It's not what you make...it's what you keep.
60% of NBA players are broke after 5yrs of retirement.
- Thread starter Megatron X
- Start date
I just used 5% for the sake of argument my Brother. Even if you use 7% you can still make much more than that on the yield of your investment. And there are ways to get around capitol gains tax. I'm not following you on your second point. All I'm trying to say is don't let your money sit still. make it make money. I'm not an investment broker or a tax lawyer so I'm not sure about the intricacies of it. And your totally right on your point that I gave a "perfect world" scenario. I will say this though with total confidence. 4.5 mil (just using that number for the sake of argument) will yield you MUCH more dividends invested than sitting tied up into a house. Agree or disagree?
cosign. and what you DO keep, make it work for you. I'm suire most of you know this but, money sitting in a savings account loses you money twofold. number one, the "value" of your money goes down (inflation) and secondly, the loss opportunity to make money off that money. You make zilch off of a savings account.
I appreciate the respectful manner that you responded to me.I was expecting an all out assault, as is the case generally on this board
I am actually a real estate /corporate lawyer and I see your logic very well. Yes, 4.5 million can make a lot of money, but if 4.5mill is available to buy a great real estate property that will appreciate, you,re better off just buying it in cash if you really have the cash. I can discuss this forever.
Remember, that the property itself appreciates too.
its like that because most of us/them come from poverty stricken homes and neighborhoods. so when they get some money, especially NBA money them n*ggas lose their mind. most of those cats that come out of school early(or high school when it was allowed) dont come from families with money like that. Kobe Bryant and Chris Webber(even though he came out early but i think he was frustrated after the timeout...i'm still hurt by that and UNLV losing to duke) are 2 that i know that their families had money. most of the cats who come from families with money stay in college for the whole 4yrs, look at Joakim Noah and Grant Hill. those 2 stayed for all 4yrs cause they were set even if basketball didnt help them.
its really a cultural difference, i mean look at how Mayweather lives and look at how Hatton lives and i quite sure Hatton has made some money from his 44 fights.
I appreciate the respectful manner that you responded to me.I was expecting an all out assault, as is the case generally on this board
I am actually a real estate /corporate lawyer and I see your logic very well. Yes, 4.5 million can make a lot of money, but if 4.5mill is available to buy a great real estate property that will appreciate, you,re better off just buying it in cash if you really have the cash. I can discuss this forever.
Remember, that the property itself appreciates too.
Point taken. You're right again. I didn't leave appreciation on the property out of the equation to the strengthen my point but, I'm not that well versed in that aspect. The part I don't understand is that if equity is built up in the properties, then why don't these guys use it to offset some of there other debts? Anyway, we both agree that financial planning is the way. I'm sure thses guys get financial planning seminars and so forth for free through the NBAPA. Wow, such wasted opportunities.
I think they become instant squandermaniacs, coupled with the fact that they surround themselves with dishonest advisers who only care about their own pockets.
Really, this is common sense. Someone with the low level of sophistication that they have can actually manage the money on their own. Live within your means, pace yourself and your money and do some low risk investments and they will be set for life.
For example if one makes 5 mil a year for 10 years of their career. They should budget it as if they have 50 years to spend that money, but these idiots blow it in that same year that they earn it as if they'll be making that kind of money forever.
Really, this is common sense. Someone with the low level of sophistication that they have can actually manage the money on their own. Live within your means, pace yourself and your money and do some low risk investments and they will be set for life.
For example if one makes 5 mil a year for 10 years of their career. They should budget it as if they have 50 years to spend that money, but these idiots blow it in that same year that they earn it as if they'll be making that kind of money forever.
You son!! You heard that new group!!!
I posted the article on the sports forum more than 2 weeks ago. http://www.bgol.us/board/showthread.php?t=235526
***EDIT***
Different article but similar content.
What does being remembered have to do with the income you bring in?
For a player with 0 NBA experience, the minimum salary now is around $430,000 a year, which is more than enough to live off of.
Poor money management and lack of discipline (on and off the court) is why guys are going broke.
I think he is trying to refer to the marketability of their name to earn income outside basketball or their sport.
That article had a typo...
He signed a 5 year 32 Mil contract with the Bulls...not 32 Mil a year...
