Ex Blazer Pippen lost millions

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Nate Dogg

Nate Dogg

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That also includes endorsements.

Over his entire career he made $109M

Dude's going to be broke.
 
WHat about Carlisimo's boy Latrell?
 
When you have that much money and you really dont need more, why not do the safe thing and just keep the vast majority of it in a bank and earn interest?
 
BeerBoy said:
When you have that much money and you really dont need more, why not do the safe thing and just keep the vast majority of it in a bank and earn interest?
Click to expand...

That's the common sense solution. But maybe the same drive that it takes to be a top player in the NBA makes you want to make a lot more money than you have, even if you don't need it.
 
BeerBoy said:
When you have that much money and you really dont need more, why not do the safe thing and just keep the vast majority of it in a bank and earn interest?
Click to expand...
I swear to God, I just don't get it. These kinds of stories amaze me. If NBA players took just one-quarter of their salaries and put it in a money market account or a CD, they'd never have to worry about money again for the rest of their lives.

It's such a simple concept, and yet some of them don't seem to even consider it.

:crazy:
 
Shooter said:
I swear to God, I just don't get it. These kinds of stories amaze me. If NBA players took just one-quarter of their salaries and put it in a money market account or a CD, they'd never have to worry about money again for the rest of their lives.

It's such a simple concept, and yet some of them don't seem to even consider it.

:crazy:
Click to expand...


Gotta live that bling life at all costs!!!!
 
BeerBoy said:
When you have that much money and you really dont need more, why not do the safe thing and just keep the vast majority of it in a bank and earn interest?
Click to expand...

There are better investments than a bank account, and they are relativly safe also. These stories do amaze me also but then again if someone gave me 10mill when I was 18 I would probably be dead now.
 
60 percent of former National Basketball Association players end up broke within five years of retirement.
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????

Can this be true? If so, we're watching a bunch of morons.
 
Shooter said:
????

Can this be true? If so, we're watching a bunch of morons.
Click to expand...

I can see this being true, considering most of these guys come from nothing and then all of a sudden are millionaires. The maturity isn't there to think fiscally.

I think this is the reason now that the NBA has mandatory financial planning classes for all rookies.
 
ironcrotch said:
I can see this being true, considering most of these guys come from nothing and then all of a sudden are millionaires. The maturity isn't there to think fiscally.
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A lot of rich people came from nothing . . . and it taught them the importance of saving their money.

I think it's ironic, to say the least, that in a country that supposedly holds down the black man and denies him opportunities, 60 percent of the NBA millionaires lose everything the system gives them anyway. Something tells me it's not the system that is holding down the black man, but the black man himself . . .
 
Shooter said:
A lot of rich people came from nothing . . . and it taught them the importance of saving their money.

I think it's ironic, to say the least, that in a country that supposedly holds down the black man and denies him opportunities, 60 percent of the NBA millionaires lose everything the system gives them anyway. Something tells me it's not the system that is holding down the black man, but the black man himself . . .
Click to expand...

I'm not sure how you went from what NBA players do with their money to the black man holding himself down . . . but if that isn't a general stereotype, I don't know what is.

They say many lottery winners end up losing their fortune. Is that an example that white people are idiots?
 
it's_GO_time said:
I'm not sure how you went from what NBA players do with their money to the black man holding himself down . . . but if that isn't a general stereotype, I don't know what is.

They say many lottery winners end up losing their fortune. Is that an example that white people are idiots?
Click to expand...
It's an example that some white people are idiots, for sure. But when 60% of NBA players are flat broke within 5 years of leaving the league, after having made many millions of dollars, that suggests that the problem may be larger than a few isolated cases . . .
 
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It isn't just NBA players or athletes that make this mistake... lottery winners do the same thing. I think with NBA players they are making the mistake of thinking they have income forever... when they are only looking at a 5 or so years really at the very high rate. And also consider they are not actually getting the gobs of money you see in contacts... half of that is going to taxes.

Most Americans are living paycheck to paycheck and not saving much money either. To some people extra money means luxury things... toys etc... Personally I view it as security. I like to know I can take care of my family. Seriously... if I won the lottery my life wouldn't change much (well... except for the luxury Blazer box ;) ) but the security would be awesome!
 
