From $87 mill to $5mill in debt!

[~UN_$ung~]

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

[JOHN MATRIX]

Magic 'i beat AIDS' Johnson is supposedly a billionaire

[Devon97]

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...

[~UN_$ung~]

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

[Devon97]

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?

[Quickerblade]

~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.

[~UN_$ung~]

~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

[Quickerblade]

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.

[~UN_$ung~]

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

[G_Thang]

money?  i can just be "G".

[io856]

IQ

[Palpatine Q]

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.

[HTexan]

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!

[Quickerblade]

1997 Bentley convertible

Fuck, if your going to claim bankruptcy, do it in 2007 bentley, not a 97.

[HTexan]

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.

[Quickerblade]

You can only keep one car, so Im guessing that was he most $$$ car.

What a loser. Im sure he has money stashed elsewhere.

[HTexan]

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. 

[Quickerblade]

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?

[HTexan]

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.

[Tre]

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. 

[nukkaready]

LOL... investing money into Detroit... good intentions but very dumb idea. 

[Playboy]

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

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. 

[The Showstoppa]

Maybe DC just believes in redistributing wealth?  Wish the half-wit would have called me.....

[noworries]

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

[leadhead]

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?