60% of NBA players are broke after 5yrs of retirement.

[footluva]

i can believe this number to be true because if you aren't a "household name" than really nobobys gonna remember you.

shaq for an example has a club and/or restaurant in one of the major las vegas hotel/casinos and c. webb has a nice little sports bar in sactown. jordan has jordan(obviously) and a car dealership here in maryland(glen burnie i think).

those are just a few but for those 3 that i named i bet that it's like 10-15 players that don't have shit to fall back on except a big ass bank account and car insurance(hopefully these dumb ass fools paid for their shit straight up), child support/s(which they should try to get that reduced once they stop working), mortgage(depending on who you are you better have paid that up front and said fuck that financing) and some other expences.

i never like to see a n*gga fall, good luck to them n*ggas....



"I RICH BITCH!!!!!

 

[BUMBAY DA DOGG]

What do you expect when you got white accountants,agents,lawyers and their friend robbing you daily when you gotta try to win a championship !!!

Co-Sign!

 

[footluva]

They all want to live that nice lifestyle. If it were me... I wouldn't dare have jewlry... waste of money... but yeah I'd probabably have a few homes. I have no idea why they are paying mortgages they can afford to buy stuff out right.

i said the same thing, of course depending on who you are.

 

[FlatbushNicca]

That is why this brother did what he had to do!!!!!!!!

Ray Carruth.......
3 hots and a Cot!!!!!!!!!

 

[Dannyblueyes]

If I were making NBA dollars I would only save enough to live in a one bedroom apartment for 5 years and enough to finish my education. By the time I got finished I'd be back making that big money again.

In the meantime I would want all the cars, money, houses and illegitimate children I could produce. No sense living like you're poor when your not

 

[nick177th]

It doesn't surprise me. It's the same in the military. and I imagine in many other professions. It amazes us because these guys make so much money but, spending patterns and lifestyles are relative. Poor financial planning is poor financial planning. I used to work with a guy who was friends with a guy who used to play Major League Baseball. He used to play centerfield for the Kansas City Royals. Not a utility player. An all-star center fielder. he told me that his friend's accountant told him if he kept his spending and expenses under 80,000 a month, he wouldn't have to worry about ever having another MLB contract and he could live the rest of his life off of what he has invested. Dude couldn't do it. Now 80,000 doesn't sound like a whole lot does it? But, I'm talking about 25 years ago. By the way, that very night me and my boy had this converstation, his boy flew him up to Toronto for a party he was having and had him back to work by the next afternoon. There's a song called "Glamour Profession" by a group called Steely Dan. it's about the NBA. Check it out if you get a chance.

 

[reven evom backwards]

Most of these athletes have the mentality that "you only live once" and "you can't take it with you".

 

[nick177th]

They all want to live that nice lifestyle. If it were me... I wouldn't dare have jewlry... waste of money... but yeah I'd probabably have a few homes. I have no idea why they are paying mortgages they can afford to buy stuff out right.

I understand what you're saying Bruh but, cats with money NEVER use their own money to buy stuff. That's how the rich get richer. Let's say you buy a house for 4.5 million on a 30 year mortgage. And you pay cash for it. How much money has that 4.5 mil made for YOU? Nothing. you just used it to buy that house. Now If you borrow that 4.5 mil at say 5%, and invest that 4.5 you were gonna buy the house with and make 10 or 15% over the next 30 years, that money is working for YOU. Even if you did it in simple interests terms as opposed to compound interest, you've made between 450,000 and 675,000 on your money. Trust and believe it would be a lot more than that. I just used simple interest. Rich folks never use their own money to buy stuff.

 

[911crosshairs]

No EDUCATION,No Common Sense,Multiple Kids out of wedlock,Posse of 10 or more,Hanging at bars/clubs that you DON'T own,Cars,Jewelry,Houses that aren't paid for = Broke in LESS than 5 YEARS.

 

[MCP]

Sure seems to be a lack on condoms available to those NBA players.

 

[nick177th]

If I were making NBA dollars I would only save enough to live in a one bedroom apartment for 5 years and enough to finish my education. By the time I got finished I'd be back making that big money again.

