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      06-17-2009, 08:33 PM   #1
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Good read regarding athletes who go broke after retirement.

It's a long read, but interesting. The person I keep thinking of "Money" Mayweather.


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      06-17-2009, 08:35 PM   #2
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can you just sum it up for us? plus the text is so small my eyes were going blurry
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      06-17-2009, 08:43 PM   #3
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Quote:
Originally Posted by SoCali E90 View Post
can you just sum it up for us? plus the text is so small my eyes were going blurry
Kinda hard to sum up as it touched base on many principles. But here..

Athletes go broke because:

-they make bad investment decisions, ie opening restaurants, night clubs, etc.
-they get divorced after the career ends.
-they are seen by financial personnel as people with a lot of money who are easy to conveyed into a scheme.
-too trusting with money and hand out money 'just because' to friends and family.
-they don't understand that the money they make is suppose to outlast their career as an athlete, which is pretty short.

And there are a slew of examples, ie Scottie Pippen.

Quote:
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because
of joblessness or divorce.
Within five years of retirement, an estimated 60% of former NBA players are broke.
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      06-17-2009, 09:01 PM   #4
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If they don't know how to manage money, they'll eventually go bankrupt after they get laid off with this fucked up economy...
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      06-17-2009, 09:11 PM   #5
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Quote:
Originally Posted by ChineseGuy View Post
If they don't know how to manage money, they'll eventually go bankrupt after they get laid off with this fucked up economy...
Laid off? Athletes? You either make the team or you don't. You make all of your earnings young, the playing years span of an athlete is ~10 years, assuming you don't have a career ending injury.
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      06-17-2009, 09:11 PM   #6
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Quote:
Originally Posted by ChineseGuy View Post
If they don't know how to manage money, they'll eventually go bankrupt after they get laid off with this fucked up economy...
I don't get why so many like to blame everything on the economy. The economy isn't responsible if they simply don't know how to manage their money. The economy isn't really responsible for athletes getting laid off. The economy isn't responsible because some of them make bad investments or gave out money "just because".
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      06-17-2009, 10:40 PM   #7
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what what what?

scottie is broke? no...

BTW what difference does it make if your an athlete, if you cant manage your money if its one buck or 10000000 u still will go broke.
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      06-18-2009, 12:41 AM   #8
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Well this is interesting

Quote:
Former quarterback Jeff Blake sent 102 other retiredplayers an e-mail on behalf of Triton Financial, an investment firm in Austin, whose "athlete services" department Blake directs along withthree other ex-QBs: Chris Weinke and the brothers Detmer, Ty and Koy. In the e-mail, a copy of which was obtained by SI, Blakeclaimed without caveat that "Triton is averaging 32% annualized return on its investments within the past five years."
So Jeff Blake is running a hustle along with Weinke and the Mormon Wonder Twins.
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      06-18-2009, 01:31 AM   #9
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famous athletes with their high salaries would live a life style more expensive than average... but in order to keep that life style a continuous salary of that sort is needed. After retirement, if they aren't the top percent of athletes like JM who started business of their own, they find themselves broke, yet it is extremely difficult to go to back to an average earning supported life style after all the riches they had.
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      06-18-2009, 11:47 AM   #10
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i would if greats have these problems...

such as kobe bryant who makes 25million a year plus triple if not 4 times more then that from endorsements..

or the great MJ...

kobe has been playing for 13 years i think hes made more then half a billion dollars so far on salary n endorsements..
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      06-18-2009, 08:55 PM   #11
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Quote:
Originally Posted by Boosted335 View Post
i would if greats have these problems...

such as kobe bryant who makes 25million a year plus triple if not 4 times more then that from endorsements..

or the great MJ...

kobe has been playing for 13 years i think hes made more then half a billion dollars so far on salary n endorsements..
Kobe Bryant is one of the few who made it. MJ...cut everything in half since he got the divorce from his wife. It's well known that he has gambling problems. He should be thankful that kids are still shelling out top dollar for Jordan shoes.

Everyone in the league want to be a billionaire entrepeniuer like Magic Johnson, who owns a chain of theaters in the hood, 24 Hr fitness gyms, and other franchises. But a few ever make it.

You have to understand that the majority of these players, now without a college degree, have ABSOLUTELY NO IDEA how the financial work. You give them millions on top of that and they look like lunch meat to financial sharks.

