NBA Player living paycheck to paycheck?

[TBpup]

That is what CJ McCollum is believes is the state for 1/3 of the current NBA players. Anyone want to donate some money?

Fortunately, CJ who makes ~$27,500,,000 this YEAR thinks he will be okay.

"I have been strategically investing," McCollum said. "Diversifying my portfolio. Learning more about other ventures and things of interest to where I am stable even though the market has been terrible. I've diversified enough where it doesn't really hurt me."

Thank goodness he isn't making only $20,000,000 a year. He could be in real trouble.

https://www.yahoo.com/sports/cj-mccollum-suggests-150-nba-211343398.html

 

[SharpesTriumph]

There is an old quote:

"A fool and his money are soon parted"

 

[julius]

I think the min salary is about 900K, so if you're not smart with your money I can see how you could blow through 75K a month. But I doubt 1/3 of the league is getting league min (esp since that's the league min if you have 0 experience).

So let's say the league min is about 2 million. Again, I doubt a third of the league is making 2 million a year (or 166K a month).

I don't feel sorry for people who are getting paid 3x the average US salary..per month...and are living pay check to pay check.

 

[kjironman1]

He probably is not wrong. He also is correct in the fact that yes you have to diversify and think about more than one option. I too always have a plan B.

 

[julius]

If you give me 150K a month for a year, I would be able to live on that for a long, long, LONG time.

 

[SharpesTriumph]

I think these people that blow all their salary when making millions would blow most of it even if they make 50x that amount or a billion.

Its not as though NBA players are the only ones to struggle with personal finance, most of the country does and is paycheck to paycheck even when making six figures.

Doctors are actually a group that often make very poor personal finance decisions. They are obviously extremely intelligent. But the number of Doctors that are broke while making multiple six figures per year is astounding. It's not just huge student loans either. Some will have luxury cars, vacations, fancy houses, etc but nothing in the bank and huge loans even besides school.

 

[TBpup]

 

[CupWizier]

He probably is not wrong. He also is correct in the fact that yes you have to diversify and think about more than one option. I too always have a plan B.

I guess some haven't been able to dog on McCollum for awhile so they have to take an innocent statement and twist it into a negative for their satisfaction. It's been well documented over the years that some athletes and entertainers blow their money and struggle making it after they retire due to poor investments and living beyond their means when the big paychecks stop coming in.

 

[Voodoo]

This just reminds me of the show ballers on HBO, I think it does a great job of explaining and demonstrating how some of these guys live and go broke. Unfortunately a lot of these guys come from difficult backgrounds and have no money sense.

 

[bodyman5000 and 1]

I made 11 bucks an hour working in a computer chip factory 20 years ago. I told the plant manager that I needed a raise. This guy had a Corvette, a Harley and a Harley Davidson F150. I heard he had a huge house.

He tells me no, but he needed a raise too. I said bullshit and he said "the more you make, the more you spend"

I should have thrown him out his office window but thinking back on it....he was right.

 

[EL PRESIDENTE]

WE MAKE A LOT OF MONEY, BUT WE ALSO SPEND A LOT OF MONEY

 

[tester551]

I guess some haven't been able to dog on McCollum for awhile so they have to take an innocent statement and twist it into a negative for their satisfaction. It's been well documented over the years that some athletes and entertainers blow their money and struggle making it after they retire due to poor investments and living beyond their means when the big paychecks stop coming in.

Who has said anything negative towards CJ?
Everyone has been discussing what he said. He's 100% correct. There hasn't been 1 negative comment thus far.

 

[tlongII]

It's good for the economy!

 

[tester551]

This just reminds me of the show ballers on HBO, I think it does a great job of explaining and demonstrating how some of these guys live and go broke. Unfortunately a lot of these guys come from difficult backgrounds and have no money sense.

Coming from difficult backgrounds (or for that matter affluent backgrounds) is not a good predictor of how someone manages money.

(It does have some influence, but it's not the predominate factor).

