Out of curiousity what professional athletes have done really well with they money they earned? Didn't Magic Johnson leverage the money he made as an athlete into a serious fortune?
MotionMan
Lifer
- Jan 11, 2006
- 17,124
- 12
- 81
Yes, and Michael Jordan, too.
However, the majority of successes we will never hear of.
MotionMan
Gibsons
Lifer
- Aug 14, 2001
- 12,530
- 35
- 91
Barkley is apparently really wealthy, even though he spends quite a lot. I heard he has a bankroll of several million that he just never touches, blows everything over that. He's a little different though as he's still got good income from TV and endorsements.
I've heard Jordan was fairly smart with his money too.
Steve Young is a real estate mogul of sorts, so is Roger Staubach.
On the downside, look up Lenny Dykstra.
airdata
Diamond Member
- Jul 11, 2010
- 4,987
- 0
- 0
I can't quote the exact percentage but I read somewhere that something like ~50% of NFL players are broke when they're retired. They get signed and have no money management skills, don't know what taxes are, etc.
http://sports.yahoo.com/nfl/news?slug=ys-cnbcnflbankruptplayers013111
Last edited:
Originally Posted by dmcowen674 
I am thrilled to see this egomaniac broke
Bolded unprovoked personal attack
I am thrilled to see this egomaniac broke
Bolded unprovoked personal attack
Muse
Lifer
- Jul 11, 2001
- 40,868
- 10,221
- 136
Math was the first thing I figured out in school. Anyone with a grade school education would be able to balance a checkbook. But nowadays your bank does it for you online, so why even bother?
MotionMan
Lifer
- Jan 11, 2006
- 17,124
- 12
- 81
I disagree with the term "overnight wealth". It is not like they do not see the money coming for at least a year or two.
I think the unions and alumni organizations need to certify agents, managers and financial advisors (who, in turn, should be required to be insured) and REQUIRE the players to use only the certified and insured agents, managers and financial advisors (How they would require it is a discussion for another thread). Now THAT would be a good use of a union.
Also, agents, managers and financial advisors should be paid a flat fee of some kind at the time the services are rendered, but their "percentage" should be put in a trust and should only be paid out once the statute of limitations on any claims has run (or something like that).
There is just too much money involved to allow a player's mom or brother to manage a his money.
Muse
Lifer
- Jul 11, 2001
- 40,868
- 10,221
- 136
He was always the best built wide receiver in the game and from the time he was on the 49ers. I saw a bit of video of him from I think this year and he's still incredibly built. I don't know if he has the same speed that would enable him to be effective in the NFL but apparently he thinks he can.
MotionMan
Lifer
- Jan 11, 2006
- 17,124
- 12
- 81
Because you need to know what is going on - how they got to the end result.
If you were given a calculator in kindergarten, you never would have actually learned math. Once you learned basic math, you got a calculator because then the learning became about the formulas and thinking, and not the calculations themselves.
MotionMan
Muse
Lifer
- Jul 11, 2001
- 40,868
- 10,221
- 136
Mike Tyson is like that too, money just burns a hole in his pocket. See the documentary on him, what's it called, Tyson? Very well done documentary and amazing.
Not everyone is suited to "a real job," you know. I mean a guy like Tyson or TO, you can't see them doing that kind of thing. They'd probably rather starve than suffer the humiliation of flipping burgers for someone like you :biggrin:.
MotionMan
Lifer
- Jan 11, 2006
- 17,124
- 12
- 81
Muse
Lifer
- Jul 11, 2001
- 40,868
- 10,221
- 136
You've got to realize that some people aren't prepared for the weirdness, they're not grounded in the survival skills. Those life styles aren't conducive to developing those skills. Once they lose their balance, they can tumble badly and end up broke so damn easily, especially if anything they had going was leveraged, e.g. mortgages. Torpedo their careers (which are built on sand if they are recording artists or sports icons) and they are broke in no time. You can't be sympathetic? Well, you might have a problem or maybe you're not trying.
Muse
Lifer
- Jul 11, 2001
- 40,868
- 10,221
- 136
Ns1
No Lifer
- Jun 17, 2001
- 55,420
- 1,600
- 126
zzuupp
Lifer
- Jul 6, 2008
- 14,866
- 2,319
- 126
He can afford kitties?
I thought we was playing rat max, cockroach ante.
AFAIK. He does still supply the popcorn.
OutHouse
Lifer
- Jun 5, 2000
- 36,410
- 616
- 126
SunnyD
Belgian Waffler
To be fair (I've been loosely following the Rosenhaus story over the last year or so), Rosenhaus ... and Ruben ... is a scumbag. Basically look what happened to Dez Bryant when he came out of the draft. That should tell you just about everything you need to know about how Rosenhaus treats his paychecks.
Cuda1447
Lifer
- Jul 26, 2002
- 11,757
- 0
- 71
I'm surprised at so many people who are happy to see this. I classify TO the same as I classify Mike Tyson. I'm not surprised either are broke. I think its pretty clear both of them have some mental illnesses and I'm sure both of them have been taken advantage by others on numerous occasions.
All things considered... TO isn't a bad guy. He's not Aaron Hernandez or Ray Lewis or any number of other athletes that were caught cheating, drugs, weapon charges etc.
He's just a guy who is unstable, probably due to factors out of his control.
It's sad to see this, imo.
All things considered... TO isn't a bad guy. He's not Aaron Hernandez or Ray Lewis or any number of other athletes that were caught cheating, drugs, weapon charges etc.
He's just a guy who is unstable, probably due to factors out of his control.
It's sad to see this, imo.
SunnyD
Belgian Waffler
Actually, I think it's a good bit different than that. He's finally coming out of his "stage personality" and meeting real life. Why? Because for the longest time he was told by people like Rosenhaus, "Hey, TO, you just go sign these papers and make that money, and we'll make sure we take care of everything for you."
Look at how many professional athletes from the last couple of decades have gotten taken for this ride. Yeah, he was a bit more gullible than most because money can do that to people. But unstable? No. He was just never ever put in a position in his life where he had to make responsible decisions for himself, so he never new that he was being taken advantage of.
JTsyo
Lifer
- Nov 18, 2007
- 12,032
- 1,132
- 126
If you don't know or trust a financial planner why wouldn't you sign up with a big name firm or bank? It's not like this is the first time this is happening. If you're a pro-player you better know by now how those that are bad with their money end up.
dr150
Diamond Member
- Sep 18, 2003
- 6,570
- 24
- 81
I have no doubt he got fleeced by scheister "investment counselors" (Drew Rosenhaus should be sued for even recommending them--maybe he's in on the scam), but TO pays $45k/mo to his scammy "get pregnant" women.
You can't be that poor if you're spending $45k/mo. A judge could reassess his entire fortune and alter payments if TO was hitting hard times.
For TO, "broke" probably means only having $15 million....
No kidding. TO should have signed up with Goldman Sachs Private Banking and called it a day.
If I were TO, I'd sue the fuck out of Rosenhaus and those shady Saul-like "counselors".
You can't be that poor if you're spending $45k/mo. A judge could reassess his entire fortune and alter payments if TO was hitting hard times.
For TO, "broke" probably means only having $15 million....
No kidding. TO should have signed up with Goldman Sachs Private Banking and called it a day.
If I were TO, I'd sue the fuck out of Rosenhaus and those shady Saul-like "counselors".
Last edited:
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 22K
-
News NVIDIA and Intel to Develop AI Infrastructure and Personal Computing Products- Started by poke01
- Replies: 384
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
Facebook
Twitter