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Getbig Main Boards => Gossip & Opinions => Topic started by: Devon97 on April 11, 2010, 12:37:14 PM
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The next person who tells me former Pro athletes never have to work again need a reality check!
http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379 (http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379)
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The next person who tells me former Pro athletes never have to work again need a reality check!
http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379 (http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379)
well the white ones usually never have to work again
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kind of sad, because the guy made an attempt to revitalize the Detroit area...
I'm sure his lavish spending didn't help
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Without clicking on the link should we have a skincolor guessing comp?
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Living the high lifestyle and credit will crush you.
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here are some real dumba$$es: nick cage, antoine walker, daly the golf
racist!
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True. At least he lost his money investing rather than because he gold plated everything in sight.
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well the white ones usually never have to work again
haha
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if you make $87 million dollars and squander ALL of it you should be tried and hung for crimes against humanity.
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Squandered $87 million. Sorry, I don't feel sorry for this dumbass. Even in his failed attempts to revitalize Detroit, if he managed his money carefully I am sure he would have more than $1 million. Stupid.
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It looks like most of you didn't read the article. he didn't squander or buy a bunch of shit wiht his money. He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit. So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others. The only thing he should get shit for is trying to help others.
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It looks like most of you didn't read the article. he didn't squander or buy a bunch of shit wiht his money. He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit. So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others. The only thing he should get shit for is trying to help others.
oh well then this is different. id assumed he'd spent it all on spinning rims, escalades and lions and tigers and expensive cognacs. this guy had a reputation as a lazy bonehead for most of his NBA career
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It looks like most of you didn't read the article. he didn't squander or buy a bunch of shit wiht his money. He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit. So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others. The only thing he should get shit for is trying to help others.
no doubt hes not like the other dumb negros BUT he should have kept more then 1 mil in "safe" money..
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It looks like most of you didn't read the article. he didn't squander or buy a bunch of shit wiht his money. He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit. So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others. The only thing he should get shit for is trying to help others.
Okay, but did he spend ALL $87 million trying to help Detroit out? No one said he had to buy a Beverly Hills home. I am pretty sure he didn't spend ALL $87 million on Detroit. Where did the rest go? It went to a home in Beverly Hills, big screen tv's, fur coats, jewelry, lavish vacations, cars and dining. You realize the millions he spent on all that stuff. That was his choice!! If he would have lived a more modest lifestyle, I am sure he would have had more than $1 million in assets. Sorry, don't feel bad for him.
We can agree to disagree :D :D
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True. At least he lost his money investing rather than because he gold plated everything in sight.
I would hardly call the following "Investing" lol
" But now he has only about $1 million in assets, including a 1997 Bentley convertible, five fur coats, and $3,000 in jewelry. Not exactly appreciating assets"
Not exactly the black Warren Buffett ;)
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Im sure its all bullshit, just a spin from his lawyers to make him seem charitable and not like a loser like the other athletes.
what is 87M after taxes?
lol, Fur coats what a fucken loser, if your going to go broke do it in style, buy some lambos, a helicopter and a yacht...he has only $3000 in jewellery hahaahaaa
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Im sure its all bullshit, just a spin from his lawyers to make him seem charitable and not like a loser like the other athletes.
what is 87M after taxes?
lol, Fur coats what a fucken loser, if your going to go broke do it in style, buy some lambos, a helicopter and a yacht...he has only $3000 in jewellery hahaahaaa
87 * 50%
from there,,,,,his agent about 10 to 20 percent
other fees probably 2 million,,,,
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87 * 50%
from there,,,,,his agent about 10 to 20 percent
other fees probably 2 million,,,,
then its unfair to say he made 87M.
Lessons to be learned, dont help people that cannot help themselves, GM could not help detroit, why is he "supposedly" pouring money from his own pocket any way, raise the money instead.
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i am all for helpig out your home town but you have to have a line drawn in the sand to protect yourself all though maybe it was going good at first and he thought his boat couldnt sink so he loaded it up with all his eggs..only to plow it into an ice berg. Sad I hope detroit trys to pay back the favour
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87 after taxes, around 45 million,then take agents fees.Plus these guys dont get that 45 million in 1 lump sum.Rookie contrcts start off at around 600,000 a year after taxes for first 3 years.Then for coleman spread that 40 million over 10-11 years so 4 mill a year.Problem is that these guys buy everything on finance and forget the money will run dry one day.They come to the end of their careers and finally realise they have no more money and still have 8 houses with 2 mill left to pay on each and a load of cars they have barely paid for.
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87 after taxes, around 45 million,then take agents fees.Plus these guys dont get that 45 million in 1 lump sum.Rookie contrcts start off at around 600,000 a year after taxes for first 3 years.Then for coleman spread that 40 million over 10-11 years so 4 mill a year.Problem is that these guys buy everything on finance and forget the money will run dry one day.They come to the end of their careers and finally realise they have no more money and still have 8 houses with 2 mill left to pay on each and a load of cars they have barely paid for.
