Cheesey
  • Cheesey
  • Preferred Member Topic Starter
15 years ago
I read that he is 25 million in debt with 5 million in assets.
It still amazes me how a person can make the kind of money he has, and have to file.
I mean, if you JUST put the money in the bank and don't spend it, you would be set for LIFE.
But it sounds like bad investments did him in

Let's see.......i make MILLIONS each year.....that's not enough! I'll INVEST!!!
Just boggles my mind.
I could live the rest of my life off what he made in ONE season.
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cheeseheads123
15 years ago
Hate hearing this. Ive always been a fan of his
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djcubez
15 years ago
Wait, isn't he still on a roster?

I honestly don't know if I should feel bad for people like this. On one hand, many pro athletes don't receive any financial counseling or advice leaving them prone to lots of high-spending. Also, when you have a lot of money it becomes a lot easier to spend and can disappear a lot faster through taxes, insurance, etc.,

But I really don't see what's so hard about having a savings account and not spending/investing any more money than you have. I myself have a savings account, two checking accounts and a wad of cash I hide my room in case the credit system collapses 😃
Formo
15 years ago

Wait, isn't he still on a roster?

I honestly don't know if I should feel bad for people like this. On one hand, many pro athletes don't receive any financial counseling or advice leaving them prone to lots of high-spending. Also, when you have a lot of money it becomes a lot easier to spend and can disappear a lot faster through taxes, insurance, etc.,

But I really don't see what's so hard about having a savings account and not spending/investing any more money than you have. I myself have a savings account, two checking accounts and a wad of cash I hide my room in case the credit system collapses :D

"djcubez" wrote:



So.. where do you live djcubez? lol

Yeah, this is hard to imagine.. You're right though.. It's easier to lose that much money because of poor spending habits and lack of financial counseling. And sometimes what's even worse is how some players think they have a person hired to help them with their money.. they get taken for a ride and lose money. Or when they invest into something for their retirement and it goes south.

Each athlete's case is different, though.
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Thanks to TheViking88 for the sig!!
djcubez
15 years ago

Wait, isn't he still on a roster?

I honestly don't know if I should feel bad for people like this. On one hand, many pro athletes don't receive any financial counseling or advice leaving them prone to lots of high-spending. Also, when you have a lot of money it becomes a lot easier to spend and can disappear a lot faster through taxes, insurance, etc.,

But I really don't see what's so hard about having a savings account and not spending/investing any more money than you have. I myself have a savings account, two checking accounts and a wad of cash I hide my room in case the credit system collapses :D

"Formo" wrote:



So.. where do you live djcubez? lol

Yeah, this is hard to imagine.. You're right though.. It's easier to lose that much money because of poor spending habits and lack of financial counseling. And sometimes what's even worse is how some players think they have a person hired to help them with their money.. they get taken for a ride and lose money. Or when they invest into something for their retirement and it goes south.

Each athlete's case is different, though.

"djcubez" wrote:



Yea, add that to the fact that when you have money, people will stop being genuine to you in the hopes that they can get some. Plus, how many players do you see buy homes for their parents, cars for their women, and sport an expensive entourage?
nathaniel
15 years ago
I've never understood the "money manager" thing. It seems to me that most of the celebrities/athletes that get into some kind of money trouble end up blaming and suing their money managers. I'm very good at looking after my own money, thank you very much. I know exactly how much money is in my account at all times, no matter how many (or how few) zeros are at the end of the number.
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IronMan
15 years ago
What a dumbass.
Zero2Cool
15 years ago
I've never received financial counseling. Never made a million in a year and I'm not filing for bankruptcy. I'm willing to bet there's millions of people just like me that didn't make a few dozen million dollars in a decade or two and are doing just fine as well.
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Pack93z
15 years ago
Just an illustration of the greed in this country.. here is a guy that made enough money to be set for life and then some.. but wanted more.

So he invested the money, unwisely apparently, in order to do just that.

When you have made the bankroll in which you are set for life, why gamble it on higher risk investments in order to make more?

Never ceases to amaze me how greed can cloud a persons judgment.. or maybe I am wired differently and never had to have the toys/riches to stack up against another.

Life is to short to gamble it away.
"The oranges are dry; the apples are mealy; and the papayas... I don't know what's going on with the papayas!"
TheEngineer
15 years ago
Too bad, so sad.

That's why investments are not riskless. Lesson learned.
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