It happened again! 60$ mill and BROKE!

[Parker]

Imo its more about not being RETARDED.

I doesn't take a genius to think "Oh shit, all of a sudden I got a Shitload of something I never had before, maby I should ehh    ....talk to someone that knows more then me about having all of this"

For example a financial adviser..

Everyone with a decent ammount of brainfunction should be able to figure that one out. no?

What happens when you have a shitload of weed? Do you space it out so that you'll have some next month?

[noworries]

Imo its more about not being RETARDED.

I doesn't take a genius to think "Oh shit, all of a sudden I got a Shitload of something I never had before, maby I should ehh    ....talk to someone that knows more then me about having all of this"

For example a financial adviser..

Everyone with a decent ammount of brainfunction should be able to figure that one out. no?

You would think so but this isn't how it happens.  My very first job (in television) was an Apple Computer commercial.  Till then I worked at a refinery and painted houses.  Well I got a check in the mail for almost $10,000 for that commercial.  It was a national buyout that debut during the 1987 World Series.  It was everywhere.  I got so excited I went out and spent that shit in like a couple days.  And that was nothing.  but I just got so excited and thinking in my head that wow I can work for barely an hour and make this kind of money I'll be set for life.  Well believe me that didn't happen.  My close friend blew through $23 million in 4 years.  Not one real good investment.  Almost lost everything.  You get caught up in the moment.  If they would just take their time and have someone handle their financial matters that is trustowrthy then it would be different.  Some of these guys hire their parents who are just as bad.  It is simple until it happens to you.  But in most cases it is because of the way they grew up

[funk51]

lenny dykstra and jose canseco are two  examples of blowing through there money. now they're selling off all their awards and rings and such. watch lenny on two segments of hbo's real sports, lenny is hilarious even as his world is crumpling around him he's talking about buying champion dogs and airplanes.

[spinnis]

What happens when you have a shitload of weed? Do you space it out so that you'll have some next month?

Ofc, I have always been good in planning things and dealing with money (not that ive ever had alot but still)

Ive never Ever been broke.  Never been broke since I first got weekly allowence of 4.5$ a LONG ass time ago. When All of my friend were broke as pretty much every teen is when they're what 14-15 I was never.

My family didn't have alot of money so my parents never spent it on worthless shit so maby thats where I get my priorites from I dont know =)

But I actually say it proudly that I never been Completly out of money ever. Ofc more impressive if I was a father and had children to feed but still lol.

[BayGBM]

It's not just athletes.  A third of lottery winners end up broke too.

Why Lottery Winners Go Broke: Prospect Theory At Work
http://www.thedigeratilife.com/blog/lottery-winners-go-broke-prospect-theory/

8 lottery winners who lost their millions
http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/8lotteryWinnersWhoLostTheirMillions.aspx

$315 Million Powerball Winner is penniless
http://blog.case.edu/james.chang/2007/01/16/315_million_powerball_winner_is_penniless

And, of course, it happens to actors and rock stars too. 

[Devon97]

It's not just athletes.  A third of lottery winners end up broke too.

Why Lottery Winners Go Broke: Prospect Theory At Work
http://www.thedigeratilife.com/blog/lottery-winners-go-broke-prospect-theory/

8 lottery winners who lost their millions
http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/8lotteryWinnersWhoLostTheirMillions.aspx

$315 Million Powerball Winner is penniless
http://blog.case.edu/james.chang/2007/01/16/315_million_powerball_winner_is_penniless

And, of course, it happens to actors and rock stars too. 

Bay , why do you think POwerbal and athletes are more common?

Movie stars and rock stars are in the minority as they don't "retire" nearly as early as athletes and can continue to work and receive revenue.

[G_Thang]

Bay , why do you think POwerbal and athletes are more common?

Movie stars and rock stars are in the minority as they don't "retire" nearly as early as athletes and can continue to work and receive revenue.

beat me to that on answering bay.  nic cage, prince and billy joel got financial problems but there is no expiration date on their craft like athletes.  after last contract or bankruptcy...athletes looking for a new field with exceptions being something like golf or bowling.

