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Getbig Main Boards => Gossip & Opinions => Topic started by: Howard on September 19, 2009, 02:35:15 PM
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I just read on yahoo news that 78% of NFL players are bankrupt or in financial distress within 2 yrs after they stop playing. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.
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^^^ LMAO
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I just read on yahoo news that 78% of porfessional bodybuilders are bankrupt or in financial distress within 2 yrs after they make the decision to dedicate their lives to BB. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.
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I just read on yahoo news that 78% of porfessional bodybuilders are bankrupt or in financial distress within 2 yrs after they make the decision to dedicate their lives to BB. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.
I wonder what the actual % of former BB pros who go backrupt or end up broke????
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I wonder what the actual % of former BB pros who go backrupt or end up broke????
when you're worth 0, kinda hard to go bankrupt.
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and 100% of that 78% are negroes
LMAO! Don't such a racist asshole.......it's more like 98.9%!
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LMAO! Don't such a racist asshole.......it's more like 98.9%!
:-X
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I just read on yahoo news that 78% of NFL players are bankrupt or in financial distress within 2 yrs after they stop playing. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.
Contrary to what many posters on here believe-
THese guys really don't save their money
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What's your point Howie? Just read about how Floyd Mayweather is having problems with back taxes, just another hood negro that doesn't know what to do with millions given to him.
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They get what they deserve.
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I have to say these are pot and kettle comparisons. I certainly could have been smarter with my income...
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I have to say these are pot and kettle comparisons. I certainly could have been smarter with my income...
True. $3 mil aint all that after Uncle Sam takes 1/2..buy a house, take care of family....2-3 yrs later better find a job!
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I just read on yahoo news that 78% of NFL players are bankrupt or in financial distress within 2 yrs after they stop playing. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.
That's insane. These guys are gifted physically, but not mentally.
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there must be a few pro bb's and former pros who have serious tax delinquencies :-X
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there must be a few pro bb's who have serious tax delinquencies :-X
Cue Goatboy..... ;D
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They can always sell their 17 cars and 3 Mc Mansions :D ;D
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I wonder how many become alcoholics or drug addicts after they get done playing? I don’t think it is a race issue as much as the former player’s mot being famous anymore.
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and 100% of that 78% are negroes
Quote for truth.
Your answer can be found here:
http://www.findarticles.com/p/articles/mi_hb6401/is_n4_v20/ai_n28696193
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What's your point Howie? Just read about how Floyd Mayweather is having problems with back taxes, just another hood negro that doesn't know what to do with millions given to him.
I was honestly shocked to see the % of broke ex NFL guys ,that high, no more, no less.
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I was honestly shocked to see the % of broke ex NFL guys ,that high, no more, no less.
None of them has learned how to accumulate money over time. It's just like the thing with a huge % of lottery winners. THey blow their winnings within a few years.
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78% prob never even last to have the BIG day contract, which usually occurs after a few years in the league. Eli Manning/Phil Rivers have been in the league for years and just recently got their big pay day...no way they would've been "set for life" before this years big pay day. Just take that into consideration.
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I wonder what the actual % of former BB pros who go backrupt or end up broke????
Mr Olympia: under 10% - or to make it mor accurate , only 1 out of them all
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That's bad karma for selfish boneheaded overpaid nfl-players.
Next.
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no way they would've been "set for life" before this years big pay day. Just take that into consideration.
They would have been if they had invested wisely. The trouble comes when you start buying expensive houses, cars etc. as a routine. Then you can waste more money than your investments bring you each year.
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If I made 10mil my whole career had to pay my agent 30%. I would be fine for the rest of my life. The avg aAmerican probably makes 50K. Take 7mil and you can even make that a 100K a year budget. Thats 70 years 100K each and your already at least 22. You could live off the interest. These guys are fu*king morons buying all that dumb sh*t. Need a car...don't buy a very nice 80-100K Mercedes...buy a 250K Lamborghini and don't forget the 5k a piece rims. Don't buy a million dollar house in a safe neighborhood buy a 10 mil one. Over half these guys don't give to charity because they are too stupid and selfish even though its a tax write-off. They deserve to be broke.
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The average carrer length in the NFL is 3 and 1/2 seasons.
How many of you guys here would still have any money left after 2 years off with 3 1/2 years at your job?
