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(Daily Mail)   NBA star blows through $110 million in just two years, calls Vince Young an amateur   (dailymail.co.uk) divider line 123
    More: Dumbass, Vince Young, NBA, RuPaul, Erie, Sahara Davenport, Magic Johnson, Hawaii, financial advice  
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6264 clicks; posted to Sports » on 03 Oct 2012 at 2:27 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-03 10:30:01 AM
There is a great ESPN 30 on 30 episode running right now about this very subject. Fascinating.
 
2012-10-03 10:51:57 AM
Zero sympathy. He could have kept 10% and lived better than most people. Sports needs to train the kids better. I know they try but they need to do more.
 
2012-10-03 10:55:41 AM
Wow, reporting based on a movie that just came out based on stuff everyone already knew years ago.
 
2012-10-03 10:58:06 AM
Headline: 2 Years
Article: 14 years of living the high life have left him all but broke today
 
2012-10-03 11:02:44 AM
Somehow it strikes me that "blows" is the key word in the headline

/as in blowing several keys
 
2012-10-03 11:06:43 AM

SlothB77: Headline: 2 Years
Article: 14 years of living the high life have left him all but broke today


Good call. It only took the Daily Mail two years and a documentary to hear about it.
 
2012-10-03 11:10:10 AM

SlothB77: Headline: 2 Years
Article: 14 years of living the high life have left him all but broke today


FTFA: NBA star Antoine Walker blew through the $110million he earned in a successful [14 year] basketball career so quickly that he was forced to file for bankruptcy just two years after he retired.

Reading comprehension. It's what's for dinner.
 
2012-10-03 11:13:58 AM

jbmmwest: Zero sympathy. He could have kept 10% and lived better than most people. Sports needs to train the kids better. I know they try but they need to do more.


Zero sympathy? That seems harsh. You should at least have some sympathy for his creditors.
 
2012-10-03 11:15:57 AM

BrynnMacFlynn: SlothB77: Headline: 2 Years
Article: 14 years of living the high life have left him all but broke today

FTFA: NBA star Antoine Walker blew through the $110million he earned in a successful [14 year] basketball career so quickly that he was forced to file for bankruptcy just two years after he retired.

Reading comprehension. It's what's for dinner.


So he didn't spend a single penny until he retired?
 
2012-10-03 11:27:00 AM

The Onion is prophetic: So he didn't spend a single penny until he retired?


Me:
3.bp.blogspot.com
Sorry 'bout that.
 
2012-10-03 11:30:29 AM
Interesting that he spent all $110MM in the 2 years after he retired. He musta been a real saver during his playing career..spending $0 of his earnings.
 
2012-10-03 12:19:55 PM

CreamFilling: Zero sympathy? That seems harsh. You should at least have some sympathy for his creditors.



Nope.  They just pass the losses on to the rest of us.
 
2012-10-03 12:20:42 PM
And that's just the money Kentucky paid him.
 
2012-10-03 12:22:40 PM

CreamFilling: You should at least have some sympathy for his creditors.


Oh right, I should feel terrible for the housing and banking industries and their stupid loan policies that helped create a recession, that they missed out on a few extra dollars.
 
2012-10-03 12:41:52 PM
Meanwhile, John Stockton's net worth is about $40 million.
 
2012-10-03 12:54:33 PM

BrynnMacFlynn: SlothB77: Headline: 2 Years
Article: 14 years of living the high life have left him all but broke today

FTFA: NBA star Antoine Walker blew through the $110million he earned in a successful [14 year] basketball career so quickly that he was forced to file for bankruptcy just two years after he retired.

Reading comprehension. It's what's for dinner.


yeah, the part about '14 years of living the high life'
 
2012-10-03 01:16:06 PM
He could have privately gone to Mitt Romney and gotten a bailout for his public declaration that his 100 Million was all lost to taxes.
 
2012-10-03 01:33:01 PM

BrynnMacFlynn: Sorry 'bout that.


Most beagles lie. That one in particular. Too damn smart for their own good.
 
2012-10-03 01:47:26 PM
Go fu*k yourself.
 
2012-10-03 01:49:23 PM

jbmmwest: Zero sympathy. He could have kept 10% and lived better than most people. Sports needs to train the kids better. I know they try but they need to do more.