A lot of these guys are taken advantage of by business managers and agents. I don't think you guys understand how coddled a lot of NBA players are. They are told where to be almost every second of every day. Darius Miles didn't make many decisions for himself. They are told what to do with their money. Travis Outlaw had an allowance from his parents during his rookie season. They wouldn't know what to do with their money if they had full control of it. Charles Barkley lost millions to a shady business manager. So did Michael Vick. It's a common tale.
 
Bogut spoke about this a few summers ago about how NBA players buy stupid things and wonder why they go broke soon after retirement.

Case in point:

ept_sports_nba_experts-102821575-1266608960.jpg


Marquis Daniels is a fucking moron.

Forged in the fires of Mordor from 1,300 grams (or 2.9 pounds) of 14-karat gold, this head is an exact replica of Daniels or possibly Whoopi Goldberg. Either way, it's both amazing and terrifying.
Click to expand...
 
ironcrotch said:
I can see this being true, considering most of these guys come from nothing and then all of a sudden are millionaires. The maturity isn't there to think fiscally.

I think this is the reason now that the NBA has mandatory financial planning classes for all rookies.
Click to expand...

it's_GO_time said:
I'm not sure how you went from what NBA players do with their money to the black man holding himself down . . . but if that isn't a general stereotype, I don't know what is.

They say many lottery winners end up losing their fortune. Is that an example that white people are idiots?
Click to expand...

Paxil said:
It isn't just NBA players or athletes that make this mistake... lottery winners do the same thing. I think with NBA players they are making the mistake of thinking they have income forever... when they are only looking at a 5 or so years really at the very high rate. And also consider they are not actually getting the gobs of money you see in contacts... half of that is going to taxes.

Most Americans are living paycheck to paycheck and not saving much money either. To some people extra money means luxury things... toys etc... Personally I view it as security. I like to know I can take care of my family. Seriously... if I won the lottery my life wouldn't change much (well... except for the luxury Blazer box ;) ) but the security would be awesome!
Click to expand...

Natebishop3 said:
A lot of these guys are taken advantage of by business managers and agents. I don't think you guys understand how coddled a lot of NBA players are. They are told where to be almost every second of every day. Darius Miles didn't make many decisions for himself. They are told what to do with their money. Travis Outlaw had an allowance from his parents during his rookie season. They wouldn't know what to do with their money if they had full control of it. Charles Barkley lost millions to a shady business manager. So did Michael Vick. It's a common tale.
Click to expand...

All this.
 
mook said:
That's the common sense solution. But maybe the same drive that it takes to be a top player in the NBA makes you want to make a lot more money than you have, even if you don't need it.
Click to expand...

When you make that much money, the type of lifestyle you life will require you to spend big bucks, just like a less wealthy individual will learn to live using less money. And the interest that accumulates in the bank is pretty measly, even if you take into account the large amount that they would have in there. The smart thing is always to make investments, though he probably should have looked at some lower-risk/lower-return alternatives.
 
According to a Valet that worked there, he had a HUGE appetite for high end hookers when he lived at the Benson Hotel. Some times 5 girls a night, multiple times a week.

I doubt he tipped them!
 
Another NBA player is broke. Derrick Coleman files for bankruptcy.

According to Basketball-Reference he made $91,366,800 during his NBA career.
 
The salaries these guys get paid to play a sport, and the subsequent way in which the majority of them waste it is,
well its just offensive and a slap in the face to average, hard working folk really.

No wonder the worlds F'*d up!
 
WillG said:
The salaries these guys get paid to play a sport, and the subsequent way in which the majority of them waste it is,
well its just offensive and a slap in the face to average, hard working folk really.

No wonder the worlds F'*d up!
Click to expand...

Well, then the average hard working folk should quit spending absurd amounts of money to see them play, no?

barfo
 
Even a 6 month CD, having some money locked up would prevent me from spending on stupid crap.
Yes the interest is horrible for a 6 month, 1 year or 2 year CD but its better than siting in your account which you can easily withdraw.
I would invest into everyday stocks such as 3M, Kelloggs, etc which are constantly needed in the US. 3M has scotch tape and tons of hospital supplies and Kelloggs has the breakfast nitch.
 
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