OT: Sports Illustrated article

cpfsf · Post #1 » by **cpfsf** » Wed Apr 22, 2009 4:22 pm

http://vault.sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm

Within five years of retirement, an estimated 60% of former NBA players are broke.

I guess there not much different than people who win the lottery. Torii Hunter actually has quite a few quotes in the article if anyone is interested.

john2jer · Post #2 » by **john2jer** » Wed Apr 22, 2009 4:35 pm

That's a couple weeks old isn't it? I read that at the chiropractor's office like 3 weeks ago.

But yes, it's a good article, and quite interesting/funny. Like how stupid/irresonsible do you have to be to blow millions? Of course my last sentence could be read a different way and the answer would be Paris Hilton.

But seriously, give me one year of the veteran minimum, and I'd be set for life. Basically you take the 1.3mil from the 10+ veteran minimum, put it in an annuity with an interest rate of 3.125%, and you're talking about monthly payments of $4374. Now obviously you might have to cut down on the crack and hookers, but seriously! I live just fine on far less than that.

Post #3 » by **revprodeji** » Wed Apr 22, 2009 5:51 pm

remember you work for a bank..

Krapinsky · Post #4 » by **Krapinsky** » Wed Apr 22, 2009 6:01 pm

Don't forget taxes.

I can't do the math in my head right now, but that 1.3 million is going to be taxed at:

35% on the income over $372,950; plus $108,216

That's roughly $450K in taxes so you're down to $850K.

Then whatever money you make from interest is taxed too.

john2jer · Post #5 » by **john2jer** » Wed Apr 22, 2009 6:05 pm

Ok so I cut down on crack, hookers, AND PS3 games.

I forget, in the article are they saying 60% of all NBA players, or 60% of 1st round draft picks? Or anything more than just NBA players? If we're talking about 1st round draft picks, or guys that have gotten some form of a guaranteed multi-year deal, that's even worse.

Dr. K, your logic and rational thinking is spoiling my buzz.

Post #6 » by **Calinks** » Wed Apr 22, 2009 6:11 pm

I think the problem is is that they get used to an elaborate lifestyle. They have to make huge car payments, their clothes are really expensive, etc. Once their career is over they still try to live to the way they have been accustomed but they run out mighty fast. If they woudl dramatically downgrade and live in a way that was a bit more similar to how they lived before they were NBA players they would be alright.

john2jer · Post #7 » by **john2jer** » Wed Apr 22, 2009 6:16 pm

Or just get a job as a Wal-Mart greeter.

cpfsf · Post #8 » by **cpfsf** » Wed Apr 22, 2009 8:19 pm

I just got back from class, no mention of Sprewell? I'm disappointed...