Seriously, i sort of feel bad for them, not that they go broke, but that they are that dumb, dont they have mentors on the team or advisers from the NBA that show them the long history of broke athletes..or is they dont listen, first of all i think colemans "helping detroit" story is lies, they will need to audit his finances for me to believe him.
Kenny anderson his former teammate went broke also, funny thing is he went broke during the strike, he was living cheque to cheque...
its nice to help out family and friends, buying mum a house is very sweet, but does she really need to live in a mansion, is mum going to contribute to taxes, maintanence, Im sure mum would like a home without monthly repayments thats all.
alot of athletes do go bust, but most of them hang tight with there money....my bet is Allen Iverson is next on the Bankrupt list.
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i a racist asshole, so i would like more then anybody to just single out black guys
but f@ggots like nick cage do this just as well, one time i heard a list recited of the things he purchased over the course of just that last few years......and i quickly realized he is mentally ill. multiple 10+ million dollar mansions, most of which he never set foot into........over a hundred cars, majority of which he never even saw, let alone drove
but you gotta concede, black entertainers and athletes have really turned blowing their money on meaningless over-extravagances and indulgences into an art form.....
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i a racist asshole, so i would like more then anybody to just single out black guys
but f@ggots like nick cage do this just as well, one time i heard a list recited of the things he purchased over the course of just that last few years......and i quickly realized he is mentally ill. multiple 10+ million dollar mansions, most of which he never set foot into........over a hundred cars, majority of which he never even saw, let alone drove
but you gotta concede, black entertainers and athletes have really turned blowing their money on meaningless over-extravagances and indulgences into an art form.....
you only hear about the ones that go broke, a lot of the black athletes keep there money and stay wealthy.
There are alot of dumb athletes but alot of smart ones to, they know if they blow there sports money there is no hope
Just because Scottie pippen, Tyson went broke does not mean Shaq, lebron, Jordan or Emmit smith will go broke.
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scottie pippen went broke?
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scottie pippen went broke?
Yeah, he bought a Gulfstream jet lol and he had a shocking contract with the bulls, he was so poor he signed whatever they offered him...
The Missouri Court of Appeals has upheld a ruling from last year in St. Louis County in which a judge agreed that Pippen owed U.S. Bank about $5.021 million in principal, interest and attorney fees from a dispute over a private jet and company Pippen once owned.
Pippen said the charter-plane issue is one of many poor business decisions that were made primarily by a former agent, whom he blames for causing him to lose about $27 million in bad investments and questionable accounting. Pippen sued his former law firm in 2005, claiming he had been swindled, but he lost the case.
In terms of the plane, court documents claimed Pippen was using charter planes so often in 2001, when he was playing for the Portland Trail Blazers, that a pilot persuaded him to consider buying his own jet. Consequently, Pippen and his wife, Larsa, borrowed $4.375 million from an aircraft finance company, JODA LLC, in the St. Louis area.
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you only hear about the ones that go broke, a lot of the black athletes keep there money and stay wealthy.
There are alot of dumb athletes but alot of smart ones to, they know if they blow there sports money there is no hope
Just because Scottie pippen, Tyson went broke does not mean Shaq, lebron, Jordan or Emmit smith will go broke.
you talking about superstars, when you have as much money as they do, you really have to go out of your way to lose it
but think of all the nfl/nba journeymen,and boxers, who never become superstars, but manage to make 4 or 5 million over the course of their careers.
that kind of money, if managed responsibly, is more then enough to live a pretty extravagant lifestyle, and never have to work again if its managed correctly
but these guys have gone through it just a couple of years after they retire, and are fucked
there are countless stories of this happening, and twice as many that you dont hear about
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Magic 'i beat AIDS' Johnson is supposedly a billionaire
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you talking about superstars, when you have as much money as they do, you really have to go out of your way to lose it
but think of all the nfl/nba journeymen,and boxers, who never become superstars, but manage to make 4 or 5 million over the course of their careers.
that kind of money, if managed responsibly, is more then enough to live a pretty extravagant lifestyle, and never have to work again if its managed correctly
but these guys have gone through it just a couple of years after they retire, and are fucked
there are countless stories of this happening, and twice as many that you dont hear about
No where near. Maybe 25 million...
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No where near. Maybe 25 million...
right, well obviously 5 milllion isnt't alot of $ to a getbig, model-hittin', jet setin', bar bendin' bizillionaire.........li ke yourslef
but to some people 5 million dollars is still considered a fortune
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right, well obviously 5 milllion isnt't alot of $ to a getbig, model-hittin', jet setin', bar bendin' bizillionaire.........li ke yourslef
but to some people 5 million dollars is still considered a fortune
How much interest do you think you are going to earn a year off of $5,000,000?
2% of $5,000,000 = $100,000
DO you really think you can sustain an extravagant lifestyle on an annual stipend of $100,000?
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~UN_$ung~ makes a great point, there a journeymen who have made 5-6 million and gone bust, but half that goes in taxes, i dont think journeymen have any sponsors either or endorsments.
you would assume journeymen type players would be extra careful with there cash, its not like they have AT&T, Nike and Mcdonalds begging to hand them millions.
