Shannon Sharpe on sports players who go broke: "You are not above a 9-5 job"

[Piff Perkins]

Did your friend mention the mostly jewish agents and financial planners who have these dudes sign power of attorneys and then collude with in house accountants and lawyers to "legally" rob them of those millions? And then have them sign NDA's on top of that so they can't talk about it?

I doubt it, cause I never hear any of them mentioned when stories like these come up.

No, because power of attorney is not handed out like candy, so that doesn't happen regularly. The actual scam is more...ordinary, and designed specifically to fukk over black people who aren't used to wealth/money and don't understand finance. Where your agent introduces you to "his" financial planner guy, who has all these risky investment ideas - and he offers to sign you up for all of them in exchange for 10-15% asset fees. For reference, a reputable broker is typically going to charge 1-2%, maybe 4-5% at most. So these athletes/rappers hand that over thinking it means 80-90% of profits will go to them...


My friend gives out the same general advice I would give any rich person, or regular person: don't hire a broker, it's not worth it. Do what Warren Buffett does: invest in an index fund. Vanguard has multiple ones...you can go with the safe one that has been growing at like 10% yearly (on average) for decades...or you can go for something that yields more but has more risk. Athletes and rappers think investment=double your money, which becomes the problem when the agent (or rich white neighbor...) starts bullshytting about "did you hear about that tech stock? Such and such made a killing off it last year." Be careful...

 

[Rell84shots]

Says the man who gets paid millions to talk about sports knowing he will never have that struggle.

He could've easily ended up like that. Remember players in Shannon's era didn't make the kind of money players make now. Shannon has spoken numerous times about how he started managing his money better because of his kids.

 

[get these nets]

Yep and it's the same with regular folks. Everyone knows a older man or woman who had a great high paying job. But blew money on dumb shyt or kept pulling out their retirement and/or 401k for years and years.

Now they retired or forced to retire and don't have any money but social security. Then they kids or grandkids got to take care of them or pay their bills.

Real talk most Americans are absolutely horrible with their money it's just that with professional athletes their poor money choices are placed on front street. If you know someone who works at a bank they will tell you off the record how many times folks get check deposits, income tax deposits and etc. The money is spent 2 or 3 days later and they bouncing charges and checks. All their credit cards are maxed out and other debt is behind in payments.

I know a sista now. Smart and absolutely beautiful. The girl is as dumb with money as she is beautiful. She makes 95k a year and sallie mae garnished her work checks because she is 15k behind in student loan payments. She actually thought she could go 4 years without paying student loans and uncle same would do nothing.

Yeah, like you said the athletes are just more visible. So their struggles are public. Worst part for them is that unlike regular people, they make less money as they get older. After the playing days are over, most will never see that kind of revenue again.

In the athlete cases, and many of the regular world cases of bad money management sometimes it's just the individual. Other times, it's a function of them being first generation of their family to touch any kind of real money. People from backgrounds with money have heard dinner time conversations about saving, investing, and taxes all their life. Those aren't new concepts to them when they start earning real money. They might still fukk up, but they can't say they didn't know better.

 

[Maximus Rex]

He has been rich longer than he was poor.

Yes because he was smart with his money.

 

[Maximus Rex]

He could've easily ended up like that. Remember players in Shannon's era didn't make the kind of money players make now. Shannon has spoken numerous times about how he started managing his money better because of his kids.

Hall of Famer making $70k a year

 

[No..Money..Mo..Problems]

Just buy a house cash, save 2 mill and put it in stocks and live off of the 100k-200k in returns you make every year. Simple

 

[93 til]

Says the man who gets paid millions to talk about sports knowing he will never have that struggle.

Shannon came up struggling, breh. This was the crib he grew up in.

He just had enough sense to set himself up for his career after sports.

There's no excuse because some of these dudes were setup nicely in their post-NBA career. Darius Miles had a successful podcast with Knuckleheads, Shannon Brown was married to Monica, Sebastian Telfair could've made bread with his cousin Starbury in China and lived like a king.

2/3 of all athletes go broke after they retire and most of it is their own doing. Instead of getting a job in the media, coaching, trainer, entrepreneurship, entertainment, etc. Hell, open up a weed shop in Cali like A.I. did. We live in an era where it's probably the easiest for a former athlete to transition into his post-NBA career, but they chose to try to finesse the league, which is eventually a losing battle.

Shannon ain't even talking about just NBA players, but athletes in general. Clinton Portis just got busted too for the same thing.

 

[Morethan1]

I have a cousin who used to play in the NBA. It seems like he's rebounding now a little bit but he was struggling to make decent income after retiring ten years ago.

Who?

 

[Oatmeal]

I have a cousin who used to play in the NBA. It seems like he's rebounding now a little bit but he was struggling to make decent income after retiring ten years ago.

You should've given him an assist


I worked with 2 brehs before when I did retail that had superbowl rings 1 from the 80s other from the early 2000s and they brought them to work to show everyone

They both said they spent money on bad investments and bad women

 

[Mastamimd]

Says the man who gets paid millions to talk about sports knowing he will never have that struggle.

 

[Thurgood Thurston III]

I have a cousin who used to play in the NBA. It seems like he's rebounding now a little bit but he was struggling to make decent income after retiring ten years ago.

What happened to his NBA money, if you don't mind me asking?

 

[NYSTATEOFMIND]

I highly doubt he would accept a job bagging groceries.

He realized that he wasnt going play football forever and had a plan so he wouldnt have to pack bags - maybe these guys should have a plan for life after basketball
The question I would have had was- did he have that same energy when former NFL players did the same scam and got caught

 

[Marc Spector]

The most interesting thing I find about the insurance fraud in the NBA/NFL is that it's the younger players whose doing the scamming in spite of them benefitting more from the influx of cash into the leagues compared to the OG players who never had it like that.

You would think that they would have been the ones doing the scamming instead. Those OG players are just glad to have any help coming in, which is why they're pissed at what's going on.

U.mm what?

The nba players who got caught up were what woud be considered vets...like almost a decade removed from their playing days

 

[Monoblock]

Says the man who gets paid millions to talk about sports knowing he will never have that struggle.

You clearly didn't watch the whole segment. He talks about getting with a financial advisor, showing him all his bills after retiring and coming up with a plan to have income coming in. Shannon retired in 2003 and clearly was no dummy and made sure his money kept flowing with gigs. He planned for his future after the league where most of the athletes fail to have one after retiring.

 

[Thavoiceofthevoiceless]

U.mm what?

The nba players who got caught up were what woud be considered vets...like almost a decade removed from their playing days

Yet were still making millions during their tenure in the league.

I’m talking the OG heads that have been out of the league 20+ years that needed the insurance in the first place, which is the reason which was the purpose of it even being created. That insurance literally saved Nate Archibald’s life as it helped him afford a heart transplant.

That’s who the program was mainly created for as a lot of them are/were in rough shape.