[Croatch]

You have to admire someone for making so much money, yet barely eclipsing an IQ of 100.
They have the "fans" to thank for that.  If people followed mainstream professional sports as much as me, these guys would be making peanuts.
GO RAMS!!! haah

[BayGBM]

Bay , why do you think POwerbal and athletes are more common?

Movie stars and rock stars are in the minority as they don't "retire" nearly as early as athletes and can continue to work and receive revenue.

Many athletes and movie stars are more broke than most people realize, but musical artists especially have less cause to go broke because (if they signed a good contract) their music will continue to generate royalties for decades--especially if the artist wrote the music (ASCAP).  Unfortunately, many young artists have bad contracts and most of the money they make goes to the producers/record companies: Toni Braxton an TLC are two good examples.

Many athletes are just big kids and they spend like kids with little thought to investment or scaling back their lifestyle to accommodate their present and (reduced) future income.

Anonymous lottery winners go broke for obvious reasons: they have poor money management skills, spend like crazy, and are drained by friends and family who leech off of them.

[Thin Lizzy]

The reason athletes and artists go broke stems from the fact that they think their talent is an ATM machine that never runs out of cash.

Athletes think they'll never get old. Artists think are always gonna be hot.

While race isn't the main issue, the importance of outward show viz. "bling" that is pre-dominant in African-American culture doesn't help.

[G_Thang]

The reason athletes and artists go broke stems from the fact that they think their talent is an ATM machine that never runs out of cash.

Athletes think they'll never get old. Artists think are always gonna be hot.

While race isn't the main issue, the importance of outward show viz. "bling" that is pre-dominant in African-American culture doesn't help.

dont wholly agree with you but i have posted in the past that bling, baller, swagger, playa etc are financial death sentences in afro-american male youth sub-culture.  they set the stage for a spending frenzy when large sums of money are involved.



i'm a big LSU fan.  prove me wrong Jamarcus.

[Croatch]

The reason athletes and artists go broke stems from the fact that they think their talent is an ATM machine that never runs out of cash.

Athletes think they'll never get old. Artists think are always gonna be hot.

While race isn't the main issue, the importance of outward show viz. "bling" that is pre-dominant in African-American culture doesn't help.

I can understand a big house and nice car, but those faggy diamonds...haah, please.
Typical of people who never had money, then get some and don't know what to do with it, but buy pointless items.
Also typical of this type, what's the point of having money, unless others know you do...classy.
Bill Gates could buy all these fools, yet doesn't dress like a douche.

[FREAKgeek]

Article says Anderson has a degree in organizational leadership. The man will be president in 2012.

[Tre]

I can understand a big house and nice car, but those faggy diamonds...haah, please.
Typical of people who never had money, then get some and don't know what to do with it, but buy pointless items.
Also typical of this type, what's the point of having money, unless others know you do...classy.
Bill Gates could buy all these fools, yet doesn't dress like a douche.

Gotta agree.

I grew up in a poor, middle-class family, so we never had extras or fancy clothes and I rarely cared, except when the better-dressed welfare kids would talk shit.  

Now I've got a big house - still paying on it, though - and I'm about to buy another, but I drive a 2007 pickup truck that I bought used and I wear cheap t-shirts and swishy pants every day.  As a result of not wasting money on clothes and bling, I can afford to take the kid to the theater or to pro sporting events (to see jackasses like Jamarcus!) and we can ski whenever we want.

I'm the first to admit that my kid is spoiled, but there's no question that she craves success, even if she is not yet fully aware of what it takes to get there.  

[Dreadlifter]

It's not just a black thing as some have said. I believe it's more a poor background thing. You just hear more about the few black ones who were throwing their wealth in peoples faces and being ridiculous with their spending.

I think they must forget what it felt like to be poor. I know if i'd come from a deprived back ground i'd be making damn sure i didn't end up that way again.

