[Yahoo] Scottie Pippen lost $120mil in career earnings

Anyone named Scottie reminds me of this song(NSFW):
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That's not going to happen. Lebron seems pretty bright when it comes to his finances.

 

You could have at least photo shopped him into an actual Rockets jersey. What the hell is that he's wearing?

 

Is that Matt Damon?

 

Yup, from Eurotrip

 

PJ with flying dildo.

 

Why?

And what makes you think he will throw his money away?

 

When 80% of NFL athletes lose their fortune within 2 years after retirement and 60% of NBA players fare the same fate, then something's seriously wrong. Seems leagues could do a much better job preparing athletes for all the fame and fortune they receive, as well as life after retirement.

 

I don't put much blame on the league. A lot of guys are just too immature to handle having all of that money.

A lot of them never had a lot of money growing up so once they get it they just go crazy and spend it away thinking it will never hurt them. If you give money to someone who isn't use to it then bad things can happen.

 

Totally true. Blame the man for his on-court antics all you want but off the court he has been a class act.

If Tinman can revere Maxwell for his on-court antics and ignore his off-court criminal behavior I sincerely hope people can do the exact same thing in reverse for aforementioned player.

 

Thats some SERIOUS cash Mike Tyson lost. As much as the others in the top 10 COMBINED .

 

A friend and I were discussing this once and he said that the root problem is that the athletes who go broke don't realize that a large quantity of money is not an infinite quantity of money. I agree wholeheartedly.

 

The leagues (NBA & NFL) and players associations (NBPA & NFLPA) can do and after a certain point the individual players have to take responsibility for success or failures.

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ON THE FINANCIAL GRIDIRON (Feb 1 2005)


<i>PROTECTING THE STRONG
The NFLPA — which has long been considered the weakest professional sports union, though its efforts have helped lead to labor peace for the league since 1987 — recognized the difficulties its young players were having with their finances, and in 2002, the organization tried to do something about it.

It founded the Financial Advisors Program, which is basically a listing of NFLPA-approved advisors that is given to players. Advisors who want to enter the plan apply though the NFLPA, according to Dana Hammonds, assistant director of the program. (There is a $1,000 nonrefundable application fee and a $500 yearly membership fee.)

The program screens advisors to make sure they have clean U4s (it won't register anyone who has pending customer complaints or any arbitration settlements in the last 10 years), a minimum of three years of industry experience, adequate liability and errors and omissions insurance and the proper licensure (recognized by the SEC and NASD and/or a CPA). Approved advisors get lists of players and their agents — the warmest of warm leads.

The Players' Association “highly recommends” to players that they avoid letting anyone who is not NFLPA-certified handle their finances. “So many players have been defrauded, we felt we had to do something,” Hammonds says. “We don't evaluate advisor performance or anything like that. We just have to make sure someone's watching out.” Hammonds declines to name specific firms with advisors in the program, but she says it includes 450 advisors and “about 20 of the leading firms.” (UBS confirms they have advisors as part of the program.)

The primary educational outlet for introducing players to the program has been the yearly Rookie Symposium, which brings all incoming rookies to a hotel, “locks them in” and informs them of the pressures and temptations they will face in the NFL. Of this weekend, “about half” of the presentations involve players' finances, and much of that directly relates to the Financial Advisors Program.
<b>
The results of the program, so far, have been mixed. Hammonds says the number of documented cases of player fraud has dropped from an average of about 20 a year to one or two per year. But Konrad, who praises the program's intentions, estimates that “only a quarter” of NFL players use the service.

“Guys don't use it as much as they should,” says Konrad, whose firm has members in the program. “A lot of that symposium stuff is in one ear, out the other. There's no way to make guys see it.”

Hammonds admits that the program has had “problems with implementation,” (she declines to provide the percentage of players who use it) but says that's mostly because of veteran players who have not required their existing advisors to sign up for it. “We educate players as they come in,” she says. “It's a free service, and more clubs are emphasizing its importance.”
</b>
But even with the NFLPA doing what it can to protect players, the combination of youth, instant wealth and a short career span can create a perfect storm for those who can't hang on to too much, too soon.

“You see guys who live like millionaires for two years, then lose it all,” Konrad says. “Then their careers are over, and they sit there and wonder, ‘Jeez, what do I do now?’”</i>

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NFL FINANCIAL ADVISOR REGULATIONS


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STUDY: 60% OF NBA PLAYERS ARE BROKE AFTER 5 YEARS OF RETIREMENT

<i>We’ve all heard the stories of NBA players owning 15 cars and 5 vacation homes. The sad part is most of these players lack educations and support outside of their posses and families. <b>Most of these players could use some legal guidance as well as financial guidance but seem at times to not be so willing. The players’ association has continually proposed a financial firm that offers players free 2nd opinions on their financials, but getting these players to act has been a challenge.</b>
Back in October, Jason Caffey, who made an estimated $29 million during his eight-year NBA career, was in bankruptcy court seeking protection from his creditors, among them the seven women with whom he fathered eight children.

Shaquille O’Neal of the Miami Heat was in the news recently with a court document representing his annual income as well as his annual and monthly spending. The “Diesel” pays $156,000 a month just in rent and mortgages on the various properties he owns or leases and another $1500 just for his cable TV bills! Of course Shaq is on another level than most other NBA players with the simple fact that he pulls in $20 million a year in salary but this still shows you a great example of the kind of money players are capable of spending.

Remember former Chicago Bull, 6 time NBA Champion, Michael Jordan running mate and top 50 player of all-time Scottie Pippen? Just 2 years removed from retirement, Pippen was back in the news looking to make an NBA comeback to a team that was a title contender. NBA teams laughed at a Pippen return which was later rumored to be based on his poor financial standing. The rise and fall of Pippen was so drastic that he was seen overseas playing 2 games for Finnish powerhouse, Helsinki ToPo to make a little cash.</i>

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How (and Why) Athletes Go Broke

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After reading through the above links, I have no idea what the leagues and individual teams could do for players without renegotiating changes in the agreements with the contracts that the NBA & NFL have respectively with the NBPA and NFLPA.


Do you have a suggestion on how the leagues and teams could help the players more without rewriting Collective Bargaining Agreements with the Players Unions?

 

all that money could've been used for good

 

Warren Buffet thinks James got financial smarts. That's as big an endorsement from a conservative investor as you can get. Even if Lebron did make a few mistakes, I am sure he will go to Buffet for advice on correcting them.

http://money.cnn.com/2007/06/14/commentary/sportsbiz/index.htm?section=money_topstories

 

first of all, he was a rocket.http://www.nba.com/historical/playerfile/index.html?player=scottie_pippen

second, hakeem was a raptor.http://www.nba.com/historical/playerfile/index.html?player=hakeem_olajuwon




nba.com aint tell no lies you know.

 

They do. It goes in one ear and out the other ear.

You can't force athletese to save their money. It would be crazy if the NBA and NFL to confiscate the athlete's bank accounts and give them an allowance of $100k a year, while investing their money in mutual funds.
Most players would lose their house to foreclosure due to the player's living expenses exceeding $100k/yr, if it was implemented today.

 

he is wearing the jersey the rockets use to have. dude, steve francis spent most of his career in that jersey too. i dont think you should have such a user if you dont know much about stevie franchise.

 

You are too funny. Seriously. :grin:

 

you are seriously delusional.