Is there any excuse for the modern nba player to go broke after retirement

[Jalether]

The amount they are making nowadays, even average players, there's zero excuse not to have investment potfolios and savings
They make too much money and have access to the best financial advice to fukk it all away.

Is there ever a scenario where you would feel pity for any of these nba players going broke after retirement. I would like to hear it

 

[Elim Garak]

No excuse but these so called financial advisers be stealing.

 

[SadimirPutin]

If they just stick half of their money AFTER TAXES into low fee index funds they are ridiculously straight for generations.

Get a good trusts and estates lawyer/firm to protect yourself from vultures with frivolous lawsuits,

Work on your craft and trick GM's to give you money deep into your thirties

 

[Remote]

It's all relative.

Imagine someone who makes $18,000 a year in this country. And you make $80,000. That poorer person would look at your salary like hitting the lottery by comparison. But with more money generally comes more expenses, more luxuries, more investments...etc.

I would say there's no excuse, but that's assuming that a wealthy athlete is living well within their means.

It's fair to say that athletes today have surely gotten ALL THE WARNINGS about financial irresponsibility. But warnings have never really stopped people from making poor decisions -- not just with money. With love, with drugs, with lots of things.

I could feel pity for someone blowing through a fortune depending on the circumstances. Anyone could be misled, taken advantage of, manipulated, or just be the victim of bad luck.

 

[The_Sheff]

I think it’s hard for them to downgrade their life after retirement. Once house is paid for never understood how it was too hard to just keep aside 10 million and pay yourself a 200k salary a year for the rest of your life.

 

[MJ Truth]

The amount they are making nowadays, even average players, there's zero excuse not to have investment potfolios and savings
They make too much money and have access to the best financial advice to fukk it all away.

Is there ever a scenario where you would feel pity for any of these nba players going broke after retirement. I would like to hear it

This is actually why the majority of them end up broke in the first place. They have access to the best financial advice but they’re also targets for the biggest financial scammers on the planet, which includes actually legitimate financial advisors and lawyers and accountants.

 

[Mike18jj]

No there's none there's so many ways the average NBA player can make income these days, they have the resources past NBA players didn't have access too.

 

[concise]

Yea,
taxes still go by percentages, not flat rates. That's even before you get into things like divorce, spousal support, child support, bad investments, overspending, etc.

People probably thought the same thing in the 90s and early 00s and guys still went broke. It will definitely happen again.

 

[Jalether]

It's all relative.

Imagine someone who makes $18,000 a year in this country. And you make $80,000. That poorer person would look at your salary like hitting the lottery by comparison. But with more money generally comes more expenses, more luxuries, more investments...etc.

I would say there's no excuse, but that's assuming that a wealthy athlete is living well within their means.

It's fair to say that athletes today have surely gotten ALL THE WARNINGS about financial irresponsibility. But warnings have never really stopped people from making poor decisions -- not just with money. With love, with drugs, with lots of things.

I could feel pity for someone blowing through a fortune depending on the circumstances. Anyone could be misled, taken advantage of, manipulated, or just be the victim of bad luck.

Sounds like a fool. I don't pity fools.

The average nba player earns about $7.5 mil a year, There's no reason not to invest 15-20 percent of that annually whilst still living a relatively opulent lifestyle

 

[Jalether]

This is actually why the majority of them end up broke in the first place. They have access to the best financial advice but they’re also targets for the biggest financial scammers on the planet, which includes actually legitimate financial advisors and lawyers and accountants.

Wow you make a good point. wasn't mike tyson a victim of this

 

[Jalether]

No there's none there's so many ways the average NBA player can make income these days, they have the resources past NBA players didn't have access too.

such as

 

[FaTaL]

These guys are surrounded by scammers, it’s a dirty game and these financial advisers are robbing them as well

 

[Remote]

Sounds like a fool. I don't pity fools.

The average nba player earns about $7.5 mil a year, There's no reason not to invest 15-20 percent of that annually whilst still living a relatively opulent lifestyle

I think people just assume that that investing is easy and no risk.

 

[Jalether]

These guys are surrounded by scammers, it’s a dirty game s d these financial advisers are robbing them as well

So are guys like MJ,Magic,Bron,Shaq just lucky or just more equipped at sniffing out scammers

 

[mbewane]

All the people who go broke probably thought people who go broke are stupid, until shyt happens to them.