In the meantime I would want all the cars, money, houses and illegitimate children I could produce. No sense living like you're poor when your not

Okay, so how would you pay for those cars , houses, and children until you got back in the big money if you only save enough to live in a one bedroom apt and pay for your education?

 

[Boobie_Clark]

Atleast there are players with their head on straight, such as Eddie Robinson...

http://www.npr.org/templates/story/story.php?storyId=7239948

One particular player on the team is a constant reminder of that desire. Eddie Robinson played for the Charlotte Hornets for two years before signing on with the Chicago Bulls. That contract paid him $32 million a year. At the age of 24, he was set. He did what many instantly rich players do: bought his mom a house, bought himself a silver Bentley, and built a gym for underprivileged kids back in his hometown. He hired a financial team that Robinson says also invested his money and put him on a budget of $1,000 a month.

"That's after all my bills are paid. I have like that much money to do anything with," he says.

But in 2004, Robinson broke his foot. He's been out of the NBA since then trying to heal. His comeback attempt has brought him to the Idaho Stampede, where he's become a kind of basketball Yoda to his teammates. He imparts wisdom about life in the NBA and about the winner-take-all economics at the top level. He doesn't need the salary he makes in the development league, so he sends it all to his family in Michigan.
"I'm not really here for that – you know – financial money," he says. "I mean, I love playing basketball and… this is the league that's going to get me back to the next level."

 

[AntiguanSexx]

Atleast there are players with their head on straight, such as Eddie Robinson...

http://www.npr.org/templates/story/story.php?storyId=7239948

One particular player on the team is a constant reminder of that desire. Eddie Robinson played for the Charlotte Hornets for two years before signing on with the Chicago Bulls. That contract paid him $32 million a year. At the age of 24, he was set. He did what many instantly rich players do: bought his mom a house, bought himself a silver Bentley, and built a gym for underprivileged kids back in his hometown. He hired a financial team that Robinson says also invested his money and put him on a budget of $1,000 a month.

"That's after all my bills are paid. I have like that much money to do anything with," he says.

But in 2004, Robinson broke his foot. He's been out of the NBA since then trying to heal. His comeback attempt has brought him to the Idaho Stampede, where he's become a kind of basketball Yoda to his teammates. He imparts wisdom about life in the NBA and about the winner-take-all economics at the top level. He doesn't need the salary he makes in the development league, so he sends it all to his family in Michigan.
"I'm not really here for that – you know – financial money," he says. "I mean, I love playing basketball and… this is the league that's going to get me back to the next level."

 

[AntiguanSexx]

I don't Feel sorry for none of these fools...

I just laugh @ them...

 

[DAYNE]

I understand what you're saying Bruh but, cats with money NEVER use their own money to buy stuff. That's how the rich get richer. Let's say you buy a house for 4.5 million on a 30 year mortgage. And you pay cash for it. How much money has that 4.5 mil made for YOU? Nothing. you just used it to buy that house. Now If you borrow that 4.5 mil at say 5%, and invest that 4.5 you were gonna buy the house with and make 10 or 15% over the next 30 years, that money is working for YOU. Even if you did it in simple interests terms as opposed to compound interest, you've made between 450,000 and 675,000 on your money. Trust and believe it would be a lot more than that. I just used simple interest. Rich folks never use their own money to buy stuff.

 

[sgtmal]

damn

 

[bigblackafrica]

to each their own. but you know what i'd be interested in finding out info on: how these numbers break down by race.

a few anecdotal observations:

the majority of white ballers i hear about live comfortable lives. decent size home, a few cars, which are usually very nice everyday cars. they hang out at bars and lounges, where drinks are affordable.

black ballers get extravagant homes, extravagant cars, and hang out in clubs, where there's a 300% markup on drinks. a lot of black ballers also invest a lot of money in jewelry.

 

[sirwoodz]

this is really not that surprising especially after reading those stories about kenny anderson and jason caffey..

 

[harlem1nyc]

This is so wrong.....does this dick realize these dudes get a pension.....they could never be broke...never!!

