bulk of his money, that they invest for him

lmao at grown ass men needing someone else to manage their money

having accountant do an analysis is not the same as having somebody who has access to all your financial information, that's dumb

most people live outside of their means does that mean is OK

typical dumb ass sheep mentality, most people do something so it means it's necessary

can you think for yourself, I salute these money managers he get leech off other's people life's work, because they lack the confidence to manage their own hard earned money
 
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Dominoes

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Pro athletes live in a different world than the rest of us. Their biggest focus is using their skills to get them to the highest level possible.
Similar to most of society, they are programmed to believe that money will bring them happiness; However, like the rest of society, they aren't taught how money really works, and most people, regardless of occupation, aren't going out of their way to figure it out.

Pro athletes aren't as selfish and dumb as society tries to paint them. They're just as unaware and selfish as average folk, except pro athletes are given a lot more money, responsibility, and attention at an earlier age.

We know more about their lives than our own co-workers.
This makes it easy for us to judge from our computers.

Many of them put in hours on and off the court, just to get a shot. Most young people in their position, coming into large sums of money, are going to want to reward themselves, and show out for family and friends. Most people in these situations take it further than necessary.
People generally grow up wanting to emulate the top athlete and entertainer lifestyles. We want the homes, cars, clothes, and other accessories that are not really necessary. Regular people tend to grow out of it once reality sets in, some are in crazy debt right now trying to keep up with the joneses. Pro athletes perception of reality is oftentimes skewed.

99% of the time, I don't blame them.

Anybody can get got. Look at most mlms, start-up businesses, stocks, pension plans, casinos, lotto tickets, 2009, and all the people that get screwed putting too much trust in related institutions.
Anybody can get got, no matter what your status in society is.
 

WheresWallace

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:russ:

It was junior high... She was uptight, prissy, and airheaded, almost like a hood version of "the Ashlees" from Recess.. Her whore side wasn't developed till later.

Omarion was a nikka always workin on his dance moves, even in the hallway on the way 2 the next class :mjlol:
And dude got to travel the world and fuuck beautiful groupies...
and you...well, you got to post on the coli with "mj" smilies.
:mjlol:
 

69 others

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how the fukk do these young brothers end up with these random scammers handling their money? man i swear black people we don't do shyt for each other. i don't see why older athletes like shaq, magic, even :mjpls: who did well financially on and off the courts don't set up some type of organization that can help these young dudes deal with their finances. when you have solid organizations like jp morgan, morgan stanley, hell even black owned firms like ariel investments that you can put your money in how the hell these dudes money get in the hands of random run of the mill scammers:what:
 

Geek Nasty

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another athlete broke should I feel sorry?
give me 9.4 mill im checking my damn account every morning and before I go to bed, and no one but me is having access to my account

Your broke ass probably has plenty of time to check your accounts all day j/k. If you're an athlete with all kinds of obligations, it's easy to get shafted when you've got financial managers. If you ever watch "American Greed" these clowns don't give a fukk about getting caught. They run scams a crackhead would think up. The only difference is they wear a suit to work.
 

Higher Tech

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I want you to attend a 12 hour, 6 day session on finances and see how much you retain.
Don't forget to be a 19 year old who has only thought about p*ssy and basketball for the last 10 years and just got a million dollar contract...

and THEN see how much they retain.

A lot of these dudes are just talking outta their ass. Everybody is monday morning QB'ing this dude's situation. He was stolen from and people find every reason to blame him instead of the scumbag professional that robbed him.
 

So-Chi

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goons in the cut tryna talk you out yo necklace
It's still beyond me how the NBAPA and really ... any sports PA doesn't maintain a list or have in-house accounting / financial services for it's players.

The big 4 accounting and most financial services are still racist as fukk when it comes to hiring, the NBAPA could be hiring these fresh grads to handle large amounts of wealth by the book and could then be getting back higher % of player dues since they will be handling the taxes and financial management and could charge normal fees. There wouldn't be an angle to screw players since future players would hear of this and disband/dissolve the NBAPA.

Obviously the max players wouldn't use this service, but the minimum to mid level players would probably use this and that's about 7 guys across 30 teams making what ... around 2 million on average? That's about 400 million per year the NBAPA could be servicing making fees off the baseline.

Of course, once trust is built, they could give player's options on how to manage wealth from just preservation (index funds/bonds) all the way up to operating like a VC/Hedge Fund.
I work for one of the top 3 financial services companies and I'm black, as well as like 10 other people in a office of 30. Not to mention the Latino and Asians here. That said, I've found it hardest to speak to MY people about putting money away. The concept of it being time sensitive doesn't click as it should. Not saying it's not important to them, but the answer usually is "I have to pay these bills NOW" then I go "If it's hard on you NOW, how do you think it will be at 65 with no social security or regular check?:usure:"


















then I get "Yeah but I don't have it now...check next month" :beli:
 

So-Chi

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goons in the cut tryna talk you out yo necklace
Bonds, and CDs are just banking instruments

If you have millions why do you have to grow the money, just do what you did to make it, and if all you can do is playball, don't spend your money and leave off it
get a job as a coach, or whatever when you retire
:wtf: call me crazy but I've never heard of ENOUGH money. Hell take half a mill and invest that in a Roth IRA or at least get some cash value whole life, something with minimal or small risk.
 
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