Jordan lost how many millions cause of divorce and is still rich.
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~UN_$ung~ makes a great point, there a journeymen who have made 5-6 million and gone bust, but half that goes in taxes, i dont think journeymen have any sponsors either or endorsments.
you would assume journeymen type players would be extra careful with there cash, its not like they have AT&T, Nike and Mcdonalds begging to hand them millions.
Jordan lost how many millions cause of divorce and is still rich.
i will agree with that point
you get 5 million......right off that bat, what, almost 40% goes to taxes
then probably half of whats left goes to agents, lawyers, assistants, publicists
so the point is a 5 million $ contract is not a 5 million dollar contract.....
but, if you retire with 5 or 6 million.....there are some pretty safe investments and business ventures you can place some money in that guarentees you will live very well for the rest of your life
i mean, like is said, its not getbigger money, or tiger woods money, but some people would still consider it a not-so-bad quality of life
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i will agree with that point
you get 5 million......right off that bat, what, almost 40% goes to taxes
then probably half of whats left goes to agents, lawyers, assistants, publicists
so the point is a 5 million $ contract is not a 5 million dollar contract.....
but, if you retire with 5 or 6 million.....there are some pretty safe investments and business ventures you can place some money in that guarentees you will live very well for the rest of your life
i mean, like is said, its not getbigger money, or tiger woods money, but some people would still consider it a not-so-bad quality of life
Getbiggers life consists of drivin' lambo's , fucking top shelf pussy, having millions in swiss accounts and 3 mill (atleast) in the safety deposit box.
With the players that makes $6M they get influenced by the dude making $20m a year, they know they cant live that life lebron, shaq, jordan and garnett live but he will feel its a waste to make a few mill and not buy a million dollar necklace.
they compete with another, one players buys a ferrari, then the other trys to buy a better one.
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Getbiggers life consists of drivin' lambo's , fucking top shelf pussy, having millions in swiss accounts and 3 mill (atleast) in the safety deposit box.
With the players that makes $6M they get influenced by the dude making $20m a year, they know they cant live that life lebron, shaq, jordan and garnett live but he will feel its a waste to make a few mill and not buy a million dollar necklace.
they compete with another, one players buys a ferrari, then the other trys to buy a better one.
yeh, lot of "keeping up with the jonses'"
like you said, everyone has to try to front like they are doing as well as the best player on the team
if the best player buys a ferrarri, they buy one
and while they do have the money to afford a ferrari.....it is not the wisest descision when looking longterm
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money? i can just be "G".
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IQ
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Yeah, he bought a Gulfstream jet lol and he had a shocking contract with the bulls, he was so poor he signed whatever they offered him...
The Missouri Court of Appeals has upheld a ruling from last year in St. Louis County in which a judge agreed that Pippen owed U.S. Bank about $5.021 million in principal, interest and attorney fees from a dispute over a private jet and company Pippen once owned.
Pippen said the charter-plane issue is one of many poor business decisions that were made primarily by a former agent, whom he blames for causing him to lose about $27 million in bad investments and questionable accounting. Pippen sued his former law firm in 2005, claiming he had been swindled, but he lost the case.
In terms of the plane, court documents claimed Pippen was using charter planes so often in 2001, when he was playing for the Portland Trail Blazers, that a pilot persuaded him to consider buying his own jet. Consequently, Pippen and his wife, Larsa, borrowed $4.375 million from an aircraft finance company, JODA LLC, in the St. Louis area.
That's straight up stupid right there.
Being a NBA player...even a superstar, ain't "Lear jet" money. Steven Speilberg makes Lear jet money.
These fucking guys are delusional.
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According to Basketball Reference, Coleman made more than $87 million during his 15 year career with the Nets, 76ers, Hornets, and Pistons. But now he has only about $1 million in assets, including a 1997 Bentley convertible, five fur coats, and $3,000 in jewelry. Not exactly appreciating assets.
That's your problem right there!
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1997 Bentley convertible
Fuck, if your going to claim bankruptcy, do it in 2007 bentley, not a 97.
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Fuck, if your going to claim bankruptcy, do it in 2007 bentley, not a 97.
You can only keep one car, so Im guessing that was he most $$$ car.
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You can only keep one car, so Im guessing that was he most $$$ car.
What a loser. Im sure he has money stashed elsewhere.
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What a loser. Im sure he has money stashed elsewhere.
Can't spend it without the IRS knowing about it. He has his mansion paid for right? Just sell the benley in the future and get a nice new ford or Honda to drive to his new job teaching high school basketball.
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Can't spend it without the IRS knowing about it. He has his mansion paid for right? Just sell the benley in the future and get a nice new ford or Honda to drive to his new job teaching high school basketball.
yeah, you dont think dude has a few mill stashed?
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yeah, you dont think dude has a few mill stashed?
Idk dude would be a dumb fuck to try and spend it. IRS will be watch dude very closely.
