Posted on 06/18/2015 7:54:12 AM PDT by C19fan
San Antonio Spurs forward Tim Duncan says he lost about $25 million in investments to a dishonest adviser, but is not a factor in deciding if he will return for a 19th NBA season.
Earlier this year, Duncan sued Charles Banks, his former financial adviser, seeking more than $1 million in damages after Duncan says that Banks took Duncan's $7.5 million investment in his company, Gameday Entertainment LLC, and used it for his personal benefit.
(Excerpt) Read more at si.com ...
Yes, it is apparently just too difficult to put windfalls such as earned by professional athletes into Vanguard funds.
These athletes need some good money management advice. While they make big money during their playing careers, their working lifetime as a player ends at a relatively young age.
From what I hear, many athletes get bad investment advice, and/or spend like there’s no tomorrow.
“seeking more than $1 million in damages”
Well duh!
Well no wonder he’s still playing at age 39. He needs the $11 Million salary he’s getting nowadays...
I’ll bet that Michael Oher has invested his money wisely.
Being a spurs fan, and watching Mr.Duncan for his career here in SA he has been a example to follow in many many ways. That he was defrauded just shows why we have courts at law to begin with.
hit enter too soon..
“I was wrong about it. I got screwed over for it. I’m not mad at myself for that. That’s a lesson learned. I’ll never put myself in that situation again.”
That is counsel that just about all of us should take to heart!
It would help everyone if all students had to take a few financial management courses in college. In addition to that the pro sports leagues should have some suggested financial advisors under the scrutiny of very smart actuaries and accountants. Perhaps something like a 50% now, 50% in a life annuity option.
It's asking too much for the pro players to be able to fully scrutinize their millions with the rigors of their pro sport obligations.
In short, a professional athlete may want his or her adviser to work for a big financial services firm. Too many athletes are taken advantage of by “fly by night” financial advisers that are nothing but trouble.
I read an article by a sports agent who also helped his clients with financial matters.
And he advised them to do what you are indicating here, the 50% now, 50% put aside for the future.
So, when his athletes got their signing bonuses and got their pay, he would tell them, enjoy and spend 50% and live it up with that 50%. But to also put aside 50% for their future.
I agree, that everyone should take courses in money management. They should even teach some of this in high school. When you see how many people get in trouble with credit cards and other financial errors, it makes you wonder if otherwise seemingly intelligent young people are simply clueless about money.
Or if they have a mindset that they have to keep up with the Joneses or why it is that they can’t live within their means.
Many had help and were defrauded by that same help. Bobby Orr comes to mind.
Kareem lost everything to a crooked money man.
Now, now, we can’t have the ‘privileged’ few (you know, the ones whom would actually TAKE and LEARN from such a class)....
50/50 after taxes that is. Many athletes don't understand that there is this thing called income tax.
You would think someone would just say that to them early on. Don’t make private investments no matter how expensive the guy’s suit is. In fact, the more expensive the suit, the more likely that he is a crook.
They put money into strippers.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.