 

[bigblackafrica]

This is so wrong.....does this dick realize these dudes get a pension.....they could never be broke...never!!

you're mistaken. pensions ain't shit. this year alone all these old heads were cryin' about the pensions.

but what you have to remember, is that even if you're getting a pension at 10k a month, these cats are carrying debt and expenses at 50k a month

 

[da_monumental_1]

My cousin played for the Colts and was LT's roommate at UNC-Chapell Hill. His first years salary he paid for a McDonald's franchise. Two years later, another Mickey D and Burger King. He then took a percentage of his profits and purchased his first hotel. I think he owns about 5 or 6 Marriott/Fairfield Inns. You'd think he would stop there. He started a development firm awhile back targeting urban areas. You'd think my great aunt and uncle would do like some parents and sit back and collect a monthly check. Nope. They still worked until they both retired. Hell, his father is in better shape at age 70 than most men my age.

To the above posters talking about pensions. It's not much. Another guy from my hometown who played in the NFL just started getting his. He only gets around 60K a year. In the scheme of things, that's not really much. Especially not in the ATL or any other large metropolitan area.

 

[BDR]

My cousin played for the Colts and was LT's roommate at UNC-Chapell Hill. His first years salary he paid for a McDonald's franchise. Two years later, another Mickey D and Burger King. He then took a percentage of his profits and purchased his first hotel. I think he owns about 5 or 6 Marriott/Fairfield Inns. You'd think he would stop there. He started a development firm awhile back targeting urban areas. You'd think my great aunt and uncle would do like some parents and sit back and collect a monthly check. Nope. They still worked until they both retired. Hell, his father is in better shape at age 70 than most men my age.

To the above posters talking about pensions. It's not much. Another guy from my hometown who played in the NFL just started getting his. He only gets around 60K a year. In the scheme of things, that's not really much. Especially not in the ATL or any other large metropolitan area.

Bruh 60k a yr in pension for doing absolutely nothing is great. Honestly most athletes don't think like your cousin.

Trust in my 1st 3 yrs as an 1st round NBA player I would own a couple of fast food franchises too along with some dunkin donuts spots. By the time of projected retirement from the league I would already be a business mogul. Please you keep that continuation of income for yourself and family for generations to come.

 

[Diamels]

Sometimes the biggest "hoes" asking for money would be your mother or sister or other family members...

 

[drewdog7373]

Sometimes the biggest "hoes" asking for money would be your mother or sister or other family members...

So true. When a player enters the NBA there primary focus should be winning the NBA Championship. Not bailing out family members from jail, paying for your sisters education and she is funking out of school, paying mortgages.
If you focus on that goal more money should come. 60 percent of NBA players are playing checkers not chess.

 

[Complex]

Why is it that some of you believe every story posted on the internet

 

[elchoccolatte]

I just HOPE it's not all Bro's...

 

[leakdog]

these cats need to google 'the millionaire next door' to learn how to manage their money and stop acting like lottery winners which they actually are when you think about it.

 

[nick177th]

Bruh 60k a yr in pension for doing absolutely nothing is great. Honestly most athletes don't think like your cousin.

Trust in my 1st 3 yrs as an 1st round NBA player I would own a couple of fast food franchises too along with some dunkin donuts spots. By the time of projected retirement from the league I would already be a business mogul. Please you keep that continuation of income for yourself and family for generations to come.

That's the difference in being rich and being wealthy.

 

[nick177th]

Why is it that some of you believe every story posted on the internet

The % may not be accurate my Brother but, the content of the story is right on the button. As I said earlier, this scenario probably holds true in most professions. I know for a fact it does in the military. It's not about how much you make, it's about how much of it you walk away with. I got started late but, I got started none the less. Worst case scenario, what ever wealth I'm able to accumulate will be passed onto my two sons. Best case scenario, I'll be able to supplement my pension with my income off of my investments. The vast majority of people work for their money. Keep youe expenses down, minimize what you use as disposable income, and make your money work for YOU. that is the part most people don't get. You have to think 30 years down the road. Even if you don't amke a lot of money, the biggest invest ment you can make is educating your children about wealth. My credit union allows you to start an investment plan for as little as 50 bucks a month. (something is better than nothing). My Grandson is 18 months old. My son has already started HIS sons investments. I'm not knocking anyone for buying a Bentley or what have you. Even a Bentley depreciates though. Money ina savings accout depreciates (inflation). But money invested well does not.