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How much interest do you think you are going to earn a year off of $5,000,000?
2% of $5,000,000 = $100,000
DO you really think you can sustain an extravagant lifestyle on an annual stipend of $100,000?
The 2% (and lower) rate that you referenced is what banks pay poor people with 'savings accounts'.
For someone who's ready to invest, 6% yoy is a very conservative estimate, so that would be roughly $300K/year, every year.
Spend wisely and that principle will grow.
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LOL... investing money into Detroit... good intentions but very dumb idea. ::)
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The next person who tells me former Pro athletes never have to work again need a reality check!
http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379 (http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379)
Don't put one guys misfortunes against all pro atheletes. If this uneducated tool knew how to invest his cash, he would't be broke.
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Maybe DC just believes in redistributing wealth? Wish the half-wit would have called me.....
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How much interest do you think you are going to earn a year off of $5,000,000?
2% of $5,000,000 = $100,000
DO you really think you can sustain an extravagant lifestyle on an annual stipend of $100,000?
You are quite a bit off their son. Any Savings account will pay you at least a compound interest rate of 4%
That is $40,000+ a year for just a million at that interest rate
Tines 5 equals $200,000+ a year from interest alone and with that kind of deposit you would receive a nice prime rate of 5% or more
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You are quite a bit off their son. Any Savings account will pay you at least a compound interest rate of 4%
That is $40,000+ a year for just a million at that interest rate
Tines 5 equals $200,000+ a year from interest alone and with that kind of deposit you would receive a nice prime rate of 5% or more
QFT. I could easily live off 5 mil as my in-laws live a nice lifestyle off 2.5 mil invested correctly. These guys are complete idiots for blowing through that much money that quickly. Investing in Detroit wtf?
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The 2% (and lower) rate that you referenced is what banks pay poor people with 'savings accounts'.
For someone who's ready to invest, 6% yoy is a very conservative estimate, so that would be roughly $300K/year, every year.
Spend wisely and that principle will grow.
LOL I would hardy call a CD something for poor people.
What funds guarentee a 6% or higher return with Absolutely no risk?
We aren't talking about spending wisely but rather living extravagantly.
You're not exactly the black Warren Buffet ya know lol
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You are quite a bit off their son. Any Savings account will pay you at least a compound interest rate of 4%
That is $40,000+ a year for just a million at that interest rate
Tines 5 equals $200,000+ a year from interest alone and with that kind of deposit you would receive a nice prime rate of 5% or more
Am I missing something here? I think the arguement was could someone live extravagantly off of the interest.
Annual income of 200K would hardly be considered "middle class" in NYC.
Keith, I think you and I have differing views as to what an "extravagant" lifestyle really is.
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QFT. I could easily live off 5 mil as my in-laws live a nice lifestyle off 2.5 mil invested correctly. These guys are complete idiots for blowing through that much money that quickly. Investing in Detroit wtf?
Here is the problem with guys like this guy who lost his money. Most black pro athletes come into a huge amount of money when all their lives they have had nothing,. One of the biggest things they have wanted to do their whole lives is take care of their mom (parents). So buying a house for them is one of the first things they do. Then all the parasitic relatives come into play. Then the punk childhood friends all want something. Of course they have to have a fancy car and their house. First off $10 million does not go far. whatever amount goes to taxes. they wouldn't have got that money without an agent (in most cases) who gets 10% off the top. In some cases a quick talking manager comes into play and they get 10% to 15% off the top. Some guys have a PR person who usually works on a retainer or monthly set salary. You have to pay for everyone in your "entourage" expenses. In most cases, their parents home and their first home is paid in cash. They may be able to use their contract amount as collateral but not that often unless they are someone very established. A bank is going to want to be the first in line to get paid in case something goes sour with the person or contract. Not many contracts are "guaranteed". In some cases they are.
This happens to white people too. Just in most cases it is black people because their are more of them in professional team sports and their economical upbringing is a little less. This is why if you are an athlete who appears to be destined for professional sports you really should (starting in high school) really take and learn financial related classes. Learn to invest your money yourself. DO NOT trust anyone, In most cases an athlete trust his agent or manager more than anyone. And he should, but in some cases these guys are scumbags and take chances with your money that they shouldn't. They are the ones who make suggestions or investment ideas. Hire a real investment person. Put a few million in mutual funds. I have a friend who makes $50,000 a month simply from mutual funds. The guy sold his house here for $7 million and ended up buying a penthouse at Turnberry.
These guys just don't know what to do.
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Am I missing something here? I think the arguement was could someone live extravagantly off of the interest.
Annual income of 200K would hardly be considered "middle class" in NYC.
Keith, I think you and I have differing views as to what an "extravagant" lifestyle really is.
I had no idea we were talking about living in New York. Maybe extravagant means something different to me. I grew up in a pretty expensive area and have lived in one of the nicest places in the country pretty damm well. Never even been to New York but I do know it is very expensive to live there. But, if you have a house that is paid for and the car is paid for. Those are tow huge expenses. I know I could live pon $200,000 a year for food and fun. Well at least food. I may have to get a night job for any other stuff
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LOL I would hardy call a CD something for poor people.
