Joe Smith is broke
- Thread starter mamba
- Start date
Rell84shots
Veteran
It doesn't matter how much money you make if you're financially irresponsible. A lot of these athletes get guilted into taking care of multiple households.
Armchair Militant
Stay woke
After learning about index funds, it blows my mind that that this happens.
Those agents ain’t shyt.
Those agents ain’t shyt.
$100 million contract ain't shyt if you living like you got $100 million. Because, for starters, you don't
. Tax man is getting his, whether you like it or not 
. It's very easy for people that aren't well versed, and their people, to view these large sums of money as limitless and act accordingly. You can burn through any amount of money in no time if you aren't knowledgeable and disciplined.
Rell84shots
Veteran
Not to mention that they get these financial advisers, who for the most part are just crooks.$100 million contract ain't shyt if you living like you got $100 million. Because, for starters, you don't
Agents and the advisor industrial complex can't eat off Vanguard's 0.3% index fund fees. On a sidenote, the player's union should partner with reputable asset manager like Vanguard and create a big fund for players that only invests in passive index funds that no one can touch until age 50+.
Agents too. Cold hard reality is that most of these dudes are food when it comes to these people that are supposed to be looking out for their best interest. We talk about the stunting and supporting family but a lot of these guys go broke because they were taken advantage of by some crook posing as an agent or adviser. Power of attorney, shady business deals, just straight embezzlement. KG got taken for like $70 something million IIRC. Duncan got got too. If you don't have people in your corner that are truly looking out for you, you are fukked.
Jesus Is Lord
Give Thanks, Repent, and Forgive
There are many many more who DON’T GO BROKE, than those that do. Somehow we get broad stroked into those who have failed. They start stereotypes about us and we agree with it even though the broke players are the minority. The same dudes who treat Black QBs on a game by game basis, instead of season by season basis, has us up here calling someone like The NFL MVP Lamar Jackson a bust at 23 years old, or questioning his skill like he’s not a proven star.
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Unfortunately, the stats don't back that up. I guess it depends on your definition of 'broke' is, but most professional athletes end up in financial distress shortly after retiring.
Jesus Is Lord
Give Thanks, Repent, and Forgive
Broke, as in broke, as in the title of the thread. Not some made up definition, not distressed, broke. Distressed can be fixed, broke is hard to impossible to fix, or recover from.
Mostly from divorces
there's Kobe, then there is these nikkas who know nothing about money. these nikkas who got scammed by these cacs are financially illiterate.
If they had an ounce of a financial education then they would've multiplied their money.
Well, even if many of these athletes end up broke as in $0 to their name broke, they still have a lot of earnings potential. In CNBC special, A-Rod got Joe Smith on track to earn $100K+/yr by being a private b-ball trainer. So even though many end up broke, they can still earn a living.
jilla82
Veteran
its not even that deep.
This is all shyt regular people who are making money deal with.
The difference is athletes didnt have to go through the ups and downs of business.
By the time a regular dude gets his bag...he's fukked up money on a smaller scale...
...so he knows exactly what to look out for...
...and he has a lot of respect for the money he earned.
Giving a kid millions of dollars is a recipe for disaster.
People think rich folks are cheap...
...they arent, they just know how fast shyt can go downhill.