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If I made 10mil my whole career had to pay my agent 30%. I would be fine for the rest of my life. The avg aAmerican probably makes 50K. Take 7mil and you can even make that a 100K a year budget. Thats 70 years 100K each and your already at least 22. You could live off the interest. These guys are fu*king morons buying all that dumb sh*t. Need a car...don't buy a very nice 80-100K Mercedes...buy a 250K Lamborghini and don't forget the 5k a piece rims. Don't buy a million dollar house in a safe neighborhood buy a 10 mil one. Over half these guys don't give to charity because they are too stupid and selfish even though its a tax write-off. They deserve to be broke.
Its funny to me when people talk about how much pro athletes give to charity. In many of their contracts it is a requirement for them to give to charity and that is not a lie, but a fact. If most of these guys weren't obligated or if it weren't a tax right off you wouldn't hear about any of them giving to charity.
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I just read on yahoo news that 78% of NFL players are bankrupt or in financial distress within 2 yrs after they stop playing. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.
Average stay in NFL = 2.8 yrs.
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There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...
But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.
If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...
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There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...
But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.
If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...
MC Hammer is probably the textbook example of how not to manage money. He payed family members/people ~500K total just to stand around an breathe. And at his peak in the early 90s Hammer was making over 30mil a year and probably spent ever penny in that year. Even Michael Jackson wasn't dead broke (no pun intended) in the end.
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"78% of NFL players bankrupt or broke , within 2 yrs after last game" - I don't believe this statistic - I think its something white guys like to believe its true, in order to make themselves feel better about how a few high-profile black guys earn.
Having said that, I do know one guy who was a pro basketball player (3 years, then had a knee injury). Not sure how much he earned, but he had the merc, huge house, expensive holidays, big spender in Vegas, unlimited (free) pussy (white, even though he is black) etc. Now, 5 years later he really has nothing. Car was reposessed, house sold, and he is living with a solo mother in a 2brm apartment, coaching little league, but still dreaming about making a come-back (which will never happen). Now and then people recognize him and want to shake hands and take a photo, but its all really like he is living his life in the past and cant accept its over.
He was a smart guy too - had a scholarship to attend college.
I wish I could have helped him manage his money. I would have taken the bulk of it and invested it, and gave him perhaps a 10-15K a month "allowance".
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There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...
But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.
If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...
I know that I have no room to talk from my incompetence with money,...but if you go with Fidelity Magellan and only put into it, not take anything away, you will be fixed for the next stock market up tick.
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There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...
But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.
If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...
Chick, you are careful with your money. You still use the 10 year old threadmill or is it 15 years old now?
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There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...
But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.
If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...
If they are smart enough, they will see this as a lesson to be learned.
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Chick, you are careful with your money. You still use the 10 year old threadmill or is it 15 years old now?
What the hell are you talking about?
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What the hell are you talking about?
The treadmill in War for the Masters on bodybuilding.com
Don't be a smartass, you know what he is talking about.
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The treadmill in War for the Masters on bodybuilding.com
Don't be a smartass, you know what he is talking about.
I had no idea what he was talking about....and the treadmill I had was a Life Fitness commercial treadmill. Not quite sure what point he's trying to get across. If I STILL had it, it would be about 10 years old at this point, and in perfect working condition. A commercial grade unit SHOULD last you 10 years with one person using it for competitions.
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The NFL is also to blame to some extent...They love the fact that these guys from humble beginnings go out and purchase all the "bling" crap and flash it around...This attracts many young urban kids to the game...
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I had no idea what he was talking about....and the treadmill I had was a Life Fitness commercial treadmill. Not quite sure what point he's trying to get across. If I STILL had it, it would be about 10 years old at this point, and in perfect working condition. A commercial grade unit SHOULD last you 10 years with one person using it for competitions.
That was my point. You manage your money well and between the lines I read that you still have that old threadmill. Now calm down or you have to see a doc about your blood pressure... :-\
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Ha - so it was a compliment you were making! I took it as a positive comment too.
Nothing wrong with using old equipment. My favorate training clothes are all pretty old and worn (and even though I am financially well off, I still always consider whether its worth spending money on anything new when the old is just fine).
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I had no idea what he was talking about....and the treadmill I had was a Life Fitness commercial treadmill. Not quite sure what point he's trying to get across. If I STILL had it, it would be about 10 years old at this point, and in perfect working condition. A commercial grade unit SHOULD last you 10 years with one person using it for competitions.
Pretty sure he was complementing your frugalness.
Yup, see above.
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they get used to the life style and wouldn't cut back.
