No, I thought they handed him a 66 million dollar check as soon as he finished getting drafted
Why can't these nikkas just save their money? Everyone isn't smart enough to be a business man...recognize that
I'm just trying to look at things from a different perspective instead of shaming them. Pro athletes and lottery winners go broke so often and I was bringing up speculative reasons as to why it can happen. There are a lot of things that drain big money that normal people don't understand or fail to consider.No, I thought they handed him a 66 million dollar check as soon as he finished getting drafted
Breh I understand, I was just trying to make a point to your "25 mill" aint shyt comment. It's along the same lines of Sprewell trying to feed his kids when families of 5 do it on less than a fraction of a single percent every single year of what these guys make.
Technically you're losing money slowly by saving. Money loses value so that 50k saved won't be worth the same in 30 years but you can lose money alot more and faster by bad investments. Inflation and rising cost of living devalues the currency. Our grandparents could get bread for 0.20$ but look at the price now. In 50 years a loaf of bread will be damn near 20$ for just the cheap shyt.
Wait you gotta pay taxes on thst money every year even after you were taxed initially?
He didn't get the $66M at one time, that's an estimate on what he earned throughout his playing career. Even in retirement he still has to file a return and can owe taxes on various things like businesses, annual property taxes on any properties he owns, investment accounts, etc.
Black people like Boyce Watkins tell you that you're a brokeboi if you don't do some high leverage risky investment, so Oochie Wally or One Mic?Oh it's not a lot of money huh.
25 MILLION dollars even at 1% interest is 250K per year for the rest of your life WITHOUT RISK. And that's 1% ONLY, are you losing to inflation? Yep, but you are also not potentially putting yourself in a situation in where you have to sell your fukking VCRs either. How will he watch Titanic now?
People really need to stop giving these athletes a pass. You have all the money in the world, take some economics and business classes if you want to be some young entrepreneur after your playing days.
This is sad and infuriating all at the same time
Pathetic thinking. Sitting on cash is ALWAYS the safest option. The only other thing safer is precious metals depending on how long you're going to hold.