I'm glad someone raised the issue of actors and artists. It's ridiculous the amount of musicians that end up back out on tour every few years, because even though they've sold millions of albums and sold out arenas and stadiums all over the world, they've still ended up in the red.

It actually sickens me.

[Matt C]

if you're smart then you're set for life, if you're black its apparently impossible unless your name is michal jordan or Magic Johnson

 

A million dollars in a GIC will yield around 3% in Canada or $30,000 per year.  In the city I live in you can be comfortable on that, even if not living large.

[Mr Nobody]

A million dollars in a GIC will yield around 3% in Canada or $30,000 per year.  In the city I live in you can be comfortable on that, even if not living large.

hell yea

[Parker]

The reason athletes and artists go broke stems from the fact that they think their talent is an ATM machine that never runs out of cash.

Athletes think they'll never get old. Artists think are always gonna be hot.

While race isn't the main issue, the importance of outward show viz. "bling" that is pre-dominant in African-American culture doesn't help.

There is a book by Tom Burrell called "Brainwashed", it talks about the need for bling...Good Read!

[Vince G, CSN MFT]

How do they do it lol

http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Kenny-Anderson-graduates-this-weekend?urn=nba,240794

More proof to all the  Dillusional GetBig Billionaire Boys club who believe the fairy tale that a million bucks and you are LOADED for life !

The reason he he lost his money is because a judge overturned a pre-nup his ex wife signed in 1995 and not only took over half of his assets but also got 8500 a month in spousal support.  Her license plate reads "HISCASH" so he just had the misfortune of marrying a golddigger and having good lawyer.  She was Tami from MTV's "The Real World:"


But he never filed bankruptcy and he signed a deal with 24 Hour Fitness to create his Basketball Academy at all locations so he's back in the green. 

[Mr Nobody]

The reason he he lost his money is because a judge overturned a pre-nup his ex wife signed in 1995 and not only took over half of his assets but also got 8500 a month in spousal support.  Her license plate reads "HISCASH" so he just had the misfortune of marrying a golddigger and having good lawyer.  She was Tami from MTV's "The Real World:"


But he never filed bankruptcy and he signed a deal with 24 Hour Fitness to create his Basketball Academy at all locations so he's back in the green. 

Thanks for explaning this Vince.

[240 is Back]

if I ever won the lottery, I woulndn't tell ANYONE.  not even the wifey 

[Emmortal]

You don't get or stay rich by spending your money.  That's the biggest mistake people make when presented a large sum of money out of no where.  A lot of those lotto winners make stupid investments like buying strip malls, 4 houses, giving away tons of cash to relatives and friends.  Most of them just quit their job right off the bat and start spending.

Best thing to do would to just sit on the money for at least 8-12 months, continue working and not make any large purchases.  Find a good financial adviser who will take the money and generate a life style that you can be comfortable with for the rest of your life.  You could easily take 10 million and invest it wisely, keep your spending in check and have a comfortable life for decades to come.  These guys are blowing through 10+ times that in just a few years, it's pretty amazing.

[claymore]

if you're smart then you're set for life, if you're black its apparently impossible unless your name is michal jordan or Magic Johnson

You're the man swede, lol

[ThaRealist]

I love how people try to make excuses up for the hood rich negros lol....

[G_Thang]

You don't get or stay rich by spending your money.  That's the biggest mistake people make when presented a large sum of money out of no where.  A lot of those lotto winners make stupid investments like buying strip malls, 4 houses, giving away tons of cash to relatives and friends.  Most of them just quit their job right off the bat and start spending.

Best thing to do would to just sit on the money for at least 8-12 months, continue working and not make any large purchases.  Find a good financial adviser who will take the money and generate a life style that you can be comfortable with for the rest of your life.  You could easily take 10 million and invest it wisely, keep your spending in check and have a comfortable life for decades to come.  These guys are blowing through 10+ times that in just a few years, it's pretty amazing.

that's a bit hard when you brother hires a hitman...or your best friend saves a plot under his house for you.