Why do so many NFL players go bankrupt?

[Giantone]

Originally Posted by Schneed10

This is a great point, ignorant is a good word.

Despite my finance background, I'm even ignorant of the best way to manage $100M. Difference is, I'm smart enough to know that I need to learn more about it before I go giving any money to people.

One would hope so but you keep forgeting the fact that some (not all)did the right thing,they went to professionals ,they sought advice,they diversified their holdings and still lost it and you call them dumb.Just read the paper and look at how Goldman-Sachs is behaving and you want to go to Wall St. and smack them all in the mouth.

[Giantone]

Originally Posted by 53Fan

You're a Giants fan Giantone. You'll always be dumb to us.

LOL....right back atya!

[53Fan]

Originally Posted by Giantone

One would hope so but you keep forgeting the fact that some (not all)did the right thing,they went to professionals ,they sought advice,they diversified their holdings and still lost it and you call them dumb.Just read the paper and look at how Goldman-Sachs is behaving and you want to go to Wall St. and smack them all in the mouth.

Ain't that the truth!

[Schneed10]

Originally Posted by Giantone

Find the post I said 100% of my money,read again I said if you invested $1000 and I did 1 million according to you if we invest in the same thing and it goes under I'm stupid but your not,I might have lost more money bit you are just as dumb as everyone else.

K well sticking with the gist of your point, the scale is all relative. If I put $1000 of my money in "something" (as you call it), but I've got $49,000 in other things, then losing the $1000 isn't a big deal. Likewise, if you have $1 million in that losing investment, it's a big deal if you only had say $1.5 million to your name. If you had $50 million to your name, not a big deal.

But that's the thing, this article says these guys have lost nearly all of their money.

What I'm contending is such a bad move, is taking all of one's money, and turning it over to one financial adviser, or one investment. That makes no sense, and it sure seems like everybody should just know that.

[Schneed10]

Originally Posted by Giantone

One would hope so but you keep forgeting the fact that some (not all)did the right thing,they went to professionals ,they sought advice,they diversified their holdings and still lost it and you call them dumb.Just read the paper and look at how Goldman-Sachs is behaving and you want to go to Wall St. and smack them all in the mouth.

How could somebody lose all their money by diversifying their holdings? That's just not possible.

Even in the stock market crash that just occurred, the market went down 40-50%. So dudes would have lost half their money, not all of it.

The only way they could have lost it all through investing was to put too many eggs in one basket, or otherwise take unnecessary risks with their money. Such as investing in a business venture, handing your money over to a Madoff type, etc. Which comes back to giving too much money to the wrong people.

I get it. Some of these athletes were victims of predatory attempts to suck money out of them under the premise that returns would be great. But once you're rich, why even bother investing aggressively from there? Why do multimillionaires need to hit it big on other business opportunities?

Greed. And greed is foolish.

[Giantone]

Originally Posted by Schneed10

How could somebody lose all their money by diversifying their holdings? That's just not possible.

.

To think that can't happen now that's ignorant.

You're just like a Monday morning QB easy to throw stones after it's done.Sallie Ma,Fannie Ma,AIG,Merril,GM,Toyota.....how many banks have failed,real estate dropping like a rock,and again I bring up Goldman Sachs and Bernie Madoff(plus many more),you take all that and then add in the collateral fallout from those companies going down or under?

[Giantone]

Originally Posted by Schneed10

I get it. Some of these athletes were victims of predatory attempts to suck money out of them under the premise that returns would be great. But once you're rich, why even bother investing aggressively from there? Why do multimillionaires need to hit it big on other business opportunities?

Greed. And greed is foolish.

Ahh, no you don't becuase if you did you wouldn't ask a question (questions) like that.

[Schneed10]

Originally Posted by Giantone

To think that can't happen now that's ignorant.

You're just like a Monday morning QB easy to throw stones after it's done.Sallie Ma,Fannie Ma,AIG,Merril,GM,Toyota.....how many banks have failed,real estate dropping like a rock,and again I bring up Goldman Sachs and Bernie Madoff(plus many more),you take all that and then add in the collateral fallout from those companies going down or under?

Calling me ignorant on financial markets couldn't be further from the truth. I hold a graduate degree in finance and work in the field. It's you who's talking on a subject matter you don't understand.

All those companies you named, none of them had stock go to 0. So even if they were heavy into just ONE of those companies, they still wouldn't have lost ALL of their money.

Like I said, it was typical for guys to lose 40%, 50% in the market, even if investing wisely. But the only way you can lose all your money in the market is if you invested foolishly.

[Schneed10]

Originally Posted by Giantone

Ahh, no you don't becuase if you did you wouldn't ask a question (questions) like that.

Then enlighten me. If you're already a mutlimillionaire, why would you need to take risks on finding the next big business boom?

[TheSmurfs22]

Years ago when I worked with the Panthers I got to know Donnie Shell and one of his primary jobs was to work with rookies and players who had just received big contracts. When Shell played obviously the money was not what it is today so many of those guys had other jobs, thus they learned to manage money.
Also, the minute someone figures out you can go pro everything is "handled" so it is easy to lose perspective on the real world. Although it is easy for kids who are not going to pro to blow money or run up massive credit card debt. Maybe more time should be spent on this in Freshmen 101 than the worthless crap they make you do.

We had a player who did not understand why he could not rent a car. Well the guy forgot to pay a couple of speeding tickets, even though we had literally put the address and stamp on the envelope so he could mail it in.

[ethat001]

Originally Posted by Schneed10

Calling me ignorant on financial markets couldn't be further from the truth. I hold a graduate degree in finance and work in the field. It's you who's talking on a subject matter you don't understand.

Nice. Haha.. I love these little board squabbles & drama.. Giantone, looks like Schneed called your bluff and had a pair of Aces.

[tootergray34]

why are Giants fans chiming in on a Skins board! go back to New Jersey!

JETS are better than the Giants now...it has to kill them.

[Giantone]

Originally Posted by Schneed10

Calling me ignorant on financial markets couldn't be further from the truth. I hold a graduate degree in finance and work in the field. It's you who's talking on a subject matter you don't understand.

All those companies you named, none of them had stock go to 0. So even if they were heavy into just ONE of those companies, they still wouldn't have lost ALL of their money.

Like I said, it was typical for guys to lose 40%, 50% in the market, even if investing wisely. But the only way you can lose all your money in the market is if you invested foolishly.

LOL....You take alot of things for granted.No one said they were heavey into one or another ...and yes you are ignorant of finance...if I were your parents I'd ask for my money back.You asked how could someone lose all their money by deversifying and I showed you it's possible.Now you try to change the discussion when proven wrong.You are the problem.....serously if you really have a finance degree and I came to you for advice then just like some of those athletes(not all)I would be in the crap house becuase you don't seem to know anything.You keep trying to mix the athletes that did what they were suppose to with the ones who didn't.
POINT>>>>>>>>>>If I have millions and I take my money to a finacial advisor(with a degree ...you know like yours) and he invests it and I did what he says,shouldn't he know to deversify? You always seem to go right by the Goldman Sachs stuff and the Berni Madoff stuff and make things up,again the fact that you are to ignorant of the facts to understand how these thing happen even more if you really have a degree is scary.

[Giantone]

Originally Posted by ethat001

Nice. Haha.. I love these little board squabbles & drama.. Giantone, looks like Schneed called your bluff and had a pair of Aces.

...............but I have a full house.

[Giantone]

Originally Posted by tootergray34

why are Giants fans chiming in on a Skins board! go back to New Jersey!

JETS are better than the Giants now...it has to kill them.

....wow.........