 

[Mr chase]

lol

 

[royal]

Colin Powell alert!


this was first brought to me, Sunday during the closing statements on espn's Sports Reporters when one of the guest mentioned that latrell sprewell was broke.........I was like what....it wasn't surprising because i always looked at him as dumn nga and where many young ngz acted like he was rich because them rhems---from my understanding he didn't nor doesn't own the patent for the rhems, nor was that his investment correct me if i'm wrong...........


but the lady on sports reporters reported that he had a house being foreclosed, several cars had been auctioned, etc... this was da same man he turned down a multi million dollar contract talkn bout he has to feed his family........

when i read this post, i thought their just trying to make young black kids look stupid---to say 60% are broke after 5 years of retirement. I understand musicians because they get faulty contracts, don't own publishing, masters, etc...But, atheletes get assured money, their shyt doesn't have to be recouped. they get signing bonuses not 1 million dollar advances like musicians that have to be paid back and double taxed. but after speaking with a friend he reminded me that the majority of nba players don't get these multi-million dollar contracts like kobe, shaq, lebron, etc..... nevertheless they all make more than the average doctor. 60% sounds a lil fraudulent but not making proper investments and having 40 luxury cars with special features doesn't help, also all the homes. he told me of one nba player he knows who's contract was a lil over a million a year. not a big named player. anyway this guy has 7 houses. 2 are his, he bought houses for his mom, friend, etc... he only has 3 kids (not much compared to many atheletes) but 3 different baby mama's. to make a long story short he paying out too much money. he bought 1 baby mom a house to sort of shut her up but she's still banking big off him, he lives da life, messn with strippers , partying big, etc.... he has a couple bentley's and shyt. soon as this guys career is over, he'll be broke within 3 years.

somebody in this thread mentioned hockey players driving average cars....that's real. back in school i worked at country club, my boss told me u had to make like $500,000 a yr to get in or through a family member. but they had very expensive membership fees. dont get me wrong u had your cracka'z pushn big boy benz's, lexus, bmw's but u had several pushn explorer's, honda's, toyota's, etc.... dem conservative mofo'z loved them damn fords, and lincolns.

if u are a superstar then buy a bentley, but if u don't have no multi-million dollar contract i don't see the point. ngz ain't never had shyt, a $70,000 benz is good enough until you reap from investments.

 

[Diamels]

Hey Mike Tyson made like $300,000,000 over his career and he is broke now, in HEAVY debt. So yeah the money can get away from you...

 

[GeeZnu]

its kinda sad for them to be so high then drop so low . you gotta surround yourself in good people and give all those yes men jobs.

 

[GeeZnu]

Hey Mike Tyson made like $300,000,000 over his career and he is broke now, in HEAVY debt. So yeah the money can get away from you...

yea when he buying lions and tigers and shit

 

[jagu]

I understand what you're saying Bruh but, cats with money NEVER use their own money to buy stuff. That's how the rich get richer. Let's say you buy a house for 4.5 million on a 30 year mortgage. And you pay cash for it. How much money has that 4.5 mil made for YOU? Nothing. you just used it to buy that house. Now If you borrow that 4.5 mil at say 5%, and invest that 4.5 you were gonna buy the house with and make 10 or 15% over the next 30 years, that money is working for YOU. Even if you did it in simple interests terms as opposed to compound interest, you've made between 450,000 and 675,000 on your money. Trust and believe it would be a lot more than that. I just used simple interest. Rich folks never use their own money to buy stuff.

First, you can't get a jumbo loan for less than 7.0% and the closing cost of a jumbo loan quite high and sometimes prohibitive.

Second, they can only deduct up to 100k of interest on the mortgage and it has to be their primary place of residence, not investment home or vacation home

Third, did you consider that they have to pay capital gains tax on the investment income that you mentioned.


I am just saying it doesn't always work out that perfectly. If you really have the money, buy it out right. They shouldn't be stepping up to those type of homes if they can't AFFORD it.