Maybe he invested all his money in residential real estate in Detroit.


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The worst thing you can do investment wise is invest in something you know nothing about.

Note: A former NBA player owns more than 250 Wendy's and Chili's restaurants. He bought one, worked there during the off season cooking fries and mopping floors to learn the business.


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broke is a relative term, I highly doubt Eric is broke in the sense of $0, he is homeless probably because he sold his house and hasn't purchased another one.

didn't one of these sorts do something similar to that? I seem to recall one who tried to reinvigorate his home town and banrupted himself in so doing.

Derrick Coleman:
Estimated Career Earnings: $91,000,000
How He Lost It All: When you make close to $100 million in your career go ahead and buy some jewelry, fur coats, and Bentley GT's?you deserve it. But, for the love of Isiah, don't take it upon yourself to stimulate Detroit's struggling economy. Coleman, who ended his career with the Pistons, lost a fortune attempting to create jobs and revitalize business opportunities in Motown during 2009 and 2010. Before labeling the Michigan native a martyr, it's important to note that Coleman's assets included two chinchilla coats (because it's cold in Detroit), 40 Rolex watches (bosses got to be on time), and a 1970 Chevy Nova (uh, what?).

also, the #s are always offon these things, athletes never see anywhere close to that big #. That $40m? Figure the athelete ended up with <1/2 that after financial planners, accountants, managers, agents, etc. all take their cuts first.

Just like building a web site, my programmer and designer get their cut before I see a fucking dime. That site goes belly up and I'm out money after spending all my dough on fancy designers. Ok, not exactly identical situation, but you get the gist. a lot of entities get their cut before the dude who makes that money.

that guy!

to the topic:

Also, I think the other thing that's VERY difficult to consider here is the extreme other universe that level of wealth lives in. Getting paid $500k every 2 weeks being surrounded by yes men and all that hubbub is hard for peeps like us to comprehend.

Another thing, have you ever lost everything you've earned like one of these guys? If so, there's someone less than you who can't understand how you can have all you have and lose it like you did.

I can't knock the guy for trying.
Seems like he was trying to solve a multi-Billion dollar problem though.

Spending $1 mil on jewelry and clothes seems normal when you have $100 Mil though.
1% of income on luxury would give me a 1/2 pack of smokes per day.

:1orglaugh

Nobody is disagreeing with you here, I have plans on doing something very similar myself, but I wouldn't do it without experienced successful advisor's guiding me along the way. Someone less cautious would not bother, or get their cousin to do it for them. if high intelligence was all that was needed for investing mathematicians and engineers would be the richest most powerful people on the planet. That isn't exactly the case is it?

Anyone here know any doctors or lawyers with debt issues? Or financial advisor's? I've known a few. I wouldn't call any of them fools--although i probably wouldn't hit them up for financial advise either ;)

Nothing new! Happens all the time. Maybe the NBAPA should focus on teaching players wealth management instead of worrying about what some rich white guy says to his gold digger gf

its called being a dumbass :2 cents::2 cents::2 cents:

Interestingly it happens to people that had good upbringings as well.

They dont think ahead. that 2 million dollar home costs a LOT more than 2 million. taxes, electricity, home care, lawn care etc.

then the toys the bragging and showing off etc.

He can always fall back with Vivid ;)

Especially since the avg NFL career is 3 yrs and the avg salary is well under 1mm a yr. The avg guy might (after taxes / agents etc etc) make about 1-1.5 mm in his career.

not much at all :(

I don't know of anyone who made a large pay check for 2-3 years that didn't go broke if
they didn't find something else after those 2-3 years.

They are usually drained by their family.

I know it sounds crazy...but 40 million isn't "really" all that much over the years. Now if it was 40 million PER year, yes.

When I was a kid in the 1960's it was said that if you had a million dollars you could never spend it all in your lifetime.

Money is so worthless now that it's not true anymore. Hell... a nice house is a million bucks.
A few nice cars and you've spent another million.

