How do you earn 40 million and few years later have nothing? - Page 2 - GoFuckYourself.com

sandman! · 05-02-2014, 12:21 PM

its called being a dumbass

pornguy · 05-02-2014, 01:26 PM

Quote:

Originally Posted by TheSquealer

It's easy. You take a poor kid with shitty parents (or a single parent) who grew up with nothing and you suddenly give him a check for 8 figures... wrongly expecting them to behave as a rational, well parented, well educated and well taught adult.

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.

Jman · 05-02-2014, 01:38 PM

He can always fall back with Vivid ;)

BareBacked · 05-02-2014, 03:09 PM

http://espn.go.com/30for30/film?page=broke

JA$ON · 05-02-2014, 04:25 PM

Quote:

Originally Posted by L-Pink

Between state, federal, local taxes and agent commissions he probably netted only about half of that. But still.

BTW, 60% of all NBA players are broke within 5 years of retirement. Those figures are worse for the NFL.

.

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

blackmonsters · 05-02-2014, 05:03 PM

Quote:

Originally Posted by JA$ON

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.

Matt 26z · 05-02-2014, 05:09 PM

Quote:

Originally Posted by L-Pink

BTW, 60% of all NBA players are broke within 5 years of retirement.

They are usually drained by their family.

Robbie · 05-02-2014, 05:15 PM

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.

Lichen · 05-07-2014, 07:11 AM

Quote:

Originally Posted by mineistaken

How do you earn 40 million and few years later have nothing?

Be a Negro.

L-Pink · 05-07-2014, 07:14 AM

Quote:

Originally Posted by JA$ON

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

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

arock10 · 05-07-2014, 07:38 AM

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

mOrrI · 05-07-2014, 07:45 AM

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

Or

Shit happens :|

blackmonsters · 05-07-2014, 07:58 AM

Quote:

Originally Posted by arock10

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

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

lazycash · 05-07-2014, 08:42 AM

Quote:

Originally Posted by mineistaken

I follow basketball so I know that 15 applies to majority. 12 years to absolute majority. However you should keep in mind that athletes who drop out of NBA can earn big money in Europe and now even in China.
Even in NBA it is 10 years for majority. I mean you can be starter for 5-7 years and then bench player for few more.

Again it does not matter, my point is that even if you have zero management skills you naturally improve in that department after few years. It is not one time money influx like in lotteries etc.

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.

brentbacardi · 05-07-2014, 08:53 AM

Quote:

Originally Posted by L-Pink

From the OP's link ...

Shawn Kemp
Estimated Career Earnings: $92,000,000
How He Lost It All: Before you complain about the price of condoms, read the story of Shawn Kemp. It could potentially save you $100,000,000. The Sonics forward fathered (at least) seven children by six women and lost most of his career earnings to child support. Now that $12 box of Trojan Fire and Ice jimmys doesn't seem like such a burden, does it?

.

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.

fuzebox · 05-07-2014, 09:19 AM

Quote:

Originally Posted by dyna mo

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.

perspective is a good thing to have.

John-ACWM · 05-08-2014, 02:45 AM

Quote:

Originally Posted by eroticfem

He should write a book "How i wasted 40 million dollars" , he might earn another 40 mill to waste.

kane · 05-08-2014, 03:35 AM

Quote:

Originally Posted by L-Pink

With the high percentage of broke players you would think the players associations would push for contracts with long term payments.

.

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.

kane · 05-08-2014, 03:39 AM

Quote:

Originally Posted by pornguy

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.

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.

HellOfaCock · 05-08-2014, 03:48 AM

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

money biz · 05-08-2014, 04:23 AM

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

CarlosTheGaucho · 05-08-2014, 04:25 AM

Quote:

Originally Posted by mineistaken

So don't players get recommendations for good lawyers? I would think at least the league should advice them in that matter.
Or if you say that Oscar has great lawyer - that means other sports people know that as well and they should hire the same guy. I mean he could be busy or exclusive with Oscar, but I mean - recommendations works..

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.

money biz · 05-08-2014, 04:45 AM

Quote:

Originally Posted by CarlosTheGaucho

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.

Legendary Samir - BANNED FOR LIFE · 05-08-2014, 09:46 AM

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

05-02-2014, 12:21 PM	#51
sandman! Icq: 14420613 Industry Role: Join Date: Mar 2001 Location: chicago Posts: 15,432	its called being a dumbass __________________ Need WebHosting ? Email me for some great deals [email protected]

05-02-2014, 01:38 PM	#53
Jman Too lazy to set a custom title Industry Role: Join Date: Sep 2003 Location: Canuckstikan Posts: 22,768	He can always fall back with Vivid ;) __________________ email: [email protected] Best AI Affiliate Program We also do WL at $0.00 upfront costs FantasyXXX.AI Teams: jean.francois.laverdiere TG: @jman1216

05-02-2014, 03:09 PM	#54
BareBacked Confirmed User Join Date: Feb 2007 Location: www.BareBacked.com Posts: 3,685	http://espn.go.com/30for30/film?page=broke __________________ NEW SITE PAYING $30 for a $1 TRIAL Selfies

05-02-2014, 05:15 PM	#58
Robbie Leaner, Meaner, Faster Industry Role: Join Date: Aug 2002 Location: Vegas Posts: 20,959	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. __________________ -Robbie ClaudiaMarie.Com

05-07-2014, 07:38 AM	#61
arock10 Confirmed User Join Date: Jan 2006 Posts: 6,218	I bet there has never been anyone in adult who made a bunch off money and then tried offline businesses and went broke... __________________ Sup

05-07-2014, 07:45 AM	#62
mOrrI It's over there... Industry Role: Join Date: Nov 2004 Location: Portugal Posts: 4,212	The more you have..... The more you spend.... Or Shit happens :\| __________________ Get Your Binance Account

05-08-2014, 03:48 AM	#70
HellOfaCock Registered User Industry Role: Join Date: Nov 2013 Posts: 48	These idiots have enough money to take a finance coach or something......Don't leave them alone with the money!

05-08-2014, 04:23 AM	#71
money biz Confirmed User Join Date: Jan 2003 Posts: 979	All the ex nba players got gambing problems. A few 50k month losses adds up quick. Even Jordan open about his gambling problems.

05-08-2014, 09:46 AM	#74
Legendary Samir - BANNED FOR LIFE So Fucking Banned Industry Role: Join Date: Jun 2007 Location: Taj Mahal of PORN, zip code - (.)(.) Posts: 1,442	Negros do not know how to manage money. But they can twerk the best. Well known fact.