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I just read on yahoo news that 78% of porfessional bodybuilders are bankrupt or in financial distress within 2 yrs after they make the decision to dedicate their lives to BB. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.
and 100 % fo the 78% are wiggro.
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Pretty sure he was complementing your frugalness.
Yup, see above.
He may be frugal at times but bear in mind he did spend more than $10,000 on his hair piece. However his mood lately is worse than that of a menstruating woman or perhaps its just roid rage? :-\
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I had no idea what he was talking about....and the treadmill I had was a Life Fitness commercial treadmill. Not quite sure what point he's trying to get across. If I STILL had it, it would be about 10 years old at this point, and in perfect working condition. A commercial grade unit SHOULD last you 10 years with one person using it for competitions.
So you don't have it anymore? Did it break?
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So you don't have it anymore? Did it break?
Nope, sold it when I moved...just didnt fit into anywhere at the house....plus, I dont need it as I dont compete anymore...I get my cardio at the gym along with my workout.
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True. $3 mil aint all that after Uncle Sam takes 1/2..buy a house, take care of family....2-3 yrs later better find a job!
don't forget the massive 'entourage'
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Funny how some dismiss 3mil a year for 3 years like it would be tough to make it on. Really? Even if the idiot is so dumb not tax writeoffs and loses half of that, it's 4.5 million dollars. Just how long would the avg guy pulling down $50k a year, after taxes, have to work to make that up? I hate math, so somebody figure that one up. I feel no pity for these clowns if they can't "make it" with that kind of income. Plus they ALL got a free college education, if they would bother taking advantage of that.....
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78% prob never even last to have the BIG day contract, which usually occurs after a few years in the league. Eli Manning/Phil Rivers have been in the league for years and just recently got their big pay day...no way they would've been "set for life" before this years big pay day. Just take that into consideration.
being 'set for life' is correlative with one's lifestyle and living in respect to your means.
So, if you are given one million dollars, and continue to work and live below one's means, you can be 'set for life'.
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If I made 10mil my whole career had to pay my agent 30%. I would be fine for the rest of my life. The avg aAmerican probably makes 50K. Take 7mil and you can even make that a 100K a year budget. Thats 70 years 100K each and your already at least 22. You could live off the interest. These guys are fu*king morons buying all that dumb sh*t. Need a car...don't buy a very nice 80-100K Mercedes...buy a 250K Lamborghini and don't forget the 5k a piece rims. Don't buy a million dollar house in a safe neighborhood buy a 10 mil one. Over half these guys don't give to charity because they are too stupid and selfish even though its a tax write-off. They deserve to be broke.
actually, you hear of their 'foundations', as though they are such nice, giving guys. These are just tax shelters
and agents get 4-10 %
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date=1253450445]
Its funny to me when people talk about how much pro athletes give to charity.[/b] In many of their contracts it is a requirement for them to give to charity and that is not a lie, but a fact. If most of these guys weren't obligated or if it weren't a tax right off you wouldn't hear about any of them giving to charity.
I am happy someone else sees this as bullshit, which is what it is.
Just like athletes make mistakes, but we commit crimes
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There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...
But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.
If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...
most musical artisits make very little on their first album, unless they also do the writing, which most of the time, they don't
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most musical artisits make very little on their first album, unless they also do the writing, which most of the time, they don't
Majority of real cash they see is from concerts/tours, I do believe.
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MC Hammer is probably the textbook example of how not to manage money. He payed family members/people ~500K total just to stand around an breathe. And at his peak in the early 90s Hammer was making over 30mil a year and probably spent ever penny in that year. Even Michael Jackson wasn't dead broke (no pun intended) in the end.
one of the most pathetic parts of the MC hammer story was he GAVE 2 milliuon to a friend...who saved it.
When Hammer went broke, he went to the 'friend' for a loan, who told him
'No.'
;D
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Majority of real cash they see is from concerts/tours, I do believe.
up front yes, as in short term.
Royalties over the long term if their contracts are good is where the big money comes in
I dated a girl who tried her hand at The Grand Ole Opry , she didn't make it, but I learned alot from what she went thru
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The NFL is also to blame to some extent...They love the fact that these guys from humble beginnings go out and purchase all the "bling" crap and flash it around...This attracts many young urban kids to the game...
That's not the only factor, according to the article on this same subject from SI. Some NFL players try to invest their money. But, they often sink their $$$$ into bad business deals.
The article mentioned former Saints RB Deuce McAllister, having to file bankruptcy on his car delearship Panthers WR Mushin Muhammad, going into debt, funding his fledging music company.
