OT: 60% of NBA players broke within 5 years

[THE HCP]

Shit, 100% of you guys would be broke too! You'd waste it on video games, StarTrek conventions, comic books, blow up sheep and a new captain's chair for your mom's basemen......... errrrrrrr......... your "apartment". The funny thing is, this actually does apply to about 75 of you out there! I love being right!.................................. NERDS!!!!!!!!!!!!!!!!!!!!!

 

[Minstrel]

This would help keep players from starving, but it wouldn't save them from bankruptcy.

If players overextend their credit (houses, cars, babies, etc.) a nest egg that pays out like a pension is most likely going to be a drop in the bucket. If players are RESPONSIBLE with their income, they'd probably be better off having it up front.

It won't save them from bankruptcy, but being able to survive, having something to live on after a bankruptcy is valuable.

 

[Ed O]

It won't save them from bankruptcy, but being able to survive, having something to live on after a bankruptcy is valuable.

That is true. I guess I don't know if 60% of players being "broke" means unable to have a roof over their head or just can't stay out of court due to missed payments on things.

Ed O.

 

[Paxil]

I put 50% of my paycheck into a savings account every paycheck, and invest a significant portion of the rest. I know other people who do the same thing. This idea that all of us would throw away our money if we were rich is nonsense.

I didn't say *everyone* lives check to check... but the US citizen's savings rate is currenly about 0%... so your frugal and admirable efforts appear to be statistically... a drop in the bucket. Seriously though... I do applaud your savings and hope your bank isn't the Bank of Nikolai:

[video=youtube;0o8XMlL8rqY]

 

[THE HCP]

Not a chance. I put 50% of my paycheck into a savings account every paycheck, and invest a significant portion of the rest.

Wow! How in the hell do you do that? Props to you, wish I could do the same. 2 car payments,mortgage,$950 a month for health insurance.......... there is no way I could even think of trying to do this!

 

[Ed O]

Wow! How in the hell do you do that? Props to you, wish I could do the same. 2 car payments,mortgage,$950 a month for health insurance.......... there is no way I could even think of trying to do this!

I wouldn't do it, even if I could. I could get hit by a bus tomorrow, and why would I want to have lived through my prime years acting like a miser?

Ed O.

 

[maxiep]

You may be right in some cases. It makes sense for your franchise players, since you expect to have them around for a decade or more.

Seems like most NBA players only last 2-3 years on any given franchise, so they aren't really long-term investments. If you are flipping employees around that often, does it make much sense to invest in their long-term well-being?

A good point, but I still think it's smart business. In an industry where there's so little differentiation, creating an attitude of caring about a player's well-being off the court may get you an extra free agent or two when the same money is offered.

 

[Idog1976]

I think high school should institute such classes for everybody.

It's amazing that we require kids to study the French revolution, but nobody ever sits them down in a class and tells them what craptastic deals things like payday loans or adjustable rate home mortgages are.

Gee I wonder if all this financial illiteracy is an accident. Also I highly doubt kids learn anything like simple history of other nations in school anymore. You think Boomers and Gen-X/Y are provincialists wait until the Millenials grow up.

 

[Shooter]

Wow! How in the hell do you do that? Props to you, wish I could do the same. 2 car payments,mortgage,$950 a month for health insurance.......... there is no way I could even think of trying to do this!

I have no car payment, for one thing. Paid it off almost a year ago. I also avoid just "buying" stuff for the heck of it. I only buy what I need.

The beauty of putting your money in the bank is not the satisfaction of being a "miser," but the knowledge that you have something for a rainy day. I love the fact that if I lost my job tomorrow, I could live a couple of years just off my savings. That's a very nice feeling.

 

[Idog1976]

Not hard at all if I were living a reasonable lifestyle to begin with. All the average player has to do is invest a percentage of his money every paycheck and he's set for life.


Not a chance. I put 50% of my paycheck into a savings account every paycheck, and invest a significant portion of the rest. I know other people who do the same thing. This idea that all of us would throw away our money if we were rich is nonsense.

Really? Amazing to have the ability to pay your bills and save or invest so much. It must be nice. I live below my means but what you suggest is mathematically impossible. Just curious are you in the market or generally speaking how are you investing? Many people I know got annihilated in 2008 and since. I've done fairly well but by no means feel set for life.

 

[THE HCP]

I have no car payment, for one thing. Paid it off almost a year ago. I also avoid just "buying" stuff for the heck of it. I only buy what I need.

The beauty of putting your money in the bank is not the satisfaction of being a "miser," but the knowledge that you have something for a rainy day. I love the fact that if I lost my job tomorrow, I could live a couple of years just off my savings. That's a very nice feeling.

Props to you man.

 

[Shooter]

Really? Amazing to have the ability to pay your bills and save or invest so much. It must be nice. I live below my means but what you suggest is mathematically impossible.

I hear you. I'm fortunate to make a pretty good salary, so I can afford to do it. I realize that not all people can.

Just curious are you in the market or generally speaking how are you investing? Many people I know got annihilated in 2008 and since. I've done fairly well but by no means feel set for life.

I've also gotten "annihilated" in the market. I have no secret for success with stocks, and in fact my portfolio is pretty pathetic. I ended up buying some property a couple of years ago, and I'm hoping that will appreciate over time better than the market.

 

[hasoos]

I am actually suprised the rate is this low. A lot of the players are as dumb as a box of rocks.

 

[maxiep]

Shit, 100% of you guys would be broke too! You'd waste it on video games, StarTrek conventions, comic books, blow up sheep and a new captain's chair for your mom's basemen......... errrrrrrr......... your "apartment". The funny thing is, this actually does apply to about 75 of you out there! I love being right!.................................. NERDS!!!!!!!!!!!!!!!!!!!!!

HCP, what you just wrote was one of the most deeply offensive things I've ever read.




































I only fuck real sheep.

 

[EL PRESIDENTE]

[video=youtube;IaLfZnl4bsI]

 

[barfo]

I have no car payment, for one thing. Paid it off almost a year ago. I also avoid just "buying" stuff for the heck of it. I only buy what I need.

The beauty of putting your money in the bank is not the satisfaction of being a "miser," but the knowledge that you have something for a rainy day. I love the fact that if I lost my job tomorrow, I could live a couple of years just off my savings. That's a very nice feeling.

That math doesn't add up, somehow. If you are saving 1/2 your paycheck, and can only live for 2 years off your savings, then you must have only been saving for the past 2 years?

barfo

 

[Shooter]

That math doesn't add up, somehow. If you are saving 1/2 your paycheck, and can only live for 2 years off your savings, then you must have only been saving for the past 2 years?

Wrong, Einstein. I used most of my savings two years ago to buy a piece of land.