I think mj lost over 500 mil during the gme come up 1.5 year ago, nobody is immune
Is there any excuse for the modern nba player to go broke after retirement
- Thread starter Jalether
- Start date
SadimirPutin
Superstar
Part of it is having a budget and sticking to it. Also go with accredited firms and advisories instead of individuals. Now that part isn't foolproof but it is better than the alternative in my opinion. Check with the business bureau iand bar association in their state.
Set a budget for your family/dependents as well... this isn't a come whenever you want deal...if I give you money to help out that shyt gotta last you .
As a matter of fact dont hand out money.....they can earn the money by doing things that you have less time to do. Errands, be your driver etc. Tell them up front...you discuss money with me AND my accountant..
Speaking of accountant and business manager....they get a forensic audit minimum twice a year. Heck if you are really a pedant call the IRS yourself peridically and ask if you have outstanding obligations to them.
These may sound like overkill but imo they cant hurt
Set a budget for your family/dependents as well... this isn't a come whenever you want deal...if I give you money to help out that shyt gotta last you .
As a matter of fact dont hand out money.....they can earn the money by doing things that you have less time to do. Errands, be your driver etc. Tell them up front...you discuss money with me AND my accountant..
Speaking of accountant and business manager....they get a forensic audit minimum twice a year. Heck if you are really a pedant call the IRS yourself peridically and ask if you have outstanding obligations to them.
These may sound like overkill but imo they cant hurt
Players today can look at the decisions former athletes made that resulted in them filing bankruptcy and do the total opposite. As you know there's different ways to invest your money, which is tricky but not as damaging then buying all your siblings a Benz like some of the former athletes did. Using social media guys can get paid thousands of dollars for as simple shyt like an Instagram post. Players of today can market themselves better because of social media, whatever you say from your account is a representation of you, so it's nothing for a company to contact you on making a deal.
The biggest change is the average NBA Player make 7.9 million in 2022, the average for a player 2000-2001 was 4 million. Now imagine of much the average player will make in 2040. Sure inflation will always be a factor in how much money is spent, but the average player is getting paid more.
Last edited:
Koapa
Superstar
No fukking excuses. I dont care nor wanna hear about any $50 million dollar player going broke. That's on you.
Yea some of these dudes get burnt by financial advisors but just watch the 30 for 30 or check out any interviews, them dudes burn money crazy.
Yea some of these dudes get burnt by financial advisors but just watch the 30 for 30 or check out any interviews, them dudes burn money crazy.
I think the basic assumption is that you shouldn't invest all of your money but some of these athletes do and lose it plus giving out money to family members while still buying expensive. You should always have an untouchable nest egg that covers the risk that your portfolios might go belly up.
The true disadvantage that athletes have in comparison to how other people normally make loads of money, is they get theirs young, up front, and essentially at once. So they do not necessarily go through the experiences of building wealth over time, taking losses, and learning from their mistakes as they go along, nor have the natural conservative nature that just comes from age. It’s also abnormal for your highest earning years of your life to be in your twenties and early thirties. Most people spend money on dumb shyt at those ages and it’s okay because in comparison to what they’ll mar in the future it’s small. Athletes make bad decisions in their 20s financially and aren’t ever gonna be able to alex that type of money ever ahain.
the last player I heard going broke was Deshawn Stephenson and he last played in 2013 and never made over 4 million in one season and made 28 million for his career, a role player like him would make 13 million a year in today's NBA.
I know a number 1 pick personally that just took a mean pay cut lol
I don’t see bro ever going broke but if he spends like he spends now AFTER the NBA checks stop them I give it 10-15 years before he “rich people broke” 10 mill or less
I don’t see bro ever going broke but if he spends like he spends now AFTER the NBA checks stop them I give it 10-15 years before he “rich people broke” 10 mill or less
Last edited:
people survive on 25k and less in this shytty country these dudes have no excuse.
Number one pick
MasterOfAllHeSurveyz
All Star
Victim?
shyt. He caused a lot of that shyt himself. He'd take an entourage of about 40 to 50 people and buy them all $100k-$250k watches in a high-end jewelry store. How many stories are there of Mike just giving away luxury cars to random broads or associates and friends?
"Hey, you like BMWs? You want one?" - Mike to a broad
I used to think Don King was the biggest crook in boxing until former title challenger and Roy Jones Jr. victim Richard Hall told me to my face that a lot of shyt that boxers complain about Don is them asking for advances and calling him a scammer for getting the advances back from their fight purse.
"$25k here. $50k here. $100k here. Adds up fast. I got all my money from Don and I never asked for advances. You're lucky to get paid for this shyt for a couple of years when you're on a roll. Most fighters think the money train never stops and they won't get old or lose real bad decreasing their value." - Richard Hall to me
There's always two sides to every story.
Floyd will go the same way in the next decade or so. The idiot admitted in one of his pre fight shows to having a $1 million monthly expenses
That's $1 million a month