Unfortunately, this thread has been used (to a degree) as a venue for some insecure white posters to take potshots at black athletes. Well, they might want to take a look at the list of white athletes in baseball and football (Rick Mirer, Drew Bledsoe, etc.) who hemmorhaged cash, due to bad business deals as well.
Many players, consequently, are financial prey. "Disreputable people see athletes' money as very easy to get to," says Steven Baker, an agent who represents 20 NFL players. In May 2007 former quarterbacks Drew Bledsoe and Rick Mirer and five other NFL retirees invested at least $100,000 apiece in a now-defunct start-up called Pay By Touch—which touted "biometric authentication" technology that would help replace credit cards with fingerprints—even as the company was wracked by lawsuits and internal dissent. (The players later sued the financial-services firm UBS, which had encouraged its clients to invest in Pay By Touch, for allegedly withholding information about the company founder's criminal history and drug use.)
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm (http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm)
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That's not the only factor, according to the article on this same subject from SI. Some NFL players try to invest their money. But, they often sink their $$$$ into bad business deals.
The article mentioned former Saints RB Deuce McAllister, having to file bankruptcy on his car delearship Panthers WR Mushin Muhammad, going into debt, funding his fledging music company.
Unfortunately, this thread has been used (to a degree) as a venue for some insecure white posters to take potshots at black athletes. Well, they might want to take a look at the list of white athletes in baseball and football (Rick Mirer, Drew Bledsoe, etc.) who hemmorhaged cash, due to bad business deals as well.
Many players, consequently, are financial prey. "Disreputable people see athletes' money as very easy to get to," says Steven Baker, an agent who represents 20 NFL players. In May 2007 former quarterbacks Drew Bledsoe and Rick Mirer and five other NFL retirees invested at least $100,000 apiece in a now-defunct start-up called Pay By Touch—which touted "biometric authentication" technology that would help replace credit cards with fingerprints—even as the company was wracked by lawsuits and internal dissent. (The players later sued the financial-services firm UBS, which had encouraged its clients to invest in Pay By Touch, for allegedly withholding information about the company founder's criminal history and drug use.)
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm (http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm)
well, it does seem that black athletes depend far more on friends and entourages than whites. I have never seen any white athletes with an entourage. Maybe they have 'em too. I don't know.
I will say that these guys are crazy for involving/ doing any business with friends.
Its like partnerships in business.
They rarely work.
Whether the business does well or poorly, the partnership nearly always ends badly.
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one of the most pathetic parts of the MC hammer story was he GAVE 2 milliuon to a friend...who saved it.
When Hammer went broke, he went to the 'friend' for a loan, who told him
'No.'
;D
haha, are you serious?
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one of the most pathetic parts of the MC hammer story was he GAVE 2 milliuon to a friend...who saved it.
When Hammer went broke, he went to the 'friend' for a loan, who told him
'No.'
;D
;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D
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haha, are you serious?
True story.
You can probably google it. Heard it a long time ago.
Soke friend, huh?
The bros and all other dumbasses should remember this little ditty:
I had money
I had friends
I gave my money to my friends
Now I have no money or friends
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;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D
yeah
this story still makes me laugh
I imagine Hammer going to the guy's palatial digs (financed by MCHammer) and his 'friend' slamming the door in his face
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There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...
But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.
If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...
I remember that special on "Behind the Music". The late Lisa 'Left-Eye' Lopez told everyone to "get your pencils out", as she explained how you can sell 10 million albums yet be broke.
Though I don't remember all of it, basically she stated that an album has a "point-system", worth 100 points. Per their initial contract, TLC collectively got 7 points per album, with each point being worth $0.08.
That's $0.56 per album sold. Ten million album means TLC got $5.6 million. Taxes took half of that. Then came their managers, including former R&B star Perri "Pebbles" Reid (her name at the time; she has since divorced L.A. Reid and is re-married to a minister).
Factor in the cash advances that TLC had to repay, tour expenses, PR companies, MTV, etc, etc, and the girls' money got whittled to almost nothing.
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I remember that special on "Behind the Music". The late Lisa 'Left-Eye' Lopez told everyone to "get your pencils out", as she explained how you can sell 10 million albums yet be broke.
Though I don't remember all of it, basically she stated that an album has a "point-system", worth 100 points. Per their initial contract, TLC collectively got 7 points per album, with each point being worth $0.08.
