Professional Athlete Bankruptcy Over/Under Thread

[Benny Profane]

I remember the years they floated. So long ago.

[Bromontana]

Yasiel Puig.

[iceman]

I remember the years they floated. So long ago.

Shit, Michael Ray said that over 30 years ago. You have a long memory.

Really good (but long) article on Michael Ray: http://grantland.com/features/where-...ay-richardson/

Interesting cat. Hell of a player.

[The Suit]

When this one goes, it'll be like Vesuvius.

Pretty sure that's a Gulfstream III in the background. So he'll be OK.

[Cono Este]

For those of you who like to bash these guys ask yourself this.

If your entire lifetime earnings, 40 yrs + of earnings was instead realized between the ages of 22-26, how much would you have left at 30? Or 40?

Never mind that you played basketball instead of went to class, came from poverty, or had others to support and even more taking advantage of you.

9 out of 10 of you'd be broke too. when it comes that fast, at that age, it's over before you even realize what you had. No benefit of wisdom, unless your mother still dresses you each morning.

Let's start a thread bashing Gary Coleman next.

[neufox47]

For those of you who like to bash these guys ask yourself this.

If your entire lifetime earnings, 40 yrs + of earnings was instead realized between the ages of 22-26, how much would you have left at 30? Or 40?

Never mind that you played basketball instead of went to class, came from poverty, or had others to support and even more taking advantage of you.

9 out of 10 of you'd be broke too. when it comes that fast, at that age, it's over before you even realize what you had. No benefit of wisdom, unless your mother still dresses you each morning.

Let's start a thread bashing Gary Coleman next.

This - but add in the hubris / confidence that comes with being better at a skill than 99.99999% of the population.

[iceman]

Fucking Gary Coleman.

[hatchgreenchile]

it is just money. Too many beaters are doing the 9-5 suburban lifestyle, sitting in traffic everyday, drinking themselves to death on the weekends. They make good money but are miserable as fuck. I'll take my 100+ days, riding singletrack everyday and living in an awesome town all day instead of an extra 30-40k/yr in income so I can have my mcmansion...It is all about perspective and it's just money. Most people suck at finances, but it's not rocket science either. A few million dollars managed right will set you up for life without working, while still having plenty for entertainment and everyday luxuries.

You mean the "mcmansion" that costs half of what a single family home runs in CB, right?
Location doesn't create the lifestyle. Some people are just piss poor with finances regardless of location.

I give Dez Bryant 5 years post career to bankruptcy.

[XXX-er]

No one have brought up the effects of repetitive concussions that are just coming to light... gettiing their bell rung and just walking it off causes all kinds of problems

I worked for 10 yrs with a pro ball player (yeah it was just the grey cup) when buddy went back for a reunion he said money & healthwise ( failure to quit eating 7000 calories a day) a lot of those guys had not done well 25yrs down the road

spending less $ than you make has never been rocket biology

[XXX-er]

well maybe for some of us, this weekend Bongo Gary shows up at folk fest partying like a rock star, ol moneybags buys a trailer right on the spot. except he is already towing a trailer so he is like that guy with the sports cars having too many cars to drive ... except its trailers eh?

[The AD]

9 out of 10 of you'd be broke too.

I don't believe this, but there's really no way to know. Their situation is so radically different from anything any of us have experienced.

[XXX-er]

there was a pro hockey player who broke the money thing all down, sure they make lots of $$$$$ which puts them in a big tax bracket so whatever figure you hear ... cut it in half

and they spend lots there are ways around that by mooching as much as possible off the organization but that requires more disipline

[Cono Este]

I don't believe this, but there's really no way to know. Their situation is so radically different from anything any of us have experienced.

Take the PV of your lifetime earnings by 26yrs of age, and then publish it in the paper. People would start throwing themselves on your hood. Also, lets say the sequence of investment returns takes a crap for the first five yrs after youre done? Or spread it out over 40 yrs of earnings? Your an engineer that should make some sense.

Lots of "smart" athletes lost their asses in so called "safe" real estate investments in the recession. Its called bad timing, and not knowing what your doing. But you cant tell these guys to stay home and count their tbills the rest of their lives. First of all the ones who do, drive their wives crazy and begin with a 50% loss from their divorces.

life is complicated.

[Steven S. Dallas]

Iverson?

When Iverson signed his big Reebok deal someone put most of the money in a trust, the principal of which will be locked up until he's fiftysomething. Which gives us plenty of time to find out where exactly the money is kept and to purchase a Ferrari dealership next door for when he cashes out.

[Bromontana]

life is complicated.

Exactly why it's pointless to say what % of us would be broke and act like it's anything more than a wild f&@ing guess.

[Benny Profane]

Way back when, George Brett signed his last contract which became, basically, an annuity. His money was deferred over the next twenty years or so. I'm not sure why this isn't a common negotiating tool among athletes. It's not rocket science. Guaranteed income and tax dilution. Problem is, I suppose, he has to live like an upper class schmuck for the rest of his life, not Donald Trump for five years.

[KQ]

I suppose, he has to live like an upper class schmuck for the rest of his life, not Donald Trump for five years.

Does the five years come with a comb over?

[Benny Profane]

Heh, notice how he's wearing a hat lately? Looks awkward. Like your dad in shorts.

[IVplay]

I love how douchy benny gets in financial threads even though he makes 4 figures.

[neufox47]

I love how douchy benny gets in financial threads even though he makes 4 figures.

Have you made 4 figures in your life?

[Benny Profane]

Sheeit, 50,000 dollars spent just to make my rims spin.

[The AD]

Have you made 4 figures in your life?

Wait, haven't you seen his sick polo shirt collection?

[Tippster]

Wait, haven't you seen his sick polo shirt collection?

You mean the ones his Dad bought him?

[LightRanger]

You mean the ones his Dad bought him?

Popped collars, bro. (aka Douchebag Funnels.)

[neufox47]

Wait, haven't you seen his sick polo shirt collection?

Haha, gifts from Nana and Mommy don't count as made.

If I were the head of the players unions (and had complete authority) I'd mandate that every player put 50% of net earnings into an annuity or fixed benefit pension fund until they had a guaranteed lifetime annual payment of $150k.