Clinton Portis, great human being, contemplated murder after NFL Career

[insane4theskinsi]

Originally Posted by htownskinfan

I didnt realize he had lost all his money and is now living in a 2 br apt,WOW
You'd think that as close as I heard he was to Dan that dan would hook him up better then that

he came out a few months ago that he was not broke,but had to cut back some.that was last i heard of it until this story came out.

[Schneed10]

I echo the sentiments that you have to be a moron to lose this much money.

I don't know about the rest of you guys but we covered basic budgeting and the differences between savings accounts, bonds, stocks, mutual funds, all that stuff in high school.

Every adult should know there are safe vehicles to park your money. Once you've "made it", where someone has given you millions to sign a contract to play football, you should be looking to protect that nest egg, not put it at risk.

Assessing risk is just a matter of basic common sense. Sure it happens to veterans and rookies alike but I still think you have to be an idiot to let it happen to you.

[skinsfan69]

Originally Posted by Schneed10

I echo the sentiments that you have to be a moron to lose this much money.

I don't know about the rest of you guys but we covered basic budgeting and the differences between savings accounts, bonds, stocks, mutual funds, all that stuff in high school.

Every adult should know there are safe vehicles to park your money. Once you've "made it", where someone has given you millions to sign a contract to play football, you should be looking to protect that nest egg, not put it at risk.

Assessing risk is just a matter of basic common sense. Sure it happens to veterans and rookies alike but I still think you have to be an idiot to let it happen to you.

I'm guessing that you come from a background different from Portis. It's easy for YOU to say this when you grew up on a different side of the railroads tracks then a lot of these guys. You can't put yourself in someone's shoes until you're actually in them.

I'm guessing you don't think Joe Gibbs is an idiot but he put himself and his family in a terrible situation as well.

[Schneed10]

Originally Posted by skinsfan69

I'm guessing that you come from a background different from Portis. It's easy for YOU to say this when you grew up on a different side of the railroads tracks then a lot of these guys. You can't put yourself in someone's shoes until you're actually in them.

I'm guessing you don't think Joe Gibbs is an idiot but he put himself and his family in a terrible situation as well.

But there's a major difference between Gibbs and Portis, and you know it. Portis exposed his money to major downside risk after he was done playing. Meaning the golden goose was dead, he couldn't go back to the NFL to earn another big pay day, his prime was gone. He had a nest egg built up, and no significant skills to fall back on. Yet still exposed his money to great risk.

Gibbs was not in that position - as a coach he always knew he could get another head coaching job when he wanted. And proved it, by the way.

But I hear your point - the background matters. His lack of foresight here points to a) few strong role models in his life who showed him how to think critically and b) a straight up lack of intelligence that hampered his ability to do so independently. But at the same time, Portis went to college. He got tutored so he could stay eligible. He's been exposed to some smart people and no doubt has gotten strong guidance along the way, including advice made available through the NFL and NFLPA. Given those resources available to him I have a hard time understanding how he let this happen to him.

[Giantone]

Originally Posted by Schneed10

But there's a major difference between Gibbs and Portis, and you know it. Portis exposed his money to major downside risk after he was done playing. Meaning the golden goose was dead, he couldn't go back to the NFL to earn another big pay day, his prime was gone. He had a nest egg built up, and no significant skills to fall back on. Yet still exposed his money to great risk.

Gibbs was not in that position - as a coach he always knew he could get another head coaching job when he wanted. And proved it, by the way.

But I hear your point - the background matters. His lack of foresight here points to a) few strong role models in his life who showed him how to think critically and b) a straight up lack of intelligence that hampered his ability to do so independently. But at the same time, Portis went to college. He got tutored so he could stay eligible. He's been exposed to some smart people and no doubt has gotten strong guidance along the way, including advice made available through the NFL and NFLPA. Given those resources available to him I have a hard time understanding how he let this happen to him.

As Matty said people from all different walks of life have made mistakes with money.You make it sound like just becuase he went to college he should have known better and I must correct you.I know a Rhodes scholar that went bankrupt.Wall street is full of dead bodies of people that should have known better what to do with their own money.