That's $0.56 per album sold. Ten million album means TLC got $5.6 million. Taxes took half of that. Then came their managers, including former R&B star Perri "Pebbles" Reid (her name at the time; she has since divorced L.A. Reid and is re-married to a minister).
Factor in the cash advances that TLC had to repay, tour expenses, PR companies, MTV, etc, etc, and the girls' money got whittled to almost nothing.
well
she did burn down Rison's house
so maybe she got pay back
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well, it does seem that black athletes depend far more on friends and entourages than whites. I have never seen any white athletes with an entourage. Maybe they have 'em too. I don't know.
I will say that these guys are crazy for involving/ doing any business with friends.
Its like partnerships in business.
They rarely work.
Whether the business does well or poorly, the partnership nearly always ends badly.
You might want to look closer. White athletes indeed have their entourages. As some who've encountered this problem will tell you, there were plenty of folks hanging with them, hooking them up with drugs, prostitutes, etc. Groupies and leeches know no color boundary.
And, they too ran out, once the gravy train hit its final stop.
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You might want to look closer. White athletes indeed have their entourages. As some who've encountered this problem will tell you, there were plenty of folks hanging with them, hooking them up with drugs, prostitutes, etc. Groupies and leeches know no color boundary.
And, they too ran out, once the gravy train hit its final stop.
DTA=don't trust anyone
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one of the most pathetic parts of the MC hammer story was he GAVE 2 milliuon to a friend...who saved it.
When Hammer went broke, he went to the 'friend' for a loan, who told him
'No.'
;D
friend knew hammer wouldn't pay back the loan? ;D
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The problem is the guys who sign in Football and some other sports come mostly from poor families and backgrounds. When they get alot of cash they spend it and they spend it on themselves and their friends. They find out they have family members they didn't even know about wanting money. It is really disgusting. My mom who was a bank executive called it N-i-g-g-e-r Rich. She handle a lot of accounts for guys who were on the Lakers and Rams and several others. So she saw it first hand and that was back in the 60's and 70's.
The business manager is very important when it comes to investments and handling your money. Not the agent. The agent gets you your money they do NOT know how to invest it. My first manager was a ripoff artist. All my agents were good. If I had to do everything all over again I would have managed my money myself and did everything myself. DO NOT trust anyone. I had a friend who gave his entire signing bonus to his agent who said he had some great investments. Within the first year everything was gone and during the off season he had to collect unemployment and worked under the table in construction. Another very close friend of mine (in fact my kids godfather) had received $46 million after selling his company. Two payments of $23 each four years apart. By the time he got his second payment he was nearly broke. Within the first year he had lost over $10 million from bad investments and a guy he met in a grocery store he had put in charge of investing alot of the money and he stole alot of it. He calls me to find out what happened and I did. it was unreal.
I didn't make millions of dollars but lived very comfortable and had everything I needed and did what I wanted but I had a company that was on it's way to making millions and millions but I trusted the wrong people who I thought was the right ones and everything was lost. That actually happened twice. And yes you would think I would have learned and I remember it like yesterday when I was in the attorneys office telling them how I lost my first company and now they wanted me to sign over power of attorney to someone else now. Well after being assured how everything would be great this time, I again lost everything. So, now I am in charge of what I do and I don't trust anyone with my money or what I do.
These athletes are just stupid. The big thing too is you get in a place in your mind where you know you have this money coming in so you spend and spend knowing you have a check coming in a week to cover everything. Well then all of a sudden something happens and you are no longer getting that check. Now you are up shit creek. The thing is you really find out who your true friends are when you yourself are in trouble and you see who comes to help you. Guys like Tyson, Hammer, and just about every other super rich fucker had guys who were just there to grab your money and didn't give a shit about you. Look at Mr. T what happened to him too. He gave so much money away and bought friends Rolls Royce's and Rolex watches and when it was gone and he got cancer no one helped him. I feel bad for some of these guys. I myself was just stupid. I was brought up where I should have known what to do but I didn't do it. As much as I didn't get along with my mom, she is the only person I could have trusted and knew my money would be safe and would have been invested correctly. But, by the time I had made money and became successful she died. My ex in Hawaii I trusted too with my money. But, definitely I would suggest taking some kind of business courses, tax courses and learn about investments. DON'T TRUST ANYONE
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The problem is the guys who sign in Football and some other sports come mostly from poor families and backgrounds. When they get alot of cash they spend it and they spend it on themselves and their friends. They find out they have family members they didn't even know about wanting money. It is really disgusting. My mom who was a bank executive called it N-i-g-g-e-r Rich. She handle a lot of accounts for guys who were on the Lakers and Rams and several others. So she saw it first hand and that was back in the 60's and 70's.
