Gilbert Arenas Logically Explains How NBA Players Go Broke

[SheWantTheD]

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?!!

 

[Deuterion]

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.

Yeah but who is gonna pay the ongoing maintenance or the property tax especially as they get older? You? Now it’s your problem…what if you get in a rough financial space and can’t pay? What if you die? Now they are screwed too because they in a million dollar asset with a fixed income.

I get your point but if you set them up with a living space that generates income then they can live off the rents and then use them to pay the property tax. This allows you to do something nice and give them a place to live rent free but also make them self-sufficient so they are not a constant drag on you.

 

[Squirrel from Meteor Man]

Why?

He wouldn’t be doing these sideshows or promoting BS products on IG if he did

 

[Ziggiy]

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.

Wait wait where did this thing come out that Floyd was having financial issues? Didn’t this man JUST take home $100 Million a few weeks ago fighting that Youtuber?


I was always under the impression that though Floyd likes to spend money, that he was a decent businessman

 

[lib123]

Yeah but who is gonna pay the ongoing maintenance or the property tax especially as they get older? You? Now it’s your problem…what if you get in a rough financial space and can’t pay? What if you die? Now they are screwed too because they in a million dollar asset with a fixed income.

I get your point but if you set them up with a living space that generates income then they can live off the rents and then use them to pay the property tax. This allows you to do something nice and give them a place to live rent free but also make them self-sufficient so they are not a constant drag on you.

Understood but I'm willing to make that sacrifice for my parents.

 

[lib123]

Why?

Floyd's career earnings were $1.1B. Let's say taxes, agents and promoters took half leaving $550M left. Based on his lifestyle, I'm willing to bet Floyd has spent most of that over the last 20+ years.

 

[Alvin]

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.

people steal yes but like he said they don't want to get fired either.

 

[Squirrel from Meteor Man]

Wait wait where did this thing come out that Floyd was having financial issues? Didn’t this man JUST take home $100 Million a few weeks ago fighting that Youtuber?


I was always under the impression that though Floyd likes to spend money, that he was a decent businessman

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?

 

[Deuterion]

Understood but I'm willing to make that sacrifice for my parents.

Which is fine and is the same way the players that went broke in the OP felt too.

 

[kaldurahm]

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.

Great post, it's just tough for a lot of people to do this. But this is how it should be imo.

By the way, how come family feel entitled to shyt in the first place? To be honest if one of my family is rich I wouldn't even ask for shyt; if I get something I'd be grateful. In general though, I think I want peace and quiet over money.

If I buy you a small house, you better be happy I bought your ass a house.

 

[lib123]

Which is fine and is the same way the players that went broke in the OP felt too.

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.

 

[ALMIGHTY GOD]

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?

so basically you just made all this chatty patty shyt up? didnt he say his investments make him 7 figures? pathetic ass cockroach between this and your lebron dikk riding you clearly have no father

 

[Rekkapryde]

Great post, it's just tough for a lot of people to do this. But this is how it should be imo.

By the way, how come family feel entitled to shyt in the first place? To be honest if one of my family is rich I wouldn't even ask for shyt; if I get something I'd be grateful. In general though, I think I want peace and quiet over money.

look at the way cats act when a family member passes.

 

[CrimsonTider]

nikka u broke , u drive a damn Elantra

I’m broke but you can’t even take your mom on vacation

 

[Rekkapryde]

No prominent player went broke just because they spent $1M on their parents house. If you make $50M+ in the NBA, you should be able to budget correctly and still purchase your parents a $1M house.

still don't need a 1 million house. but I get what you saying.

I'd be hesitant do even do that.