That 30 for 30 claims another one: Darius Miles

Gyasi85

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:wow:

slam-57-brand-odom-miles.jpg
 
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AtomicUse

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My oldest brother does legal work for athletes and entertainers, and he tells me the same thing about stars, they make bad business decisions. If you earn 66 million, after taxes and paying everyone in your circle, you have roughly 22mill that's all yours. They have no guidance and no one working best interest, people actually setting up business deals to fleece money after making it look like a good investment. Business manager comes in with the proposition: "This property is worth 300k right now, after 200k in work we can flip it for 800k, just pay this firm the 200k to do the work and I'll oversee it for a 25k fee." But the business manager already set up the deal for 100k with the contractor so he gets a kickback of 100k from them plus the 25k fee from the investor. Then when the value of the property shyts the bed, the contractors already got paid and the business manager got his cut and the kickback, and the investor is stuck selling VCR's and toasters to pay off the upside down debt balances. :francis:
remember that ballers epsiode with the bad land deal?
 

AtomicUse

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The problem is the debt from businesses. Basically what everyone told him to do was wrong. He should have just sat on his 88 million and been fine.
The contract amount isn't what hits your bank account if you're managing your money correctly. The check you get goes to your bank afterthe agent gets his percentage, your attorney gets his fees, and after you've sat down and done your quarterly or yearly tax returns. Problem is these high earners, are just not intelligent or dedicated to anything other than thier craft. I remember my oldest brother telling me and my other older brother why they go broke because we kept pressing him for an explanation, he was always secretive about it but he told us "These guys are given all this money, and when things dwindle down and they have all this free time, they won't sit down with a form or even at a computer and do thier own taxes. They would rather go party, shop, and play around rather than sit down for 3 hours and do thier own taxes. That's why you hear about people owing the IRS tax money. They don't know what a deduction is, don't know what an exemption is, never heard of a 1099, and instead of learning they'd rather pay someone like me 500 an hour to do it for them. They don't know any of these business managers that make these offers for investments, and they don't know how to say no. So if taxes, gold diggers, lawsuits and entourage bills don't get them then the business sharks will"

They're big targets.
 

Anerdyblackguy

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The contract amount isn't what hits your bank account if you're managing your money correctly. The check you get goes to your bank afterthe agent gets his percentage, your attorney gets his fees, and after you've sat down and done your quarterly or yearly tax returns. Problem is these high earners, are just not intelligent or dedicated to anything other than thier craft. I remember my oldest brother telling me and my other older brother why they go broke because we kept pressing him for an explanation, he was always secretive about it but he told us "These guys are given all this money, and when things dwindle down and they have all this free time, they won't sit down with a form or even at a computer and do thier own taxes. They would rather go party, shop, and play around rather than sit down for 3 hours and do thier own taxes. That's why you hear about people owing the IRS tax money. They don't know what a deduction is, don't know what an exemption is, never heard of a 1099, and instead of learning they'd rather pay someone like me 500 an hour to do it for them. They don't know any of these business managers that make these offers for investments, and they don't know how to say no. So if taxes, gold diggers, lawsuits and entourage bills don't get them then the business sharks will"

They're big targets.

Damn, that's some savage shyt.
 

Doomsday

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The contract amount isn't what hits your bank account if you're managing your money correctly. The check you get goes to your bank afterthe agent gets his percentage, your attorney gets his fees, and after you've sat down and done your quarterly or yearly tax returns. Problem is these high earners, are just not intelligent or dedicated to anything other than thier craft. I remember my oldest brother telling me and my other older brother why they go broke because we kept pressing him for an explanation, he was always secretive about it but he told us "These guys are given all this money, and when things dwindle down and they have all this free time, they won't sit down with a form or even at a computer and do thier own taxes. They would rather go party, shop, and play around rather than sit down for 3 hours and do thier own taxes. That's why you hear about people owing the IRS tax money. They don't know what a deduction is, don't know what an exemption is, never heard of a 1099, and instead of learning they'd rather pay someone like me 500 an hour to do it for them. They don't know any of these business managers that make these offers for investments, and they don't know how to say no. So if taxes, gold diggers, lawsuits and entourage bills don't get them then the business sharks will"

They're big targets.

What you said had nothing to do with what I said. The article even says it wasn't personal habits that led to his bankruptcy, but business plans. If he sat on his money he'd be fine.
 
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