Gilbert Arenas Logically Explains How NBA Players Go Broke

[lib123]

That was me being generous

He a grown ass man but that shyts kinda sad. How you fukk off 400-500 million dollars?

It's not as hard as you think if you like spending money. There's unlimited things to blow money on.

 

[lib123]

He’s not broke or going broke on some Damon Dash stuff, but people have been saying he was having money problems for a while. He brings in a ton of money when he fights but he owes a bunch of people so a lot of it is gone by the time the ink dries.

He has a good businesspeople around him but he still has terrible habits.

He says those sideshow fights are legally robbing the bank but how many people rob banks that don’t need the money?

Exactly.

 

[Ozymandeas]

I hope those “how I spent my first million dollars” rookie videos are duck tales.

As a rookie I would not be spending no million dollars my first season bruh?!!

Facts. I’d have a nice condo I’m RENTING and I’d be saving up as much of my check as possible. You can get a boss ass condo for like $2,500 a month in most cities (except NYC, LA and SF).

 

[RennisDeynolds]

No homes over 250 - 300k for family members if I was an athlete. What do people need 15000 sq ft for? Especially when it usually one family living there. Japanese vehicles only no euro shyt stunt on your own time

 

[Rell84shots]

My mom would slap me if I bought her a 4mil home. All she wants from us is to come visit her if she ever decides to move into a retirement community.

 

[Blessings]

He’s not broke or going broke on some Damon Dash stuff, but people have been saying he was having money problems for a while. He brings in a ton of money when he fights but he owes a bunch of people so a lot of it is gone by the time the ink dries.

He has a good businesspeople around him but he still has terrible habits.

He says those sideshow fights are legally robbing the bank but how many people rob banks that don’t need the money?

Who these people???

 

[DonRe]

Its hard for
Most To sympathize for these KIDS, because they are making money we as adults cant even fathom.

but the reality is, like gilbert said, the environment to
Succeed, retain, and grow those fortunes are usually detrimental.

to many homies, bytches, and misguided family reaching in every pocket. And to add, greedy and self-serving agents and advisors.

how the fukk they suppose to win?

pray for these young kids.

 

[Nigerianwonder]

If he had 100s of millions in the bank he would've shown it off by now.

He has done it before.

 

[lib123]

He has done it before.

Agreed, that's my point. He's showed off his match checks and account balances before. If he really had $100s of M's, he would've shown off that balance by now.

 

[Easy-E]

.

No prominent player went broke just because they spent $1M on their parents house. They go broke supporting 20+ family/friends, tricking off money on women, and making horrible investments. If you make $50M+ in the NBA, you can still save 75% of your net income and purchase your parents a $1M house.

I think you forget the average player doesn't play because a contract or two--5 years.

Maybe 15% of players made $50 million total.

Michael Jordan made $93 million over 16 years. $60 million of that came in his last two years on the Bulls.

 

[Geek Nasty]

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

Being a fast talking salesman isnt the same as smart

 

[lib123]

.


I think you forget the average player doesn't play because a contract or two--5 years.

Maybe 15% of players made $50 million total.

Michael Jordan made $93 million over 16 years. $60 million of that came in his last two years on the Bulls.

Fair enough, but I think it's fair to assume using Gilbert's example of a player who buys their parents a $3-4M house and accrues $200-300K in monthly expenses at any point is probably one who earned $50M+ in their career.

 

[lib123]

Its hard for
Most To sympathize for these KIDS, because they are making money we as adults cant even fathom.

but the reality is, like gilbert said, the environment to
Succeed, retain, and grow those fortunes are usually detrimental.

to many homies, bytches, and misguided family reaching in every pocket. And to add, greedy and self-serving agents and advisors.

how the fukk they suppose to win?

pray for these young kids.

Seriously. And it really isn't that complex. The league should partner with Vanguard and push players into putting 70% of their net income into passive index funds. Eliminate the middle man.

 

[stepbackj34spud]

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.

this exactly the stuff gilbert was talking about not to do.

 

[BmoreGorilla]

Its hard for
Most To sympathize for these KIDS, because they are making money we as adults cant even fathom.

but the reality is, like gilbert said, the environment to
Succeed, retain, and grow those fortunes are usually detrimental.

to many homies, bytches, and misguided family reaching in every pocket. And to add, greedy and self-serving agents and advisors.

how the fukk they suppose to win?

pray for these young kids.

I read thru this whole thread and you’re the first person to mention this. Most NBA rookies are like 19 or 20 years old. I know at that age I had 0 discipline when it came to money. I could only imagine the dumb decisions I would make if all of a sudden I signed a multimillion dollar guaranteed contract to do something I love. I’d feel like it hit the lottery. nikkas in this thread are coming from the perspective of people that have some wisdom. Not the perspective of a young man who all of a sudden is rich and has people catering to them left and right