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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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6600 clicks; posted to Sports » on 03 Oct 2012 at 2:27 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-03 05:09:48 PM  
I could easily drop $110 million in a week. A private island in the Bahamas and a new Gulfstream and its gone. If I was dumb enough to spend all my career earnings on them, I would expect 0 sympathy.
 
2012-10-03 05:12:31 PM  

BigJake: I'm not sure if I could blow through that much in 2 years even if I set out to do it, much less accidentally


Sure you could. Hell, you could do most of it in a day. Just get online and buy facebook stock. That will take care of half of your balance inside of six months and you still have 18 months to take a few road trips with 46 losers, buy a couple hundred bottles of some rank shiat for $5000 a bottle, make it rain at the strip club every saturday for a few months, spend a couple mil on some jewelry you'll be lucky to sell for ten cents on the dollar, etc. You'll be hocking your fancy tennis shoes inside of a year.
 
2012-10-03 05:16:15 PM  

xynix: 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.


Not possible, Stiglitz said so...
 
2012-10-03 05:36:41 PM  
Yeah, look at him. Can't even afford a proper shirt...
 
2012-10-03 05:38:39 PM  

JohnBigBootay: Sure you could. Hell, you could do most of it in a day. Just get online and buy facebook stock. That will take care of half of your balance inside of six months and you still have 18 months to take a few road trips with 46 losers, buy a couple hundred bottles of some rank shiat for $5000 a bottle, make it rain at the strip club every saturday for a few months, spend a couple mil on some jewelry you'll be lucky to sell for ten cents on the dollar, etc. You'll be hocking your fancy tennis shoes inside of a year.


I am constitutionally incapable of impulse purchasing
 
2012-10-03 05:40:21 PM  

babysealclubber: I know you can't pass up the UK dig, but you do know who his coach was, right? Also, Antoine is lucky he made it out without destroying his ACL like a few of your cards in the past couple of years.


Of course I do. It's just a joke man - lighten up! I actually know some first-hand accounts of the way Denny ran things back in the '80s that I won't mention in a public forum.
 
2012-10-03 05:49:40 PM  
Let's see here:
- Gambling problem? Check.
- An entourage of hangers-on and yes-men from his old neighborhood? Check.
- Investing heavily in said hangers-on destined-to-fail business ventures? Check.
- Real estate investments? Check.
- Fathered lots of children and can't afford child support? Check.

Apparently this isn't news to everyone but the Daily Fail.
 
2012-10-03 05:52:59 PM  

BigJake: I'm not sure if I could blow through that much in 2 years even if I set out to do it, much less accidentally



Note it said 14 years.  I could certainly do it.
 
2012-10-03 05:58:36 PM  

BigJake: I am constitutionally incapable of impulse purchasing


Yeah, me too. Well, not incapable really. I have a fancy phone and waste money in restaurants just like the next guy. But at the same time I have the cash and credit necessary to go out and get a brand new BMW by the end of the day and I've had that capability every single day for the last decade at least and it's not even slightly tempting. Even as I drive around the old subaru with 150k miles on it. For me, just a little bit of financial security is a tangible thing that I like to 'own' that's every bit as important as any object you could name. I like going to bed at night knowing I could keep my house for the next year even if I lost my job tomorrow.
 
2012-10-03 06:01:46 PM  
Nice pic of the Cleveland Cavaliers watching the documentary after practice...

i.imgur.com
 
2012-10-03 06:36:24 PM  
My favorite part is when the lady had the business that the ho's sign up for. It sends the gold diggers an alert to their cellphones to tell them when the ballers are in the club. They said one night 2,000 whores women showed up.
 
2012-10-03 06:38:12 PM  
People like this are profoundly good for the economy. If all rich people spent like this we'd all be better off.
 
2012-10-03 07:12:24 PM  

Ponzholio: I'm sure he can fall back on that degree he earned while at Kentucky...


A 1996 championship ring showed up on craigslist in Lexington in 2010.
No one in the local media would say who it belonged to. hmmmm....

Supposedly a local booster bought it, but is willing to sell it back whenever he gets the cash together. Kind of a no interest loan/pawn deal.
 
2012-10-03 07:30:07 PM  

imapirate: babysealclubber: I know you can't pass up the UK dig, but you do know who his coach was, right? Also, Antoine is lucky he made it out without destroying his ACL like a few of your cards in the past couple of years.

Of course I do. It's just a joke man - lighten up! I actually know some first-hand accounts of the way Denny ran things back in the '80s that I won't mention in a public forum.


Yo man. This is what we do
 
2012-10-03 09:00:12 PM  
What's that? A professional athlete and multimillionaire went broke? Lets see how many people who will never be either have quick fixes for that! Bonus points if the fixes cost the owners or the league more than they are already paying the players.
 
2012-10-03 09:04:11 PM  
I ve got an idea! make the league give him 112 million dollars instead of 110 million they originally promised him! That way he can still be a multimillionaire and set up for life. Everybody wins!
 
2012-10-03 09:29:02 PM  

mikaloyd: What's that? A professional athlete and multimillionaire went broke? Lets see how many people who will never be either have quick fixes for that! Bonus points if the fixes cost the owners or the league more than they are already paying the players.


There are no quick fixes for this, which is why it's been happening ever since... ever.

Look at the lottery threads on Fark... ordinary people win huge sums of money all at once, get preyed upon, do stupid things with their money while they're not being preyed upon, and end up broke and depressed sooner than anyone thought they'd be. Athletes are kinda like that, but they have money rolling in over a longer period of time (assuming the lottery winner takes the lump sum route). This emboldens them to do stupider things over a longer period. But it gets them to the same place: broke and depressed.

But you're right. I can't offer any solutions because I have no idea what it's like to be in their shoes. Hire a financial planner? How does a poor, uneducated (or just plain dumb) kid who's good at sports pick a financial planner with the kind of experience to manage a seven-figure income? Pick the wrong one and you can end up just as broke. Just save? As has been stated upthread, it's not in a lot of these athletes' culture or upbringing because they've always lived paycheck-to-paycheck. Got a bigger paycheck? Gotta spend it before the next one comes.

Now, I haven't seen this show yet (forgot to Tivo it), but if it gets a few athletes to manage their money more carefully, it'll be a good thing.
 
2012-10-04 01:38:06 AM  
The City of Chicago is still unraveling the mess that was Walker Ventures. Those were some of the weirdest building court cases I've ever seen.
 
2012-10-04 02:22:54 AM  
Dude... I mean, it looks like you have been spending a lot of money at mcdonalds, perhaps you should have ordered a few million times off the dollar menu instead.
 
2012-10-04 03:26:02 AM  
Under Mitt Romney's tax plan he'd either still have some money left or one more Mercedes-Benz.
 
2012-10-04 10:17:54 AM  

The Crepes of Wrath: It's not the NBA's responsibility (or the NFL, or MLB, or any other league) to teach players how to manage their money.


Why?

You wouldn't say something that colossally stupid about any employer in any other field.
 
2012-10-04 01:49:44 PM  

JohnBigBootay: IAmRight: I liked Bomani Jones' comments about that

That reminds me too look that dude up again. He's freakin' hilarious.


His take on the Vince Young thing.
 
2012-10-05 12:07:04 AM  
If I was an athlete, I would save up as much as possible, not get the fanciest car right away, some people are just not good with money.
 
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