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

[Big Boss]

Don't the nba rookies have classes about money and groupies?

 

[Big Boss]

Adrian Dantley did this. He lived off something small like 20k a year, and saved his per diem checks.

Didnt stop him from getting his pockets ran through by David Faulk and having to goto court over dude stealing his money.

You all keep saying, Smith shoulda done this or done htat. He was being smart and had a money manager and still got robbed.

The same david falk who was with?

 

[MooseMouthMthafuga]

Damn....I didn't know this happened to kin folk.My uncle coached him & Jrue Holiday back in their AAU days.


sad news

 

[Malta]

Adrian Dantley did this. He lived off something small like 20k a year, and saved his per diem checks.

Didnt stop him from getting his pockets ran through by David Faulk and having to goto court over dude stealing his money.

You all keep saying, Smith shoulda done this or done htat. He was being smart and had a money manager and still got robbed.

Bruh, I'm of the belief these guys don't need agents, and having a money "manager" is just a bad fukking idea. If you're a lottery pick your salary is your salary, your agent really can't negotiate to get you more money so they're honestly pointless as far as I'm concerned.


If you're a damn first round pick, you at the very least should be taking a finance course in college. I'm frugal and always have been, so I cannot understand letting someone else manage your cash. When I speak, I'm speaking for myself.

 

[Propaganda]

you idiots are blaming the wrong person. the guy who bilked him out of the money is at fault, not him. there's nothing wrong with having a business manager or a financial adviser or an accountant or whatever. it actually makes a lot of sense in most cases for people with money. people in the same tax bracket (as well as people who make less...and people that make a lot more, too actually) who are a lot more knowledgeable about personal finances, investing, etc. than your typical NBA player use those services themselves.

 

[mastermind]

The same david falk who was with?

same one. He settled quickly with Dantley.

Bruh, I'm of the belief these guys don't need agents, and having a money "manager" is just a bad fukking idea. If you're a lottery pick your salary is your salary, your agent really can't negotiate to get you more money so they're honestly pointless as far as I'm concerned.


If you're a damn first round pick, you at the very least should be taking a finance course in college. I'm frugal and always have been, so I cannot understand letting someone else manage your cash. When I speak, I'm speaking for myself.

If you are Craig fukking Smith you need a damn agent.

And when you have as much money as these guys have, you will have no idea how to spend it or where to put it, or what do do with it.

Its very easy to comment with hindsight and from a distance, but none of us on here have ever seen money like this before.

Smith did everything right and still got robbed.

 

[Piff Huxtable]

If you feel you aren't educated enough, spend a year at Barnes & Noble devouring the business & investments section. If you still feel you aren't educated enough, stick with the safest and most conservative investments. You won't make much but, you won't have to worry about anyone stealing your money. Look at you....trying to be Warren Buffet, some slick Jew in a suit told you he could get you unbelievable returns and he took all your money

real talk breh wouldn't have all this problems if he had only bought Berkshire Hathaway shares from his NBA salary

 

[FlyRy]

I do t understand it breh?That's how I see it too. with that much money how many account ts do you need? One account with that much is bad right? Bc banks only insure up to 100k or something. How do you keep track of it?

If I go from being broke to being rich I will go online and log into my accounts everyday just to admire my checking/savings balance. Aint no way in hell I'm gonna not notice some bullshyt poppin.

at havin millions in a checking/savings account

 

[mastermind]

at havin millions in a checking/savings account

and these are the clowns who are criticizing and victim blaming

 

[Ethnic Vagina Finder]

at havin millions in a checking/savings account

1. Wouldn't have millions in a checking/savings account. FDIC only insures a certain amount.

2. I would have a diversified portfolio with a lot of money in interest baring accounts, stocks, mutual funds as well as offshore holdings and real estate.

3. Even if I keep 100k in there I'm still logging in everyday when I wake up and go

 

[saint25225]

.

 

[havoc]

In this thread everyone has done their own taxes every single year because "I don't trust anybody with my money!"

I got fukk over by relative when he completed my taxes. IRS hit me up with 5,000 dollars debt I had a professional CPA to help me fix my taxes and since then, I file my own taxes. Online has many information on how to manage your finance. It's true that you can't make any more excuses of losing money, because there are unlimited information you can pick up from the internet to manage your own money.

 

[GoFlipAPack]

at havin millions in a checking/savings account

Ummm...I know you wouldn't have that in a checking accout. So I was asking g how you go about it when you have that much. Feel free to shed some light instead of dropping a worthless Empty post

 

[Big Boss]

I got fukk over by relative when he completed my taxes. IRS hit me up with 5,000 dollars debt I had a professional CPA to help me fix my taxes and since then, I file my own taxes. Online has many information on how to manage your finance. It's true that you can't make any more excuses of losing money, because there are unlimited information you can pick up from the internet to manage your own money.

 

[HiphopRelated]

I'd put half in municipal bonds

How much "living" do you really need? Like @Verus Rex said, you could live the next 40 years @ $100,000 a year without ever having to work again. Personally, I'd take $1 million of that and get a McDonalds franchise, put $2 million in municipal bonds, and then leave the country and live abroad I'd never have to work another day in my life, you give me $1 million in cash and I'm on a beach in Colombia living the good life without every having to do anything again.

reminds me of this scene