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

[Jalether]

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.

I also believe it's a cultural thing. cacs (especially jews) and asians are all about generational wealth and passing that shyt down
But due to slavery,jim crow and widespread poverty in the black community, we never really developed that way of thinking as part of our culture

A person who's on a mission to build generational wealth would never throw it all away

 

[winb83]

I also believe it's a cultural thing. cacs (especially jews) and asians are all about generational wealth and passing that shyt down
But due to slavery,jim crow and widespread poverty in the black community, we never really developed that way of thinking as part of our culture

A person who's on a mission to build generational wealth would never throw it all away

When you’re poor and don’t have much once you come into a lot of money it’s not a rational process. Studies have shown the overwhelming majority of lottery winners go bankrupt inside a few years.

 

[ADP]

MJ was used as an example here, if the story about losing the Hornets is true and he got finessed then there's how...

He's never gonna be broke but losing money is easier than usually thought.

 

[lib123]

Many of these dudes also probably go harder with their tricking after they retire since they're older and no longer in the limelight so they get the Irv Gotti treatment.

 

[IsThatBrothaMouzone?]

What costs money?

Divorce
Baby Mama Payouts
Helping folks with "biz ideas"
Scheming advisors
Buying too much dumb shyt

All players should buy a couple of dumb things like a tricked out Rolls/Lambo and some jewelry. Just get it out of your system and then be responsible. Get a nice house paid off....save money and put money in index funds. Accountant to make sure you're paying taxes but don't let ANYONE handle your money for you.

Biggest issue is dudes get married when they are not ready. They wanna heaux around and always get caught. Then you gotta pay half and child support based on your peak earnings. Lotta wives split from athlete husbands right around the time they retire. Wait and do it like Jeter. Don't marry until you are done playing and have a better perspective. Don't knock up women. Smash older broads, professionals. Not young ones looking to hit a lick.

 

[FTBS]

What costs money?

Divorce
Baby Mama Payouts
Helping folks with "biz ideas"
Scheming advisors
Buying too much dumb shyt

All players should buy a couple of dumb things like a tricked out Rolls/Lambo and some jewelry. Just get it out of your system and then be responsible. Get a nice house paid off....save money and put money in index funds. Accountant to make sure you're paying taxes but don't let ANYONE handle your money for you.

Biggest issue is dudes get married when they are not ready. They wanna heaux around and always get caught. Then you gotta pay half and child support based on your peak earnings. Lotta wives split from athlete husbands right around the time they retire. Wait and do it like Jeter. Don't marry until you are done playing and have a better perspective. Don't knock up women. Smash older broads, professionals. Not young ones looking to hit a lick.

You think an older chick, even a professional, aint lookin to hit a lick with a young athlete?

Being single aint exactly cheap when you out here hoeing because that means you out here tricking. nikkas working in stock rooms be getting regular broads knocked up. These young sheltered rich dudes is food for these literal hoes of all ages.

Dont matter how much money you make if you arent knowledgeable and disciplined.

 

[SadimirPutin]

You think an older chick, even a professional, aint lookin to hit a lick with a young athlete?

Being single aint exactly cheap when you out here hoeing because that means you out here tricking. nikkas working in stock rooms be getting regular broads knocked up. These young sheltered rich dudes is food for these literal hoes of all ages.

Dont matter how much money you make if you arent knowledgeable and disciplined.

The Coli has somehow fallen for this myth that corporate women, or lawyers or doctors "that have something going for themselves" dont have the same motives as the IG baddie...


Oh I am a middle manager at proctor and gamble.....why would I ever have ulterior motives on a 26 yr old man who just signed a 4 yr 260M dollar contract with endorsements on the side.

