How Do Football & Basketball Players Go Broke?

[SirReginald]

I read it in an article. I'm not dissing anyone, but how does it happen. Take JaMarcus Russell for instance. He had a 30+ million guaranteed contract It's been rumors that he wants back in because his cash is drying up (hasn't played a game for 7 and a half years now). I'm wondering how can you go broke if you put that money in savings and etc? If I was an player I'd put that in the bank and leave it untouched. Someone explain to a guy like me how that shyt happens

 

[philmonroe]

I read it in an article. I'm not dissing anyone, but how does it happen. Take JaMarcus Russell for instance. He had a 30+ million guaranteed contract It's been rumors that he wants back in because his cash is drying up (hasn't played a game for 7 and a half years now). I'm wondering how can you go broke if you put that money in savings and etc? If I was an player I'd put that in the bank and leave it untouched. Someone explain to a guy like me how that shyt happens

Same reason you broke now go suck a dikk buddy.

 

[SirReginald]

Same reason you broke now go suck a dikk buddy.

It's the New Year, so I'm not even gonna go there anymore. All I asked was, "How do former players in those two sports go broke?". I mean I just wondered is it from bad contracts or bad budgeting skills.

 

[Easy-E]

I read it in an article. I'm not dissing anyone, but how does it happen. Take JaMarcus Russell for instance. He had a 30+ million guaranteed contract It's been rumors that he wants back in because his cash is drying up (hasn't played a game for 7 and a half years now). I'm wondering how can you go broke if you put that money in savings and etc? If I was an player I'd put that in the bank and leave it untouched. Someone explain to a guy like me how that shyt happens

Jamarcus was drafted almost 10 years ago.

Taxes, agents and living expenses can take most of that.

There's risky investments.

People straight stealing.

And I think ppl forget atletes and entertainers don't have the same $80 light bill and $90 insurance like us.

 

[Box Factory]

Bad investments, and supporting too many people

 

[RubioTheCruel]

No matter how much money you make, if you spend more than you bring in you'll eventually go broke

 

[philmonroe]

It's the New Year, so I'm not even gonna go there anymore. All I asked was, "How do former players in those two sports go broke?". I mean I just wondered is it from bad contracts or bad budgeting skills.

Its a tiresome question that's been done many times and tbh y'all cats just low key get happy about cats being broke. shyt is weak

 

[Brief Keef]

I read it in an article. I'm not dissing anyone, but how does it happen. Take JaMarcus Russell for instance. He had a 30+ million guaranteed contract It's been rumors that he wants back in because his cash is drying up (hasn't played a game for 7 and a half years now). I'm wondering how can you go broke if you put that money in savings and etc? If I was an player I'd put that in the bank and leave it untouched. Someone explain to a guy like me how that shyt happens

spending wildly bad investments buying multiple jewls/houses/cars and taking care of 300 hood nikkas will do that too you

 

[Big Boss]

Jamarcus was drafted almost 10 years ago.

Taxes, agents and living expenses can take most of that.

There's risky investments.

People straight stealing.

And I think ppl forget atletes and entertainers don't have the same $80 light bill and $90 insurance like us.

This

 

[SirReginald]

spending wildly bad investments buying multiple jewls/houses/cars and taking care of 300 hood nikkas will do that too you

Oh okay.

 

[Turbulent]

Taxes, bad investments, the desire to take care of too many people without proper planning, not knowing how to say no to people, child support and alimony, swindlers, wanting to keep up with the jones, not downsizing expenses to match decrease in income, drugs...


So many traps

 

[JerseyBoy23]

Once they get to a certain level they start having a lot of expenses and can't afford to pay those off.

Let's not also forget that there's always a baby mama taking money out their check.

 

[SirReginald]

Jamarcus was drafted almost 10 years ago.

Taxes, agents and living expenses can take most of that.

There's risky investments.

People straight stealing.

And I think ppl forget atletes and entertainers don't have the same $80 light bill and $90 insurance like us.

That shyt is dirty. I wonder do they have a financial literacy class in the NFL to teach them how to keep tabs on their money. Hell, companies like WWE are doing that now (for wrestlers mostly). Other entertainment organizations need to do that. Also, I'm gonna tell my kids when I become a parent to have something to fall back on. Because I want my kids to play sports, but I wouldn't want them to go broke.

 

[mozichrome]

Every online person claims they'd never go broke

Very easy to say when you've never touched that amount of money

 

[Black White Sox Hat]

Same reason this thread was made.Stupidity.