The business manager is very important when it comes to investments and handling your money. Not the agent. The agent gets you your money they do NOT know how to invest it. My first manager was a ripoff artist. All my agents were good. If I had to do everything all over again I would have managed my money myself and did everything myself. DO NOT trust anyone. I had a friend who gave his entire signing bonus to his agent who said he had some great investments. Within the first year everything was gone and during the off season he had to collect unemployment and worked under the table in construction. Another very close friend of mine (in fact my kids godfather) had received $46 million after selling his company. Two payments of $23 each four years apart. By the time he got his second payment he was nearly broke. Within the first year he had lost over $10 million from bad investments and a guy he met in a grocery store he had put in charge of investing alot of the money and he stole alot of it. He calls me to find out what happened and I did. it was unreal.
I didn't make millions of dollars but lived very comfortable and had everything I needed and did what I wanted but I had a company that was on it's way to making millions and millions but I trusted the wrong people who I thought was the right ones and everything was lost. That actually happened twice. And yes you would think I would have learned and I remember it like yesterday when I was in the attorneys office telling them how I lost my first company and now they wanted me to sign over power of attorney to someone else now. Well after being assured how everything would be great this time, I again lost everything. So, now I am in charge of what I do and I don't trust anyone with my money or what I do.
These athletes are just stupid. The big thing too is you get in a place in your mind where you know you have this money coming in so you spend and spend knowing you have a check coming in a week to cover everything. Well then all of a sudden something happens and you are no longer getting that check. Now you are up shit creek. The thing is you really find out who your true friends are when you yourself are in trouble and you see who comes to help you. Guys like Tyson, Hammer, and just about every other super rich fucker had guys who were just there to grab your money and didn't give a shit about you. Look at Mr. T what happened to him too. He gave so much money away and bought friends Rolls Royce's and Rolex watches and when it was gone and he got cancer no one helped him. I feel bad for some of these guys. I myself was just stupid. I was brought up where I should have known what to do but I didn't do it. As much as I didn't get along with my mom, she is the only person I could have trusted and knew my money would be safe and would have been invested correctly. But, by the time I had made money and became successful she died. My ex in Hawaii I trusted too with my money. But, definitely I would suggest taking some kind of business courses, tax courses and learn about investments. DON'T TRUST ANYONE
24? music, athletics, clothing? where was ur money made? still in your industry?
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The problem is the guys who sign in Football and some other sports come mostly from poor families and backgrounds. When they get alot of cash they spend it and they spend it on themselves and their friends. They find out they have family members they didn't even know about wanting money. It is really disgusting. My mom who was a bank executive called it N-i-g-g-e-r Rich. She handle a lot of accounts for guys who were on the Lakers and Rams and several others. So she saw it first hand and that was back in the 60's and 70's.
The business manager is very important when it comes to investments and handling your money. Not the agent. The agent gets you your money they do NOT know how to invest it. My first manager was a ripoff artist. All my agents were good. If I had to do everything all over again I would have managed my money myself and did everything myself. DO NOT trust anyone. I had a friend who gave his entire signing bonus to his agent who said he had some great investments. Within the first year everything was gone and during the off season he had to collect unemployment and worked under the table in construction. Another very close friend of mine (in fact my kids godfather) had received $46 million after selling his company. Two payments of $23 each four years apart. By the time he got his second payment he was nearly broke. Within the first year he had lost over $10 million from bad investments and a guy he met in a grocery store he had put in charge of investing alot of the money and he stole alot of it. He calls me to find out what happened and I did. it was unreal.
I didn't make millions of dollars but lived very comfortable and had everything I needed and did what I wanted but I had a company that was on it's way to making millions and millions but I trusted the wrong people who I thought was the right ones and everything was lost. That actually happened twice. And yes you would think I would have learned and I remember it like yesterday when I was in the attorneys office telling them how I lost my first company and now they wanted me to sign over power of attorney to someone else now. Well after being assured how everything would be great this time, I again lost everything. So, now I am in charge of what I do and I don't trust anyone with my money or what I do.
