Gilbert Arenas Logically Explains How NBA Players Go Broke

[Coli Hoecomb]

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 !

How old was she when she bought her moms a house?

 

[Art Barr]

if you enter the nba.

You should seek the council and wisdom of :


Sam jones
Junior bridgeman


art barr

 

[KamikazePilot]

Trying to help everyone but yourself it’s not your responsibility to put your parents in a big house or to give anyone money you should do what’s best for you.

Too many black people feel like they need to “feed the fam” if they were to make it big and that shyt is trash.

 

[kaldurahm]

Tyler Herro still on rookie contract? That boy funny as hell

 

[calixprynce]

How old was she when she bought her moms a house?

 

[Deman]

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?

that dont work family do anything an everything to get at u. my bro suffer from this he gotta be the grinch

they are high paid employees thats it. getting money to grow is a separate skill

you only gon save in the league is starting off with the end in plan

 

[King Poetic]

Here’s the problem and it took me years to figure out

u signed a 4 year 20 million dollar contract and that’s 5 million a year

now u deduct the federal taxes and also the city taxes of each city u play your game in and in the nba u play in 41 different cities granted a few of them u don’t have to pay tax in

now your agent, financial advisor get a cut

and now u have dudes buying mom a house and a car and u still have to pay the car note, house mortgage and up keep, car insurance because for damn sure mama and family is expecting u to flip the bill each month

and Then u want to floss with jewelry and cars

And after your first year u in a hole

 

[Squirrel from Meteor Man]

Spending more than you bring in. Floyd is running into the same problem.

 

[Patrick Kane]

Spending more than you bring in. Floyd is running into the same problem.

Which is crazy cause he’s fukking off 50-100 million checks. I’m sure he still has a few hundred million in the bank but not close to a billy like he should.

He’ll never be broke he can always sell all the crap he’s accumulated but it looks like all that bread he’s made will be gone by the next generation

 

[Deuterion]

that dont work family do anything an everything to get at u. my bro suffer from this he gotta be the grinch

they are high paid employees thats it. getting money to grow is a separate skill

you only gon save in the league is starting off with the end in plan

How does it not work? They gonna rob you? If you sign a large contract like in this particular case, you can put some distance between you and others by having an assistant who filters out messages before they get to you.

If you can’t do that you can simply change your number and only give it to those close to you who you know will be protective over you and organically limit access to you.

Ontop of that, you ain’t gotta be the grinch, you just gotta set the expectation for the aid. “Don’t come to me for handouts…show me what your plan is and I’ll support you…if you have no plan, I can’t help you”. If they mad at that and feel like you the grinch then fukk em.

…and if they come to you with a plan, you be a man of your word and support them. If the plan is successful, others can see the glow up and know that you will truly empower but they gotta meet you half way.

But IMO it’s all in how you manage the relationships…a lot of people like to give out money, hope that somehow they family gonna be self-sufficient and thrive, and when it doesn’t happen they but off the gravy train and now their family is mad at them.

You supposed to set the expectation before a dollar even leaves your hand “look muhfukka, I’m not the welfare office…I’ll help you but you need to help yourself…come back when you got a plan…you wanna be a lawyer or doctor…i got to tuition…want to get your CDL I’ll pay for your school and after you do a year with a logistics company I’ll buy you a truck”…that type shyt but nikkas don’t be coming at they fam like that.

What if you put some fam through college, they work in law, then you bankroll their first firm and now you part owner in a law firm. You help one of your fam get into trucking, they open they own logistics company now you got your hands in trucking. Empowering instead of enabling those around you could pay real dividends.

 

[filial_piety]

Gil was droppin gems....damn that was a good explanation, I never thought about it the way that he broke it down....a lot of that can even be applied to the average person..there's a lot to soak up in those 8 minutes

 

[Squirrel from Meteor Man]

Which is crazy cause he’s fukking off 50-100 million checks. I’m sure he still has a few hundred million in the bank but not close to a billy like he should.

He’ll never be broke he can always sell all the crap he’s accumulated but it looks like all that bread he’s made will be gone by the next generation

Facts. The worst part is it’s all self inflicted. The big checks he gets are already spent trying to pay off old debts.

Big entourage, gambling, multiple multi-million dollar homes, bad investments (strip club), etc.

I like the idea of the roller skating rink that he opened since that’s growing in popularity, but he needs to limit those risky investments especially since he knows he has a cash flow problem.

Have a big home base in Vegas, low key spot in Miami and get rid of homes in high tax spots like LA. Cut the entourage and private jet travel down. The problem is he’s locked himself into this character that if he does cut back people will say he fell off and he will go buy something stupid to prove he’s still balling.

 

[lib123]

Which is crazy cause he’s fukking off 50-100 million checks. I’m sure he still has a few hundred million in the bank but not close to a billy like he should.

He’ll never be broke he can always sell all the crap he’s accumulated but it looks like all that bread he’s made will be gone by the next generation

I highly doubt Floyd has several hundred million in the bank.

 

[Field Marshall Bradley]

Don’t hear anything about these dudes signing over control of their millions to jewish agents, accountants and financial planners. Because those are the people advising these athletes to make the choices they do and steer em to certain investments, and those are the people ultimately stealing all those millions.

But they also have to sign non disclosure agreements so they can’t talk about them, but have to put it all on buying 4 million houses for momma.

Facts..... It’s countless athletes that have been bamboozled by financial advisors/business men on shaky deals or investments that didn’t pan out....,

 

[Field Marshall Bradley]

I highly doubt Floyd has several hundred million in the bank.

Why?