Why do so many NFL players go bankrupt?

You know how when you break a 100 dollar bill it fades away quickly? Lunch here.. socks and underwear there, dinner, whatever.. all of a sudden you're left with 10 bucks and nothing significant? They just do it on a much bigger scale.

And I would enjoy doing it!!!

See, this is why your idea of comparative research makes a lot of sense. We both get 2Mill, and then the Warpath can gauge how well we do over the next 5 years.

:food-smil

I'm all for it!

GMScud makes a good point, learning from your mistakes shows intelligence. Unfortunately these guys will probably never be able to regain their level of monetary value once their careers have ended. They were fortunate enough to have been involved in an enterprise that pays extremely well that is now over for them. Let's be honest, not many of them are capable of making that kind of money any other way.

No, no. It's not at all. I have $100 million in the bank, I'll put it in safe investments. It earns 3%, so I make $3 million a year. I can spend $3 million a year and not lose any of my $100 million.

$3 million annually amounts to $250,000 monthly. I can have three big mortgage payments on three big homes throughout the country. I can buy a car each month. I can eat out whenever I want to. It's not hard to budget for that at all.

What's not easy is coming into $100 million. Every single intelligent person on this message board would handle $100 million A LOT better than these moron athletes.


You better be prepared to live off less than that chief. Uncle Sam and the state want their cut, which of $3,000,000 assuming you are using interest or dividends, not selling equity is taxed at standard income rates, so there goes 35%, plus SSI, plus state tax, so there is 50% out the door up front.

Oh yeah, did you have that money with an wealth management firm like a Schwab or Jones or Edelman, whoops, there goes another 1-2% in asset management fees, plus the fees from the mutual fund managers where your money is actually invested, which is another 1% minimum.

Wow, your 3% return just turned into a loss, all for a measly $1.5M in net cash flow.

Is it any wonder "rich" people don't put their money in MMA's or CD's. There is no return, which is why most people of "significant" wealth, have personal investment advisors/staff to carefully invest in both securities and equity projects. Holding on to wealth is not as easy as it sounds.

I would be willing to bet if you took a random sampling of 1000 Americans, pulled them off the street and handed them a check for $100M; 75% would be broke in 10 years or less. Most people simply are not prepared to handle that kind of money.

You better be prepared to live off less than that chief. Uncle Sam and the state want their cut, which of $3,000,000 assuming you are using interest or dividends, not selling equity is taxed at standard income rates, so there goes 35%, plus SSI, plus state tax, so there is 50% out the door up front.

Oh yeah, did you have that money with an wealth management firm like a Schwab or Jones or Edelman, whoops, there goes another 1-2% in asset management fees, plus the fees from the mutual fund managers where your money is actually invested, which is another 1% minimum.

Wow, your 3% return just turned into a loss, all for a measly $1.5M in net cash flow.

Is it any wonder "rich" people don't put their money in MMA's or CD's. There is no return, which is why most people of "significant" wealth, have personal investment advisors/staff to carefully invest in both securities and equity projects. Holding on to wealth is not as easy as it sounds.

I would be willing to bet if you took a random sampling of 1000 Americans, pulled them off the street and handed them a check for $100M; 75% would be broke in 10 years or less. Most people simply are not prepared to handle that kind of money.

Investment ROIs on funds like money market or bonds are typically net of fees. And I was assuming gross income of $3 million, which even after taxes can support 3 houses and cars galore.

22% of America still approved of George Bush, even at his lowest approval point. There's a significant % who don't graduate from high school. I think it's fair to say a big portion of Americans aren't very intelligent.

I don't know about your 75% number, but I get your point. It's an indictment on the intelligence of the general populace more than anything.

If you piss through $100M in 10 years or less, I'm sorry, you ain't smart.

1) Eight baby's mummas

2) Cocaine

3) Booze

4) Gambling

5) Spinning rims on their toaster ovens

6) Just being stupid.

I think that about narrows it down. Actually, you can probably roll them all up into just being stupid.

it was just toasters.. if you're referring to the chris rock joke

most atheletes don't know where their money is, let alone know what its doing because they don't understand money. The investment advisors they use are hired by the agents or are the agents themselves. So it is already a conflict of interest. They look to trust "exesperts" to make their money grow but end up being sold a bad business deal. Losing it all from embezzlement, and end up in tax trouble because the people they trust as accountants don't file their stuff correctly.

Did you know that there are companies that make it their business to sell business deals to atheletes and lottory winners. There is a lot of corruption and theft that occurs to people who come into fast money because they trust the wrong people.
I used to be in the banking industry and there were some prominent players who kept hundreds of thousands of dollars in checking accounts. The bank is making millions off of them because noone would tell them that it would make more money in interest baring account.

Ignorance is very costly in that world.

most atheletes don't know where their money is, let alone know what its doing because they don't understand money. The investment advisors they use are hired by the agents or are the agents themselves. So it is already a conflict of interest. They look to trust "exesperts" to make their money grow but end up being sold a bad business deal. Losing it all from embezzlement, and end up in tax trouble because the people they trust as accountants don't file their stuff correctly.

Did you know that there are companies that make it their business to sell business deals to atheletes and lottory winners. There is a lot of corruption and theft that occurs to people who come into fast money because they trust the wrong people.
I used to be in the banking industry and there were some prominent players who kept hundreds of thousands of dollars in checking accounts. The bank is making millions off of them because noone would tell them that it would make more money in interest baring account.

Ignorance is very costly in that world.

firstdown hijacking accounts itt

There are some guys on that top 25 list that I had no idea pissed away their riches-
Deuce McAllister
Bjorn Borg
Scottie Pippen
Muhsin Muhammed

Antoine Walker is broke after making well over 100 M in his career.

^ Lol sorry tryfuhl, juggling a few things at work and I’m not the best speller.