https://www.msn.com/en-us/sports/nb...TS&cvid=df3fa65c972e4d84d0a709ab734a918b&ei=7 Ex-Knick Marcus Morris Sr. arrested on fraud charges Marcus Morris Sr. was arrested on Sunday related to fraud charges while in Broward County, Florida, online booking records showed. The NBA player and ex-Knick was picked up on a felony charge of Fraud – Writing a Check with Insufficient Funds, with the report indicating he was arrested at an airport. The online record also indicated that the charge is related to a case in another state and he is being held without bond. Other specific information surrounding the charge was not immediately available .... Morris had been a former first-round draft pick when he was selected in 2011. That year, the Rockets used the 14th overall pick to take Morris.
Man, people have to learn how to better handle their finances. That kind of money, you could simply invest a few million and have a few hundred thousand of passive income every year after you retire, which would keep growing. Crazy.
It's pretty easy to not think about the future .... when I was a young guy money came fast and easy, then youth was gone and so was the easy money. Like most, I wished I had done things differently .... but I really had no one to teach me how to invest - most of the world is pretty clueless. Hell, who even thinks about investing when you grow up middle class or lower economically .... Who teaches you these things? Schools don't and if your parents are just normal people, the only thing they know is their 401k and that is managed by someone else - especially 10-15 years ago before the internet could teach you anything and everything. You don't know where to start and there are scams around every corner .... It's just as easy to lose money investing as it is to just spend it. Did you know that less than 4% of active "large cap" fund managers beat the S&P 500's ~9% return annually over a 3 year span? These are the professionals who manage retirement funds for the masses .... if they fail with their high priced fancy financial educations, what do we expect of the average person? Give me a million dollars today and I could live on it infinitely and never have to work again (hell maybe only $500k) .... but that's with the experience of someone 6 decades old, a lot of trial and error and countless hours of research. That wasn't me when money came easy ....
You make a good point, youth that has spent years learning the skills to be an NBA athlete usually don't have the skills to manage that sort of money. I just wish they did.
$50 million AFTER taxes in NBA earnings. Since Morris was drafted, it means past 15 years {Approximate rounded numbers} $3.33 mil a year $275K per month $60K per week Or spending $9K every DAY to become broke Let's say half of the earnings is on living expenses, family, travel, training, agent costs, etc.. That leaves enough money to buy 180 Porsches, 1 Porsche a month the past 15 years
Jalen rose actually did a really good clip on exactly this from 1st / 2nd hand experience. he broke it down. the full breakdown which is very educational is below thats 50 mill after taxes but don’t forget agent fee Atleast 5 mill If he had personal trainers 1-5 mill Accountants etc. 1-5 mill Sure that’s only 15 mill, but then family & friends is about another 5-15 mill Sure it’s 20 mill left But cars and mansion is stupidly spent at around 10-15 mill Now your living off 5 mill but their lifestyle is beyond their means even at that much so you can see how in 5-10 years it’s easy to go broke if your blowing 1 mill + a year and trying to take care of everyone. it makes even worse for him because he literally has a twin that played, so they have double the money combined.
I would not be surprised if extended families and dubious friends from their entourage withdrew money regularly from them while they played and after they played.
Unfortunately it’s not just restricted to NBA players, big cultural / racial problem regarding financial illiteracy. Needs to be taught at a young age in the communities
point of order . . . once a Rockets Legend™, always a Rockets Legend™. There is no "former" Rockets Legend™ .
Let this be a lesson for Amen: Don't support your broke twin and if you need to write bad checks, have Ausar do it.
If you ain't squeaky clean, they gon' get you at the airport these days, 'cause they got a quota. Also:
I remember when people like fchowd would try to argue with me when I’d say that investing and financial literacy should be mandatory teaching in high school/college they don’t want the masses to be financially literate so they can stay broke and at the bottom with little to no wealth
