Scottie Pippen lost $120 million, and Latrell Sprewell broke

[BarneyGumble]

In a few years AI will be on this list....

[Ito]

Reminds me of last summer when me and a friend of mine was crossing the street and an out of control car came speeding and almost hit me, but I was able to get out the way on the last second but he did hit my boy... My friend ended up winning a lawsuit for like 20-something G's... He was BROKE before that, so he was gassing it like he was rich.. he bought a whip, and he was basically on party mode every day... Like a month later... he had already wasted EVERYTHING, and to make matters worse he crashed his Van and didn't even have money left to fix it...

But we talking about millions here... there's no excuse for a guy to waste millions and millions of dollars on stupid sh*t! Seems like God gives these opportunities to the dumbest people

[RoyceDa59]

Interests from this amount of money alone could maintain a wealthy life. These guys are so stupid

Please explain...

Would you throw $120 million into a bank account when its only insured $250,000 per account?

You create a portfolio which disperses your money across many safe investments, typically referred to as mutual funds. From there you take half of your earning and use it as spending money, the other half goes back into growing your capital to protect against inflation.

With $120,000,000 at even a measly 4%, you'd still earn $2,400,000 (after taxes) straight spending cash a year, and another $2,400,000 would be put back into growing your investment.

Or, even better, pay a financial advisor to manage your funds so you never have to worry! But for god sakes, don't spend any of the original capital, and only spend what is made from interest (common sense). These athletes have been spoiled their whole lives (ever since being the star of their highschool basketball team) that they failed to earn an education because they could rely strictly on athleticism to become wealthy. This breeds a culture of laziness and wealth which is a scary combination. They've always had everything they ever wanted, and once the cheques stop filling up their bank accounts, the dwindle their money away through dumb investments as an 'untouchable' attitude, when all they had to do was take 10 minutes with a financial advisor to ensure generational wealth for their family.

It takes an idiot to blow $120M and anyone who thinks otherwise is on par with these people intellectually.

[dc]

so thats why scottie was getting mobbed by dwarves

It's also why Scottie is always campaigning for a coaching job. He needs the money.

[ThunderPoke]

You are correct, good sir. All these people had to do was open an Edward Jones account with a financial adviser, stash a boatload of cash into diversified mutual funds, and BINGO!, easy money to live off of. Instead cronyism, the air of invincibility, and idiocy rule the roost for far too many professional athletes.

[Ito]

In a few years AI will be on this list....

I really doubt that... AI has ALOT more money than someone like Sprewell and even Pippen.. and he doesnt look like the type to just blow money away on materialistic things.. He might blow money away partying but thats about it

[BarneyGumble]

and he doesnt look like the type to just blow money away on materialistic things.. He might blow money away partying but thats about it

This has to be the contradiction of the century.

[Sedale Threatt]

In a few years AI will be on this list....

I really doubt that... AI has ALOT more money than someone like Sprewell and even Pippen.. and he doesnt look like the type to just blow money away on materialistic things.. He might blow money away partying but thats about it

If Mike Tyson can blow $400 million, AI can blow whatever he's made, especially if he has an alcohol/gambling problem.

[BballFanAddict]

There is an old saying in the financial world. It goes something like this:

"Money problems are not resolved by more money." Essentially, money management issues are not solved by having more money. If anything, the problems exist the same way but on a much larger scale.

[Tupik]

Well usually people who get that kind of money are businessmen, who are qualified enough to handle that money correctly and not make stupid placements. But NBA stars just don't have that ability, most of them are just not intelligent/qualified enough to make good use of their money, not to mention that they blow it up on expensive houses/yachts/cars and so on. So not really a surprise.

[ThunderPoke]

Any NBA player could walk into a local Edward Jones/UBS/Wells Fargo/All State/Raymond James office and easily ensure they have a stable financial future.

[Promezclan]

Common or not, this requires stupidity on an epic scale.

[LA Warrior]

The house Holyfield bought is just plan stupid. I dont think anyones bought a huge house and not regretted it. Its an endless money pit and very hard to resale.

[BarneyGumble]

The house Holyfield bought is just plan stupid. I dont think anyones bought a huge house and not regretted it. Its an endless money pit and very hard to resale.

Lebron's house is the best thing the Cavs have going for them...

[HMFFL]

The house Holyfield bought is just plan stupid. I dont think anyones bought a huge house and not regretted it. Its an endless money pit and very hard to resale.

