He probably lost a lot of money in some bad investments he made, but it's highly unlikely that he lost all that money he made over his career. It's more probable that he just doesn't want to pay that judgement against him and will continue to fight it in court. I am not sure that's sufficient enough evidence to conclude that "he's broke". That being said, clearly not every former athlete is as blessed with the business savvy of guys like Magic Johnson or Michael Jordan or even Houston's own Hakeem Olajuwon. A lot of athletes have tried to make that transition and it hasn't worked out too well for them.
If someone doesn't know anything about business, but brave or stupid enough to invest in anything airlines related business, he would be lucky to have 5% left from his investment.
Most of successful ones hire real professionals to handle that for them. I think those broken ones are the ones to let their friends or relatives to make business decisions for them. Clyde Drexler is one of the few who actually knows about investment and handles his own money, if I am not mistaken.
The thing is, when you make $110,000,000+ throughout your career, you really shouldn't have to be a "wise investor" or an investor at all to live very well for the rest of your life.
No ****. If you don't know what the hell you are doing just put ya money in a simple ass bank account. I have no sympathy for folks who blow over 100M!!!!
He should have asked Michael Jordan for advice on selecting a financial advisor or hire the same advisor. He could have gone into partnerships with Jordan. It's not like he didn't have Jordan's cell phone number. He's been making millions of Jordan for years, while playing basketball. He should have done the same off the court. It's not too like to call Jordan. He can be back on his feet in a few years.
Unfortunately there are far to many people who get rich and live rich without a way to make back the money they spent.
So true. I read something (I think it was posted in the hangout) where a majority of lotto winners are on the verge of bankruptcy five years after claiming their prize. I also have no sympathy for idiots who can blow MILLIONS and MILLIONS of dollars in a matter of few years. I have a crappy saving account that pays .05%. These rich asses, even if they put $25M in their at that rate would get $125,000.00 a year. A super conservative portfolio of 3% would yield $750,000.00
That's because he is stupider than stupid! With the money he earned. If he just sit on CD he would be set for life, what a moron.
Dream is an amazing smart mofo. He has made tons more money since he has retired off real estate than he ever did in the NBA.
What about Deke? He puts millions into that hospital. Sure, he gets a tax deduction, but that's not the same thing as a tax credit. It reduces your taxes not eliminate it. Is Deke going to be like Pippen, since his nestegg is in a hospital that will have to rely on him for funding?