What funds guarantee a 6% or higher return with Absolutely no risk?
We aren't talking about spending wisely but rather living extravagantly.
You're not exactly the black Warren Buffet ya know lol
I wouldn't say that there's 'no risk', but there are many mutual funds that are consistently returning 6% *after* fees.
Rich people don't save, they invest, so if poor people seriously want to build wealth, they need to roll their CDs into mutual funds. Sure, the funds aren't FDIC insured, but who cares? Just look at the 50-year history of mutual fund returns.
I think I live pretty well, but I don't live 'stupid'. I stay within my means. I own one vehicle that I bought used. The home I purchased was a bank foreclosure. If I want to take the family out on the water, we can rent a boat or ski-doo. No need to buy something that's only going to be used twice a year. My daughter and I own (snow) skis and have season passes to one of the local mountains, but we got all that stuff at *deep* 50-70% discounts and we ski 10-15 times/year. Baby mama skis once a year, so I got her equipment used for $20. We don't wear fancy clothes, but we do spend money on travel...experiences that will benefit our child for a lifetime. We live in a great neighborhood.
There's a reason why no one teaches poor people about compound interest, but it really is an amazing thing.
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i thnk its good for the NBA. you see guys with that much money, you want to buy the nba licensed gear to be like them.
if they all drove toyotas and wore eeveryday clothes, there wouldnt be any star power.
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It looks like most of you didn't read the article. he didn't squander or buy a bunch of shit wiht his money. He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit. So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others. The only thing he should get shit for is trying to help others.
that what some idiot representing him said, doesnt mean it's the truth, like anyone would spend the biggest of his fortune revitalisating a dump...please, dont be a bigger naive idiot than you alrdy are.
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that what some idiot representing him said, doesnt mean it's the truth, like anyone would spend the biggest of his fortune revitalisating a dump...please, dont be a bigger naive idiot than you alrdy are.
Well shit sure am glad you know the real story,. Had no idea you were "in the know". Please enlighten us and tell us the real truth. You should have come forward at the beginning. How long were you his agent or lawyer. Please give us the truth ::)
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no doubt hes not like the other dumb negros BUT he should have kept more then 1 mil in "safe" money..
So what do you say about Daly and Cage cha cha?
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This is the definitive article on the subject. Keith pretty much has is right. It's a combination of factors, divorce and trusting family and friends being the two biggest.
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm (http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm)
How (and Why) Athletes Go Broke
Recession or no recession, many NFL, NBA and Major League Baseball players have a penchant for losing most or all of their money. It doesn't matter how much they make. And the ways they blow it are strikingly similar
PABLO S. TORRE
• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
• Within five years of retirement, an estimated 60% of former NBA players are broke.
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look u girls love to call it a black thing but even a successful white man with a construction career can go ape s##t when 9 figures hits his bank acct.
(http://img2.timeinc.net/people/i/2007/news/070806/jack_whittaker180.jpg)
It seemed as though Jack Whittaker's dreams had come true on Christmas Day in 2002, when he won what was then the largest undivided lottery prize in U.S. history. Instead, the years since he won $324.9 million – which he took in a lump sum of $113 million after taxes – have mostly been a nightmare.
Whittaker's saga took a new turn this week, as an arrest warrant was issued for a Kentucky man who allegedly emptied one of Whittaker's bank accounts by cashing counterfeit versions of his business checks, according to the Associated Press.
The suspect, Toby Nelson, 31, of Greenup, Ky., faces charges of false pretenses, counterfeiting and forgery, police said. Nelson allegedly stole some $49,070 from Whittaker.
Nelson remains at large. A company owned by Whittaker has also filed suit against City National bank for cashing the phony checks. City National says it was not negligible in doing so.
Whittaker says the theft leaves him unable to pay the settlement in a recent case in which he was accused of assaulting a woman at a casino in West Virginia.
In 2002, Whittaker, then 55 and a wealthy contractor, bought a Powerball ticket at the C&L Super Serve in Hurricane, W. Va. that won him his millions. Though he started out by donating some of his money to charity, which helped renovate a Little League park and buy playground equipment, it was mostly downhill from there.
In the years since, Whittaker has been sued for bouncing checks in at Atlantic City, N.J., casinos, arrested on drunken driving charges, ordered into rehab and repeatedly burglarized. His granddaughter died of a drug overdose in 2005, and he was sued by the father of an 18-year-old boy, a friend of his granddaughter's, who also overdosed and was found dead in Whittaker's house.
Those problems overshadowed his charitable contributions, which also included funding three churches.
i'd be on suicide watch if i jacked off this type of dough.
daly 70M gambling
whit 113M
cage 120M
pippen 50M or somthing
coleman 60M?
Billy Jole 70M but still sell record n concerts so he ok
Antione Walker 112M
damn!