It's not just the size of the house, but also the area, and he still owns his previous house which is next door. There is also a neighborhood located beside his old house and he owns a couple homes (roughly $400k or more) in it for an ex wife. The location of the house is on a main road and it's not an upscale area. The house is amazing and I have been to it for work.

54,000 sq. ft.
235 acres
109 rooms

Divorce court (4 or 5 times), spousal support, and child support for over ten children have to be outrageous.

[playaloc916]

It's sad how some people can squander away so much money, and not even have the common sense to save even a small fraction of it for emergency/retirement purposes. I mean if Pippen earned $120 million, couldn't he have just kept 20% as savings, and put into some mutual funds, or even some money market funds? Those are about as low-risk of an investment as you can go.

Tax aside, even if he were to completely blow the 80%, he'd still have 24 million earning him a decent amount of interest... Then he could live the rest of his life somewhat sparingly, like 1 million a year? And that's if he completely blows the other $96 million away. You don't need any financial manager to tell you that.

On a somewhat similar note, I saw a Tyson documentary recently, and he was talking about how he either had loads of money, or none. He was saying that he didn't know how, or just wasn't able to live in the middle. He would either be making tons of money, and then spending it all, or he'd have nothing. He also said that he won a "small amount" of money from a court case against Don King, when he was broke. That "small amount" of money was $20 million. Come on Mike, $20 million is small? Maybe in comparison to what he used to make, but to the other 98% of the world, that is not a "small amount".

[lakerfan10770]

I don't know if this is still true, but I remember Shaq saying that he has never spent one dime of the money he made in the NBA. All the money he spent was from other sources (mainly endorsements I assume).

On a sidenote, I have been working on a spreadsheet that tracks players career salaries (by draft selection) and have made it (working backwards) through 1992. If anyone cares, the top ten career salaries since 1992 are as follows:

1. Shaq - $285.9M
2. Kevin Garnett - $284.9M*
3. Tim Duncan - $203.5M*
4. Kobe Bryant - $195.7M*
5. Jason Kidd - $180.6M*
6. Chris Webber - $174.3M
7. Pau Gasol - $165.8M*
8. Elton Brand - $161.3M*
9. Rasheed Wallace - $160.0M*
10. Rashard Lewis - $158.6M*

* Total includes future salaries yet to be earned which may include team/player options and/or unguaranteed money.

[Rasheeed!!!]

10. Rashard Lewis - $158.6M*

Haha, Bling Bling!!!

[BarneyGumble]

I don't know if this is still true, but I remember Shaq saying that he has never spent one dime of the money he made in the NBA. All the money he spent was from other sources (mainly endorsements I assume).

On a sidenote, I have been working on a spreadsheet that tracks players career salaries (by draft selection) and have made it (working backwards) through 1992. If anyone cares, the top ten career salaries since 1992 are as follows:

1. Shaq - $285.9M
2. Kevin Garnett - $284.9M*
3. Tim Duncan - $203.5M*
4. Kobe Bryant - $195.7M*
5. Jason Kidd - $180.6M*
6. Chris Webber - $174.3M
7. Pau Gasol - $165.8M*
8. Elton Brand - $161.3M*
9. Rasheed Wallace - $160.0M*
10. Rashard Lewis - $158.6M*

* Total includes future salaries yet to be earned which may include team/player options and/or unguaranteed money.

Unbelievable that Rashard Lewis is in the top 10. I could think of 20 active players right off the bat whose careers have been worth more than his....

[Rendezvous]

I don't know if this is still true, but I remember Shaq saying that he has never spent one dime of the money he made in the NBA. All the money he spent was from other sources (mainly endorsements I assume).

On a sidenote, I have been working on a spreadsheet that tracks players career salaries (by draft selection) and have made it (working backwards) through 1992. If anyone cares, the top ten career salaries since 1992 are as follows:

1. Shaq - $285.9M
2. Kevin Garnett - $284.9M*
3. Tim Duncan - $203.5M*
4. Kobe Bryant - $195.7M*
5. Jason Kidd - $180.6M*
6. Chris Webber - $174.3M
7. Pau Gasol - $165.8M*
8. Elton Brand - $161.3M*
9. Rasheed Wallace - $160.0M*
10. Rashard Lewis - $158.6M*

* Total includes future salaries yet to be earned which may include team/player options and/or unguaranteed money.

DOLLA DOLLA BILLS YALL!