These athletes are just stupid. The big thing too is you get in a place in your mind where you know you have this money coming in so you spend and spend knowing you have a check coming in a week to cover everything. Well then all of a sudden something happens and you are no longer getting that check. Now you are up shit creek. The thing is you really find out who your true friends are when you yourself are in trouble and you see who comes to help you. Guys like Tyson, Hammer, and just about every other super rich fucker had guys who were just there to grab your money and didn't give a shit about you. Look at Mr. T what happened to him too. He gave so much money away and bought friends Rolls Royce's and Rolex watches and when it was gone and he got cancer no one helped him. I feel bad for some of these guys. I myself was just stupid. I was brought up where I should have known what to do but I didn't do it. As much as I didn't get along with my mom, she is the only person I could have trusted and knew my money would be safe and would have been invested correctly. But, by the time I had made money and became successful she died. My ex in Hawaii I trusted too with my money. But, definitely I would suggest taking some kind of business courses, tax courses and learn about investments. DON'T TRUST ANYONE
HAHA! ;D
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The problem is the guys who sign in Football and some other sports come mostly from poor families and backgrounds. When they get alot of cash they spend it and they spend it on themselves and their friends. They find out they have family members they didn't even know about wanting money. It is really disgusting. My mom who was a bank executive called it N-i-g-g-e-r Rich. She handle a lot of accounts for guys who were on the Lakers and Rams and several others. So she saw it first hand and that was back in the 60's and 70's.
The business manager is very important when it comes to investments and handling your money. Not the agent. The agent gets you your money they do NOT know how to invest it. My first manager was a ripoff artist. All my agents were good. If I had to do everything all over again I would have managed my money myself and did everything myself. DO NOT trust anyone. I had a friend who gave his entire signing bonus to his agent who said he had some great investments. Within the first year everything was gone and during the off season he had to collect unemployment and worked under the table in construction. Another very close friend of mine (in fact my kids godfather) had received $46 million after selling his company. Two payments of $23 each four years apart. By the time he got his second payment he was nearly broke. Within the first year he had lost over $10 million from bad investments and a guy he met in a grocery store he had put in charge of investing alot of the money and he stole alot of it. He calls me to find out what happened and I did. it was unreal.
I didn't make millions of dollars but lived very comfortable and had everything I needed and did what I wanted but I had a company that was on it's way to making millions and millions but I trusted the wrong people who I thought was the right ones and everything was lost. That actually happened twice. And yes you would think I would have learned and I remember it like yesterday when I was in the attorneys office telling them how I lost my first company and now they wanted me to sign over power of attorney to someone else now. Well after being assured how everything would be great this time, I again lost everything. So, now I am in charge of what I do and I don't trust anyone with my money or what I do.
These athletes are just stupid. The big thing too is you get in a place in your mind where you know you have this money coming in so you spend and spend knowing you have a check coming in a week to cover everything. Well then all of a sudden something happens and you are no longer getting that check. Now you are up shit creek. The thing is you really find out who your true friends are when you yourself are in trouble and you see who comes to help you. Guys like Tyson, Hammer, and just about every other super rich fucker had guys who were just there to grab your money and didn't give a shit about you. Look at Mr. T what happened to him too. He gave so much money away and bought friends Rolls Royce's and Rolex watches and when it was gone and he got cancer no one helped him. I feel bad for some of these guys. I myself was just stupid. I was brought up where I should have known what to do but I didn't do it. As much as I didn't get along with my mom, she is the only person I could have trusted and knew my money would be safe and would have been invested correctly. But, by the time I had made money and became successful she died. My ex in Hawaii I trusted too with my money. But, definitely I would suggest taking some kind of business courses, tax courses and learn about investments. DON'T TRUST ANYONE
The one major problem with this diatribe is that, at some point, YOU HAVE TO TRUST SOMEONE with your finance, as neither you nor the average person has the business acumen to handle such affairs on a regular basis. How can you say "don't trust anyone" when you put your affairs in the hands of your mother? Sometimes, people get betrayed and have money stolen by their own flesh and blood.
Lost in all of this is the fact that a) many of these athletes took business courses and learned about investment BUT STILL GOT SWINDLED and b) the athletes victimized weren't just black ones. I already cited several examples of such.
Look at the QBs and OL of NFL football teams. Most of them are WHITE. Yet they have fallen victim as well.
Again, it's sad that this thread has been reduced to a racial potshot thing by some posters. But, the reality is that this problem goes beyond skin colors. And, since historically speaking, white QBs have often been paid loads of money (even when they've yet to prove themselves on the field) attempts to paint this as just or primarily a black thing ring quite hollow.