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This is the definitive article on the subject. Keith pretty much has is right. It's a combination of factors, divorce and trusting family and friends being the two biggest.
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm (http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm)
How (and Why) Athletes Go Broke
Recession or no recession, many NFL, NBA and Major League Baseball players have a penchant for losing most or all of their money. It doesn't matter how much they make. And the ways they blow it are strikingly similar
PABLO S. TORRE
• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
• Within five years of retirement, an estimated 60% of former NBA players are broke.
What really determines on how alot of these guys end up is how they were brought up. simple as that. I know many pro athletes that are as rich as they are now as they were when they played. I know even more that are broke or near broke. Trust is a major thing when you get an influx of huge money especially when you are not used to it. If your parents are responsible and you grow up with them paying all the bills, providing for you without any financial problems you truly learn to apply this in your life. You really don't need to go out and spend a zillion dollars on all your friends or family. My first manager took me for quite a bit of money. My girlfriend at the time told me from day one this guy was a piece of shit. I had another friend whose agent had him investing iun the dumbest shit and he lost the bulk of his money after just a couple years. I didn't invest my money which was my big problem. My few times of wanting to invest I was talked out of by my attorney. If had invested in what I wanted to at the time I would have made millions of dollars. But I didn't. It isn't the actual dollars I lost that I regret the most but the potential dollars I lost from listening to others.
My uncle (the one that is dead now) gave me the best advice ever when I was in 6th grade or so. Invest, invest and invest more in real estate. Start of witjh a small income property like a duplex or triplex. Then get an apartment building. Then buy a retail center then get into development and build multi-family, then retail. You can't lose (well maybe right now you might) but back in the 70's and 80's this was the way to go.
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you fellas need to listen to nowrries he has given good advice,,,minus the real estate (for now),,,he knows it very well been through hell and has come back
What really determines on how alot of these guys end up is how they were brought up. simple as that. I know many pro athletes that are as rich as they are now as they were when they played. I know even more that are broke or near broke. Trust is a major thing when you get an influx of huge money especially when you are not used to it. If your parents are responsible and you grow up with them paying all the bills, providing for you without any financial problems you truly learn to apply this in your life. You really don't need to go out and spend a zillion dollars on all your friends or family. My first manager took me for quite a bit of money. My girlfriend at the time told me from day one this guy was a piece of shit. I had another friend whose agent had him investing iun the dumbest shit and he lost the bulk of his money after just a couple years. I didn't invest my money which was my big problem. My few times of wanting to invest I was talked out of by my attorney. If had invested in what I wanted to at the time I would have made millions of dollars. But I didn't. It isn't the actual dollars I lost that I regret the most but the potential dollars I lost from listening to others.
My uncle (the one that is dead now) gave me the best advice ever when I was in 6th grade or so. Invest, invest and invest more in real estate. Start of witjh a small income property like a duplex or triplex. Then get an apartment building. Then buy a retail center then get into development and build multi-family, then retail. You can't lose (well maybe right now you might) but back in the 70's and 80's this was the way to go.
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My uncle (the one that is dead now) gave me the best advice ever when I was in 6th grade or so. Invest, invest and invest more in real estate. Start of witjh a small income property like a duplex or triplex. Then get an apartment building. Then buy a retail center then get into development and build multi-family, then retail. You can't lose (well maybe right now you might) but back in the 70's and 80's this was the way to go.
That's still the best advice, because they aren't making any more land...well, except in Dubai, that is.
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That's still the best advice, because they aren't making any more land...well, except in Dubai, that is.
Every investment has its plusses and minuses and real estate is no exception.
Real estate has to be maintained.
If you rent out your property, being a landlord is a pain in the ass, namely dealing with deadbeat tenants.
It's also not liquid. In other words, you can't sell it immediately.
Plus, you never know exactly how much it's worth.
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I made a huge mistake when I was younger by not following my uncle's advice and parents. My mom was brilliant when it came to banking and money matters. She had her real estate license but didn't really use it except to find deals. My uncle was a broker since 1961 and in the 60's and 70's bought mega amounts of real estate in LA and in the 80's started developing all over California and Colorado. He also liked to buy companies and resell them. He owned a huge lumber company, a electronics company and several other diverse companies. He definitely didn't have all his eggs in one basket. Later as he got older and just spent money he had these ladies that all they did was buy shit from catalogs for him. He became kind of weird that way. He liked to compete with this other real estate guy in LA to see who could buy the most stuff. This guy bought himself a big yacht. So my uncle went out and bought the SS Catalina. Any older guy from So. Cal would know of this ship. 330' long. He was my hero. He had a great time in life but died way to early. And he died without a will. I still have no idea what happened with all that shit. Anyway, I have made way more mistakes financially than good ones. But, I am still happy. Of course I am pretty sure I would be more happy with more money.
