How Do Football & Basketball Players Go Broke?

[SadimirPutin]

Multiple reasons

Youthful indiscretion and poor decision making

Uncontrolled spending...poor choices with women...predatory financial planners and investment opportunities...takig care of too many people

Naivete about their income stream....

First thing they should do is sort out what their tax obligations will be and should consult a reputable, licensed tax attorney. The fees you pay to a reputable tax attorney will save you so much more in the long run.

Never give power of attorney to a fukking soul.

Dont have all of your financial matters handled by one person. Have someone reputable be your tax attorney. Have someone different be your accountant. Have someone be your financial planner. And also if necessary pay someone to do a forensic audit every 6 months

 

[HiphopRelated]

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

If you're making 20 mil, you only have 10 after everybody gets their cut

 

[SirReginald]

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.

They became millionaires from like Real Estate and Construction. I think a 19 year old should have a responsible adult manage their money. Like, they need good guidance.

 

[SirReginald]

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.

It's just a random discussion breh.

 

[Mike Nasty]

I think a 19 year old should have a responsible adult manage their money. Like, they need good guidance.

That responsible adult will be the main one skimming off the top.

 

[SirReginald]

That responsible adult will be the main one skimming off the top.

Sad shyt for real

 

[CoryMack]

Starts with the Jew agent who gets you to sign a power of attorney, right before sending you down the hall to his fellow Jews - lawyer, accountant, and financial planner.

They do a number on you. Few years after you're done playing all those millions are gone

 

[Formerly known as...]

Remember NFL players get paid weekly and only in season, if they blow a lot of their money in those 16 weeks it's a long wait til they get more if sponsorships isn't a big income.

Some of these dudes live almost cheque by cheque and then they retire and there is no more cheque but a house with a $5 mill mortgage to pay

 

[SirReginald]

Starts with the Jew agent who gets you to sign a power of attorney, right before sending you down the hall to his fellow Jews - lawyer, accountant, and financial planner.

They do a number on you. Few years after you're done playing all those millions are gone

Whoa, let's leave the anti-semitism out breh

 

[CoryMack]

Whoa, let's leave the anti-semitism out breh

Nothing anti Semitic about the truth bruh. How they go broke isn't any secret, most are just too scared to speak the truth.

And if you're too scared to read the truth on a message board how do you expect to be able to deal with it out in the world?

You better find out cause if you ever make any real money them people are gonna come sniffin around. We just hear about the athletes/entertainers who go broke; we rarely hear about the nobody who gets swindled out of his life savings by Hymie.

 

[SirReginald]

Nothing anti Semitic about the truth bruh. How they go broke isn't any secret, most are just too scared to speak the truth.

And if you're too scared to read the truth on a message board how do you expect to be able to deal with it out in the world?

You better find out cause if you ever make any real money them people are gonna come sniffin around. We just hear about the athletes/entertainers who go broke; we rarely hear about the nobody who gets swindled out of his life savings by Hymie.

I will say there is greed all around. Some by bad contracts probably and some by being to giving. I think most talent needs to have a lawyer before they sign anything.

 

[duckbutta]

People got to understand that when they see the money on the contract, after taxes and what you pay agents and probably lawyers you probably taking home close to half of that...

A 30 million dollar contract you lucky if you take home 16...

Add in how family members and friends start trying to leach off of you...

shyt it's shocking when an athlete DOESN'T go broke...

 

[CoryMack]

I will say there is greed all around. Some by bad contracts probably and some by being to giving. I think most talent needs to have a lawyer before they sign anything.

See I don't say that. I say Hymie is running the same paper hustle he's been running on our people since he came on the scene. Whether we're talking about the fukked up contracts he was signing our people to back in the chitlin circuit days, or today.

And having a lawyer don't matter if the lawyer is working with the Jew agent, financial planner and accountant.

 

[Judgement!]

My cousin played in the league 12 years and went bankrupt strictly through bad investments. He was never on that flashy tip. Just tryna grow his money.

 

[SirReginald]

My cousin played in the league 12 years and went bankrupt strictly through bad investments. He was never on that flashy tip. Just tryna grow his money.

So, these players don't get lawyers before they make an investment deal?