Trevor Ariza is broke

[dhsilv2]

i know im tapping into a whole different discussion here and im not disagreeing with you.. it happens. it happens to everybody. the fact that doctors and business people go broke or into dept also doesnt really excuse the fact. when doctors go into depts its usually for their education and when they start to work, get a house and everything. thats usually (at least from what i know) on a plan with a banking institution and well structured and calculated dept. With business and investment people its just the same as for evertybody else. just because they know stuff about finances, doesnt mean they are self disciplined and not liable to gamble on stocks, for example.

the point i was making is, going broke when you have millions and millions available is dumb and in my humble opinion inexcusable. whats excusable is, someone working on minimum wage whos car has broken down. stuff like that. but as i stated i know it happens and i understand why it happens. but getting help when you realize its going downhill, is not that hard. just have to put the ego aside.

Yes getting help...to me that's key, because I think we area ll "dumb" or ignorant to certain things, but having that self awareness to know it and act accordingly ...Some folk have that trait others don't, or do but won't (reach out) due to , ego, embarrassment, pride etc. And in my opinion it really has nothing to do with the persons income level. There a bunch of illiterate people walking around that don't get help for the same reasons.

literally my point. there is no excuse for not getting help. no matter what you earn, what your education is or what you wanna do with your money. the guy is not getting my point.

I get the point. I'm just pointing out how difficult it is to get normal people to even accept that. Let alone the types with huge ego's. NBA players, doctors...lawyers. If people who don't even need the help can still get lost in that chase (perhaps they need a good therapist to get to that issue)...it's just tough and goes beyond education (my point).

[og15]

I said it can happen under the right circumstances.

That can be true or false.

It cant be both true and false.

If you don't believe it can happen under the right circumstances ...that's fine. If you do , that's fine.

It's not that serious.

it can happen you are absolutely right. but imo its inexcusable. Even the most self unaware (is that a word? ) person should be able to at some point do some research or educate themselves about how to handle the money. i completely get you, if you come from a family and social circle, that just cant help you with that and/or you are not disciplined enough, you just gotta hire someone. with the internet and all information being accessible and available at any time, there really isnt any excuse anymore these days.

and trust me i get it, i come from a pretty poor family and im gonna be honest im not the best with money either. i have forgotten to do my taxes before, i have made dumb decisions financially and all that. today, i am lucky to be in a position to be able to pay someone, that can help me with all that. and if i can do it, the NBA players should be able to do it aswell.

I mean...we don't see it to this level. But even people with degrees working in finance and accounting areas still have spending problems and often go into wild debt. Education is a huge benefit but people even with advanced knowledge and even an interest in investing can do this. And my goodness, the debt I've seen on doctors when I was first getting into the banking world 20+ years ago was comical.

That was exactly the motivation for the White Coat Investor. Smart people also make bad financial decisions, and being smart in one thing doesn't make you smart in another, hence the point of advisors. Part of this is that a lot of financial decisions are also made on emotions, and things like keeping up with others, "living like a doctor", and many times expectations of spouses are a large factor.

With male docs, a lot of spouses thinking you should have the bigger house, nice new cars, multiple vacations and kids in private schools, and you find yourself spending all you make and saving very little. Don't know to what extent that last part affects the female docs, but it's a factor for them too.

I still have my 2010 Toyota before that, had my 2002 Honda for 5 years after graduating, but to each their own in terms of impressing people and showing that you are a doctor (or whatever else), just be aware of what it might mean for how long you have to (not want to) work in your career.

[dhsilv2]

it can happen you are absolutely right. but imo its inexcusable. Even the most self unaware (is that a word? ) person should be able to at some point do some research or educate themselves about how to handle the money. i completely get you, if you come from a family and social circle, that just cant help you with that and/or you are not disciplined enough, you just gotta hire someone. with the internet and all information being accessible and available at any time, there really isnt any excuse anymore these days.

and trust me i get it, i come from a pretty poor family and im gonna be honest im not the best with money either. i have forgotten to do my taxes before, i have made dumb decisions financially and all that. today, i am lucky to be in a position to be able to pay someone, that can help me with all that. and if i can do it, the NBA players should be able to do it aswell.

I mean...we don't see it to this level. But even people with degrees working in finance and accounting areas still have spending problems and often go into wild debt. Education is a huge benefit but people even with advanced knowledge and even an interest in investing can do this. And my goodness, the debt I've seen on doctors when I was first getting into the banking world 20+ years ago was comical.

That was exactly the motivation for the White Coat Investor. Smart people also make bad financial decisions, and being smart in one thing doesn't make you smart in another, hence the point of advisors. Part of this is that a lot of financial decisions are also made on emotions, and things like keeping up with others, "living like a doctor", and many times expectations of spouses are a large factor.

With male docs, a lot of spouses thinking you should have the bigger house, nice new cars, multiple vacations and kids in private schools, and you find yourself spending all you make and saving very little. Don't know to what extent that last part affects the female docs, but it's a factor for them too.

I still have my 2010 Toyota before that, had my 2002 Honda for 5 years after graduating, but to each their own in terms of impressing people and showing that you are a doctor (or whatever else), just be aware of what it might mean for how long you have to (not want to) work in your career.

So, I don't have financial records to back this up. But my mom does work with doctors and they often will confide things. She sees two doctor families buying the house that's too big, the cars that are too expensive, and by pre-school spending every penny on the prep type schools while they still have student loans. Seems there's a view that you should with two doctor salaries have it all day one out of school and never let the kids suffer as you enter 30.

Now the doctors who's finances I actually saw, were mostly male with a stay at home wife or middle income wife. So I can't speak to that.

But it certainly doesn't seem that the higher earning wives are better from again just that one perspective. But my mom is kinda a secretary/admin supporting 20+ doctors and they support the first year group as well. So her experience is pretty darn wide spread, in what I'd argue is about the lowest cost of living but nice part of the country (I'm biased lol, wish I could move back home and keep my income).

Now that said I doubt female doctors are expecting spouses to keep up as much as male doctors do. But female doctors just want and expect to have that story book doctor life style I guess is more the impression I get. The guys are clearly often just spending to impress.

But at the end of the day male/female doctor or not. People who achieve have ego's. And ego's drive people to acting foolish more often than not. I bought my BMW 80% because I wanted to drive a fun car. 20% because...I kinda wanted that BMW logo, even if in my social circle, that kinda luxury is somewhat frowned on. Now before that I had a corolla and I'm into my 40's and I'm on my 3rd car ever. So that's hardly some financial burden, but the creep is always there.