http://hater site.com/256333/colts-...as-cheating-hater site-exclusive/#more-256333 he's lucky that the only thing he lost was 93 large.. what kind of idiot, texts his credit-card number to some side joint anyway?
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athletes and their money How (and Why) Athletes Go Broke For awhile now I've been "collecting" pieces about all sorts of individuals -- artists, singers, business people, etc. -- that make very, very high incomes and yet somehow manage to blow it all. Athletes are regulars among this collection and here's another one to add to the pile -- this time from Sports Illustrated. This piece is quite extensive and gives a lot of good insight on how (and why) athletes go broke. Let's start with a few pieces of data about how athletes handle their fortunes: Although salaries have risen steadily during the last three decades, reports from a host of sources (athletes, players' associations, agents and financial advisers) indicate that: •By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce. •Within five years of retirement, an estimated 60% of former NBA players are broke. •Numerous retired MLB players have been similarly ruined, and the current economic crisis is taking a toll on some active players as well. Last month 10 current and former big leaguers—including outfielders Johnny Damon of the Yankees and Jacoby Ellsbury of the Red Sox and pitchers Mike Pelfrey of the Mets and Scott Eyre of the Phillies—discovered that at least some of their money is tied up in the $8 billion fraud allegedly perpetrated by Texas financier Robert Allen Stanford. Pelfrey told the New York Post that 99% of his fortune is frozen; Eyre admitted last month that he was broke, and the team quickly agreed to advance a portion of his $2 million salary. The piece then summarizes why athletes have a hard time converting their sizeable incomes into a decent net worth: The Wall Street meltdown is only the latest threat to athletes' financial health. "Athletes have a different set of challenges from, say, entertainers," says money manager Michael Seymour, the founder of Philadelphia-based UNI Private Wealth Strategies. "There's a far shorter peak earnings period [in sports] than in any other profession, and in many cases they lack the time and desire to understand and monitor their investments." Finally, they detail four specific reasons for the financial problems most athletes face: I. THE LURE OF THE TANGIBLE -- For the risk-averse investor, an adviser such as Butowsky would suggest allocating 5% to private equity, 7%--12% to real estate, 50%--65% to a mix of public securities (stocks, mutual funds and the like) and the rest to alternatives such as gold and hedge funds. Yet with athletes, who are often uninterested in either conservative spending or the stock market, those percentages are frequently flipped. Securities are invisible, after all, and if you don't study them, they're unintelligible. Not to mention boring. Inventions, nightclubs, car dealerships and T-shirt companies have an advantage: the thrill of tangibility. II. MISPLACED TRUST -- Salary aside, the closest analogue to a pro athlete is not a white-collar executive. It's a lottery winner—who's often in his early twenties. "With athletes, there's an extraordinary metamorphosis of financial challenge," says agent Leigh Steinberg, who has represented the NFL's No. 1 pick a record eight times. "Coming off college scholarships, they probably haven't even learned the basics of budgeting or keeping receipts." Which then triggers two fatal mistakes: hiring the wrong people as advisers, and trusting them far too much. III. FAMILY MATTERS -- In 1996, when Panthers owner Jerry Richardson—a former NFL flanker turned businessman—addressed his players, one of them asked, What's the most dangerous thing that could happen to us financially? "Without blinking an eye," Ismail recalls, "Mr. Richardson said, 'Divorce.'" IV. GREAT EXPECTATIONS -- The thorniest question for a pro athlete, however, isn't how he handles himself and those closest to him. It's "how you handle the new people suddenly emerging in your life," says Richard Lapchick, director of the University of Central Florida's DeVos Sport Business Management program. "They'll be expecting help or money or jobs. Often players don't know how to say no." It's all part of that ossified notion of how a pro athlete should live and provide for those around him. If he isn't consuming conspicuously, then he hasn't made it. A few thoughts from me: 1. This is why "spend less than you earn" is my best piece of financial advice. Because you can make $40k a year and spend $39k and be making financial progress. Though you can also make $5 million a year and spend $5 million plus $1 and be going backwards -- as the stories in this article demonstrate. 2. Lots of the trouble simply boils down to the things that plague the rest of us too -- lack of knowledge and issues with friends and family. But it's on a larger scale here since the money is much more and there are other issues complicating the situation such as fame and expectations (both internal and external). Throw into the mix an athlete who is used to "winning" and doesn't think he can make a mistake, and it's easy to see why so many of these men fail financially. 3. I know the leagues are trying to help them out with education, etc., but most of them won't listen and/or don't want to deal with learning. It's a shame, but they're often their own worst enemies. 4. Why aren't the agents better at guiding their clients financially? Seems like it would be easy for them to at least point their clients in the right direction. 5. I saw a piece on Lebron James on 60 Minutes a couple weeks ago. Though he surrounded himself with friends as advisors, it looks like they have their heads on straight and are doing a fairly good job of making good decisions for him. Good for him. other articles to consider http://www.businessinsider.com/10-ways-sports-stars-destroy-their-finances-2009-9 http://newrulesofinvesting.com/2009...assets-kicked-investing-101-for-pro-athletes/ Like millionaires all you have to do is basically think about tomorrow and live below your means. also marry right.
For real. I'd say fuck the 93. He's got more shit to worry about. At least she ain't breakin' dude like Tiger.