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I made a huge mistake when I was younger by not following my uncle's advice and parents. My mom was brilliant when it came to banking and money matters. She had her real estate license but didn't really use it except to find deals. My uncle was a broker since 1961 and in the 60's and 70's bought mega amounts of real estate in LA and in the 80's started developing all over California and Colorado. He also liked to buy companies and resell them. He owned a huge lumber company, a electronics company and several other diverse companies. He definitely didn't have all his eggs in one basket. Later as he got older and just spent money he had these ladies that all they did was buy shit from catalogs for him. He became kind of weird that way. He liked to compete with this other real estate guy in LA to see who could buy the most stuff. This guy bought himself a big yacht. So my uncle went out and bought the SS Catalina. Any older guy from So. Cal would know of this ship. 330' long. He was my hero. He had a great time in life but died way to early. And he died without a will. I still have no idea what happened with all that shit. Anyway, I have made way more mistakes financially than good ones. But, I am still happy. Of course I am pretty sure I would be more happy with more money.
Money can buy happiness, but one of the great lies perpetuated by the wealthy upon the poor is that one cannot buy happiness with money. As a result, poor people - in general - strive for less.
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Money can buy happiness, but one of the great lies perpetuated by the wealthy upon the poor is that one cannot buy happiness with money. As a result, poor people - in general - strive for less.
Nice post.
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guys, he didn't pay $45 million in taxes, probably more like $5-$10 million. These lawyers will find every loophole to ensure the rich don't pay taxes like the rest of us do. Of course the CPA and lawyer fee was probably in the millions of dollars.
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Am I missing something here? I think the arguement was could someone live extravagantly off of the interest.
Annual income of 200K would hardly be considered "middle class" in NYC.
Keith, I think you and I have differing views as to what an "extravagant" lifestyle really is.
average median income for a family in New York is 60k
200k is barely middle class.....LOL, another billionaire in our midst ::)
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Money can buy happiness, but one of the great lies perpetuated by the wealthy upon the poor is that one cannot buy happiness with money. As a result, poor people - in general - strive for less.
so true. it's not about happiness, about buying your life back in which they have you doing their work while they sell you the con that it doesnt by happiness so keep on trucking those 40-60hrs a week with 2 days off.
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there are a lot of examples of rich parents who gave money to their kids without teaching EM HOW TO MANAGE IT... and saw their own progeniture ruin everything they spent their whole life building...
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there are a lot of examples of rich parents who gave money to their kids without teaching EM HOW TO MANAGE IT... and saw their own progeniture ruin everything they whole life building...
Give us some examples.
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Money can buy happiness, but one of the great lies perpetuated by the wealthy upon the poor is that one cannot buy happiness with money. As a result, poor people - in general - strive for less.
No, some people are greedy and will never be happy. True for money, fame, attention, love, etc.
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average median income for a family in New York is 60k
200k is barely middle class.....LOL, another billionaire in our midst ::)
LOL ok "Groink" lets see you try to raise your family in NYC with a mere 60k/year.
You will be living like a pauper!
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I think wealth just enhances whatever you are. If you are basically happy, you will probably stay at least that happy if not more. If you are an asshole, you will be a bigger asshole.
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I think wealth just enhances whatever you are. If you are basically happy, you will probably stay at least that happy if not more. If you are an asshole, you will be a bigger asshole.
Truth, it depends on the person's ability to handle their shit.
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LOL ok "Groink" lets see you try to raise your family in NYC with a mere 60k/year.
You will be living like a pauper!
I agree, but 200k a year after taxes is GREAT fucking money in any state in the union, that's my point.
If you want to live on the UWS with rich fuckers that's your choice...but you can live just fine on that money
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I agree, but 200k a year after taxes is GREAT fucking money in any state in the union, that's my point.
If you want to live on the UWS with rich fuckers that's your choice...but you can live just fine on that money
yeah but should upper middle class have to pay 40% to taxes?
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I agree, but 200k a year after taxes is GREAT fucking money in any state in the union, that's my point.
If you want to live on the UWS with rich fuckers that's your choice...but you can live just fine on that money
UWS?
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UWS?
upper west side
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Here is the problem with guys like this guy who lost his money. Most black pro athletes come into a huge amount of money when all their lives they have had nothing,. One of the biggest things they have wanted to do their whole lives is take care of their mom (parents). So buying a house for them is one of the first things they do. Then all the parasitic relatives come into play. Then the punk childhood friends all want something. Of course they have to have a fancy car and their house. First off $10 million does not go far. whatever amount goes to taxes. they wouldn't have got that money without an agent (in most cases) who gets 10% off the top. In some cases a quick talking manager comes into play and they get 10% to 15% off the top. Some guys have a PR person who usually works on a retainer or monthly set salary. You have to pay for everyone in your "entourage" expenses. In most cases, their parents home and their first home is paid in cash. They may be able to use their contract amount as collateral but not that often unless they are someone very established. A bank is going to want to be the first in line to get paid in case something goes sour with the person or contract. Not many contracts are "guaranteed". In some cases they are.
