Latrell Sprewell is the perfect example of what players shouldnt do... currently broke

[Berserk_Raptor]

Latrell Sprewell was one of my favorite players during the 90s and early century, I still watch those knicks and twolves games sometimes, he was great. However, he must be one of the most talented players that have wasted his career because of bad decisions. Havent realized about his career until I read this recent article and guess what, he was trouble-maker, and nowadays broke.

The Timberwolves were happy with Sprewell, but he did not have the same sentiments. When offered a $14.6 million extension that would have earned him $27-30 million over the next couple of years and kept him playing ball, Sprewell made the statement that became almost as famous as his coach-choking incident. When asked about turning down the contract extension, Sprewell said, “Why would I want to help them win a title? They’re not doing anything for me. I’m at risk. I have a lot of risk here. I got my family to feed.
In 2007, Sprewell left that “family he had to feed” and was sued for $200 million. That year, his yacht was repossessed, he defaulted on his $1.5 million mortgage and Milwaukee went after him for $3 million in back taxes. Two years later he lost his other mansion.

During the course of his career, Latrell Sprewell made over $100 million. Today, Celebrity NetWorth reports that he has around $50,000 and lives in a modest rental.

While he left the family, the courts say he still has to find a way to feed them. Sprewell’s story might be a lesson on the importance of understanding humility, prudence, and financial literacy. If he’d had better advisors, he might not be broke today.

http://financialjuneteenth.com/latrell-sprewell-made-over-100-million-but-now-has-no-house-no-family/

[the throg]

is antoine walker's championship ring still at the pawn shop??

[tiderulz]

Latrell Sprewell was one of my favorite players during the 90s and early century, I still watch those knicks and twolves games sometimes, he was great. However, he must be one of the most talented players that have wasted his career because of bad decisions. Havent realized about his career until I read this recent article and guess what, he was trouble-maker, and nowadays broke.

The Timberwolves were happy with Sprewell, but he did not have the same sentiments. When offered a $14.6 million extension that would have earned him $27-30 million over the next couple of years and kept him playing ball, Sprewell made the statement that became almost as famous as his coach-choking incident. When asked about turning down the contract extension, Sprewell said, “Why would I want to help them win a title? They’re not doing anything for me. I’m at risk. I have a lot of risk here. I got my family to feed.
In 2007, Sprewell left that “family he had to feed” and was sued for $200 million. That year, his yacht was repossessed, he defaulted on his $1.5 million mortgage and Milwaukee went after him for $3 million in back taxes. Two years later he lost his other mansion.

During the course of his career, Latrell Sprewell made over $100 million. Today, Celebrity NetWorth reports that he has around $50,000 and lives in a modest rental.

While he left the family, the courts say he still has to find a way to feed them. Sprewell’s story might be a lesson on the importance of understanding humility, prudence, and financial literacy. If he’d had better advisors, he might not be broke today.

http://financialjuneteenth.com/latrell-sprewell-made-over-100-million-but-now-has-no-house-no-family/

one thing people need to remember, he may have made over $100mil, but he only took home about half of that. still a lot of money, but not that big total amount. Between taxes, agents fees, etc, bball player usually only see about half their contracts.

[spacemonkey]

Pissing away 50 mil is still quite a feat.

[Calvin Klein]

He was part of Rodman's team that came to play to Argentina last year. It was quite a sad show they gave, especially Rodman.

[DarthDiggler69]

Havent realized about his career until I read this recent article and guess what, he was trouble-maker, and nowadays broke.

Choking coaches doesn't mean your a bad guy

[Kabookalu]

When asked about turning down the contract extension, Sprewell said, “Why would I want to help them win a title? They’re not doing anything for me. I’m at risk. I have a lot of risk here. I got my family to feed.

In 2007, Sprewell left that “family he had to feed” and was sued for $200 million.

LULZ.

[joeyAdaMan]

When asked about turning down the contract extension, Sprewell said, “Why would I want to help them win a title? They’re not doing anything for me. I’m at risk. I have a lot of risk here. I got my family to feed.

In 2007, Sprewell left that “family he had to feed” and was sued for $200 million.

LULZ.

x2...also...your sig is awesome

[Wolf_Cry]

Glad he didn't sign that extension, but I don't remember why he didn't sign wither any other team.

[Tim Kempton]

It's always sad to hear that the players you watched during your childhood and adolescent years are going broke, but it's hard to feel bad for them. Even if you spend recklessly, it's really hard to blow $50+ mil (taking out taxes and agent fees) in such a short amount of time.

Players are paid every 2 weeks and only during the season. Assuming Spree was offered the 27-30 million over 2 years like the article states, he would have been earning over a million every two weeks (500k after taxes). It's ridiculous that he was almost living check-to-check considering how fast he's gone broke. I know they live crazy lifestyles and have entourages, but still, that's a ton of money to waste in such a short amount of time. Same goes for Antoine Walker, Vin Baker, and all these other big money players that have lost their money.

[Jonatton Yeah]

The 30/30 "Broke" documentary is quite an eye-opener; if you haven't seen it. While it is hard to conceptualize individuals burning through that level of cash, one should keep in mind the financial situation that many professional athletes come from (abject poverty), the number of people in their lives "banking on them" (many), the ties that bind poor communities (strong), and the professional sharks who sneak in when the money gets good (systemic). Sure, there's personal culpability in these situations. But I think it's more complicated than the "haha he dumz" narrative that accompanies the schadenfreude these instances tend to foster.

[laika]

one thing people need to remember, he may have made over $100mil, but he only took home about half of that. still a lot of money, but not that big total amount. Between taxes, agents fees, etc, bball player usually only see about half their contracts.

Actually it is that big. 50 million is 48 million more than most people will earn in their entire lives.

[ken6199]

That means Steve Francis is not doing too bad. Rumor has it he stepped out of an A6 in Houston downtown and walked into a convenience store.

For Latrell's case, I don't think it was a matter of what he did with his money, but with his life. You f up your family bad, your family f up you even worse.

[Wigginstime]

In fairness to spree well - athletes get completely screwed on child support as the courts don't take into consideration that their income is for a limited duration. Spree well was still expected to pay millions in child support after he retired.

Most pro athletes who go broke usually struck by divorce child support and shifty financial advisors. Spending is usual minor factor.

[HeartBreaking]

these guys are dumbasses nothingmore need to be said

[joeyAdaMan]

Glad he didn't sign that extension, but I don't remember why he didn't sign wither any other team.

i really enjoyed the Garnett,Sprewell and Cassell version of the Twolves tho....Sprewell is a real fool unfortunately

[Cappy_Smurf]

Who woulda thought his family could eat that much?

[yaaar]

Glad he didn't sign that extension, but I don't remember why he didn't sign wither any other team.

I've heard that he was on the leagues unofficial black list. Choking the coach was almost enough, his further antics obliterated the camels back. Players on the black list can and do get chances back in the league but at much reduced offers to offset the perceived risk.

[The Rebel]

I thought it was common knowledge that Spreewell went broke soon after refusing that extension and making those comments in the media. That seemed to be the final straw with the NBA teams, which was unfortunate as he could still play, but it is hard to feel sorry for him with all the crap he did, and blowing the money he did.

[ThumbsUpBaby]

When asked about turning down the contract extension, Sprewell said, “Why would I want to help them win a title? They’re not doing anything for me. I’m at risk. I have a lot of risk here. I got my family to feed.

In 2007, Sprewell left that “family he had to feed” and was sued for $200 million.

LULZ.

Talk about a good ol' irony.