« previous next »
Pages: 1 2 [3]   Go Down

Author Topic: 78% of NFL players bankrupt or broke , within 2 yrs after last game  (Read 6624 times)

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #50 on: September 21, 2009, 08:27:51 AM »
Quote from: ThaRealist link=topic=298462.msg4265751#msg4265751 [b
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
Logged

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #51 on: September 21, 2009, 08:29:26 AM »
Quote from: Chick on September 20, 2009, 05:58:16 AM
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
Logged

The Showstoppa

  • Getbig V
  • *****
  • Posts: 26879
  • Call the vet, cause these pythons are sick!
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #52 on: September 21, 2009, 08:30:38 AM »
Quote from: lax on September 21, 2009, 08:29:26 AM
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.
Logged

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #53 on: September 21, 2009, 08:30:50 AM »
Quote from: swilkins1984 on September 20, 2009, 06:22:17 AM
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
Logged

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #54 on: September 21, 2009, 08:35:58 AM »
Quote from: The Showstoppa on September 21, 2009, 08:30:38 AM

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
Logged

MCWAY

  • Getbig V
  • *****
  • Posts: 19253
  • Getbig!
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #55 on: September 21, 2009, 08:38:02 AM »
Quote from: TechnoViking on September 20, 2009, 05:09:38 PM
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
Logged

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #56 on: September 21, 2009, 08:43:22 AM »
Quote from: MCWAY on September 21, 2009, 08:38:02 AM
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

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.
Logged

nicky.smth

  • Time Out
  • Getbig IV
  • *
  • Posts: 2034
  • Hugo Chavez looks like hugo chavez
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #57 on: September 21, 2009, 08:43:56 AM »
Quote from: lax on September 21, 2009, 08:30:50 AM
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?
Logged

The Master

  • Getbig V
  • *****
  • Posts: 13786
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #58 on: September 21, 2009, 08:45:12 AM »
Quote from: lax on September 21, 2009, 08:30:50 AM
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
Logged

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #59 on: September 21, 2009, 08:46:17 AM »
Quote from: nicky.smth on September 21, 2009, 08:43:56 AM
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
Logged

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #60 on: September 21, 2009, 08:47:39 AM »
Quote from: Debussey DF on September 21, 2009, 08:45:12 AM

 ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;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
Logged

MCWAY

  • Getbig V
  • *****
  • Posts: 19253
  • Getbig!
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #61 on: September 21, 2009, 08:48:26 AM »
Quote from: Chick on September 20, 2009, 05:58:16 AM
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.
Logged

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #62 on: September 21, 2009, 08:50:53 AM »
Quote from: MCWAY on September 21, 2009, 08:48:26 AM
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
Logged

MCWAY

  • Getbig V
  • *****
  • Posts: 19253
  • Getbig!
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #63 on: September 21, 2009, 08:51:36 AM »
Quote from: lax on September 21, 2009, 08:43:22 AM
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.

Logged

lax

  • Getbig IV
  • ****
  • Posts: 3768
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #64 on: September 21, 2009, 08:53:15 AM »
Quote from: MCWAY on September 21, 2009, 08:51:36 AM
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
Logged

HTexan

  • Getbig V
  • *****
  • Posts: 20031
  • Heath must lose!!
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #65 on: September 21, 2009, 08:56:39 AM »
Quote from: lax on September 21, 2009, 08:30:50 AM
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
Logged
A

noworries

  • Getbig V
  • *****
  • Posts: 4788
  • Train Heavy or Go Home
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #66 on: September 21, 2009, 09:18:18 AM »
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
Logged
No Worries 4 me

divcom

  • Getbig V
  • *****
  • Posts: 4211
  • The World South of the USA isnt for pussies.
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #67 on: September 21, 2009, 09:25:32 AM »
Quote from: noworries on September 21, 2009, 09:18:18 AM
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?       
Logged
Oh...Monica!

The Master

  • Getbig V
  • *****
  • Posts: 13786
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #68 on: September 21, 2009, 09:26:28 AM »
Quote from: noworries on September 21, 2009, 09:18:18 AM
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
Logged

MCWAY

  • Getbig V
  • *****
  • Posts: 19253
  • Getbig!
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #69 on: September 21, 2009, 09:38:14 AM »
Quote from: noworries on September 21, 2009, 09:18:18 AM
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".
Logged

K-1

  • Getbig IV
  • ****
  • Posts: 2652
  • TEAM NO MERCY!!!
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #70 on: September 21, 2009, 09:43:09 AM »
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."

 
Logged

noworries

  • Getbig V
  • *****
  • Posts: 4788
  • Train Heavy or Go Home
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #71 on: September 21, 2009, 09:55:58 AM »
Quote from: divcom on September 21, 2009, 09:25:32 AM
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.
Logged
No Worries 4 me

divcom

  • Getbig V
  • *****
  • Posts: 4211
  • The World South of the USA isnt for pussies.
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #72 on: September 21, 2009, 10:09:22 AM »
Quote from: K-1 on September 21, 2009, 09:43:09 AM
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.   
Logged
Oh...Monica!

K-1

  • Getbig IV
  • ****
  • Posts: 2652
  • TEAM NO MERCY!!!
Re: 78% of NFL players bankrupt or broke , within 2 yrs after last game
« Reply #73 on: September 21, 2009, 11:19:07 AM »
Quote from: divcom on September 21, 2009, 10:09:22 AM
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!"

Logged
Pages: 1 2 [3]   Go Up
« previous next »