[SI]Within five years of retirement, an estimated 60% of former NBA players are broke

Very interesting.

 

I remember reading this article a couple months ago. I wonder why it's trending on Digg now? Definitely an interesting read.

 

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history lesson:

rick james stops by eddie murphys house
rick james proceeds to stomp his couch with muddy shoes
charlie murphy stomps rick james legs
while charlie drags rick out

rick says:
'they shoulda never gave u jaggers money'

its that simple

stop feeding them they stop spending
a. buying shoes over 20bux.
b. buying shorts over 10bux
c. buying nike/jordan shirts for 40bux
etc

 

they probably went to devry

 

Paying NBA players: An effective economic stimulus plan?

 

IMHO what's ironic about this is athlete's don't lose money due to wanton spending, they lose most of their wealth in gambling, whether it's through casinos (like Walker) or by buying "investments" that don't pay off like failed businesses, jewelries, houses and cars (again like Walker).

So technically its not desire for luxury that destroys their finances, its them not understanding the risks they put their money in, financial ignorance at its best and purest form.

 

An average player makes about 5mil a year for a career span of about 5 years. Assuming he saved half (yeah right) of his salary after taxes every year, he could afford to live on 250k a year until he is 65, when SSN (lol) kicks in. 250K is a lot, but definitely doesn't warrant the lifestyle most of these guys think they can live. I'm not so sure average joe would make better decisions than these guys.

 

Average Joe instead of athlete, I'd say 25% would be broke using the same parameters. Thats cuz I think some people are just not ever smart with money (me included) and too many people are influenced by the Hollywood/mogul lifestyle once they're immersed in it. Plus the sharks selling you a bill of goods can be really persuasive.

 

So I am guessing that the average NBA player is still miles ahead of the average American who are living above their means on a daily basis.

 

I think once you are accustom to a certain life style it is difficult to change it when the income stop coming in. Most athlete aren't academic savvy. Useless majors and leaving school early. So when they have money they are not gear with the knowledge to handle the money wisely. And those people around who try to help you spend your money doesn't help neither.

 

Players know the score. They are warned about this, they are taught about this, they are practically lectured about this. They are adults, and if they are reckless with their cash, it's their own fault. I don't feel one drop of pity for them.

.

 

[nelson]HA HA[/nelson]

No sympathy here. Idiots.

 

Those statistics don't list any sources and seem more like guesses.

 

This isn't anything new. However I thought the % were much higher... like 75-80% at least?

Joe Johnson isn't that average. He's an above average athlete :grin:

 

This has been posted before. Interesting read though.

 

Being an avid watcher of Chappelle's Show, I know this sketch very well... So what are you trying to say? This problem is widespread and not specific to certain athletes. Please explain.