The biggest problem is these dumb asses FINANCE. They have the cash but would rather pay $80,000 for a car that they could buy outright for $60K. They don't know what APR stands for. NFL Player Chris Henry had his truck repo'd while he was at court, even though he had made over $3 million at that point.
Fools and their money shall part. Let me get rich and I will never be broke again, and I ain't broke now.
Fools and their money shall part. Let me get rich and I will never be broke again, and I ain't broke now.
A fool and his money are soon parted
I appreciate the respectful manner that you responded to me.I was expecting an all out assault, as is the case generally on this board
I am actually a real estate /corporate lawyer and I see your logic very well. Yes, 4.5 million can make a lot of money, but if 4.5mill is available to buy a great real estate property that will appreciate, you,re better off just buying it in cash if you really have the cash. I can discuss this forever.
Remember, that the property itself appreciates too.
I'm not sure you can guarantee that it will appreciate in todays market.
These mofo's don't get it. I have an $18/hour govt. job. If I don't get promoted and stay put it will increase incrementally until I retire. I will eventually get over $50K/year Midwest money...and I am only 32. For me, I will do nothing but increase from now until I am 60.
For football, basketball, baseball etc. players, the amount of money that they are going to earncan go up drastically from turning pro to maybe 30-32 (29 if you are an NFL runningback), from there it drops precipitously, steeply and quickly. For most, they are out of their sport by the time they hit 34 AND they will never ever make that amount of money ever again. There are only so many "talking head" jobs on TV and even those don't pay half as much as the players made while in their prime. So basically, 90% of the money players make in their lives is between 20-34, and that money has to last them for the rest of their lives! And they just don't get it. They go out and buy another car...and they finance it.
For football, basketball, baseball etc. players, the amount of money that they are going to earncan go up drastically from turning pro to maybe 30-32 (29 if you are an NFL runningback), from there it drops precipitously, steeply and quickly. For most, they are out of their sport by the time they hit 34 AND they will never ever make that amount of money ever again. There are only so many "talking head" jobs on TV and even those don't pay half as much as the players made while in their prime. So basically, 90% of the money players make in their lives is between 20-34, and that money has to last them for the rest of their lives! And they just don't get it. They go out and buy another car...and they finance it.
Its not as much a racial thing as it is a social-economic thing.Alot of these dudes went from broke to rich without having the experience to handle the added responsibility.In my career,many of my coworkers are making well over 160K.The crazy thing is that the white guys are the main ones in money problems because they are the ones trying to outdo each other with their houses,pools and boats.Most of the bruthas have been the most prudent with their dough.The only racial aspect is that the media tells us that flossing and being irresponsible is the "cool" thing to do.
I'm no where near to making NBA money yet, but I'm doing pretty well for myself and my salary is slowly growing. One thing my dad taught me is that the shortcut in life is by learning from those with experience already and that we should learn what one can already do instead of having to pay someone to do it for you. E.g., I stay around lawyers, accountants, agents and business men. I learn from them, study their field of work and apply it to my own life. I'm never going to need to hire an accountant because I taught myself all the ins and outs of their sector of work.
The only person I may need to hire later in life is a lawyer, but even now that I have graduated, I'm always reading upon Criminal law, property etc. I'm not confident enough to represent myself yet if I ever neeeded to, but damn, it would work out better than paying someone half of my salary if it ever came to that.
Educate yourself brothers. Don't pay people money for a job you could easily do yourself. Listen to those who are more experienced.
The only person I may need to hire later in life is a lawyer, but even now that I have graduated, I'm always reading upon Criminal law, property etc. I'm not confident enough to represent myself yet if I ever neeeded to, but damn, it would work out better than paying someone half of my salary if it ever came to that.
Educate yourself brothers. Don't pay people money for a job you could easily do yourself. Listen to those who are more experienced.
I can believe this
I have seen it first hand
I have seen it first hand
Travis Henry fucked his whole shit up.
I'll just say if you aint smart with your money and got a bunch of leeches around it can happen to anybody
Word fam.
I remember 1 summer I spent with Tyrone Nesby in his hometown. Dude was a local celebrity, buying out the bars, ordering 2 & 3 meals at Applebee's plus desserts and would only have a bite or two.
He rolled with a click, and had this lame asian bitch on deck who sucked a lot of cash dry just from the 3 days we were out there.
