Posted on 07/26/2024 9:36:34 AM PDT by DUMBGRUNT
Former NBA center Vin Baker lost more than $100 million in career earnings and later became a Starbucks barista. Former NBA guard Kenny Anderson made $63 million and filed for bankruptcy the year he retired. Former NBA MVP Allen Iverson made more than $200 million but said during a 2012 divorce proceeding that he didn't have enough to afford a cheeseburger. Former All-Star Latrell Sprewell lost more than $97 million.
(Excerpt) Read more at espn.com ...
Junior Bridgeman.
All they had to do was invest the money. Live at their parents, or rent a cheap place for two seasons, and invest the money. Make use of accountants to minimize the tax load.
Charles got the message.
“Luck is the residue of perseverance”
</huh?>
My advice to young professional athletes is to take your signing bonus and a substantial portion of your first year wages and make a downpayment on a well-located, fully occupied (but for one unit) apartment building. Hire competent management. You only need a break-even cash flow. Living there instead of a McMansion cuts your expenses. If things go south due to injury, management change or other cause, you have a place to live, plus an income, probably for life.
How refreshing to read an ESPN article about basketball players and money that is NOT about race.
The top NBA players with max contracts are now making 50-60 million per year, with the new NBA rights deal, that number could easily go to 90-100 million per year meaning NBA players will easily make a billion in career earnings in just salary not counting off court earnings.
Making that kind of money will bring out even more family and blood suckers that will rob them blind unless they get solid financial advice, which unfortunately many of them will not get.
Awesome quote. Words of the wise.
I had a neighbor who was with the NBA for six years where I lived -- we shared a fence so we knew his lifestyle. He always had his "posse" at the house, had a black Escapade and a Hummer, loud music from the cars whenever they came in at 2 a.m., parties by his pool, dope smoke and women, 'livin' the life'. After he was dropped, he played in China for a year, then the last I heard, was broke and arrested in Atlanta for stalking an ex-girlfriend. I doubt he had a father figure in his life, let alone a good one like yours.
Rob gronkowski never spent a penny of his NFL earnings. He lived off endorsements, and he lived cheap. He invested all of his salary (which got to be a lot of money) and now there will be enough to fund several generations of little Gronks.
I worked in the towns where many of the 1986 Celtics and Red Sox lived. I’ve been in some of their homes (I managed the CATV company there and would go on installs to some of their homes.) I was surprised at how “normally” most of them lived, albeit in multimillion dollar homes.
They are not all idiots.
Chad Johnson lived in the actual stadium for a couple years, although I'm not sure that is allowed/encouraged.
For a start with these guys....take a percentage of your income every year - say even just 5% - and buy an annuity.
With what they make if you just do that year after year and blow the other 95%, you’ll still have enough to live decently.
are those earnings top-line numbers (before agents and taxes)?
> My advice to young professional athletes is to take your signing bonus and a substantial portion of your first year wages and make a downpayment on a well-located, fully occupied (but for one unit) apartment building.
Used to know a guy that was a boxer and did that very thing. His managers spotted him at a local park program and didn’t rip him off. He got to fight with 10th ranked middle weight. Guy was built rock solid.
Bridgeman deserves all the credit in the world for his success - it was well-earned. But note also - he grew up dirt-poor in a blue-collar town in what appears to have been a stable family environment with a dad who worked 40 years at tough jobs, and with Bridgeman himself as a kid doing the sort of work many of us did at that age - that back story I think may have been as much responsible for his success as anything.
Too many poor kids nowadays grow up in broken families, with no good adult male role models, and with little opportunity to learn hard work as paper boys or delivery boys or whatever as kids - they never really learn how to be responsible as adults.
I hear rumors that Marshawn Lynch has every paycheck he ever received, the money from it still. I don’t know if that is true, as he prides himself of hanging out with his “posse”, all the never beens from his youth.
—”I doubt he had a father figure in his life, let alone a good one like yours.”
Thank you!
My dad was career Navy and often used parables, proverbs, old saws, quotes...
For years I thought it was a Navy thing, but I later noticed that my dad and his brothers were a laconic lot. Some of my cousins too.
Not quiet, but with an economy of words.
The NBA as well as the NFL and all pro sports teams have required financial courses that the players take advising them how to protect, spend and save their money.
Tim Duncan wisely followed this advice, yet a financial advisor still stole 20 million bucks.
—“Luck is the residue of perseverance”
Nice.
My dad would have been happy to add that one to his collection.
See #10
“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On!’ has solved and always will solve the problems of the human race.”
― Calvin Coolidge
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