24 NBA Players Who Lost It All

Moneywise ^ | 12/30/21 | Sigrid Forberg

[Libloather]

For many kids, playing in the National Basketball Association (NBA) is a dream come true.

But for many ballers plucked out of high school or fresh out of college, getting drafted and earning millions of dollars isn’t the fast break they think it is.

**SNIP**

Kenny Anderson
Chris Washburn
Delonte West
Rick Mahorn
Tim Duncan
Erick Strickland
Glen Rice
Gilbert Arenas
Larry Johnson
Randy Brown
Dan Issel
Derrick Coleman
Jason Caffey
Antoine Walker
David Harrison
Latrell Sprewell
more...

[Robert DeLong]

Nobody wants to grow broke.

But they do, and that includes rich people. Not the super rich, but what most people consider as being rich. They do so in the blink of an eye, too.

What I am saying is, that if yo do not have the skills to determine the risk factors, then hire someone with the skills. But even that has risks associated with it.

My other point is that you sound like it is a sure thing, but nothing could be further from the truth.

Right now people are talking about a recession, but the reality is that we have been in a recession, and a depression looms on the horizon.

[Jonty30]

The only sure thing is to do nothing, I agree.
However, doing nothing is the worst of all options.

I remember, on The Apprentice, one of the contestants offered Trump $250,000, to work for him for 6 months. Trump said something interesting, that he agreed to take the money because he could make about $10,000/year from it.

Of course, if I were to invest, it would be in the hands of professionals who would do better than I would. If I buy Blue chips, I could only make about 2%, or so. However, it’s a guaranteed 2%, because these companies are not likely to disappear in any given years. That’s why they pay so little.

[Vaduz]

Spot on education starts at home.

[Right_Wing_Madman]

I was surprised to see Tim Duncan on the list. He is the only one I bothered to run a net worth check = 130 million.

I'm not sure about this list either. Tim Duncan lost $20 million in an investment that went bad, but he said he's doing fine.

https://www.investmentnews.com/nba-star-tim-duncan-says-losses-from-financial-adviser-topped-20-million-62941

[Rinnwald]

Well, it was also the '70's, so a lot of respectable people owned crap too.

I use a picture of Elvis's porcelain monkey, that I took during the tour, as an avatar.

[Mean Daddy]

When my son was playing baseball, we were reading articles on the trend in baseball was kids going to college to get the partying out of their system. Too many kids ended up millionaires at 18 only to have their “teammates” corrupt them.

[Glad2bnuts]

#! Buy apartments, nail down a decent home for yourself, solid cars and furnish like every dime is a fortune. Purchase a few or many nursing homes and/or long term care facilities. Make sure you trust the managers. Your money and worth will grow, and grow and grow. #2 Dump the hangers-on. If you get married, stay married. If you are someone who needs to have extramarital sex, get your nuts cut. #3, DON’T GAMBLE IN CASINOS, or with a bookie.