[sdskinsfan2001]

If you have 10 million bucks and put it in a 1% savings account thats 100k in interest. Way more than i make in a year and very livable.

I don't get why athletes all feel the need to invest. Sit on that shit. Or at least a huge chunk of it.

[Chico23231]

Ultimately if I was given enormous amounts of money in my early 20s I think the impacts of my parents and how I raised would have blunted the impact of losing large amounts of wealth.

But I can say easily without that, I would have lived the rick James life in the Chappell show with about 50 baby mamas and cocaine would still be a hellavu drug.

[MTK]

People from all walks of life make mistakes when it comes to money.

[Schneed10]

Yes it is. It's very hard for me to understand. If you can understand it then you might be the idiot.

[Giantone]

Originally Posted by Schneed10

Yes it is. It's very hard for me to understand. If you can understand it then you might be the idiot.

Only an idiot couldn't understand.


https://addicted2success.com/success...o-lost-it-all/


70% of Rich Families Lose Their Wealth by the Second Generation | Money

[Schneed10]

Are you trying to tell me 70% of Earth's population aren't idiots? Because I sure as hell ain't buying that one.

[Giantone]

Originally Posted by Schneed10

Are you trying to tell me 70% of Earth's population aren't idiots? Because I sure as hell ain't buying that one.

Not what it says ,so keep up.


All anyone is saying is that it's easier than you think to lose your money and even very smart educated people have lost it all. These people lost lots of money and all thought they were doing the right thing.


Madoff's Victim List - The Wall Street Journal



The people that had their money here are so thought they had done the right thing......
https://en.wikipedia.org/wiki/Bankru...ehman_Brothers

[Schneed10]

Originally Posted by Giantone

Not what it says ,so keep up.


All anyone is saying is that it's easier than you think to lose your money and even very smart educated people have lost it all. These people lost lots of money and all thought they were doing the right thing.


Madoff's Victim List - The Wall Street Journal



The people that had their money here are so thought they had done the right thing......
https://en.wikipedia.org/wiki/Bankru...ehman_Brothers

OK well you're naming two things that are EXTREMELY different than what happened to Portis.

Lehman Brothers exposed itself so greatly to the mortgage crisis that it sunk the entire ship, and that turned out to be reflective of disingenuous practices fostered by ignorance of the problem at the Treasury department under Bush. So yeah lots of smart people lost money on that deal because the oversight was lacking.

Portis flat out gave his money to a con man, like Madoff. But the guy Portis gave his money to couldn't boast credentials like former chairman of the NASDAQ, like Madoff could. If you can't tell the difference from the jump then I'd suggest you shouldn't be making your own financial decisions. You should be putting it into passively managed funds, or entrusting it to a licensed broker with instructions that preservation of capital is priority one.

There's losing your money, and then there's doing what Portis did. Your comparisons are not even close to apples & oranges.

[mooby]

Originally Posted by Schneed10

OK well you're naming two things that are EXTREMELY different than what happened to Portis.

Lehman Brothers exposed itself so greatly to the mortgage crisis that it sunk the entire ship, and that turned out to be reflective of disingenuous practices fostered by ignorance of the problem at the Treasury department under Bush. So yeah lots of smart people lost money on that deal because the oversight was lacking.

Portis flat out gave his money to a con man, like Madoff. But the guy Portis gave his money to couldn't boast credentials like former chairman of the NASDAQ, like Madoff could. If you can't tell the difference from the jump then I'd suggest you shouldn't be making your own financial decisions. You should be putting it into passively managed funds, or entrusting it to a licensed broker with instructions that preservation of capital is priority one.

There's losing your money, and then there's doing what Portis did. Your comparisons are not even close to apples & oranges.

To be fair Portis' money managers were both certified/qualified by the NFLPA. It raises an interesting point about the NFLPA's vetting process though.

[Giantone]

Originally Posted by Schneed10

OK well you're naming two things that are EXTREMELY different than what happened to Portis.

There's losing your money, and then there's doing what Portis did. Your comparisons are not even close to apples & oranges.

Maybe but the point is the same.People ,smart educated people lose money as well as others do.Yes maybe in different ways .Portis trusted someone else with his money just as these people did.