I agree they could use some training on financial matters.. The problem is that lessons learned in sports are a lot worse than those learned in the business world. When I was 25 during the heat of the dot com boom I managed to make over a million dollars. I managed to spend about $100k more than I brought in and the next year shiat was going downhill fast. If I had kept that million I would definitely be happily retired right now.

I didn't though.. I spent it on strippers, limos, a lot of farking alcohol, and a couple cars which were subsequently repoed. Yeah I didn't even pay cash for the cars.. dumbass.

I just got back to work though and now I have assets of well into a million and a good salary. I've learned my lesson.. I invest and pay cash for crap now. I got a second chance.. Athletes rarely do.
 
2012-10-03 02:01:29 PM
How incredibly stupid do you have to be to do something like that? I can't even imagine how you burn through that much money, let along be too stupid to realize you're doing it and getting near the end.

The money is better off being in the hands of the people who got it from him.
 
2012-10-03 02:10:25 PM

mr_a: There is a great ESPN 30 on 30 episode running right now about this very subject. Fascinating.


Watched it last night. Fascinating subject matter. Farking terrible production.
 
2012-10-03 02:15:20 PM

WorldCitizen: How incredibly stupid do you have to be to do something like that? I can't even imagine how you burn through that much money, let along be too stupid to realize you're doing it and getting near the end.


I remember reading a Cracked article about how much it sucks to be poor and one of the things it mentioned was that money that comes in goes right back out again. A lot of these guys come from homes where money had to be spent right away. So they grow up not knowing how saving money works -- not even knowing how to open a checking account -- and suddenly they have a huge amount of cash. The mindset is still there, but you can suddenly buy a lot more than ramen.
 
2012-10-03 02:27:15 PM

mr_a: There is a great ESPN 30 on 30 episode running right now about this very subject. Fascinating.


I didnt find it so great. It was just a ton of talking heads. Rather boring, IMO.
 
2012-10-03 02:34:47 PM

give me doughnuts: Meanwhile, John Stockton's net worth is about $40 million.


What makes John Stockton different?
 
2012-10-03 02:38:01 PM
220 chicks at the same time
 
2012-10-03 02:38:04 PM
Easily one of the stupidest/most boring 30for30 productions. I guess the story idea is interesting, but boy was that a worthless show to watch.
 
2012-10-03 02:38:29 PM
xynix:

teach me!
 
2012-10-03 02:40:19 PM

FishyFred: WorldCitizen: How incredibly stupid do you have to be to do something like that? I can't even imagine how you burn through that much money, let along be too stupid to realize you're doing it and getting near the end.

I remember reading a Cracked article about how much it sucks to be poor and one of the things it mentioned was that money that comes in goes right back out again. A lot of these guys come from homes where money had to be spent right away. So they grow up not knowing how saving money works -- not even knowing how to open a checking account -- and suddenly they have a huge amount of cash. The mindset is still there, but you can suddenly buy a lot more than ramen.


There's also a lack of understanding about how things work outside basketball. Remember the story about Ron Artest applying for a job with Best Buy in order to get the employee discount? I'm fairly sure one of the Showtime Lakers signed away his power of attorney and lost a million dollars before he realized what that meant.
 
2012-10-03 02:44:58 PM
"I'm employee #8, I make baskets."
 
2012-10-03 02:45:38 PM
Just think if he didn't have the Bush tax cuts to fall back on he would have gone through that money in half the time!
 
2012-10-03 02:47:12 PM

give me doughnuts: Meanwhile, John Stockton's net worth is about $40 million.


Not sure if you are going racial or not with your comment... not sure what your point is actually, but in any case, how much is Jordan worth right now?
 
2012-10-03 02:50:44 PM
Boo hoo.

It's not the NBA's responsibility (or the NFL, or MLB, or any other league) to teach players how to manage their money. They're making the same mistake that minimum wagers working in a gas station make. They're making the same mistake that people who work in retail make. Hell, they're making the same mistake that top executives sometimes make, people who, like athletes, have millions of dollars which they later lose.

It's called living outside your means. It's not an employer's responsibility to teach their employees how to handle their money, whether the employee is a gas jockey, a receptionist, or an athlete.

