7 rich athletes who lost their fortunes
- Thread starter ColdBlooded
- Start date
Wow... Some of these cats got swindled out of their money... Dudes on here talkin' about what they would do with millions... Yet don't know any trust worthy accountants, let alone where to find one... It's not easy managin' that kind of money... So some KID from the South Side of Chicago who grew up on food stamps is supposed to know how to navigate the world of hedge funds & Bull markets because he signs an NBA contract for $50 Million...????? That logic is off... Bernie Madoff stole millions of dollars from average everyday folks... And they, like these former athletes, are now broke... It's easy to write these former stars off as idiots or losers... But there's more to it than that... Fa'real...
You do make some good points because many of these kids have never dreamed of having this kind of money so naturally they don't know how to invest wisely or who to trust. If it was me personally, I would want to know where my cash was and not just rely on an accountant to make sure my bills were taken care of at the end of the day. One problem is that these young players think they know everything and should start by looking for advice in older teammates who have been there and done that. I remember a Warren Sapp interview about a year ago where he was talking about trying to give advice to Tommy Kelly and others but they didn't want to hear it....and this guy was one of the best for so long.....so fuck them if they can't manage their finances, the resources are always there.
Yeah it is fucking stupid easy to manage that kind of money.
Put it in the God Damn bank and live comfortably off the interest for the rest of your life.
Not only is this entirely their fault, they had more than enough opportunities to take the very same classes that you are all advocating be mandatory. Or did they not know college existed.
Our world could use a lot more accountability.
"it's not my fault I am fat, no one told me if I eat 5 Big Macs every day I will be fat"
"it's not my fault I am poor, no one told me if I spend all my money I won't have it any more"
"it's not my fault my dog attacked your kid, no one told me if I left it chained up 12 hours a day that it would become hostile and aggressive"
blah.
umm no, dont understand it dont get into it! there is such a thing has just having money in the bank.
and your post has nothing to do with some of the stupid shit they have bought. it has nothing to do with funds and market etc...its about blowing thier cash because they have it. MOst of these stories dont involve mrket crash, they involve $250000+ cars $2mil+ houses, boats, jets, gambling etc...
and your post has nothing to do with some of the stupid shit they have bought. it has nothing to do with funds and market etc...its about blowing thier cash because they have it. MOst of these stories dont involve mrket crash, they involve $250000+ cars $2mil+ houses, boats, jets, gambling etc...
Umm no... According to this article, Scottie Pippen lost $27 million on bad investments & poor financial plannin'... Holyfield made "Smart business decisions look bad..." And Lenny Dykstra owned car washes, a magazine company, and a real estate firm... And while Sprewell said he couldn't live off of a $21 million contract his 'lavish spending' (a boat & a house) totaled $7 million... Only a fraction of his $96 million earnings... And while to some it appears this article is about dudes blowin' cash simply because they had it... To others it's about cats who had no idea how to make their money double, triple, or grow... Some, like Lenny Dykstra tried their best but failed... Others, like Latrell Sprewell were simply short sighted...