This happens to white people too. Just in most cases it is black people because their are more of them in professional team sports and their economical upbringing is a little less. This is why if you are an athlete who appears to be destined for professional sports you really should (starting in high school) really take and learn financial related classes. Learn to invest your money yourself. DO NOT trust anyone, In most cases an athlete trust his agent or manager more than anyone. And he should, but in some cases these guys are scumbags and take chances with your money that they shouldn't. They are the ones who make suggestions or investment ideas. Hire a real investment person. Put a few million in mutual funds. I have a friend who makes $50,000 a month simply from mutual funds. The guy sold his house here for $7 million and ended up buying a penthouse at Turnberry.
These guys just don't know what to do.
Spot on Keith...
Add to that, they forget about one little thing...upkeep. Buying a 5M house is nice, but when the checks stop rolling in, they're unable to keep up with the huge mortgage payment/ gas and Electric/ maintaince/ taxes, etc
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Spot on Keith...
Add to that, they forget about one little thing...upkeep. Buying a 5M house is nice, but when the checks stop rolling in, they're unable to keep up with the huge mortgage payment/ gas and Electric/ maintaince/ taxes, etc
Thats true too. These guys that go and purchase things where they are making payments are just asking for trouble, When your income stops your bills are still coming in. that was a big problem for me in the early 90's. I was living very very well but my monthly overhead was probably around $9,000 a month and when my income stopped my bills kept coming eating away whatever I had left. Then my last ditch effort to make big money ended up with what I had left being literally stole from me and I ended up living first in my office then my car for a few days till I found a place to live. Unless these guys sign a guaranteed contract where they will get paid the entire contract amount even if they get hurt or somethign else happens they are skating on thin ice. When my parents died they did not have one bill to be paid. The probate lasted exactly 3 months which is the shortest time probate would ever last. Even when my uncle died the estate total was $33 million and from what I understand more than 90% of it was 100% zero debt. He didn't owe anything on most of the property or other belongings. His probate I know lasted more than 5 to 7 years simply because of the amount of real and personal property it entailed, plus no will and an ex-wife who was a girl. The only people who made money was the attorney's. Oprah is smart she pays cash for her homes and property.
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An example I just thought. My friend and someone who alot of the people on here know had $23 million. He invested it all very quickly and stupidly. Well about 6 months with nearly all of it invested the IRS hit him with a $6 million pre-tax bill for the following year. He had to go cash in some of his investments (the leasing of precious metals) and suffered a huge penalty for it. Without getting to involved it put him behind the eight ball for awhile.
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Thats true too. These guys that go and purchase things where they are making payments are just asking for trouble, When your income stops your bills are still coming in. that was a big problem for me in the early 90's. I was living very very well but my monthly overhead was probably around $9,000 a month and when my income stopped my bills kept coming eating away whatever I had left. Then my last ditch effort to make big money ended up with what I had left being literally stole from me and I ended up living first in my office then my car for a few days till I found a place to live. Unless these guys sign a guaranteed contract where they will get paid the entire contract amount even if they get hurt or somethign else happens they are skating on thin ice. When my parents died they did not have one bill to be paid. The probate lasted exactly 3 months which is the shortest time probate would ever last. Even when my uncle died the estate total was $33 million and from what I understand more than 90% of it was 100% zero debt. He didn't owe anything on most of the property or other belongings. His probate I know lasted more than 5 to 7 years simply because of the amount of real and personal property it entailed, plus no will and an ex-wife who was a ####. The only people who made money was the attorney's. Oprah is smart she pays cash for her homes and property.
Nice, we are all taught in this world to get credit and buy shit but when the money isnt coming in it all goes down. Best to be patient and pay cash. Now if everyone did that the world economy would fail so the answer is?
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Another thing, my family had money. I didn't. What I made I made myself. When they died I got a little but I did not get anything near what my bro and sis got. I was fucking adopted when I was three days old so they stuck it to me when they died. My uncle who liked me more than my bro or sis and as much as his own kids didn't leave me shit. When he died which was just a day or two before Thanksgiving and I was flying to LA with my girlfriend for thanksgiving dinner with him the whole way I was thinking he left me that fucking ship of his. I called my attorney before I left and I thought for sure he left it to me told him I wanted to put a full page ad in the LA Times and Robb Report stating I was selling it for just $1 million. Hell he had several million into the damm thing and this was a steal. Well then when I got to LA found out he had NO will and that no one got anything (yet) I was really disappointed. If you ever go to Einsenada, Mexico you can still barely see it in the harbor. Here is a small photo of it. I loved that ship and was the only one in the family who supported him buying it while everyone else made fun of him
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Money can buy happiness, but one of the great lies perpetuated by the wealthy upon the poor is that one cannot buy happiness with money. As a result, poor people - in general - strive for less.
Lol at your retarded commentary. Money absolutely cannot buy happiness. Money can buy temporary joy, happiness comes from within. My parents make good money, yet never spend it on stupid shit, they are the happiest couple I've ever met.
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Lol at your retarded commentary. Money absolutely cannot buy happiness. Money can buy temporary joy, happiness comes from within. My parents make good money, yet never spend it on stupid shit, they are the happiest couple I've ever met.
Then you haven't met these two