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Ever wonder how ex-pro athletes go broke so quickly? Jamal Lewis shows you how.

F

Fausto

Elite Member
So, this guy played for 10 seasons and made this much money.

http://content.usatoday.com/sportsdata/football/nfl/salaries/player/Jamal-Lewis

Roughly $42 million, right?

So now it's 2012 and he's bankrupt.

http://articles.baltimoresun.com/20...120605_1_bankruptcy-protection-ravens-monthly

Jamal Lewis, the former Ravens running back, offered the nosy a look at his finances when he recently filed for Chapter 11 bankruptcy protection. For instance, he makes $35,000 in an average month and spends $34,050 of it, leaving him with $950 left over, according to court documents.
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75 pages, but it's quite fascinating how much money this retard wastes on himself and his "business" dealings.

http://www.baltimoresun.com/sports/ravens/bal-jamal-lewis-finances-pdf,0,3541735.htmlpage


...and of course this story would not be complete without him getting locked up for failing to pay child support while spending thousands of dollars per month on cars alone....

http://www.ajc.com/news/clayton/former-nfl-star-arrest-1489076.html
 
Yeah, they just never seem to fully understand that paycheck doesn't keep coming for 40 years. Although, they do have a decent pension program. A guy I worked with used to play with the Cowboys in the 70's. He used to get 5k a month pension. While that is not super, it is enough to survive on, and I have to think the players these days are getting more.
 
Athletes are the equivalent to Farm animals. Yeah they are good at what they do but you dont expect a horse to manage his affairs other than run around in a track.

Athletes are dumb, they only have brute strength and agility. They can barely add 1 +1 but they sure can throw a nice pass.

So none of this surprises me, give an imbecile a million dollars and I will show you someone living under a bridge in no time flat.
 
ViviTheMage said:
These guys should get finanace advisors right away, or someone to tell them what they're doing won't last long...
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He probably did, but his advisor said "hey, I have this great business investment opportunity...it'll only cost you $18,000 a month."
 
To paraphrase an old saying..."a dumb jock and his money will soon parted".

Did the NFL try to do something about this kind of problem with financial advisors for rookies? Guess they have a long way to go.
 
Absolutely no sympathy for these guys. A little common sense goes a long way. I had better sense when I was 12 y/o when all of my money came from picking cherries and delivering papers.
 
Hugo Drax said:
Athletes are the equivalent to Farm animals. Yeah they are good at what they do but you dont expect a horse to manage his affairs other than run around in a track.

Athletes are dumb, they only have brute strength and agility. They can barely add 1 +1 but they sure can throw a nice pass.

So none of this surprises me, give an imbecile a million dollars and I will show you someone living under a bridge in no time flat.
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Wow, someone used to get pushed into lockers quite a bit when they were younger.
 
His truck:
080906JamalTruck.jpg
 
Not really a shock. I pay attention to real estate a lot and I see athletes dropping millions on homes that they may only live in for a couple years before moving to another team/city. The result is they usually take signifigant losses...often in the hundreds of thousands or millions when they have to move. Ever heard of renting guys?
 
Wait, if I'm reading this correctly, he is claiming $3M in theft losses??? Yeah, right.


And I love how he's claiming his fur is exempt from creditors. LOL.
 
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ViviTheMage said:
These guys should get finanace advisors right away, or someone to tell them what they're doing won't last long...
Click to expand...

My wife's cousin is an MLB pitcher, and the first thing he did after being signed was hire a financial manager. Not just an advisor, a full blown manager. The manager gives him a healthy allowance each month to "play" with (roughly 25% of his salary), pays all his bills (roughly 20% of his income), and invests the rest. Pretty smart move, as the MLB career of an average pitcher is not terribly long.
 
CPA said:
Wait, if I'm reading this correctly, he is claiming $3M in theft losses??? Yeah, right.
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Kinda high but not unprecedented. A lot of these guys keep large amounts of cash and other valuables on them or in their homes. Couple that with flashy lifestyles and hanging out with unsavory people and shit gets robbed all the time.
 
soxfan said:
My wife's cousin is an MLB pitcher, and the first thing he did after being signed was hire a financial manager. Not just an advisor, a full blown manager. The manager gives him a healthy allowance each month to "play" with (roughly 25% of his salary), pays all his bills (roughly 20% of his income), and invests the rest. Pretty smart move, as the MLB career of an average pitcher is not terribly long.
Click to expand...

Childhood friend of mine pitched in the Majors for a few years and did exactly the same thing. He's not rolling in cash, but he'll be comfortable for the rest of his life because he's not a fucking retard.
 
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