Author Topic: Another NBA player lost 100 million (Read 5244 times)

BDsauce · « **on:** July 29, 2015, 09:08:56 PM »

He earned a staggering $100million during his 13-year NBA career.

But now, Vin Baker is working at Starbucks in North Kingstown, Rhode Island, it has emerged.

The four-time All-Star, who enjoyed a glittering career before descending into alcoholism and losing his fortune, is currently serving as a barista - but is training to manage one of the chain's stores.

He thanks Starbucks CEO and chairman Howard Shultz - the owner of the Seattle SuperSonics (now, the Oklahoma City Thunder) when Baker played for them - for the 'excellent' opportunity.

http://www.dailymail.co.uk/news/article-3179436/I-great-talent-lost-Former-NBA-Star-Vin-Baker-earned-100MILLION-working-Starbucks-barista.html

Coach is Back! · « **Reply #1 on:** July 29, 2015, 09:31:13 PM »

I'll never understand this.

SF1900 · « **Reply #2 on:** July 29, 2015, 09:33:37 PM »

Seems like alcoholism may be the cause.

SOMEPARTS · « **Reply #3 on:** July 29, 2015, 09:35:38 PM »

Can't feel bad for the guy. He's going in the right direction. Lived like a king for a long time. Shit happens.

Hurricane Beef ! · « **Reply #4 on:** July 29, 2015, 09:49:58 PM »

Quote from: Coach is Back! on July 29, 2015, 09:31:13 PM

I'll never understand this.

Happens by buying Range Rovers when you have a mortgage on your house😉

gmflex · « **Reply #5 on:** July 29, 2015, 10:00:19 PM »

Holyshit...
New low..
He will be lucky if Howie payed him $50,000 a year.. to be a manger
$:-\$

240 is Back · « **Reply #6 on:** July 29, 2015, 10:06:41 PM »

at the time, his contract was insanely high.

This is 1999 dollars, mind you...

Contract: 7 years, $86 million.

jude2 · « **Reply #7 on:** July 29, 2015, 10:19:05 PM »

Quote from: Coach is Back! on July 29, 2015, 09:31:13 PM

I'll never understand this.

Me either. If he played for 13 years he should be fully vested in the NBA retirement, which is how much a year? Has to be more than Starbucks pays.

Hurricane Beef ! · « **Reply #8 on:** July 30, 2015, 12:00:34 AM »

Quote from: jude2 on July 29, 2015, 10:19:05 PM

Me either. If he played for 13 years he should be fully vested in the NBA retirement, which is how much a year? Has to be more than Starbucks pays.

Pensions don't begin to pay until a specific age.

THE BEEF

Simple Simon · « **Reply #9 on:** July 30, 2015, 12:09:23 AM »

Quote from: SF1900 on July 29, 2015, 09:33:37 PM

Seems like alcoholism may be the cause.

pretty sure a million dollars of booze would kill you , let alone 13 million

V Man · « **Reply #10 on:** July 30, 2015, 03:07:45 AM »

Wish you wouldn't have shown his picture....I wanted to guess the race.

Would've guessed right btw.

The_Punisher · « **Reply #11 on:** July 30, 2015, 03:11:52 AM »

any economy 101 class in high school can tell you that Spending more than you earn continuously will have an impact sooner or later.......after all, it's your money, your decision.....I can't feel sorry for none of these Idiots.......

polychronopolous · « **Reply #12 on:** July 30, 2015, 03:25:57 AM »

Vin Baker signed a basketball card I mailed into him years ago so he's cool by me.

I don't think the card would be worth the paper it was printed on even if I still had it, but the fact that he took the time was a nice gesture.

Vince G, CSN MFT · « **Reply #13 on:** July 30, 2015, 04:41:07 AM »

Quote from: BDsauce on July 29, 2015, 09:08:56 PM

He earned a staggering $100million during his 13-year NBA career.

But now, Vin Baker is working at Starbucks in North Kingstown, Rhode Island, it has emerged.

The four-time All-Star, who enjoyed a glittering career before descending into alcoholism and losing his fortune, is currently serving as a barista - but is training to manage one of the chain's stores.