He even gave me & his nephew $200 off GP when we hit the mall and told us to get whateva.
Dudes mad nice & has a big heart, but I know he must be kicking himself on just how much money he's thrown away on bullshit.
I remember 1 summer I spent with Tyrone Nesby in his hometown. Dude was a local celebrity, buying out the bars, ordering 2 & 3 meals at Applebee's plus desserts and would only have a bite or two.
He rolled with a click, and had this lame asian bitch on deck who sucked a lot of cash dry just from the 3 days we were out there.
He even gave me & his nephew $200 off GP when we hit the mall and told us to get whateva.
Dudes mad nice & has a big heart, but I know he must be kicking himself on just how much money he's thrown away on bullshit.
Damn that's a pretty high fukkin number...!
yeah it is! well i say invest (in property and make sure your there doing the investment and not just letting someone fool you into something!) and watch ur money and watch the company you keep!
Never have a middle man. Watch your own money. Study the market patterns and forecast the future in the market. You don't need a degree in business/accounting for that. 
All professional athletes are VERY, VERY SENSIBLE with their fortunes. C'mon now ... it's common knowledge.
Not.
Not.
I read an article on daghettotymz ten years ago, entitled, "Athletics vs. Slavery, and it's still relevant today. Here's the link...
http://daghettotymz.com/rkyvz/articles/athleticsvsslavery/athleticsvsslavery.html
How many of us share this same perspective? I do.
http://daghettotymz.com/rkyvz/articles/athleticsvsslavery/athleticsvsslavery.html
How many of us share this same perspective? I do.
I'm no where near to making NBA money yet, but I'm doing pretty well for myself and my salary is slowly growing. One thing my dad taught me is that the shortcut in life is by learning from those with experience already and that we should learn what one can already do instead of having to pay someone to do it for you. E.g., I stay around lawyers, accountants, agents and business men. I learn from them, study their field of work and apply it to my own life. I'm never going to need to hire an accountant because I taught myself all the ins and outs of their sector of work.
The only person I may need to hire later in life is a lawyer, but even now that I have graduated, I'm always reading upon Criminal law, property etc. I'm not confident enough to represent myself yet if I ever neeeded to, but damn, it would work out better than paying someone half of my salary if it ever came to that.
Educate yourself brothers. Don't pay people money for a job you could easily do yourself. Listen to those who are more experienced.
a jack of all trades is a master of none remember that
let the pro's be the pro's it's never bad to learn enough as to not be ignorant and to make sure you're not getting fucked over
Kosar files for Chapter 11
MIAMI -- Former NFL and Miami Hurricanes star quarterback Bernie Kosar has filed for bankruptcy protection in Miami.
Kosar's Chapter 11 filing Friday lists assets between $1 million and $10 million and liabilities of between $10 million and $50 million.
Kosar owes almost $1.5 million in "unsecured debt" to the Cleveland Browns, who he played for from 1985 to 1993. Kosar also owes his ex-wife Babette $3 million and $725,000 (from a personal loan) to the owner of the Cleveland Gladiators of the Arena Football League. He owes a bank more than $9 million for bad real estate deals.
The 45-year-old Kosar got divorced in 2007 and last year saw his steakhouse go out of business.
Kosar, who also played for Dallas and Miami, retired from the NFL in 1996.
http://sports.espn.go.com/nfl/news/story?id=4272998
MIAMI -- Former NFL and Miami Hurricanes star quarterback Bernie Kosar has filed for bankruptcy protection in Miami.
Kosar's Chapter 11 filing Friday lists assets between $1 million and $10 million and liabilities of between $10 million and $50 million.
Kosar owes almost $1.5 million in "unsecured debt" to the Cleveland Browns, who he played for from 1985 to 1993. Kosar also owes his ex-wife Babette $3 million and $725,000 (from a personal loan) to the owner of the Cleveland Gladiators of the Arena Football League. He owes a bank more than $9 million for bad real estate deals.
The 45-year-old Kosar got divorced in 2007 and last year saw his steakhouse go out of business.
Kosar, who also played for Dallas and Miami, retired from the NFL in 1996.
http://sports.espn.go.com/nfl/news/story?id=4272998
LEs Stroud
Banned
again NO sympathy for fools that part with their money...