Whatever happened to Harold Miner, the original 'Baby Jordan'?

I think NOT investing stupidly is the same as investing wisely.

There's a reason why many players have gone broke. They are not the average joe professional like many of us here. These players never had a real job in their lives. Most didn't have a good education. (Even if some of them stayed in college, they mostly just got by without really trying to learn anything academic.) They are used to having an accolade of "friends" surrounding them while they were in the limelight.

Making tons of money by playing a game is not a normal job. It is really not as easy as it looks, thinking from our background, for these guys to avoid wasting their money. Ever heard of "easy come, easy go"?

 

He pays state income tax when he plays in a state that has state income tax. Probably likewise in cities and counties w/ local taxes.

He probably also paid agent fees, ~7%?

 

The history of lottery winners isn't good either.

One problem is the attention it brings. Every thing from gold diggers to charismatic swindlers to grandma needs a new house to paying cousin Larry's liver transplant.

It isn't like the only thing that changes is an extra secret 20 million in a bank account.

 

According to basketball reference, his entire 4-year career salary take was around $5 million, pre-tax - so he must have invested very wisely indeed if he managed to turn that into $20 million.

 

the article mentioned a $14M nike endorsement deal.

That's a pretty good investment return.

 

They're not always the same thing. For example, an extreme example of NOT investing stupidly would be stuffing all your money under your mattress. This is not the same as investing wisely, in fact it's not investing at all.

 

Some of these lunkheads woulda been better off doing that or letting the dog bury the money in a hole, than using the money the way they did. Penny saved penny earned, bird in hand, etc...

Money changing hands, I guess thats still the capitalist way even if it ends up with the person not having any more of it to exchange.

 

Good for him that he used his money in something useful.

 

He is where all the Jordan wannabe's and the "next Jordans" are, in the dustbin of NBA history.

 

Hahaha... I think that would simply be "not investing."

 

How much would you earn in interest per year if you just chucked $20m an a bank account?

 

Last I heard he was doing used car sales or something in Cleveland. Apparently he's trying to dodge all the people that still think he was a major disappointment.

 

You are correct. "Not investing" by definition falls under the umbrella of "not investing stupidly."