 

[trailblazer18]

WE MAKE A LOT OF MONEY, BUT WE ALSO SPEND A LOT OF MONEY

#1 Stunna!

 

[EL PRESIDENTE]

 

[Chris Craig]

If you give me 150K a month for a year, I would be able to live on that for a long, long, LONG time.

Me too. I don't feel sorry for these guys. No one needs 6 cars, three houses, hundreds of thousands in jewellery, $20,000+ rugs, etc etc...its ridiculous

 

[Voodoo]

Coming from difficult backgrounds (or for that matter affluent backgrounds) is not a good predictor of how someone manages money.

(It does have some influence, but it's not the predominate factor).

I haven’t spent a lot of time researching it, what is the predominant factor then?

 

[trailblazer18]

What is wrong with this kid..smh. My guy doesn't even own a car and just bought his first home after 7+ years in the league and makes way more money than Herro.

 

[trailblazer18]

If Herro spent $600k already, he is definitely living check to check and may be sweating if they miss their next check. I mean he could tap into his savings, but shouldn't need to be doing that already.

 

[TorturedBlazerFan]

What is wrong with this kid..smh. My guy doesn't even own a car and just bought his first home after 7+ years in the league and makes way more money than Herro.

Humble brag.

 

[JoshuaHall]

Me too. I don't feel sorry for these guys. No one needs 6 cars, three houses, hundreds of thousands in jewellery, $20,000+ rugs, etc etc...its ridiculous

Except often times those 6 cars are for their family members, not themselves.

and the 3 houses are for family and friends to stay so they aren’t living in the ghetto anymore.

and so they can send the other kids to better schools

you do know MTV cribs wasn’t an *actual* reflection of their homes, right? They’d bring in designers to make it look more lavish than it was.

a lot of you are showing your own inherent biases and ignorance towards the plight of *many* pro athletes — most who grew up extremely impoverished.

This is a great example of “two Americas”

additionally, a majority of them aren’t actually bad with money, but make bad investments (which is the actual #1 reason they go bankrupt), support too many people, and pay outrageous amounts in divorce settlements, child support, etc.

edit: Also, if you understand jewelery, particularly high end watches — most are actually investments that increase in value. Sure they buy stupid shit, as we all do, but to act if your situation or most others is remotely close to theirs is disingenuous at best.

I’m sure most of you weren’t supporting 4+ people from the time you were 21 (and often a lot more than 4).

 

[AldoTrapani]

If you give me 150K a month for a year, I would be able to live on that for a long, long, LONG time.

I mean easily. Shit u give me 150k one time I can make that stretch

 

[Voodoo]

Except often times those 6 cars are for their family members, not themselves.

and the 3 houses are for family and friends to stay so they aren’t living in the ghetto anymore.

and so they can send the other kids to better schools

you do know MTV cribs wasn’t an *actual* reflection of their homes, right? They’d bring in designers to make it look more lavish than it was.

a lot of you are showing your own inherent biases and ignorance towards the plight of *many* pro athletes — most who grew up extremely impoverished.

This is a great example of “two Americas”

additionally, a majority of them aren’t actually bad with money, but make bad investments (which is the actual #1 reason they go bankrupt), support too many people, and pay outrageous amounts in divorce settlements, child support, etc.

edit: Also, if you understand jewelery, particularly high end watches — most are actually investments that increase in value. Sure they buy stupid shit, as we all do, but to act if your situation or most others is remotely close to theirs is disingenuous at best.

I’m sure most of you weren’t supporting 4+ people from the time you were 21 (and often a lot more than 4).

This is exactly what Ballers demonstrated within the show, I come from a different background so had no idea and how these guys could go bankrupt after making millions. But after watching it, it made a lot of sense and was fascinating. I enjoyed the show but unfortunately don’t have hbo anymore.

 

[Tince]

I know people who make $40k a year who are not living paycheck-to-paycheck and I know people who make $150k a year who are.

