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

[jwonder]

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.

Bullshyt. I've never heard places like Schwab, Merrill Lynch or Fidelity wealth managers rob these athletes.

The ones that get robbed typically let family members friends or suggestions of people who aren't nowhere big as said wealth management companies touch their money

 

[MJ Truth]

Bullshyt. I've never heard places like Schwab, Merrill Lynch or Fidelity wealth managers rob these athletes.

The ones that get robbed typically let family members friends or suggestions of people who aren't nowhere big as said wealth management companies touch their money

You’re not actually disputing what I said though breh. I said they’re targets for scammers, I didn’t say everybody is a scammer.

 

[pimpineasy]

No excuse. These idiots blew their money on materialistic things and broads.

They literally give you resources on how to save and invest your money.

The lifestyle is what gets you.
You hang around multi millionaires you pick up multimillionaire spending habits.
Multiple Baby mommas
Tricking strip club retired James harden jersey imagine the money he had to have tricked off
New foreign car models
Impulse buys


Those habits don't just stop when you retire

 

[jwonder]

The lifestyle is what gets you.
You hang around multi millionaires you pick up multimillionaire spending habits.
Multiple Baby mommas
Tricking strip club retired James harden jersey imagine the money he had to have tricked off
New foreign car models
Impulse buys


Those habits don't just stop when you retire

At the end of the day. It's up to you to figure it out.

You have players like Deion Sanders, Michael Irvin and Barry Sanders who retired and are not broke.

It can be done but most simply don't want to do it. Zero fukks given if you blow it.

 

[Reggie]

Having multiple cars and homes usually is the start for most of the players who are NOT in that next level of income like a superstar type player. All for having nice things but you don't need a home in each coast and 100 plus cars. The maintenance upkeep and paying someone to clean them alone will fukk up your pockets a lot quicker then they think.

 

[Brolic]

there’s no excuse now. Athletes have been taking about going broke for years. You don’t even really need a financial advisor now that you have the internet. They could Just put a few million in an index fund that tracks the S&P 500 or Nasdaq and leave it there till they turn 40+. That alone should keep them good for the rest of their life.

 

[lib123]

there’s no excuse now. Athletes have been taking about going broke for years. You don’t even really need a financial advisor now that you have the internet. They could Just put a few million in an index fund that tracks the S&P 500 or Nasdaq and leave it there till they turn 40+. That alone should keep them good for the rest of their life.

The same can be said for people including athletes being warned for generations about having out of wedlock children and baby mamas after generations but look at where we are. The circumstances you’re born into heavily shape how you make life decisions including managing money. It’s not a coincidence that players like Grant Hill and Kobe managed their money well. They were born into stable 2 parent households.

The biggest problem is that these guys have huge overhead monthly expenses. In theory they should be saving and investing 70% of their salaries. Lol we really think that players who come from unstable environments and begging relatives are disciplined enough to do that? Even if they invest a couple million, if their monthly expenses are $200K+ (which Gilbert Arenas has said is the baseline for the lowest earning NBA players) those investments will be depleted after they retire.

 

[Michael's Black Son]

No

 

[pimpineasy]

At the end of the day. It's up to you to figure it out.

You have players like Deion Sanders, Michael Irvin and Barry Sanders who retired and are not broke.

It can be done but most simply don't want to do it. Zero fukks given if you blow it.

Oh yeah I totally agree cry me a river that you blew millions.
I am just saying I understand how it happens.
Especially when you come into money before 21 yo.

 

[jwonder]

You’re not actually disputing what I said though breh. I said they’re targets for scammers, I didn’t say everybody is a scammer.

I mean you are offering an excuse. The league has Rookie Symposiums and other resources explaining the scams.

Fact is they are financially illiterate and think the money will always be there. Then the ego of no one can tell them anything.

Look at Warren Sapp and Antonio Bryant. Prime examples of blowing money and going broke. They didn't even get scammed.

It's up to the individual. The ones that listened are not broke.

 

[SadimirPutin]

Trust me when I say layers and accountants have found ways to shave their tax bills.....and naive sports reporters or journalists/bloggers or whatever his title is always get the numbers wrong....

 

[lib123]

Trust me when I say layers and accountants have found ways to shave their tax bills.....and naive sports reporters or journalists/bloggers or whatever his title is always get the numbers wrong....

I don’t think these numbers are off. Players themselves have confirmed them. These guys earn their income as salary so there isn’t much they can do to shave taxes. Wealthy people who aren’t athletes or entertainers usually earn their income via dividends, capital gains, etc which is where all the tax breaks and loopholes reside.

The team owners get to maximize their tax benefits and deductions by paying athletes in the form of salaries. Lol they’re not giving up those loopholes or benefits.

 

[GilSho]

The lifestyle is what gets you.
You hang around multi millionaires you pick up multimillionaire spending habits.
Multiple Baby mommas
Tricking strip club retired James harden jersey imagine the money he had to have tricked off
New foreign car models
Impulse buys


Those habits don't just stop when you retire

Yep this is it. That's why white/Euro athletes don't suffer the same fate as the black ones do.

They aren't socially pressured into living that rapper/rockstar fast lifestyle and there isn't an expectation placed on them to financially support their family/homies/hood When you're dropping millions on cars, jewelry, clothes, hoes and 3/4 baby mamas are dipping into your pockets then that shyt gets depleted real quick.

Odds are knuckleheads like Ant, Jalen Green, Lamelo and Ja will all probably be broke not long after retirement while cats like Wemby, Jokic, Giannis and Luka will be good for life.

 

[SadimirPutin]

I don’t think these numbers are off. Players themselves have confirmed them. These guys earn their income as salary so there isn’t much they can do to shave taxes. Wealthy people who aren’t athletes or entertainers usually earn their income via dividends, capital gains, etc which is where all the tax breaks and loopholes reside.

The team owners get to maximize their tax benefits and deductions by paying athletes in the form of salaries. Lol they’re not giving up those loopholes or benefits.

I dont pretend to be a tax savant or know the intricacies.....I will try and find the video where a guy was discussing the ways athletes structure their contracts and how they use tax laws and loopholes to diminish their bill.

You are right about salary vs dividend income etc etc in the broad spectrum...but if I remember via my vague recollection the teams dont pay Player X per se in some cases if the athlete does it right....they pay business entity X(which is really player X) and other mechanisms etc.

It was interesting...will see if I can find it.....but also as big earners please believe that the wealth management and tax services for the rich have picked up the phone and called athletes about how to whittle that down

 

[lib123]

I dont pretend to be a tax savant or know the intricacies.....I will try and find the video where a guy was discussing the ways athletes structure their contracts and how they use tax laws and loopholes to diminish their bill.

You are right about salary vs dividend income etc etc in the broad spectrum...but if I remember via my vague recollection the teams dont pay Player X per se in some cases if the athlete does it right....they pay business entity X(which is really player X) and other mechanisms etc.

It was interesting...will see if I can find it.....but also as big earners please believe that the wealth management and tax services for the rich have picked up the phone and called athletes about how to whittle that down

Not denying there are ways for them to reduce taxes. For example, Shaq said how instead of giving his relatives money directly he set up a company and paid them as employees and they were responsible for paying taxes on what he gave them while he was able to write-off the financial support. But regardless they still pay the highest tax rate on the income they earn.