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

[charknicks]

The median NBA salary is $4.3 million for this season, and the average NBA career is 4.5 years. So, based off of this, the average player today is making about $19-$20 million for their career.

Knowing this, and taking the following fees:
-Agent- 3-4% of contract
-Jock tax- 3-4% (taxes for playing in each state, also entertainer tax)
-Federal taxes- up to 37%
-State taxes- 0% (teams like Memphis and the Texas teams)- 13.3% (California) - average 5.5%
-Financial advisor- up to 1%

Players are playing about 50% in taxes and agent fees before paying themselves, so down to $9.5-$10 million in hand for their career. And if your career should end and you are only 25-30, you have a long time to live off that

Now the question is do we think that players will limit themselves to about $200,000/year, especially at the beginning, when you arent used to having that kind of dough? You gonna want to buy all the things you have ever wanted (cars, houses, jewelry, trips), now you gonna deal with higher priced women and friends, gonna take care of your fam (parents, siblings, close friends that you trust)

Its pretty easy to see most NBA players go broke

 

[360dagod]

I've made and lost a million dollars before....and that's when I understood how people could fukk up large amonts of money.

Damn bruh...

I be mad when I lose 20$ on betting..

 

[Big Boss]

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

Facts

 

[No1]

Most athletes need to invest into how to be financially stable. Learninng the stock game is easy as fukk. fukk paying someone to tell u what to do with your money.

This isn’t good advice. Most high-income people have financial advisors and at that level they’re not playing “stock games.” You don’t have the time to do all that shyt all the time when you’re working long hours and making big money. This idea of people going broke every day because they got scammed by financial advisors is not the norm for professional athletes. It’s usually poor spending and stupid investments. Any proper advisor will tell you to do the basics and conservative-moderate investing strategies first. Once you’re on a solid path then something more risky might be encouraged. The reason people like Bron don’t go broke is (A) he has been around for 20 years getting Nike, NBA and all sorts of other endorsement money and (B) he followed the Jay Z investment strategy of being patient and building things up instead of trying to strike lightning in a bottle immediately. He invests in things that he actually believes him. That’s the difference between the Durants and some of the other guys throwing money at whatever family friend idea. KD is a weed smoker invested in weed smoke. Like all that shyt adds up.

 

[No1]

people survive on 25k and less in this shytty country these dudes have no excuse.

Comparing the lifestyle of someone living on 25k barely surviving to someone making money trying to build something and enjoy life is stupid. You’re literally just surviving on 25k. At their salary their kid’s private school costs twice as much as that.

 

[MikelArteta]

A lot of guys are. KG and Duncan lost big amounts of money to scamming accountants and advisors. Arenas too.

 

[NatiboyB]

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

The same issues exist addiction, bad spending habits etc. those conditions will always exist. The more money some have the more they spend. It’s entire industry that exist for the sheer purpose of getting money from the rich. They don’t want them to keep all of that money.

 

[Big Boss]

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.

Facts

 

[Bboystyle]

This isn’t good advice. Most high-income people have financial advisors and at that level they’re not playing “stock games.” You don’t have the time to do all that shyt all the time when you’re working long hours and making big money. This idea of people going broke every day because they got scammed by financial advisors is not the norm for professional athletes. It’s usually poor spending and stupid investments. Any proper advisor will tell you to do the basics and conservative-moderate investing strategies first. Once you’re on a solid path then something more risky might be encouraged. The reason people like Bron don’t go broke is (A) he has been around for 20 years getting Nike, NBA and all sorts of other endorsement money and (B) he followed the Jay Z investment strategy of being patient and building things up instead of trying to strike lightning in a bottle immediately. He invests in things that he actually believes him. That’s the difference between the Durants and some of the other guys throwing money at whatever family friend idea. KD is a weed smoker invested in weed smoke. Like all that shyt adds up.

U can invest safely invest into bonds and forget about your money and it will grow. Doesnt take a genius to know this. Sure beats getting ripped off by "financial advisors"

 

[TheNig]

No excuse but these so called financial advisers be stealing.

This!!

I just read some shyt the other day that Steve Harvey is worth $300 mil and could be with more if his accountant wasn't stealing from him a couple of years ago.

 

[lib123]

The Zion debacle shows that many will still go broke. More money is just more money to blow.

 

[Mindfield333]

Taxes…. Spending in excess… bad business ventures… financial advisors stealing. just, overall poor financial literacy.

You gotta adjust your spending after you retire because there’s no game checks

 

[RhodyRum]

"A fool and his money are soon parted."

Not sure why so many people think celebrities are immune to being stupid idiots. Whether I had $8, $80, $800, $8,000, or $80,000, all of those denominations can be blown on dumb shıt in less than 24 hours. It all just depends on how much dumb, wasteful shıt I can afford.

So yes, there is a very easy & valid excuse for going broke regardless of my tax bracket. It's called being careless, gullible, and most of all stupid.

 

[FaTaL]

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

like anything at life theres smart and dumb people. watch the rickey williams special

 

[winb83]

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

Making a lot of money doesn't teach you money management skills. A lot of these players are poor kids that go to college and then the NBA and don't have to earn their own living in between all that. I learned how to manage money when I moved out of my parents house and got my own job and place. I had to take care of myself and manage my own funds.

Many of these players don't experience that.