24k for gas? WTF is she driving to Buenos Aires every weekend or something?!?!? I'm sorry but why in god's green earth would you marry if you were an NBA player?
It's the financial angle that will make the looming lockout so entertaining. I look forward to more quotes like Patrick Ewing's: "Sure, we make a lot of money. But we spend a lot of money, too."
I think that most professional athletes don't consider that they may be making the majority of their entire life's salary in 5-10 years. If I lost my job I'd be broke in a lot sooner than 5 years. =) Imagine if you lost your job and had to start a new career and it couldn't have anything to do with your old one. How hard would it be to maintain your lifestyle? Not saying we should feel sorry for them... just that in general I think most of us would be in the same boat and it isn't unique to athletes. I have read similar stories about lottery winners. It is sad though... but I am not sure what league's could do about it. I doubt the players want to cough up more to unions for retirement... so they are stuck with managing it themselves.
I have no pity for professional athletes who make more than $2MM over their careers nor lottery winners. Their "lifestyle" is their responsibility. They could choose to live more modestly.
This makes a lot of sense. I am sure I will get Jesse Jacksoned for this, but most NBA players come from poor neighborhoods. Not all, but most. They aren't used to having money, and thus squander it on shit they don't need to show they have "arrived". Most go to school and don't learn anything because they don't have to (they think). Then bring in these damn gold digging women, and you have yourself an easy target. An uneducated rich kid that is looking to show people he is the shit. Financial advisors steal money, women take money, player blows money. Actually, my in-laws pissed away 500k in about 5 years because they had never had mney, and didn't know what to do with themselves. The suggestions my wife and Igave were solid, and today they would have 600k in the bank, and would have lived off interest. Instead, they have no money and live with all of their kids off and on. I have never had a problem with spending the money you make. Most people do it, why should rich people be any different? We all buy houses we can't afford, and cars that are too expensive
The underlined is the crux of the matter. NBA players have a big target painted on their backs as do NFL etc. I wouldn't say I feel sorry for these players, but I understand why they would be an appealing target to folks who are unscrupulous parasites.
Many (not all) of these players come from poor backgrounds and making it via focus on athletics is not the same as making it via focus on business or education. Many of them didn't grow up in an environment with money to handle and basketball development doesn't generally come with emphasis on economics or handling money. So when they finally make it, they don't have any skills, experience or basic understanding of money management. It ends up being luck of the draw as to whether anyone around them has that experience and is trustworthy.
LOL! I chose $2MM, because at an average of 5%, that's 100K in annual lifetime income. Not much, but enough to live a middle class life without ever having to work again..
If I owned an NBA team, I would request that one of my financial advisors (I assume I would have more than one if I were wealthy enough to own an NBA team) to work closely with the players I signed to properly manage their money. In fact, I would put it in their contract that they had to meet monthly with said advisor. Teach these kids to live within a budget that will keep them financially secure for the rest of their lives.
I think that would be great. The financial advisor ought to have a truckload of condoms and prenuptial agreements as well. Lord knows if I was an NBA player that's how I would lose my money. To paraphrase Dave Chappelle at the end of "Half Baked"... I love money, I LOVE IT...just not as much as I love pussy.
NBA rookie orientation includes both financial management and sexual advice (not sure management is correct term but definitely talks about condoms and consent). I just think a lot of young men consider themselves immortal and untouchable.
I think that's a good idea. I think college should also institute required money management classes for their athletes.
Another option would be to allow those millions in earnings to be paid out over an extended period, instead of the length of the contract. That could even be a selling points to FAs: "our investment councilors earn the best interest on your defered income." Of course, Das Kommissar Stern would never allow it.....it would mess with his sacred salary cap.
I wonder if the franchise would almost prefer them to burn through the cash as quickly as possible, because it might make them more willing to re-up on the extension early, rather than risking free agency. Also, it seems to me that an older, financially desperate athlete might be more willing to work harder toward the end of his guaranteed contract if he knew he had to get another contract or risk losing his home. I don't really know for sure. Just speculating.
I tend to look at it the other way: A player with knowledge that he has a plan that will keep him comfortable for life is more likely to be a player focused on basketball and is grateful to the owner that helped him prosper.
