Why do so many NFL players go bankrupt?

[53Fan]

I can understand Schneed's point. Some, not all, of these guys just blew their money without any intelligent thought whatsoever. If I blew millions of dollars I'd feel like a complete dumbass.

[CRedskinsRule]

Originally Posted by 53Fan

I can understand Schneed's point. Some, not all, of these guys just blew their money without any intelligent thought whatsoever. If I blew millions of dollars I'd feel like a complete dumbass.

And I would enjoy doing it!!!

See, this is why your idea of comparative research makes a lot of sense. We both get 2Mill, and then the Warpath can gauge how well we do over the next 5 years.

[53Fan]

Originally Posted by CRedskinsRule

And I would enjoy doing it!!!

See, this is why your idea of comparative research makes a lot of sense. We both get 2Mill, and then the Warpath can gauge how well we do over the next 5 years.

I'm all for it!

GMScud makes a good point, learning from your mistakes shows intelligence. Unfortunately these guys will probably never be able to regain their level of monetary value once their careers have ended. They were fortunate enough to have been involved in an enterprise that pays extremely well that is now over for them. Let's be honest, not many of them are capable of making that kind of money any other way.

[tryfuhl]

You know how when you break a 100 dollar bill it fades away quickly? Lunch here.. socks and underwear there, dinner, whatever.. all of a sudden you're left with 10 bucks and nothing significant? They just do it on a much bigger scale.

[Trample the Elderly]

1) Eight baby's mummas

2) Cocaine

3) Booze

4) Gambling

5) Spinning rims on their toaster ovens

6) Just being stupid.

I think that about narrows it down. Actually, you can probably roll them all up into just being stupid.

[tryfuhl]

it was just toasters.. if you're referring to the chris rock joke

[Trample the Elderly]

Originally Posted by tryfuhl

it was just toasters.. if you're referring to the chris rock joke

They spinnin! They spinnin!

[DBUCHANON101]

Originally Posted by Trample the Elderly

They spinnin! They spinnin!

Here ya go Shaq, go buy yourself a jumping car.....Bling Bling

[Dirtbag59]

Originally Posted by DBUCHANON101

Here ya go Shaq, go buy yourself a jumping car.....Bling Bling

Shaq allegedly has a mistress in every NBA city that he's set up with an allowance and place to live. That can't be good for his financial situation. It's funny how we complain about people who make a living playing sports but now when I look at them since yesterday I think man, that guys probably going to be broke in a few years.

Especially with inflation. For example Joe Namath made $400,000 back in the 60's. That comes out to around $2.2 million today but I find it hard to imagine that Namath was much of a saver. Ironically George Best who was featured in the 25 article was very similar to Joe Namath. First real celebrity athlete in England that loved women, or as he put it while showing up drunk on a late night talk show "I love to screw." He was also an alcoholic except unlike Namath, Best died before he could complete rehab.

Either way it's crazy. By the time I die the entry level salary for most jobs will probably be around $100,000.

[diehardskin2982]

most atheletes don't know where their money is, let alone know what its doing because they don't understand money. The investment advisors they use are hired by the agents or are the agents themselves. So it is already a conflict of interest. They look to trust "exesperts" to make their money grow but end up being sold a bad business deal. Losing it all from embezzlement, and end up in tax trouble because the people they trust as accountants don't file their stuff correctly.

Did you know that there are companies that make it their business to sell business deals to atheletes and lottory winners. There is a lot of corruption and theft that occurs to people who come into fast money because they trust the wrong people.
I used to be in the banking industry and there were some prominent players who kept hundreds of thousands of dollars in checking accounts. The bank is making millions off of them because noone would tell them that it would make more money in interest baring account.

Ignorance is very costly in that world.

[tryfuhl]

Originally Posted by diehardskin2982

most atheletes don't know where their money is, let alone know what its doing because they don't understand money. The investment advisors they use are hired by the agents or are the agents themselves. So it is already a conflict of interest. They look to trust "exesperts" to make their money grow but end up being sold a bad business deal. Losing it all from embezzlement, and end up in tax trouble because the people they trust as accountants don't file their stuff correctly.

Did you know that there are companies that make it their business to sell business deals to atheletes and lottory winners. There is a lot of corruption and theft that occurs to people who come into fast money because they trust the wrong people.
I used to be in the banking industry and there were some prominent players who kept hundreds of thousands of dollars in checking accounts. The bank is making millions off of them because noone would tell them that it would make more money in interest baring account.

Ignorance is very costly in that world.

firstdown hijacking accounts itt

[diehardskin2982]

^ Lol sorry tryfuhl, juggling a few things at work and I’m not the best speller.

[NYCskinfan82]

Give me their money i will show you how to keep it.

[SirClintonPortis]

Intelligence is not a measure of "knowledge". So, can people stop using examples of athletes not "knowing" what to do with money as a lack of "intelligence" when it is in fact a case of being ignorant. They may be "slower" in figuring things out and thus are less "intelligent" in that sense, but simply not knowing how to balance a budget is a problem of ignorance.

[Schneed10]

Originally Posted by SirClintonPortis

Intelligence is not a measure of "knowledge". So, can people stop using examples of athletes not "knowing" what to do with money as a lack of "intelligence" when it is in fact a case of being ignorant. They may be "slower" in figuring things out and thus are less "intelligent" in that sense, but simply not knowing how to balance a budget is a problem of ignorance.

This is a great point, ignorant is a good word.

Despite my finance background, I'm even ignorant of the best way to manage $100M. Difference is, I'm smart enough to know that I need to learn more about it before I go giving any money to people.