 

[Luke Cage]

most of them have a severe drop off in income after retirement. If you just some random bench warmer, that plays 6 to 8 years, earns maybe 40 million in that time. Thats 20 mil after taxes that has to last you the rest of your life. Coli Breh and Breh CPA's tell you just invest and you'll be good. but investments are still a gamble there's no guarantee you will get richer of them, you can play and safe to ensure you don't lose money. But you not gonna just flip 20 into 100 very easily. You retire pretty young too, so 20 mil stretched out over the next 40 to 50 years. Yeah i can see how someone might go broke.

 

[FTBS]

The Coli has somehow fallen for this myth that corporate women, or lawyers or doctors "that have something going for themselves" dont have the same motives as the IG baddie...


Oh I am a middle manager at proctor and gamble.....why would I ever have ulterior motives on a 26 yr old man who just signed a 4 yr 260M dollar contract with endorsements on the side.

An older more knowledgeable chick will actually be more likely to view a young rich dude as a lick. A lot of these young broads still be on that sucka for love shyt.

 

[SadimirPutin]

An older more knowledgeable chick will actually be more likely to view a young rich dude as a lick. A lot of these young broads still be on that sucka for love shyt.

The vast majority of women in corporate would leave it behind in a heart beat if they could find a man to retire them..

This has been openly discussed for years by women in studies, videos, podcasts, news articles, essays....

 

[winb83]

most of them have a severe drop off in income after retirement. If you just some random bench warmer, that plays 6 to 8 years, earns maybe 40 million in that time. Thats 20 mil after taxes that has to last you the rest of your life. Coli Breh and Breh CPA's tell you just invest and you'll be good. but investments are still a gamble there's no guarantee you will get richer of them, you can play and safe to ensure you don't lose money. But you not gonna just flip 20 into 100 very easily. You retire pretty young too, so 20 mil stretched out over the next 40 to 50 years. Yeah i can see how someone might go broke.

$3 million in JP Morgan Chase shares would pay you $74K a year in dividend income pre tax. Honestly it's one of the safer companies a person could buy. If that bank goes under the whole country is fukked. These people go broke because they don't have the discipline to part a bit of money somewhere and not touch it.

 

[MasterOfAllHeSurveyz]

most of them have a severe drop off in income after retirement. If you just some random bench warmer, that plays 6 to 8 years, earns maybe 40 million in that time. Thats 20 mil after taxes that has to last you the rest of your life. Coli Breh and Breh CPA's tell you just invest and you'll be good. but investments are still a gamble there's no guarantee you will get richer of them, you can play and safe to ensure you don't lose money. But you not gonna just flip 20 into 100 very easily. You retire pretty young too, so 20 mil stretched out over the next 40 to 50 years. Yeah i can see how someone might go broke.

$3 million in JP Morgan Chase shares would pay you $74K a year in dividend income pre tax. Honestly it's one of the safer companies a person could buy. If that bank goes under the whole country is fukked. These people go broke because they don't have the discipline to part a bit of money somewhere and not touch it.

They could just park the money in an index that follows the S&P500, thst issues a dividend like SPYD, and live off a percentsge of the dividends that are issued. The max tax rste on dividend income is 15% federal. Add a state, with no income tax, as your
permanent residence and you're good. This works even in recessions and economic downturns. You get about $40k per million annually from SPYD. If you don't touch for 20 years, and DRIP it, you'll almost quad it.

 

[Erratic415]

"$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

I was rewatching Jones-Hall yesterday. Hall was too tough for his own good, and it had my favorite Larry Merchant quote ever when he said the referee should be pistol whipped.

 

[winb83]

They could just park the money in an index that follows the S&P500, thst issues a dividend like SPYD, and live off a percentsge of the dividends that are issued. The max tax rste on dividend income is 15% federal. Add a state, with no income tax, as your
permanent residence and you're good. This works even in recessions and economic downturns. You get about $40k per million annually from SPYD. If you don't touch for 20 years, and DRIP it, you'll almost quad it.

SPY’s dividend yield is too low. I think it’s like 1.5%. You’d have to put up a massive amount of money to have it do anything.

 

[010101]

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