What's worse, it appears people here aren't focusing on the unscrupulous guys, preying on athletes who are trying to invest their money in sound business ventures, choosing instead to just dismiss them as simply blowing their money on "bling".
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anybody remember tyrone hughes...was a probowl returner for the saints for a few years(in the 90's)? He's a janitor now or was one.
When it comes to the nfl, there are only a few guys per team that make the mega millions, so I feel they can kinda of screw up a bit but usually have better account management with those millions upon millions like a haynesworth, Manning, Rice....etc....all the rest are like hughes below imo. They simply don't make the mega million dollar deals to sustain that "life" imo, have weaker management (if any) and think they'll get that big dollar contract when they aren't even top 5 on the roster in value.
Guys like faulk, sanders, rice...don't see them going broke...but the other serviceable guys that were their teammates....yep...proba bly broke by now.
"His contracts in the NFL ranged from $20,000 a game with the Cowboys to a $2.6 million deal over three years with the Bears. (Chicago cut him after one season, and his pay dropped to $1.4 million.) Mr. Hughes said he was flashy back then, frittering his money on items meant to impress, such as tailored suits and alligator shoes. He gave some money to relatives and socked some away in a retirement fund. Plus, he leased expensive cars, like a Jaguar with lambskin floor mats so nice he required everyone – including himself – to take off their shoes before getting in the car."
"He has few expensive possessions left, but still wears a gold necklace with a diamond-encrusted "33" pendant – a gift from a New Orleans jeweler when No. 33 was in his heyday with the Saints."
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24? music, athletics, clothing? where was ur money made? still in your industry?
I made it from sponsors when I competed. I made good money doing commercials, I inherited some, I had a very successful sun tan lotion company back in the early 90's that shipped to Asia and the US and throughout Hawaii. That was really the company that would have been the best but to bad. Back in the mid 80's I was thinking about investing in Penny Stocks. My attorney said no very "ify". I was going to buy a few million shares. About 4 or 5 years ago I checked that stock and I think it was around $32 a share. Within one year after I was going to buy but my attorney said no the stock was at $1.17 or something like that. That same company now has the distinction of being the fastest losing stock in the pharmaceutical industry.
I have come back financially twice after going completely broke. I know how to make money. I am now learning how to keep it. I am still on track to retire at 55. My original age to retire was 35. But my own ignorance and trusting others kind of ruined that.
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anybody remember tyrone hughes...was a probowl returner for the saints for a few years(in the 90's)? He's a janitor now or was one.
When it comes to the nfl, there are only a few guys per team that make the mega millions, so I feel they can kinda of screw up a bit but usually have better account management with those millions upon millions like a haynesworth, Manning, Rice....etc....all the rest are like hughes below imo. They simply don't make the mega million dollar deals to sustain that "life" imo, have weaker management (if any) and think they'll get that big dollar contract when they aren't even top 5 on the roster in value.
Guys like faulk, sanders, rice...don't see them going broke...but the other serviceable guys that were their teammates....yep...proba bly broke by now.
"His contracts in the NFL ranged from $20,000 a game with the Cowboys to a $2.6 million deal over three years with the Bears. (Chicago cut him after one season, and his pay dropped to $1.4 million.) Mr. Hughes said he was flashy back then, frittering his money on items meant to impress, such as tailored suits and alligator shoes. He gave some money to relatives and socked some away in a retirement fund. Plus, he leased expensive cars, like a Jaguar with lambskin floor mats so nice he required everyone – including himself – to take off their shoes before getting in the car."
"He has few expensive possessions left, but still wears a gold necklace with a diamond-encrusted "33" pendant – a gift from a New Orleans jeweler when No. 33 was in his heyday with the Saints."
True story. Good one. I went with an older chick that hung with him for a min. Tricked out a vette instead of keeping it basic...just to be seen. I came after him and Leroy Herod (Minn) and Lonnie Marts (Chiefs) in highschool.
Mr Howard White use to be on the other sideline.
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True story. Good one. I went with an older chick that hung with him for a min. Tricked out a vette instead of keeping it basic...just to be seen. I came after him and Leroy Herod (Minn) and Lonnie Marts (Chiefs) in highschool.
Mr Howard White use to be on the other sideline.
nice. nothing like the gridiron days, growing up trying to follow the footsteps and carry the tradition when it's your time to shine.
like the guy said on "The Program" ..."not everyone can play football...we are the lucky ones!"