Posted on 01/16/2021 8:17:49 AM PST by simpson96
Since 2007, Adrian Peterson has been paid handsomely to carry a football. However, despite earning millions of dollars during the course of his decorated NFL career, the 35-year-old barely has anything to show for it.
In fact, the Detroit Lions running back may have hit rock bottom recently.(snip)
Given the fact he’s collected NFL paychecks for 14 years, you’d expect Peterson to be in a terrific financial position. Yet, that couldn’t be further from the truth.
Since entering the league more than a decade ago, Adrian Peterson has been well-compensated for his ability to run through, around, and over NFL defenders. In total, he has earned $102.8 million during his 14-year career.
Stunningly, despite his substantial career earnings and lucrative endorsement deals, Peterson remains a cautionary tale for athletes who fail to manage their money properly.
In July 2019, Daniel Kaplan of The Athletic delivered a sobering update about the running back’s financial woes.
“A Pennsylvania lender is suing Peterson for allegedly defaulting on a $5.2 million loan, the proceeds of which he used to pay back other debts he incurred, including millions from a “pay-day lender,” court documents in New York show,” Kaplan reported.(snip)
On Thursday, Kaplan reported that a New York state judge has ordered Peterson to pay back the Pennsylvania lender $8.3 million for the defaulted loan. Interest will accrue at a rate of “several thousand dollars a day” moving forward.
Shockingly, Peterson didn’t even send counsel to the hearing.
So how much does the veteran NFL running back actually owe?
According to Jeffrey Reina, an attorney representing one of the lenders waiting to get paid, Adrian Peterson’s current tab totals $8,268,426.21.
The daily interest rate: $2,207.12.
(Excerpt) Read more at sportscasting.com ...
The professional sports leagues should see to it that each athlete ... is set up with a trust fund under a conservator ship which will handle the financial affairs of the athlete ...
Maybe the government should set up a bureaucracy to handle that kind of thing for ALL of the people in the country. I'll bet a lot of us are spending our money in ways that Nancy Pelosi wouldn't agree with.
First step should probably be confiscating our IRAs and 401ks because some people make really, really poor decisions on how to invest their money. The government needs to protect them from screwing up, for their own good.
probably following Wesley Snipes tax advisor, same one as willie Nelson, ya cant go bankrupt on taxes.
Well, OK, comrade.
The league should offer a financial course and suggest a course of action, but, "SET UP A TRUST FUND"?
HMMMM?
What would karl marx say?
I wish I had your stomach - and smarts - for investing. Congrats!
He probably won't. That's the risk the lender accepted when they chose to loan him the money.
Of course the agent gets like 15%, various levels of government probably get half all told. But that’s still a lot of money. But like Rick James said “I spent half on women and drugs, and the rest I just wasted.”
Yes, you can, if you know the rules.
I know that you absolutely can go bankrupt, and relieve your self of federal income tax debt.
It is a one time deal and there are strict rules that apply, but it can be done, and I KNOW it.
Don't post advice on taxes if you don't KNOW a thing about them.
This reminds me of the tried and true saying about wealth redistribution. If you took all of the money from the top 98% of all wealthy people and gave it to the poor and undeserving, the wealthy people would have it all back within five years.
“Racism and the evil white man cause this man to lose his monies”
Especially that evil Trump guy!
“But seriously, how stupid do you have to be to piss away $100 million?”
Well there’s mike tyson who blew $400,000,000. It takes an IQ well below room temperature.
Wesley did 3 years for his and Willie paid his back, tell them about it.
Criminal Charges Associated with the Wesley Snipes Tax Evasion Arrest:
Wesley Snipes’ Tax Evasion charges cited him of purposefully and deliberately avoiding the fulfillment of taxes owed to the Federal Government Department of Taxation or the Internal Revenue Service (IRS); his deliberate deception of the United States government fallaciously conveyed inaccurate information with regard to his finances.
The following are the charges brought by the IRS against Snipes.
Wesley Snipes undertook the purposeful misrepresentation of records illustrating inventory in order to substantiate and conceal his failure to accurately report earnings. Wesley Snipes’ tax evasion charges include the following:
The failure to claim earnings upwards of $12 million in the years 1996 and 1997.
The failure to furnish any tax payment for the years 1999, 2000, 2001, 2002, 2003, and 2004.
Do you see any thing about bankruptcy in the IRS charges?
Snipes was grasping at any straw for a defense.
I personally KNOW a person, a relative, that had over six figures in taxes and penalties removed, legally, using the bankruptcy laws, with the agreement of the IRS.
You don't know the rules.
I'm done with you.
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