06-17-2009, 08:33 PM | #1 |
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Good read regarding athletes who go broke after retirement.
It's a long read, but interesting. The person I keep thinking of "Money" Mayweather.
http://74.125.95.132/search?q=cache:...&ct=clnk&gl=us |
06-17-2009, 08:43 PM | #3 | ||
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Athletes go broke because: -they make bad investment decisions, ie opening restaurants, night clubs, etc. -they get divorced after the career ends. -they are seen by financial personnel as people with a lot of money who are easy to conveyed into a scheme. -too trusting with money and hand out money 'just because' to friends and family. -they don't understand that the money they make is suppose to outlast their career as an athlete, which is pretty short. And there are a slew of examples, ie Scottie Pippen. Quote:
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06-17-2009, 09:11 PM | #5 |
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Laid off? Athletes? You either make the team or you don't. You make all of your earnings young, the playing years span of an athlete is ~10 years, assuming you don't have a career ending injury.
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06-17-2009, 09:11 PM | #6 |
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I don't get why so many like to blame everything on the economy. The economy isn't responsible if they simply don't know how to manage their money. The economy isn't really responsible for athletes getting laid off. The economy isn't responsible because some of them make bad investments or gave out money "just because".
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06-17-2009, 10:40 PM | #7 |
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what what what?
scottie is broke? no... BTW what difference does it make if your an athlete, if you cant manage your money if its one buck or 10000000 u still will go broke. |
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06-18-2009, 12:41 AM | #8 | |
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Well this is interesting
Quote:
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06-18-2009, 01:31 AM | #9 |
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famous athletes with their high salaries would live a life style more expensive than average... but in order to keep that life style a continuous salary of that sort is needed. After retirement, if they aren't the top percent of athletes like JM who started business of their own, they find themselves broke, yet it is extremely difficult to go to back to an average earning supported life style after all the riches they had.
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06-18-2009, 11:47 AM | #10 |
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i would if greats have these problems...
such as kobe bryant who makes 25million a year plus triple if not 4 times more then that from endorsements.. or the great MJ... kobe has been playing for 13 years i think hes made more then half a billion dollars so far on salary n endorsements.. |
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06-18-2009, 08:55 PM | #11 | |
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Everyone in the league want to be a billionaire entrepeniuer like Magic Johnson, who owns a chain of theaters in the hood, 24 Hr fitness gyms, and other franchises. But a few ever make it. You have to understand that the majority of these players, now without a college degree, have ABSOLUTELY NO IDEA how the financial work. You give them millions on top of that and they look like lunch meat to financial sharks. Look at Rip Hamilton, who's financial advisor USED to be his COACH from college. He's been using Rip's money on the low for his own leisure purposes. And as mentioned in the article, former NBA great Vin Baker, dude used to be a beast, recently had to file his restaurant for bankruptcy. See it from their eyes. You're in your 20s, you're rich and famous, your body is in great shape. You wanna party as much as you can and get groupies to pipe. You're surrounded by your homies, who become essentially your yes men. No one can tell you anything. You spend money, but it's OK because hey, you'll make more next year. Fast forward to retirement..what happens now? This is assuming your career doesn't end with a career ending surgery... |
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06-18-2009, 09:01 PM | #12 |
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Celebrity athlete restaurants almost always bomb after the novelty wears off. Most restaurants in general do, even. The only sports celeb place I can think of that has endured is Don Shula's steakhouse.
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06-18-2009, 11:54 PM | #13 | |
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Here's the list of the top paid athletes. These usually don't change much and they won't likely go broke. MJ and Kobe are expanding, well Kobe is expanding...with his Kobe Academy, just like MJ has his Basketball Camp. And he's huge in China, which Nike is capitalizing on as well. Tiger has got it made. The first athlete projected to hit a billion. And he plays golf...the sport other retired athletes pick up. http://www.forbes.com/2009/06/17/top...r=contextstory |
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06-20-2009, 06:56 PM | #14 |
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06-20-2009, 06:58 PM | #15 |
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I was just going to mention ole Bernie. S'pose he'll come play for the Vikings this year?
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06-20-2009, 07:23 PM | #16 |
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06-20-2009, 09:07 PM | #17 |
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http://www.tsn.ca/nhl/story/?id=282296
Looks like athletes continue to fall for these scams. Not too bright are they? A golf resort developer duped nearly two dozen NHL players out of US$25 million, blowing the money on gratuitous parties that were attended by former Yankees players Roger Clemens and Reggie Jackson, according to a lawsuit filed Thursday. The New York Post reported in Friday's edition that 19 former and current NHL players filed suit against Ken Jowdy, alleging they invested the money with the Las Vegas-based golf-course mogul to develop two luxury resorts in Mexico -- a project they say is seven years behind schedule. Instead, according to the players, Jowdy squandered the money on "lavish parties" to impress the likes of Clemens, Jackson and banned hits king Pete Rose, among others, who Jowdy hoped would eventually buy real estate in the planned resorts. The lawsuit seeks the return of the $25 million they invested and $15 million in damages. |
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06-20-2009, 09:18 PM | #18 |
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is mayweather broke? i didn't realize that he has actually retired i thought it was just a break or something. Anyhow I wouldn't be surprised if he did go broke I remember that fool would throw money to his fans at events lol
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06-20-2009, 10:31 PM | #19 | |
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He's recently on a Verizon commercial too. I don't think he would do that unless he was strapped for cash. |
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06-20-2009, 10:35 PM | #20 |
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true, i remember seeing his house on mtv cribs all of his clothes were custom made. I wouldn't be surprised to see him completely broke in a couple of years
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06-21-2009, 08:30 AM | #21 |
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Well they aren't getting paid to think are they?
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12-29-2012, 07:51 AM | #22 |
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The economic system isn't really accountable for sportsmen getting fired. The economic system isn't accountable because some of them create bad investment strategies or provided out cash "just because".
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Last edited by Jeremiah; 12-29-2012 at 08:14 AM.. |
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