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How Antoine Walker blew through $110 million

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if I had 110M, I'd stick it into a bank and live off the interest

not the best way to make money, but definitely enough to live off of
 
Originally posted by: SludgeFactory
It's not only more common than you think, it's the norm. (Well, maybe not squandering a whole $110M). I hate the word "unbelievable" because it's become so overused, but this is almost unbelievable to me:

? By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

? Within five years of retirement, an estimated 60% of former NBA players are broke.

Source

They throw it away, spend like the checks will never stop coming, try to spend at the level of far richer teammates to impress them, let leeches (friends & family) bleed them dry, get divorced and taken to the cleaners, get scammed by financial advisors overcharging and stealing several percent from their investments, "invest" in multiple hare-brained business ventures that fail miserably, "invest" in opportunities that turn out to be scams that target rich athletes, etc etc.

The fact that so many of these guys come from the streets, where you either are hustling people, are getting hustled, or know enough to stay out of it altogther, and yet get swindled for *millions* just amazes me.

They don't do 401k, bonds, hedge funds, mutual funds, annuities, that's too boring. Go big or go home. :roll:
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I don't have any numbers for it, but I can't believe how many professional athletes live paycheck to paycheck.
 
Someone I know saw a bungalow at the Bellagio that Walker stayed in earlier that day. He said it was filled with porn and used condoms.
 
the NBA is hilarious. There might be a lockout but the players will have absolutely no leverage since 80% of them can't function without their paychecks.

Why the fuck none of these guys put away at least a couple million is beyond me. The stupidity is quite impressive
 
Originally posted by: SludgeFactory
Also ran across this a few weeks ago, it turns out that Rumeal Robinson (remember him?) blew through all his NBA money, albeit a paltry $5M, on strippers, guns, and cars, and was bankrupt in '97 while still in the NBA, and has been a scammer pretty much ever since. He did enough fraudin' to get the FBI after him, and recently tricked his adoptive mom into signing her house over to him.

What a POS.
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Remedial Robinson?

Shocking.
 
even the absolute worst interest rates would equate to millions per year to live off of

while it pisses me off that people that stupid are given that much money, at the same time at least the money is being pumped back into the economy
 
Originally posted by: bunnyfubbles
even the absolute worst interest rates would equate to millions per year to live off of

while it pisses me off that people that stupid are given that much money, at the same time at least the money is being pumped back into the economy
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It's not like they gave him a lump sum check of $110 million tax free. $110 million was the sum of his contracts throughout his career. Subtract about half of that from taxes, and you're looking at around $55 million over the life of his career. Also NBA players are paid bi-weekly, and only during the NBA season. So yea the guy is really stupid to blow through all that money, but he wasn't going to be earning millions per year off of interest.
 
I could care less about his spending habits, he will suffer consequences from his own actions.

In fact, the more money he spends, the better it is for the economy.

 
Originally posted by: shortylickens
I long ago promised myself that if I ever came into an ass load of money, the very first thing I'd do is hire a financial councilor.
WAAAAYYY too many movie stars, athletes, and lotto winners end up in the poor house. I guess if you dont earn it, you dont respect it. Money is like any other sort of power, it comes with great responsibility, and if you cant handle it you will be surprised one day to wake up and find it gone.
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Why not save yourself the agony and confusion and just dump all of the money into a 5 year Certificate of deposit or treasury bonds? It's simple as pie and you don't have to worry about anybody taking a piece of that pie because it'll be illiquid. (No people asking you for money cause you don't have any to give out since it's tied up) While it may not earn you the very best rate, it'll give you peace of mind and you'll earn a decent enough return rate.
 
Originally posted by: Imdmn04
I could care less about his spending habits, he will suffer consequences from his own actions.

In fact, the more money he spends, the better it is for the economy.
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But he's spending money that doesn't exist. At the end of the day, someone gets left holding the bag and it ain't him.
 
Originally posted by: God Mode
Good. Better than throwing it in a bank and sitting on it until you're too old and miserable to spend a dime of it. You only live once and I like to see rich people stimulate the economy like this.
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Bankruptcy doesn't quite "stimulate the economy." Spending does, but he would have done more for the economy if he spent his money intelligently and invested some of it, earned dividends and created revenue streams for himself. Ask yourself what's a better legacy: a set of trusts and funds or a pile of unpaid debts?
 
Originally posted by: fleabag
Originally posted by: shortylickens
I long ago promised myself that if I ever came into an ass load of money, the very first thing I'd do is hire a financial councilor.
WAAAAYYY too many movie stars, athletes, and lotto winners end up in the poor house. I guess if you dont earn it, you dont respect it. Money is like any other sort of power, it comes with great responsibility, and if you cant handle it you will be surprised one day to wake up and find it gone.
Click to expand...

Why not save yourself the agony and confusion and just dump all of the money into a 5 year Certificate of deposit or treasury bonds? It's simple as pie and you don't have to worry about anybody taking a piece of that pie because it'll be illiquid. (No people asking you for money cause you don't have any to give out since it's tied up) While it may not earn you the very best rate, it'll give you peace of mind and you'll earn a decent enough return rate.
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Well stated sir.

 
Originally posted by: Udgnim
if I had 110M, I'd stick it into a bank and live off the interest

not the best way to make money, but definitely enough to live off of
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yup, you'll just have to scatter it across 440 banks to keep it safe. esp as of late.
no problem there.
 
I'd just donate a huge portion of it to charity, divide it among my family and friends, and keep probably 2-3 million for myself to live off of the interest. I'd keep working my same job, stay in my same house, keep the same cars, but probably eat a little better. I'm happy how I am and don't need to change anything. Sure, I'd buy some stuff and so would my wife, but we wouldn't make any major life changes revolving around the money. That's why people go broke.
 
Originally posted by: ric1287
the NBA is hilarious. There might be a lockout but the players will have absolutely no leverage since 80% of them can't function without their paychecks.

Why the fuck none of these guys put away at least a couple million is beyond me. The stupidity is quite impressive
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They're not playing professional sports because of their grades in school.
 
Originally posted by: Marlin1975
This happens more then people think.
I remember the guy who was famous for doing the icky shuffle (I think for the browns) blew all his money and had to sell meat door to door to support a lot of kids.
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At least he didn't sell his meat for a video card.
 
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