From $87 mill to $5mill in debt!

[The Showstoppa]

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.

[HTexan]

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.

[Palpatine Q]

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

[HTexan]

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?

[Devon97]

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?

[Quickerblade]

UWS?

upper west side

[Chick]

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

[noworries]

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.

[noworries]

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.

[Mr Nobody]

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?

[noworries]

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

[grab an umbrella]

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.

[noworries]

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