Gilbert Arenas Logically Explains How NBA Players Go Broke

[AAKing23]

My parents wouldn’t let me fukk up my money by spending that much on them, the rest of my fam tho…..


My parents wouldn’t have to work, I’d retire them for good and also my grandma . I’d help my brothers start their own business ventures and make sure they straight.

Other than that for everyone else I’d help them out whenever I saw fit with shyt they already have and can maintain. Like pay off the rest of a car note/mortgage by surprise, pay off student loans etc., I’d also employ them if I could trust them. But I’m not taking care of 20 people

 

[Luke Cage]

The problem is people think they're rich because they made the NBA. People like Lebron and MJ are rich. the average player just has a nice headstart.
The average career earnings of an NBA player is 24 to 25 million. Lets say you live to be 85. That's only 370K a year for the remaining 65 years of your life assuming you came in the league at like 20. 370K a year is not enough to be buying 20 million houses and luxury cars for everyone you know. Thats enough to live a comfortable life in a white collar neighborhood without having to worry about working ever again. Just you and you'r immediate family btw. You start trying to retire your parents and siblings and shyt, you gonna burn through it too. Regular people can make 100K and live paycheck to paycheck. You can't make 300K and think you'll support 10 people and still not have to work. If you want to live like the wealthy upper class the rest of your live, you would have to make alot more money, by investing, getting into other business ventures etc.

 

[sayyestothis]

I never can understand the fukking entitlement of parents thinking they should get something. It's THEIR job to help YOU...

I would NEVER ever ask for money from my kids.

 

[GnauzBookOfRhymes]

20/21 is the worst age to hand someone millions of dollars. Most of them nowadays can't even handle the proceeds from a 30k PPP loan scam

One of my best friends nephews came up on almost 60K and first thing he bought was a $8,000 dog

 

[get these nets]

Modern athletes have seen or read about the last two generations of players having financial problems. In headlines, documentaries, books, etc

Not like the old days where it happened behind closed doors. No excuse for young guys to fall for the exact same traps.

 

[King Poetic]

Modern athletes have seen or read about the last two generations of players having financial problems. In headlines, documentaries, books, etc

Not like the old days where it happened behind closed doors. No excuse for young guys to fall for the exact same traps.

true.. but as usual it’s the same “ THAT WONT HAPPENED TO ME “

and u still see dudes with hella of baby mamas, buying mama a house and getting 6 figure vehicles and then it’s the same story 4 years later “ I SHOULD HAVE DONE THIS DIFFERENT “

 

[Astroslik]

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

Where is the proof of this? This is usually cac rhetoric. Where is the proof that Floyd is going broke breh? How do you know how much he’s spending versus taking in?

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.

This is all speculation and really holds no weight. Why do you dudes want Floyd mayweather to be broke so bad? I only hear this shyt from maga cacs.

 

[King Poetic]

Where is the proof of this? This is usually cac rhetoric. Where is the proof that Floyd is going broke breh? How do you know how much he’s spending versus taking in?

yeah I don’t understand that

especially with al Haymon and Wayne Ellerbe who is also good with money around Floyd

I’ll just say I agree with 50 that Floyd got too many yes men in his circle that just looking for a free ride… but broke on the coli people level no way

 

[Squirrel from Meteor Man]

Who these people???

If you know, you know

Where is the proof of this? This is usually cac rhetoric. Where is the proof that Floyd is going broke breh? How do you know how much he’s spending versus taking in?



This is all speculation and really holds no water. We gotta stop this crab in the bucket slander black men mentality.

It’s not slander. Floyd swimming in a pool of money or begging for money on the corner doesn’t change his legacy as a boxer. Joe Frazier passed away living above a gym. It is what it is.

have y’all seen the type of products he’s promoted recently? Toy guns that shoot bubbles from unknown companies, etc. You think Lebron or Shaq are putting their name or anything and everything? They don’t have to because their money works for them.

No one is saying Floyd is “broke” but he should be in a better position to not have to take sideshow fights for a cash grab. Its equivalent to Kobe (RIP) playing a Youtube star 1 on 1. If they would’ve offered him $20 million he still wouldn’t have done it.

 

[Cowboyz89]

The classic Herm Edwards clip @ 13:00

Press play



The shot @ ESPN @9:40 which goes into the '12 o'clock rule' @11:27



Actually the whole speech is good

To this day, still a legendary speech.

Applies to everyone, not just athletes.

I know plenty of guys that ruined their lives because they couldnt have just 1 woman.
I knew a few guys that lost friends and family to bullchit because of a fight that happened at 3am outside the club or someones house.

 

[Ziggiy]

People forget these are KIDS... Bout 18-19 in the NBA... 22-23. They *mostly* didn't even go to real classes through high school and college. And they've been coddled, molded and told they are savior to their family and friends since middle school...

and.................. BAM.... Here's 30 million dollars and a new city every night... Have fun...


Of course they fukk it up. Grown ass graduates fukk up 50k a year, EVERY year... The sports leagues are the ones who should be ashamed for not getting these guys the proper schooling and financial education after the draft. I would think it would be in the organizations best interests, to keep their players rich and happy.

Its really a wonder Lebron James, Kevin Garnett, and other players who came into the league so young were able to avoid Ll those pitfalls

 

[#1 pick]

Lol, sometimes I don't think ya'll remember these are 18-21 year old kids who's been seen as a lottery ticket for those around them since their preteens and we are Black in America with no such inheritance

 

[#1 pick]

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.

nikkas act like people treat these nikkas like people treat them. You are seen as an potential investment to anyone you know when you are a professional or showcase that potential

 

[CrushedGroove]

I make my kids rent their rooms and pay their portion of the cell phone bill so they don't blow it all. I use their rent money and started a trust for them and will give them half their phone money as their birthday gift and the other half for Christmas.

We allow them to keep 20 percent on themselves, save 40 percent, pay their bills, and invest the rest.
They hate it but will appreciate it in the long run.

 

[Yo Mama]

"Annual income twenty pounds, annual expenditure nineteen nineteen and six , result happiness.

Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

Charles dikkens - David Copperfield - Mr Micawber.