Gilbert Arenas Logically Explains How NBA Players Go Broke

[BigMoneyGrip]

The prob with a lot of pro athletes they don’t save up the first 5 years of their income.. They start spending out the gate

 

[Malcolmxxx_23]

Wale Ogunleye said something similar on I AM Athlete. Gilbert is talking about how money flows backwards with most black people so these athletes are already in the hole without even realizing it.

Yes it's timestamped




This is the BEST podcast. They stay preaching.

all facts
gary Vaynerchuck dad was a millionaire and already had the business set up

 

[CoryMack]

A new player is probably managing his own shyt outside of an agent

Nah, all players are told to just “focus on playing ball” and let their “team” take care of everything else. Especially new players.

 

[lib123]

That’s why if you come into fortune you shouldn’t gift anything that has a carrying cost greater than what the recipient can afford. Not heeding this advice puts you in a position where they come to you to cover the carrying costs and you don’t want to see the asset be repossessed/lost so you end up doing over and over and over.

You should first only seek to help those who help themselves and you do that by setting them up to make money. If you have a cousin that is broke but can cut hair and looking for some help and you got it, tell him to go to barber college, get a license, and create a business plan and then you’ll provide him with then capital and resources to open up a shop that you will be 51% owner in until he buys you out.

Do shyt like that…put people in position and if someone is too lazy and just want you to splurge, fukk em, let me sink.

Also just easy math…make sure your income is greater than your expenses and look at your burn rate…if you out the league how fast is the cash gonna run out?

It’s really that simple. Players should put 75% of their net income into cash savings and low-fee index stock funds. As far as struggling family, tell them you’ll only support them as long as you have a contract and cap what you give them at $2-3k per month, maybe a $1M house and $20-30k per month for parents.

 

[Kornball The Conqueror]

I hate seeing old people in big houses you know don't like to walk through 90%

 

[Ayre]

There's a reason there are rookie symposiums with cats that tells stories of how they squandered millons. Apparently they think it won't happen to them so they skip it.

 

[Big Boss]

 

[CrimsonTider]

nikka my moms oldest is 33 , youngest is 25 and she be complaining how we ain’t sent her around the world or bought her a house yet

like damn momma you don’t even have grandkids yet !

Y’all need to do better

 

[Umoja]

STFU

Who is this shyt stain?

 

[calixprynce]

Y’all need to do better

nikka u broke , u drive a damn Elantra

 

[Big Boss]

That rookie deal is a killer because folks already be spending money

 

[King Frost]

most sports players aren't very smart
smart people are the team owners and attorney/cpa/financial planner they hire

 

[kaldurahm]

Don't forget having children with ig chick or having kids with multiple women. Dwight Howard gonna be on ESPN after he retires.

 

[Deuterion]

It’s really that simple. Players should put 75% of their net income into cash savings and low-fee index stock funds. As far as struggling family, tell them you’ll only support them as long as you have a contract and cap what you give them at $2-3k per month, maybe a $1M house and $20-30k per month for parents.

Also if you’re going to buy a place to live for your parents put them in a multifamily like a fourplex, pay it off and have them live off the rents.

 

[lib123]

Also if you’re going to buy a place to live for your parents put them in a multifamily like a fourplex, pay it off and have them live off the rents.

Eh, I guess it depends. If your parents have done a lot for you, it's fair to let them choose where and what type of home they want but with a cap on price.