Actually if I was a gm I'd give him a few months to languish in debt then sign him to a minimum contract. What's really sad about Curry is that he has been given more breaks in life than even the average already blessed basketball athlete. He had a heart condition which was supposed to prevent him from playing ball, but somehow he was still able to play. IMHO its not really helping your various relatives out that's the problem. Imean guys like Walker and probably Curry make it sound like supporting their family and friends is the primary reason they went bankrupt, that's definitely not true. In the case of Walker, he made 100+ million dollars! Even if he goes all out and supports his family and friends by giving out 10Gs every other day, that will take a while to even reach 10Mill of his 50+ million (after tax) fortune. He lost his money on gambling and wasting money on luxurious things. His donations to his friends and families most probably never even reached 15 mill. Its the same thing with Curry. Buying 15 cars? C'mon! I don't even know why he has debts to Juwon Howard or needed a loan with 85% interest. Man I'd like to see this guy's face now, all that money and he ends up being poor again.
That's the bit i don't get. I totally understand how someone who started with nothing wants to give back to their family. But seriously, 15 luxury cars? He could go for a Toyota for everyday use, and one Ferrari just because he wants a little luxury, then he can stop there. Get a nice house, but not a damn mansion and he wouldn't be in debt. He would stil lhave alot to give to his family and friends. Ultimately, if you know you aren't the type to get finances, you should just start by investing in a financial adviser, and listen to their suggestions. What i would give for a $100M contract. All I want is to clear my personal loan, and save my money for my future children. (and invest in property).
his career can be explained from fatigue from writing that many checks every day. There are no words for this kind of amazing indulgence.
I won't give him a hard time about the personal chef. As an athlete, his diet is important, and given his proneness to becoming overweight, having a pro control his diet is especially important. So, I'll call that a business expense, and it isn't much anyway. And, his relatives aren't taking a whole lot. $17k a month is roughly $200k a year, out of his ~ $6m post-tax earnings. I'm guessing the garnishment is for child support -- whatever it is, that's another $200k. Altogether less than a half-million for relatives. In fact, all the expenses (which may be extravagant but at least cover his necessities) listed don't come close to half his take-home pay.
when you've never been taught to respect money, you're gonna lose it. honestly, he's no different than the average American who's in debt, it's just the scale of his debt. How many of you or those you know are debt free? How many live beyond their means? if you make $70,000 but owe $40000 in CC debt, you're just as bad. if they made high school students take a personal finance class, alot of America's money troubles would eventually lessen. gotta teach them when they're young.
Which is what's odd. He's not broke. He's not bankrupt. (yet) This is all about the $500K 85% interest loan which he seems to have chosen not to pay. It's a creditor dispute which is now resolved. But it's still fascinating to peek into the finances of these guys...
$1000 monthly cable fee. Unlimited p*rn or what. You can have real p*rn perform at your house for that much. Curry needs to check into http://www.spreety.com/
I would say there's plenty of proof out there that the two probably share an inverse relationship (at least at the pro level).
I read this a couple of days ago and thought, wtf...but then, he's not the first and will definitely not be the last person to blow all of his cash...85% interest is ridiculous... He'll get his last $10MM from the knicks and then be broke...that sucks...I should get in the business of managing their money...basically be their personal bank teller, but tell them what they can and can't spend money on...although, that's easier said than done...
if the nba really wanted to take care of its players it would force them to put a at least a minimum of their salary into a retirement fund. that way when they blow their money, they have some insurance.
Eddy Curry is not the only player to live paycheck to paycheck. If the owners have a lockout, I can see the players giving in the the owner's demand within 2 months.
They have actually been taught finance. Its part of the curriculum in the NBA freshman orientation seminar. And the league arranges meetings with money managers in banks with these players. I'm pretty sure the NBA union also has financial classes for its members. Its just most of the info like this goes in one ear and out the the other. The average player listens to it, goes "whatever" then let's his homies take care of everything. Then two years from retirement he wakes up, goes "oh ****" where his money has gone. He tries using the money from his last two years to live his life as normal but its not enough, and a few years later he'll have to sell his championship ring on a website just to make ends meet.
