another broke jock

Cosign

 

Holy shit we finally agree. Hell is gonna freezin tonight damn.

 

They don't call him the admiral for nothing

And yeah unlike Harvard, you have to be as physically capable as you are intelligent. Unless you count the movie Annapolis, where that one guy was way out of shape. Plus you need the endorsement of senators. Most guys I know said fuck it and went the ROTC route. guys were getting rotc scholarships and free money is free money. Who cares if you can only wear academy rings when others can't be

 

Very true, as someone who consults with many pro athletes I see this self destructive behavior time and time again. Most Player's Unions have mandatory financial planning classes for rookies, but the curriculum is a joke, very basic, and is taught by so called "approved" financial planners. In reality it is an advertisement for those planners to slam them into the highest commission financial products whether or not said investments are what's best for the athlete. It is downright criminal.

 

One of my best friends went to the Merchant Marine Academy here in NY and dude is set for life. Incredible job with the government. He's been in that six figure bracket since our mid twenties. And a major bonus is girls fucking love that shit. They can't do anything but respect it.
Only down side was he had to go to Afgan for 18months. That really sucked.

 

Can't feel sorry for him. He blew thru his money. Its his own fault.

 

Meh, whatever.

Set up a stand and start selling jerseys or some shit, Iverson. Dipshit.

 

One of the things a lot of rich ball players are doing now is put all of their money in their wives or family name. ON PAPER, you are broke but actually you're not.

I have a friend who is a attorney and have done this several times for some of his clients. It's very difficult to burn through $154 million dollars in 10 years. If you put that money in CONSERVATIVE government bonds that pay 5% annual interest that would be 7.5 million dollars a year, ALL INTEREST. You don't have to touch the principal at all.

 

It is tragic and it happens over and over again. Why can't those players live small instead of livin large? You can count with your fingers on a number of Black atheletes who made money like Micheal Jordan,Magic Johnson etc. Untold billions are spent on cars,cribs,lawyers,baby mothers(should had thought of birth control via jimmy hats),and other expensive things. Had some gotten some business sense or good investments there will not be any bychin by the broke bro who plays a big sport.

 

The thought crossed my mind.....right after he left Denver his wife filed for divorce. Did that happen....maybe he is trying to keep her from taking it. Was it just like 3-4 months ago his ex wife was saying he was saying he's broke and he's buying expensive diamond jewelry??!!

 

Thank you.

Lawyers have so many different tricks to hide their clients money. The government is trying to crack down on it but they have only scratched the surface.

You've got people with secret bank accounts overseas, bogus shell companies, etc. I doubt if we will ever know the truth.

 

That's what I don't understand with some of these guys.

They could live off of the interest alone and never have to work another day in their life.

Instead, they squander all of their earnings until they're left with less than $1 million in capital.

 

Living off interest is a kind of a misnomer. Usually any money that yields enough you money in returns their are some risks. And I think there's a limits on how many bonds you could buy or otherwise everyone would be doing that instead of diversifying their portfolios. But even if he never invested a dime that money was more than enough to live on. I especially don't get why he got married. Dumb move

 

How about taking the interest from a savings account?

 

Its never wise to invest into a savings account especially when all they can over is 250k protection on your money especially with interest rates below a percent. The rich seem to buying real estate again and investing a lot in emerging markets like India and Brazil.

 

This is why a lawyer can create a "shell" company, an entity totally different from the individual. Hell, YOU can even do it.

Go to your nearest county building and register a business name, any name you can think of. It usually costs $20. Then go to www.irs.gov and get that business name an EIN number, its like a social security number but its for a business. To get an EIN number is free.

Take that new name and the EIN number to any bank and you will be able to open up an account under that name. Yes, for $20, its that simple. You would have to file taxes for that business just like you would for you own personal taxes. You can get a credit limit, credit card, etc. under that new name you created.

Lawyers can do this multiple times for ONE client. He could invest to the LIMIT on each different entity.

 

Careful, though, or you'll end up like me, with a house worth less than the mortgage's principal balance during a soft market trying to unload it during a divorce when it's illiquid.

 

trust me it's always better to own unless you need a lot of mobility to explore job options. Unlike us renters you'll always come out ahead because no matter what you get something for your asset.

 

Except for right now. I'm short-selling. Can't move it for anything higher than $50K below the note. Another slap from the Invisible Hand of the Market.

The best strategy is a mixed-bag of assets. Max out your savings at whatever the FDIC limit is at the time, then pick up property and a mixed portfolio of small/mid/large cap companies, plus commodities and a bit of exchange arbitrage while you're at it. Funny, college helped me understand how to invest, but not how to get enough dough to do any investing. lol

 

that would be boring and too much like right