Scottie Pippen lost $120 million, and Latrell Sprewell broke

[Quiet-Storm]

sick of all this "financial management" and "money literacy" crap

Even an illeterate 95 year old lady from a third world country with minor brain damage knows that if you spend money carelessly, you will lose it

Doesn't take a genius. NBA player don't need coaching/guidance/agents to tell them how to spend their money after they retire.

Loosing 100 million dollars is not easy unless you do a lot of stupid stuff

[lakerfan10770]

It is crazy to lose that kind of money, but keep in mind that a player probably only winds up with about half of their salary after they pay their agent and income taxes.

I googled how much agents make and got a wide range of numbers from 3 to 5% to as high as 20%. I suppose the actual number depends on each individual contract, but nonetheless, agents are a major expense for athletes.

BTW, slightly OT, but I am helping a friend out with a part year resident tax return (for CA) and what a pain that is. Imagine what a pain (and how expensive) it is for athletes to file their tax returns.

[Mofoo]

I do not think Pippen ever saw 120m at once in his account. Also one has to keep in mind that these guys have a higher living standards than we do so do not expect them do stay home and watch Tv after being paid millions. And when you are used to spending there is no way back ( at least for most people ). This being said obviously Pippen have made lots of bad decisions when it comes to money handling.

[sefant77]

Walker earned 108 mio + endorsement from 1996 to 2008, in 2009 he was broke. Record?

[INKtastic]

Once you have $, making more is easy. You can invest. Start a business that cant fail. Many many things.

any examples?

Any business can fail and getting a new business off the ground takes a ton of work and significant money. Typically you have to put in the hard work for many years just to earn back your investment both in money and the financial value of the unpaid or underpaid time you put into getting it going.

[jmb987]

inafter the e-financial geniuses...


Start a business that can't fail? I'd like to know how to do that, because if it can't fail I KNOW I can get a loan from the bank.

[Nate505]

inb4 e-financial geniuses come into this thread saying how stupid they are.

They are ridiculously stupid. Or they hired extremely bad financial advisers and didn't keep an eye on their money.

[draft]

Did Pippen really think buying a jet was a good business idea? The fuel and maintenance must be through the roof.

[BarneyGumble]

I think this thread can end with this timeless pearl:

"A fool and his money soon part."

[Tony_Montana]

lol @ all the experts.

[azuresou1]

lol @ all the people defending those fools.

Seriously? I could open a Swiss bank account, park the vast majority of my money there, never touch it, and still live off the interest comfortably. Yes, I'd probably buy a nice house and car, but beyond that, there's not a ton you can legitimately spend money on.

[CITYOFANGELSX3]

lol, is it wrong Im laughing at these guys?

[6_Rings]

"A fool and his money are soon parted."

[Thompson219]

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?

haha. This response is probably something scottie pippen said before he blew all the money Really dude. Do you put all your money under your bed. There are ton's of places to invest haha. I don't even post on this forum and i had to login just to point this out.

[DEEP3CL]

why not just hire someone to handle your money!?!

That's part of the problem, those guys are thieves too. That's not always the be all end all....ask Kareem Abdul Jabbar and Alex English how that worked out for them ?

[6_Rings]

i dunno why nobody told these fools to just put their money in a bank then live off the interest upon retirement. it's not rocket science geez.

[disoblige]

Greed


/thread

[Sedale Threatt]

"Start a business that can't fail." That was a good one.

Sports Illustrated wrote a story about this two or three years ago. If the numbers are accurate, there are a staggering amount of athletes who squander their fortunes. Something like 80% of the NFL are close to broke within two years of retirement? Hard to believe, but that was their figure.

From what I can remember, the three biggest culprits were:

1. Getting divorced and/or having numerous children out of wedlock
2. Bad business investments
3. Getting cheated by managers

[Triumph36]

"Start a business that can't fail." That was a good one.

Sports Illustrated wrote a story about this two or three years ago. If the numbers are accurate, there are a staggering amount of athletes who squander their fortunes. Something like 80% of the NFL are close to broke within two years of retirement? Hard to believe, but that was their figure.

From what I can remember, the three biggest culprits were:

1. Getting divorced and/or having numerous children out of wedlock
2. Bad business investments
3. Getting cheated by managers

& within five years of retirement, ~60% of NBA players are broke

[Sedale Threatt]

They should all take courses in the Matt Bonner School of Financial Management: Buy a used car in your native state to save on taxes, then drive it all the way to Texas to save on shipping.