I figure how people spend their money is their business until I have to subsidize their mistakes. Until an NBA player files for unemployment, I'll hold out passing judgement.

 

[SharpesTriumph]

Except often times those 6 cars are for their family members, not themselves.

and the 3 houses are for family and friends to stay so they aren’t living in the ghetto anymore.

and so they can send the other kids to better schools

you do know MTV cribs wasn’t an *actual* reflection of their homes, right? They’d bring in designers to make it look more lavish than it was.

a lot of you are showing your own inherent biases and ignorance towards the plight of *many* pro athletes — most who grew up extremely impoverished.

This is a great example of “two Americas”

additionally, a majority of them aren’t actually bad with money, but make bad investments (which is the actual #1 reason they go bankrupt), support too many people, and pay outrageous amounts in divorce settlements, child support, etc.

edit: Also, if you understand jewelery, particularly high end watches — most are actually investments that increase in value. Sure they buy stupid shit, as we all do, but to act if your situation or most others is remotely close to theirs is disingenuous at best.

I’m sure most of you weren’t supporting 4+ people from the time you were 21 (and often a lot more than 4).

So these family members can't work themselves?

I suffered through shit jobs and crappy apartments when I was young. If I had a rich uncle that gave me 100k+ a year to sit on my ass it wouldn't have helped me develop my ability to provide for myself.

Any person making 10million+ has no excuse to end up broke, they are an idiot.

 

[EL PRESIDENTE]

Except often times those 6 cars are for their family members, not themselves.

and the 3 houses are for family and friends to stay so they aren’t living in the ghetto anymore.

and so they can send the other kids to better schools

you do know MTV cribs wasn’t an *actual* reflection of their homes, right? They’d bring in designers to make it look more lavish than it was.

a lot of you are showing your own inherent biases and ignorance towards the plight of *many* pro athletes — most who grew up extremely impoverished.

This is a great example of “two Americas”

additionally, a majority of them aren’t actually bad with money, but make bad investments (which is the actual #1 reason they go bankrupt), support too many people, and pay outrageous amounts in divorce settlements, child support, etc.

edit: Also, if you understand jewelery, particularly high end watches — most are actually investments that increase in value. Sure they buy stupid shit, as we all do, but to act if your situation or most others is remotely close to theirs is disingenuous at best.

I’m sure most of you weren’t supporting 4+ people from the time you were 21 (and often a lot more than 4).

Bottle Service has a tremendous ROI.

 

[Minstrel]

So these family members can't work themselves?

Sure they can. You can work and still be poor. Lots of people are in that circumstance.

I suffered through shit jobs and crappy apartments when I was young. If I had a rich uncle that gave me 100k+ a year to sit on my ass it wouldn't have helped me develop my ability to provide for myself.

You're talking about a different scenario--an older relative giving someone just starting out money in place of them working. That's not the situation here...the athletes are the young people and are usually supporting or helping support older relatives who aren't well off and who, in many cases, knocked themselves out trying to put food on the table for the child who's now become wealthy. Your hypothetical has nothing to do with that.

 

[TorturedBlazerFan]

Sure they can. You can work and still be poor. Lots of people are in that circumstance.



You're talking about a different scenario--an older relative giving someone just starting out money in place of them working. That's not the situation here...the athletes are the young people and are usually supporting or helping support older relatives who aren't well off and who, in many cases, knocked themselves out trying to put food on the table for the child who's now become wealthy. Your hypothetical has nothing to do with that.

Most people tend to live right up to their means.

 

[EL PRESIDENTE]

additionally, a majority of them aren’t actually bad with money, but make bad investments (which is the actual #1 reason they go bankrupt), support too many people, and pay outrageous amounts in divorce settlements, child support, etc.

edit: Also, if you understand jewelery, particularly high end watches — most are actually investments that increase in value. Sure they buy stupid shit, as we all do, but to act if your situation or most others is remotely close to theirs is disingenuous at best.

I’m sure most of you weren’t supporting 4+ people from the time you were 21 (and often a lot more than 4).