Thats pretty sad. If the lockout isn't over, other players may be in this situation as well which is why I think the players will have to take the owner's offer.
Isn't this guy mentally insane? Even sane people can't handle their money, no doubt he'd be broke faster than everyone else.
I'm surprised, I would have thought that Lebron's mom would have asked her son to give the guy some financial support.
No amount of Home Depot is going to help someone who squandered FOURTEEN F*%*%(& MILLION DOLLARS. Of course the lockout hurts when you have absolutely no concept of money. That is all.
What was last season's salary for him? Wow. How you can lose that much money that quickly is beyond me.
Houses, parties, luxury cars, car mods, premium gas, technology, vacations, cruises, Vegas.... it can go pretty fast if you're dumb enough.
Jesus, Obama broke more than Rondo's jump shot. He broke Rondo's human dignity. Edit: Oh wait, it's Delonte West. Not Rondo. Same thing.
how many nba players live paycheck to paycheck? probably quite a few. does the nba offer any kind of personal finance classes to rookies? so much irresponsibility - none of these dudes consider their future. give me $14 million and im set for life, easily.
I can see it now. Delonte West and Space City Kid tag team Lebrons mom in a killer 2 v 1 porno. Multiple sinks will be involved.
I think the NBA does offer personal finance courses to the players, especially since the Union knew the CBA lockout was coming. You're right, it baffles me how many players today can live paycheck to paycheck despite the huge sums of money they earn. Reasons I can think that could greatly diminsh their savings are: 1. Income taxes 2. Agent fees 3. Money for family and friends - when you're on top, everyone wants a piece of you... 4. Child and spousal support 5. Useless crap like cars, yatchts, fancy clothes, bling, drugs, trips to strip clubs, etc 6. Bad investments into things like car dealerships, recording company, and restaurants If you add the above 6 into your monthly expense, even if you're making 5-6 million a year, you could end up being close to broke without the next paycheck. These don't even take into account every day things like mortgage, car insurance, living expenses, etc. Imagine if you're some poor black kid who doesn't really know a lot outside of playing ball. You come from nothing and probably have a single mother and lots of siblings. You grow up in the hood with some sketchy friends who are probably like you but minus the talent. Education is just a means for you to continue to play ball so you can get into the NBA. Then suddenly, you arrive on the big stage and you start receiving these fat paychecks with lots of zeros at the end. You don't know how to handle that. Heck, even educated, average joes like you and I tend to borrow from banks and live from paycheck to paycheck. How many of you actually have more than 10K in bank savings?? There you go! But really, after you deduct the above 6 things from a player's paycheck, he doesn't really have a lot. A 5 million dollar annual nominal earning could really be just 1.5 million in real earnings after all is said and done.
Sports Illustrated ran a really good piece on the topic of players going broke 2 years ago. You can find the article here In the article, it said 60% of NBA Athletes go broke within 5 years of retirement. In the NFL, within two years of retirement, 78% of former athletes go broke. It didnt list the percentages for the MLB or NHL, but I'm guessing they're not too far off.
I hope he leveraged his celebrity to get decent money out of it. Otherwise, free pub for Home Depot. Hopefully his agent started a bidding war with several companies.
It's funny how a lot of people think pro athletes get tax free money. "14 million dollarz?!?!? wtf?" Pro athletes probably clear about half of their money, maybe a little more depending on what they owe such as child support, lawyer fees, agent, etc. 7-8 million isn't hard to spend over over a 7 year period.