Look at Rip Hamilton, who's financial advisor USED to be his COACH from college. He's been using Rip's money on the low for his own leisure purposes.

And as mentioned in the article, former NBA great Vin Baker, dude used to be a beast, recently had to file his restaurant for bankruptcy.

See it from their eyes. You're in your 20s, you're rich and famous, your body is in great shape. You wanna party as much as you can and get groupies to pipe. You're surrounded by your homies, who become essentially your yes men. No one can tell you anything. You spend money, but it's OK because hey, you'll make more next year. Fast forward to retirement..what happens now?

This is assuming your career doesn't end with a career ending surgery...
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      06-18-2009, 09:01 PM   #12
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Celebrity athlete restaurants almost always bomb after the novelty wears off. Most restaurants in general do, even. The only sports celeb place I can think of that has endured is Don Shula's steakhouse.
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      06-18-2009, 11:54 PM   #13
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Quote:
Originally Posted by FStop7 View Post
Celebrity athlete restaurants almost always bomb after the novelty wears off. Most restaurants in general do, even. The only sports celeb place I can think of that has endured is Don Shula's steakhouse.
It's one of the obvious or 'cool' ideas..along with record label, clothing company, and such.

Here's the list of the top paid athletes. These usually don't change much and they won't likely go broke. MJ and Kobe are expanding, well Kobe is expanding...with his Kobe Academy, just like MJ has his Basketball Camp. And he's huge in China, which Nike is capitalizing on as well.

Tiger has got it made. The first athlete projected to hit a billion. And he plays golf...the sport other retired athletes pick up.
http://www.forbes.com/2009/06/17/top...r=contextstory
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      06-20-2009, 06:56 PM   #14
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      06-20-2009, 06:58 PM   #15
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I was just going to mention ole Bernie. S'pose he'll come play for the Vikings this year?
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      06-20-2009, 07:23 PM   #16
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Quote:
Originally Posted by SoCali E90 View Post
can you just sum it up for us? plus the text is so small my eyes were going blurry
Internet tip of the day - Hold CTRL and scroll your mouse wheel up to make text larger (down, smaller).
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      06-20-2009, 09:07 PM   #17
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http://www.tsn.ca/nhl/story/?id=282296

Looks like athletes continue to fall for these scams. Not too bright are they?



A golf resort developer duped nearly two dozen NHL players out of US$25 million, blowing the money on gratuitous parties that were attended by former Yankees players Roger Clemens and Reggie Jackson, according to a lawsuit filed Thursday.

The New York Post reported in Friday's edition that 19 former and current NHL players filed suit against Ken Jowdy, alleging they invested the money with the Las Vegas-based golf-course mogul to develop two luxury resorts in Mexico -- a project they say is seven years behind schedule.

Instead, according to the players, Jowdy squandered the money on "lavish parties" to impress the likes of Clemens, Jackson and banned hits king Pete Rose, among others, who Jowdy hoped would eventually buy real estate in the planned resorts.

The lawsuit seeks the return of the $25 million they invested and $15 million in damages.
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      06-20-2009, 09:18 PM   #18
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is mayweather broke? i didn't realize that he has actually retired i thought it was just a break or something. Anyhow I wouldn't be surprised if he did go broke I remember that fool would throw money to his fans at events lol
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      06-20-2009, 10:31 PM   #19
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Quote:
Originally Posted by ejazbmw View Post
is mayweather broke? i didn't realize that he has actually retired i thought it was just a break or something. Anyhow I wouldn't be surprised if he did go broke I remember that fool would throw money to his fans at events lol
I think he is or very close to. His car collection (assuming it's really his and not rented) are just too much.

He's recently on a Verizon commercial too. I don't think he would do that unless he was strapped for cash.
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      06-20-2009, 10:35 PM   #20
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Quote:
Originally Posted by wj4 View Post
I think he is or very close to. His car collection (assuming it's really his and not rented) are just too much.

He's recently on a Verizon commercial too. I don't think he would do that unless he was strapped for cash.
true, i remember seeing his house on mtv cribs all of his clothes were custom made. I wouldn't be surprised to see him completely broke in a couple of years
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      06-21-2009, 08:30 AM   #21
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      12-29-2012, 08:51 AM   #22
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The economic system isn't really accountable for sportsmen getting fired. The economic system isn't accountable because some of them create bad investment strategies or provided out cash "just because".
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Last edited by Jeremiah; 12-29-2012 at 09:14 AM.
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