Comments on: 60% of NBA Players Go Broke Within 5 Years of Retirement?

By: mike

mike — Tue, 15 Feb 2011 02:01:27 +0000

Interesting line about scam artists.

Here’s a rule of thumb…

Money attracts predators. And not just the
sleazy ones. Expect to be pitched by financial
advisers, banks, investment experts, and other
supposedly ‘legitimate’ businessmen. They make
their living fleecing money from others.. LEGITIMATELY.

And a cliche….

When a man with money, meets a man with experience, the man with experience often gets
the money, and the man who had the money now has
the experience.

Best advice… understanding money and investment
basics yourself so you can spot a ‘financial expert con job a mile away’. Always remember “Numbers don’t lie, but people lie with
numbers”.

By: David Morton

David Morton — Wed, 08 Sep 2010 21:51:54 +0000

Steve Raines you are idiot quit bringing race into this. I am a black man and a lawyer and most of these guys are just being fools.

By: Steven Raines

Steven Raines — Wed, 26 May 2010 16:29:00 +0000

Since in 2010 we as African Americans have greater access to critical information that may hae been shielded from us in times past It seems tat there should be more African American attornies who should have a moral as well as business intrest in helping this financially under educated group of minorities? The saying has been around for a long time but it still rings true ” a fool and his money are soon parted”. Can this issue be brought to the players union as part of an orientation to the Big Leagues, it’s perks and it’s pitfalls? All of us who have a favoite team or player should care at least that much.

By: jt

jt — Sat, 15 May 2010 16:41:45 +0000

how sad!! a little discipline and sound money knowledge could save this players a lot. and the beauty is it is not difficult. i like the example of Warren Buffet, a billionaire but frugal.

By: mel

mel — Sat, 15 May 2010 13:18:21 +0000

dont feel sorry for them when they go broke

By: Phil A.

Phil A. — Sat, 19 Apr 2008 03:15:27 +0000

It is pretty sad when there are sensible hard working people out there making under $20,000 a year with more savings to their name than some of these foolish and unwise basketball players.

By: Miguel

Miguel — Thu, 10 Apr 2008 15:18:34 +0000

These issues are true of just about any profession where income is extremely lumpy (i.e. pay for performance) and job risk is extremely high (i.e. you’re only as good as your last game, movie, book, script, deal, show, exibition, etc. or an injury could take you out tomorrow). I know many folks in these kinds of professions. Some handle it very maturely, some don’t. Unfortunately, these professions usually require an extraordinary level of career focus, as well as the expenditure of significant sums to go with the lifestyle. Celebs need a certain amount of isolation and that costs a lot. Flying private costs, gated homes cost, limos cost, hotel suites cost, etc. Also, in show biz, things like personal trainers, fashion consultants, tips & tucks, etc. aren’t just luxuries. Just ask any 3rd tier celeb who is famous enough to have fans stalking them, but not rich enough to afford the celeb perks. A certain % of fans can take things too far and become pretty scary(seriously, I’ve witnessed this a few times).

So it really helps to have somebody, like a wife, mom, sibling, or trusted agent, who can act as manager and gate-keeper of the finances, and keep the entourage at bay. Like any close relationship, if you choose wrong, it will add up to a costly disaster.

By: Ben

Ben — Thu, 10 Apr 2008 15:17:17 +0000

Here’s an article regarding the NFL players:

http://www.news.harvard.edu/gazette/2007/03.08/09-nfl.html

By: No Debt Plan

No Debt Plan — Thu, 10 Apr 2008 14:01:02 +0000

I honestly wish I could be a financial adviser to the sports elite, and not just because I think it would be fun to go all of the games. If anyone has any serious ideas on how to do this, I’m game.

I think you should take Shaq’s numbers with a grain of salt. He was going through divorce proceedings. I would imagine he would pump the numbers up to try and make sure the ex-wife gets as little as possible. Not that I believe he isn’t blowing money left and right, that’s pretty much a guarantee…

By: Cindy

Cindy — Wed, 09 Apr 2008 22:09:41 +0000

I saw a news story about the NFL offering financial classes for their players. They showed them how to handle the money, what to watch out for, and how to invest. Sadly, I can’t find any information about it online…

I also read something where hotshot players pre-draft will go get loans, then end up in huge debt if they don’t get drafted or get injured right away.