Take some goddamn responsibility for the choices you make in your life.
 
2012-10-03 02:53:29 PM

MaudlinMutantMollusk: Somehow it strikes me that "blows" is the key word in the headline

/as in blowing several keys


$110 million worth of cocaine in 2 years would kill the Bolivian army.
 
2012-10-03 02:53:33 PM
John Stockton played in the Affinity Fraud Capital Of The World.

He learned how to spot a scam when he was young and he had plenty of practice at it.
 
2012-10-03 02:54:24 PM
2 years =/ 14 years of living the high life
 
2012-10-03 02:54:40 PM

bulldg4life: Easily one of the stupidest/most boring 30for30 productions. I guess the story idea is interesting, but boy was that a worthless show to watch.


It was kinda obvious it was going to suck from jump street. The best documentaries are stories about a particular person that fell by the wayside. This one was trying to turn hundreds of stories that had a plethora of different causes into some type of narrative. Can't do it.

Glad this movie got made...was reading about them in the Dream Team book and I couldn't believe the 30 for 30 people didn't jump all over that. Hearing that story just said, "Hey, even a mediocre director could turn this story into something worthy of an Oscar/Emmy."
 
2012-10-03 02:54:48 PM

Free Radical: Just think if he didn't have the Bush tax cuts to fall back on he would have gone through that money in half the time!


Yeah, but think of all the jobs he created!
 
2012-10-03 02:55:16 PM

give me doughnuts: Meanwhile, John Stockton's net worth is about $40 million.


Jamal Mashburn's business empire laughs at Stockton's little nest egg.
 
2012-10-03 02:56:10 PM
Let me guess: entourage
 
2012-10-03 02:56:26 PM
Rulon Gardner, the very phosphorescent Olympic wrestler just filed for bankruptcy.

There isn't a reliable supply of Natty Light up in part of rural Wyoming where he lives, let alone Peruvian Marching Powder.
 
2012-10-03 02:57:45 PM

Moopy Mac: Jamal Mashburn's business empire laughs at Stockton's little nest egg.


Magic Johnson's $500 million laughs at all of them.
 
2012-10-03 02:58:02 PM

Grapple: Let me guess: entourage


Its Antoine Walker. My guess is the Hometown Buffet.
 
2012-10-03 02:58:30 PM

Jim_Tressel's_O-Face: Its Antoine Walker. My guess is the Hometown Buffet.


Winnar!
 
2012-10-03 03:00:55 PM
When you consider his "take-home" pay per year would have been about $3.5M... it's not as impressive.

Also...

White people problems.
 
rka
2012-10-03 03:01:59 PM

The Crepes of Wrath: It's called living outside your means. It's not an employer's responsibility to teach their employees how to handle their money, whether the employee is a gas jockey, a receptionist, or an athlete.


It's not their responsibility, but just about every major pro league in the US has various programs and seminars for rookies on how to handle money, fame, "friends" and women. It's just good business sense as it sullies the league's image when high profile stars end up dead-broke 2 years after retirement.

Hell, MY work provides things like access to free or at least very cheap financial planning and whatnot. The NBA/NFL/MLB (or at least the player's union) certainly can and does hook up a genuinely interested player with whatever advice and help they want. All they have to do is ask.
 
2012-10-03 03:03:16 PM

skankboy: Moopy Mac: Jamal Mashburn's business empire laughs at Stockton's little nest egg.

Magic Johnson's $500 million laughs at all of them.


But the trade-off was HIV.
 
2012-10-03 03:05:13 PM

bulldg4life: Easily one of the stupidest/most boring 30for30 productions. I guess the story idea is interesting, but boy was that a worthless show to watch.


Too bad, I was looking forward to it.

/my favorite was "Pony Excess"
//the one about the colts moving was good too, think it was "And the Band Plays On" or something
 
2012-10-03 03:06:52 PM
They were talking about this on the radio today and reading a list of the pros that are bankrupt now. It was amazing some of the names they called out.
 
2012-10-03 03:08:32 PM

groppet: They were talking about this on the radio today and reading a list of the pros that are bankrupt now. It was amazing some of the names they called out.


Such as Curt Schilling?
 
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