Then taxes will take over half your money (federal tax, state tax, county tax, property tax, and tax on everything you purchase).

The guy lived a nice lifestyle and now has nothing. He played in the NBA for 12 years. So he averaged less than 4 million a year gross.

Yeah...a few fucked up investments, a divorce or two...and you could easily lose all that money. Especially since a dollar of 2014 is only worth 13 cents in the year I was born.
Our money no longer has value, and the guy made some poor choices.

EDIT: He's still a young man by the way. No reason he doesn't go out and get a fucking job. :)

Be a Negro.

Plus he might have knee/head/back injuries ??...

I bet there has never been anyone in adult who made a bunch off money and then tried offline businesses and went broke...

The more you have.....
The more you spend....

Or

Shit happens :|

No one ever actually loses all their money in adult because the money is always in motion.

:1orglaugh

You're way off, the average career of an NBA player is 4.5 years. You're so focused on following the stars and their long careers that you don't realize that the majority are role players and are out of the league in 5 years. The problem is that many of the those players spent money as if they were going to play for 10-15 years. Playing overseas pays less than 1/30 of NBA salaries. The NFL and NBA both provide rookies with financial management seminars and financial mentoring, but ultimately its their decision with what to do with their check.

Watch this ESPN 30 for 30 about this very subject.

So I have every girl I ever fuck sign a contract that says they decline child support over $100 a month. And if it was ever awarded, they owe me the difference back every month. I would realistically probably try and be helpful above and beyond for important things but I am just protecting myself. If she wins the lotto or marries some rich dude, yeah I am not paying more than that. Fo realz.

Not sure why more famous dudes aren't doing this. It is legal. Also says they consented and shit too. Would save lots of famous dudes especially all the girl problems.

:thumbsup perspective is a good thing to have.

:1orglaugh :thumbsup

The players unions all have rookie financial camps where they have people come in and tell the players how to responsibly handle their money. These people are always on call for the players and can recommend others who will help them.

The problem is that they want the players to invest in tried and true boring things, like buying some real estate, investing in blue chip stocks, etc. The players want cool stuff like clothing lines, record labels and restaurants. Plus the end up trusting the wrong people with their money.

Add in agents fees, taxes, divorce, kids and other things and the money goes quickly.

There is no way the owners would ever go for long term contracts that pay out for many many years. They would never want to pay players who are no longer on the team. Sometimes it happens when a player restructures a contract for a long term deal that is guaranteed then gets hurt and has to leave the game or gets cut, but mostly the second the player can no longer play for that team the team is doing everything it can to separate itself from them financially.

It is like winning the lottery. Many of the people who win the lottery are broke again in a few years.

I always think of the Bill Gates quote when it comes to stuff like this. He said, "Success is a terrible teacher because it makes smart people think they can't fail."

It is so true. A person is good at a sport so they also suddenly think they are a great businessman or smart investor. Someone wins the lottery and suddenly they think they can invent something and make millions more. In the end they fail badly.

These idiots have enough money to take a finance coach or something......Don't leave them alone with the money!

All the ex nba players got gambing problems. A few 50k month losses adds up quick. Even Jordan open about his gambling problems.

According to De la Hoya's biography it was him who had to put a lot of effort into persuading his guy to even get into the sports / entertainment in the first place. He was also very particular about who was managing or promoting him throughout his career and wasn't afraid to make tough calls when required. Usually it's the other way around.

So it's not really up to the recommendation but keeping a sense of reality and being able to follow your gut, being able to make the right decision. That is of course majorly influenced by the people you're surrounded with - and in most cases keeping a sense of reality is exactly the last thing leeches want.

On one hand you have Evander Hollyfield who probably has to make $ XX.XXX a month just to pay his child support bills, on the other hand you have George Foreman who's reportedly turning in over $ 50 mil. a year in revenue just out of his fat reducing grill line alone - go figure.

Personality goes a long way.

hulk hogan was offered that grill first and turned it down.

Negros do not know how to manage money. But they can twerk the best. Well known fact.