How Do Football & Basketball Players Go Broke?

[SirReginald]

Every online person claims they'd never go broke

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

I'd put some of that money to the side. Also, I'm not a big spender so

 

[3rd Koast Kang]

kinda question is this?

 

[mozichrome]

I'd put some of that money to the side. Also, I'm not a big spender so

No offense but I doubt Youve touched or had that much money the high priced athletes have

It's very easy to claim what you'd do
Online

Everybody has a plan till they get hit in the mouth

 

[jadillac]

in the end, gotta learn how to say "no"

Easier said than done, BUT when you got $15-16 mil in the bank and you see it dwindle down to $10 mil and you wonder where $5 mil dollars went so easily, that's when you gotta say "enough is enough"

Especially if you're already out the league

 

[SirReginald]

No offense but I doubt Youve touched or had that much money the high priced athletes have

It's very easy to claim what you'd do
Online

Everybody has a plan till they get hit in the mouth

Get hit in the mouth? Like I said, I have relatives who are millionaires and frugal so.............yeah

kinda question is this?

A genuine one. Because I just never understood unless they get bad deals how the majority (not stars) go broke. It just astonishes me and I occasionally watch Basketball and Hockey. I'm more of a combat-sports guy.

 

[SirReginald]

in the end, gotta learn how to say "no"

Easier said than done, BUT when you got $15-16 mil in the bank and you see it dwindle down to $10 mil and you wonder where $5 mil dollars went so easily, that's when you gotta say "enough is enough"

Especially if you're already out the league

I agree. Had another cousin who was close to making it in the NFL too. Dude works a tea plant now. However, I kinda wondered if he would have suffered the same fate because he's a good dude. I always tell folk that you can't help everybody. Also, you gotta help yourself first.

 

[One]

Get hit in the mouth? Like I said, I have relatives who are millionaires and frugal so.............yeah

Waaaaay different circumstance. Nobody's approaching them with the frequency of someone who has national coverage on a weekly basis. Someone who's a professional investor of course won't have the same financial woes of someone who's talented in some unique fashion and encounters wealth as a result.

Also, if this is the case, then why aren't you asking them? You have the option to ask actual millionaires what made them frugal, what to avoid buying, how a fortune can deplete but you opt to ask us instead? Just some nikkas on the coli? Seems kinda strange.

 

[THEREALBRAND]

Get hit in the mouth? Like I said, I have relatives who are millionaires and frugal so.............yeah



A genuine one. Because I just never understood unless they get bad deals how the majority (not stars) go broke. It just astonishes me and I occasionally watch Basketball and Hockey. I'm more of a combat-sports guy.

I'm assuming your relatives were at least in their 30s when they became millionaires. There's a huge difference between being a responsible adult that has had life experience with millions in the bank and a 19 year-old kid. There's no class or training seminar that can prepare you for that scenario.

 

[birdgang91]

Pretty much all the reasons have been listed. Sucks when everyone around you is out for themslves.

This does remind me of that one football player who was in the news for saving. He didn't have a mega-contract but it was more than the average joe makes. Like he went and took classes and everything so he could be financially literate as well as investing.

This NFL Millionaire Lives on a $60K Budget to Save for the Future

Here is the article that goes indepth about his lifestyle.

By being frugal financially, Ryan Broyles believes he has set up future

Breh been out of football for a year too but I'm sure he is straight.

EDIT: I just checked his instagram. Looks like he is into flipping houses now. And he was the one who asked the Lions to release him.

 

[Draje]

Gee, I wonder why a bunch of young adults ,coming from relative poverty into untold riches, might not be making the most fiscally responsible decisions.

You vastly underestimate how predatory people can be and how hard it might be for a young adult to say no to people even if he has the best intentions.

I work in finance and financial consultation. You'd be surprised at financial destitution and good intentions are intertwined.

 

[Dark is the night]

Being stupid nikkas that wanna front for the gram

nikka if i make 20 million a year you can bet every nap on your damn head im putting atleast 10 in savings

Doing stupid shyt like trying to buy every pair of jordans ever made for your closet

Spending $600 for a damn outfit because some euro peckerwood put a label on it

 

[MercuryHayes]

Once I realized athletes get paid bi weekly like you and I, I looked at their situations differently.

sure you signed a 50 mill deal, but you still getting paid bi weekly.

So in your head you think that big investment makes sense, until you realize u have to pay so many people as well as uncle sam.

In reality this is most dudes first job. You think they know how to manage their shyt?

Then comes in the trusting of wrong people with the money cause its too much for them to handle along with the pressures of succeeding and winning. Most make it out alright, but there will always be casualties.

 

[Remote]

Women.

Either thru child support, alimony or divorce.
That's big chunk of their losses.

Supporting family and friends is a big one too.
But aint no friends gonna cost you half.

Allen Iverson blew thru most of his riches. He's got $32,000,000 coming to him via a trust fund with Reebok, but then....

In a recent book titled Not a Game: The Incredible Rise and Unthinkable Fall of Allen Iverson, the author of the book, Kent Babb, revealed that Iverson made an agreement with his wife Tawanna back in 2010, in hopes of keeping his marriage alive, that was centered around the trust fund. The post-nuptial agreement states that Iverson agrees to forfeit all of the $32 million is he violates the following terms.

• Can not cheat or have children outside of marriage.
• No physical or verbal abuse.
• Must attend marriage counseling.
• Must speak to therapist about drinking and gambling problems.
• Can never gamble again.
• Must be home by midnight.
• Must discuss any purchases over $5K.

As I’m sure you already guessed it, Iverson failed to live up to these terms and Tawanna refiled the divorce petition and was awarded everything that was in post-nuptial agreement when the divorce became final in 2013 including the $32 million. In a surprising twist, before the divorce became final, Tawanna agreed to give Iverson half of the $32 million Reebok trust when he turns 55. So I guess it’s not a complete loss.

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[Cynic]

Being stupid nikkas that wanna front for the gram

nikka if i make 20 million a year you can bet every nap on your damn head im putting atleast 10 in savings

Doing stupid shyt like trying to buy every pair of jordans ever made for your closet

Spending $600 for a damn outfit because some euro peckerwood put a label on it

How will you put 10 in savings when the other 10 is garnished in taxes ? Are you going live solely on debt ?

Maybe theres a tax strategy here you aren't telling us...

The main issue is they don't build companies or acquire income vehicles to supplant their salaries.



Forget all this frugal

 

[Fenian]

Same reason a lot of lottery winners go broke. Most regular people can't handle coming into that amount of money so quickly.

They end up trying to take care of too many people, get taken advantage of and make too many bad investments.