It really doesn't matter how much money you give a broke person they'll still end up broke

[winb83]

Ex-NBA star Darius Miles says this is how he blew through $62 million

Even if after taxes that was 30 million all he had to do was year 1 take 1 million and put it in an S&P500 tracking index fund reinvesting the dividends and take a second million chop it up into 4ths and put it in high yield savings accounts that earn 2% interest. Could have blown through all the rest of that money and he would have still had something to fall back on.

He wouldn't have even missed that 2 million early on. He only would have noticed as he got down to his last few dollars.

 

[killacal]

Shut the fukk up

 

[ignorethis]

Thread title is true, I had to learn this with my mom and some of my friends.

Being poor truly is a mindstate.

 

[NotAnFBIagent]

Nah but a lot of people are bad with money/decision making

 

[winb83]

Being poor truly is a mindstate.

This is a harsh reality most people find out too late. Whatever amount you make you have to figure out how to live a lifestyle that's somewhat below that so you don't spend every penny.

I couldn't imagine blowing 60 something million. shyt I could live the rest of my life on 5-6 million and my kids could have the rest of that. I mean after you pay off your house and a car or even a few cars what's left to spend all that money on? Hell play around investing 10 million and there's still plenty left if all that fails.

Antoine Walker blew through over 100 million and ended up broke.

 

[Rekkapryde]

This is a harsh reality most people find out too late. Whatever amount you make you have to figure out how to live a lifestyle that's somewhat below that so you don't spend every penny.

I couldn't imagine blowing 60 something million. shyt I could live the rest of my life on 5-6 million and my kids could have the rest of that. I mean after you pay off your house and a car or even a few cars what's left to spend all that money on? Hell play around investing 10 million and there's still plenty left if all that fails.

Antoine Walker blew through over 100 million and ended up broke.

Poor real estate decisions is what killed Antoine

 

[winb83]

Poor real estate decisions is what killed Antoine

That's still not enough to have you go completely broke on $100 million. It takes next level poor decision making to manage that. If you take even 5% of that and invest it in the stock market or do what I said earlier splitting it up at the FDIC limit and putting it in high yield savings accounts till you run out of banks to use you'd in a pinch be able to live off the interest and dividends it collects. That money would collect $100,000 in interest payments along just sitting in 2% interest bank accounts. Maybe you gotta pay 20ish% of that in taxes. You could still live acceptable off that interest.

 

[Rekkapryde]

That's still not enough to have you go completely broke on $100 million. It takes next level poor decision making to manage that. If you take even 5% of that and invest it in the stock market or do what I said earlier splitting it up at the FDIC limit and putting it in high yield savings accounts till you run out of banks to use you'd in a pinch be able to live off the interest and dividends it collects. That money would collect $100,000 in interest payments along just sitting in 2% interest bank accounts. Maybe you gotta pay 20ish% of that in taxes. You could still live acceptable off that interest.

He said he put 8 figures into the shyt. That is a retarded decision in itself.

 

[posterchild336]

Poor real estate decisions is what killed Antoine

Antoine was terrible with his money too I remember when my girls cousin came over with a brand new luxury car he bought her

 

[MikelArteta]

Brehs who have never seen that much money talking about what they would have done.

Y’all remember the movie blank check? That would be most of folks who have never handled that type of money before things add up fast

 

[WesCrook]

Poor real estate decisions is what killed Antoine

Trusting other people with his money is the larger issue.

 

[ReadOneBookAWeek]

You know all these guys have CAC financial managers that rob them right? They funnel these nikkas money into their fellow CAC schemers hands and split the dough. Also these guys learn about women too late, so they end up getting hustled for half or mad child support.

It's a lack of knowledge and experience that destroys most of them. They'd be better off just buying gold bullion's and a vault and cashing out later as inflation rises.

 

[Quiet Magician]

You know all these guys have CAC financial managers that rob them right? They funnel these nikkas money into their fellow CAC schemers hands and split the dough. Also these guys learn about women too late, so they end up getting hustled for half or mad child support.

It's a lack of knowledge and experience that destroys most of them. They'd be better off just buying gold bullion's and a vault and cashing out later as inflation rises.

The vets on whatever team he was on should have put him on some game on buying assets but of course his agent probably "recommended" certain individual to hold his money.

 

[Rekkapryde]

Trusting other people with his money is the larger issue.

Absolutely. Why you give and trust someone with that amount of bread is

 

[ReadOneBookAWeek]

The vets on whatever team he was on should have put him on some game on buying assets but of course his agent probably "recommended" certain individual to hold his money.

That's easy to say but we're trained to trust experts not each other. Just like most people will trust a doctor pushing pills & radiation over a family member who tries to put them on to herbs and holisitic healing