Lou Will goes into detail about players going broke around the 40 min mark. He starts talking about how white NBA players save way more from Day 1 by not feeling pressure to support extended family. Lou Will himself sounds like he's going thru a financial adjustment right now even tho he made $90M in his career.
Is there any excuse for the modern nba player to go broke after retirement
- Thread starter Jalether
- Start date
Lou Will goes into detail about players going broke around the 40 min mark. He starts talking about how white NBA players save way more from Day 1 by not feeling pressure to support extended family. Lou Will himself sounds like he's going thru a financial adjustment right now even tho he made $90M in his career.
You think it matters? You can force an irresponsible person to save money and they’ll still blow the savings. If you don’t know how to manage money giving you any amount isn’t going to teach you how.this combined with the mandatory pension contribution they have to make.
if u have ten years or more of service in the NBA and u wait til age 62 to start withdrawing, you are making over 200K annually just off the pension. the minimum pension is 56K annually. and u have to have 3 years service to get that. those numbers are crazy especially the smaller one. u could have 3 years of NBA service and draw $56K for life
It would mean more if instead of that stuff being forced it was something they did of their own accord.
RennisDeynolds
I am untethered and my rage knows no bounds!
How much will they support family and entourage lifestyle, including flexing
One of the main reasons is obviously having too many kids without factoring in that they married a thot and will likely divorce, and what that costs.
The other reason is not factoring in that you might get retired earlier than you thought.
Another reason, which they showcased with Curry's salary, is not factoring in how much of your face value salary actually hits your account.
All three of those is a deadly combo.
200m can quickly become like 20m cash.
The other reason is not factoring in that you might get retired earlier than you thought.
Another reason, which they showcased with Curry's salary, is not factoring in how much of your face value salary actually hits your account.
All three of those is a deadly combo.
200m can quickly become like 20m cash.
I think everyone is saying that athletes should invest more wisely but the biggest issue is that they don't save enough to invest. Even if they invest 25-50% of their income, they're still eventually gonna go broke from overhead if they try maintaining the overhead of spending 50-75% of their NBA income after retirement given how relatively short NBA careers last. In reality they should only be spending 25% of their income max and saving and investing the other 75% to maintain their standard of living after retirement.
There haven't been any big news items like Antoine Walker filing bankruptcy but there are subtle signs. Examples include Kenyon Martin and Joe Johnson going to court to get their child support lowered from a couple thousand per month. Paul Pierce getting sued for not paying gambling debts, Jason Terry sued for not paying for Rolex. These guys made $100-200M during their careers, which inflation adjusted is $200-400M.
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Nobody's gonna feel sorry for these goofs for blowing all that money.
You buy a big house, couple cars, some clothes and accessories. Got money to travel places, going out to fancy restaurant, throw a few parties. Got money to invest. Bad investments happen too obviously.
You're not supposed to spoil every muthafukka you ever knew with money. Help your family and closest friends only, when they need money.
Some of these players burn their money fast giving out to everyone, burning money in strip clubs and buying too many cars, too many houses.
If you made about 100mil in your career, even with zero investments. That is so much money you really would need to try hard to spend it all.
You buy a big house, couple cars, some clothes and accessories. Got money to travel places, going out to fancy restaurant, throw a few parties. Got money to invest. Bad investments happen too obviously.
You're not supposed to spoil every muthafukka you ever knew with money. Help your family and closest friends only, when they need money.
Some of these players burn their money fast giving out to everyone, burning money in strip clubs and buying too many cars, too many houses.
If you made about 100mil in your career, even with zero investments. That is so much money you really would need to try hard to spend it all.
Mindfield333
Superstar
They don’t adjust their spending when they don’t have that game check anymore.
Niggthaniel Essex
13th Floor/Growing Old
Nah, they're definitely stupid.
If a person can't live off of $200K a year while the bulk of their millions is set aside and grows so that their kids and their kids kids are taken care of, I'm calling that person stupid as shyt.
charknicks
All Star
Man, its not about adjusting their spending. Its about after you retire/take pay cuts, now you have to:
-lower/close your circle of people you were supporting. They still think you getting this money
-and, you still gotta pay for that stuff you bought for yourself, your moms, your kids, your girl, etc. after you retire. Those bills still due. Those property taxes still due at that level.
Cats spend $10 million when they only have $5 million
All of this costs money and the thing is these dudes get checks like everyone else. There's this idea that when players sign a contract they get this money immediately and have a pool to try to burn through when that isn't the case.
I didn't mention they get all this money immediately. Obviously it takes a few years. It doesn't change the fact these athletes are massively overpaid and it takes a special kind of idiot to blow it all over their 10-15 years of career.