He thanks Starbucks CEO and chairman Howard Shultz - the owner of the Seattle SuperSonics (now, the Oklahoma City Thunder) when Baker played for them - for the 'excellent' opportunity.

http://www.dailymail.co.uk/news/article-3179436/I-great-talent-lost-Former-NBA-Star-Vin-Baker-earned-100MILLION-working-Starbucks-barista.html

He signed up for a financial management agency that basically stole all of his money rather than actually manage his assets properly. He's suing for 86 million but there's no way he's getting that back. They fold up as soon as things turn rough.

Bad situation and its quite common unfortunately. When you have money, people will take advantage of you

Yamcha · « **Reply #14 on:** July 30, 2015, 04:56:49 AM »

I am Jack's complete lack of surprise.

Simple Simon · « **Reply #15 on:** July 30, 2015, 05:08:27 AM »

Quote from: Vince G, CSN MFT on July 30, 2015, 04:41:07 AM

He signed up for a financial management agency that basically stole all of his money rather than actually manage his assets properly. He's suing for 86 million but there's no way he's getting that back. They fold up as soon as things turn rough.

Bad situation and its quite common unfortunately. When you have money, people will take advantage of you

Did you talk to him last week about it?

da_vinci · « **Reply #16 on:** July 30, 2015, 05:11:31 AM »

Quote from: SF1900 on July 29, 2015, 09:33:37 PM

Seems like alcoholism may be the cause.

Alcoholism is a result, usualy, not a cause.

Dave D · « **Reply #17 on:** July 30, 2015, 05:14:48 AM »

Quote from: Be There on July 30, 2015, 05:08:27 AM

Did you talk to him last week about it?

X2

Everything is so matter of fact I've heard much about Vin Bakers issues over the years but I have never heard he invested his WHOLE $86 million contract with one financial company, even if it were the case he still had signed at least two other contracts in his career, so that money is unaccounted for.

Vince G, CSN MFT · « **Reply #18 on:** July 30, 2015, 05:23:47 AM »

Quote from: Dave D on July 30, 2015, 05:14:48 AM

X2

Everything is so matter of fact I've heard much about Vin Bakers issues over the years but I have never heard he invested his WHOLE $86 million contract with one financial company, even if it were the case he still had signed at least two other contracts in his career, so that money is unaccounted for.

2.5 million dollar house and a serious alcohol problem.....but you can't drink that much shit up. Even Edom's can fall for it as fast as Brews....Mark Brunnell, Kenny Dystra. Athletes are generally as dumb as rocks for the most part

Dave D · « **Reply #19 on:** July 30, 2015, 05:42:31 AM »

Quote from: Vince G, CSN MFT on July 30, 2015, 05:23:47 AM

2.5 million dollar house and a serious alcohol problem.....but you can't drink that much shit up. Even Edom's can fall for it as fast as Brews....Mark Brunnell, Kenny Dystra. Athletes are generally as dumb as rocks for the most part

I was just giving you a hard time saying he lost his money from a fraudulent financial advisor. You're good Vince, I enjoy busting your chops.

Leatherneck · « **Reply #20 on:** July 30, 2015, 06:32:18 AM »

I don't know how on Earth you lose that much money. However, good on him for trying to put his life back together.

tleilaxutank · « **Reply #21 on:** July 30, 2015, 06:34:46 AM »

He works at the Starbucks 2 miles from me. So f'd up.

andreisdaman · « **Reply #22 on:** July 30, 2015, 06:38:48 AM »

Quote from: V Man on July 30, 2015, 03:07:45 AM

Wish you wouldn't have shown his picture....I wanted to guess the race.

Would've guessed right btw.

that would have been easy for you....same race as your real father

2Thick · « **Reply #23 on:** July 30, 2015, 02:13:20 PM »

2 surefire ways to end up broke:
1) give your money to a crook
2) fail to set up trusts / corps that limit the amount of money you can withdraw to interest and dividends, and that also shield you from things like lawsuits. Even homes and cars should be separated from personal and primary business interests to limit liability if people get injured on your property or by one of your vehicles.

wikkedonez · « **Reply #24 on:** July 30, 2015, 03:07:46 PM »

Maybe you could get Vin to spill some
coffee on your card so you know he came
full circle....
.

Author Topic: Another NBA player lost 100 million (Read 5244 times)

Simple Simon

Simple Simon