OT: Seven rich athletes who lost their fortunes

[darth_federer]

What can the agents do. Im sure they send them to a good financial advisor, but you can only give a guy so much advice. Most of these guys are yes men so I doubt they confront them over it. At some point in time, you need to take responsibility for yourself.

[ghuytro]

Haha wow Tyson bought a bathtub for 2 freaking million dollars...

Thing is this money didn't just vanish into thin air...it was SPENT...so you can't say all these players didn't have insane amounts of fun and likely more fun than any of us on this board will ever have even if its for x number of years.

Having said that the agony of stupidity will haunt them forever....

Amazing photo gallery of someone who did an unauthorized tour of Mike Tyson's abandoned mansion in Ohio:

http://illicitohio.illicitohio.com/tyson.htm

[NetsForce]

You can't force someone to live a certain way...

[J Dilla]

What a beauty. Why the hell is it abandoned, isn't it supposed to be on the market?

He filed for bankruptcy like last year I think.

edit: NM I read the description

[Avenger]

Like someone said before, you can blame this on the players' so called entourage or handlers, their friends and family. Most of these players can afford to hire a financial adviser on a full time basis but they don't, instead they trust people who have zero knowledge about investment and financial management. Back when Lebron first came into the league, he decided to let his high school buddies handle his finances and when the League advised him to get advise from professionals LeWhore played the race card. I think he said something incredibly stupid like "David Stern doesn't want young black men making money"

[dballislife]

why not hire financial advisers/accountants...u only have to pay em like 1 percent of wut ur worth, and they keep u rich forever

[raptorforlife88]

I always remember Jalen Rose's quote when I hear about guys going bankrupt.

“I mean, it’s become so bad that people in my entourage have entourages,”

Too many "friends" and handlers and moochers and long lost uncles with business plans and who knows what else. Some of these guys wind up paying for the existence of a community and it's just not possible to sustain it. Someone has too teach them that your money is not your friends money. It's your money. You have the right of refusal, and a friend who's constantly there for your money is not your friend. That and the absurdly lavish lifestyles (10+ cars) lead to this.

It's not like these guys need college to survive either. I remember an article about Jermaine O'Neal, the guy had his money invested, and had other interests outside of basketball to sustain him. Not only that, but he educated himself, he was probably one of the most eloquent guys I've seen in interviews. I think he'll probably wind up with a front-office job. Or look at Steve Nash, he's done a documentary for ESPN on Terry Fox and produces his own commercials and short films.

They also have to realize basketball will be their life for a much shorter time than any usual job is for other people. Out of the NBA by mid thirties means guys have 30 years they need to sustain themselves.

why not hire financial advisers/accountants...u only have to pay em like 1 percent of wut ur worth, and they keep u rich forever

A lot of guys will just hire anybody and then wind up robbed by these guys who say 1 percent but are doing a hell of a lot more. Look at Nic Cage, he got robbed blind by his manager. Or Don King with Mike Tyson.

[garbage time]

"Mo' money Mo' problems" - B.I.G.

.

that statement has nothing to do with overpaid mongoloid athletes blowing all their money on (Please Use More Appropriate Word) crap.

[junot111]

"Mo' money Mo' problems" - B.I.G.

.

that statement has nothing to do with overpaid mongoloid athletes blowing all their money on (Please Use More Appropriate Word) crap.

there can be many interpretations... it's a very general "statement"

[J-Roc]

Is that guy holding like a Sonny Weems chain? This is why guys go broke. A guy like Sonny wants to live as large as a guy like Bosh.

[MJ23DREAMER]

The bottom line is when you allow leeches to stick to you they stay till all of your blood and money are gone!

The problem is when you are young and you have hangers on that are they to feed of your "good will" and money and not there for your best interest that is when the money gets sucked into oblivion!

Set forth a plan early and trust those that you know will be there till the end. Know those that are successful in setting a plan from what you see and not what those speak of. They should also do a story of the successful athletes after retirement!

[kcthekid]

Remember Matt Bonner talking about his Pontiac? I laughed at it yesterday, but today I realize he's one smart motha..

its still laughable
you can get way better cars for the price of a new pontiac