60% of NBA players are broke five years after they retire.

[Lost in CT]

60% is an amazing number....

Filing for bankruptcy is a long-standing tradition for NBA players, 60% of whom, according to the Toronto Star, are broke five years after they retire.

http://sports.espn.go.com/espnmag/story?id=3469271

Here are the top 3 ways (out of ten) that they go broke

1. Screw up, deny it, then fight by using every lawyer and dime you have. Roger Clemens just sold his Bentley, reportedly to pay legal bills. Marion Jones lawyered herself broke before she finally copped and went to prison. Paging Mr. Bonds, Mr. Barry Bonds.

2. Buy a house the size of Delaware. Evander Holyfield was in danger of losing his 54,000-square-foot pad outside Atlanta, and it's a shame. He had almost visited all 109 rooms!
FROM $300M UP TO $27M DOWN? EASY.

3. Buy many, many cars. Baseball slugger Jack Clark had 18 cars and owed money on 17 when he went broke. And don't get just boring Porsches and Mercedes. Go for Maybachs. They sell for as much as $375,000—even though they look like Chrysler 300s—and nobody will ever know how to pronounce them, much less fix them.

Here is the original Star article

http://www.thestar.com/Sports/article/299119


So when they slash NBA salaries in the next couple of years and a few teams go bankrupt anyway how are these guys going to survive?

[msongs]

1. who remembers the fable about the ant and the grasshopper? nt

[TahitiNut]

18. Did the grasshopper win the slam-dunk contest?

:dunce:

[YDogg]

22. I LOLd.

[TahitiNut]

33. (grin) Poor grasshopper. After he went bankrupt, he had to go work for ....

... IHOP.

:hide:

[Deja Q]

49. Yeah, the ant made stockpiles and the grasshopper had fun...

then the ant got stepped on and the grasshopper took a leak down the anthill.

[AllieB]

2. A lot of those guys are plucked from high school and college

and never learn financial smarts. People also take advantage of them.

[Lost in CT]

4. I agree but two things... one you would think the Union would

be much more help.

And two you would think these guys would see what happened to the guys ahead of them and try to be smarter about it.

[Captain Hilts]

11. They are the highest paid team sport athletes. They don't listen to their union.

Part of being young, naive and wealthy.

[Blue_Tires]

20. some smart veterans do try to talk sense

and there are resources out there for those who want them

Class aims to help NBA players avoid financial pitfalls
http://www.sportingnews.com/experts/sean-deveney/blog/1049641-p.html

[Blue_Tires]

13. and a lot of them grew up with nothing

and have more money than they think they can spend at age 19-20...of course there is the standard 'entourage' made up of boys (leeches) from the old neighborhood -- they can burn through a LOT of cash while doing nothing...and the flashy 'lifestyle' where players wear (literally) a half-million dollars of gold and diamonds just to go out...and it has to be said; multiple paternity suits/child support payments, groupies, birth control 'oops-ers' and mega-million dollar divorces all add up...

[flvegan]

3. I have these thoughts every time I mistakenly catch Cribs on MTV.

Okay, if Gene Simmons wants a house that ridiculous, so be it. He and Miss Tweed are never going to be broke. However, when I see these young stars, music, athletic, etc, and they have a huge house, 10 Rolex watches, a purple Lamborghini (among 7 other expensive cars) and I have to think..."I hope you've got something set aside, as it's not going to last forever." *cough* MC Hammer *cough*

[Lost in CT]

5. That MC Hammer episode of behind the Music is one of the best

hours of television ever....

That should be required viewing in every high school in America.

[TankLV]

9. and on and on thru the centuries...

Too many good stories too numerous to mention have been written throughout history of those who once sat high on a pedestal and were brought down by - LIFE...and refused to live wisely when they were riding high...

[Blue_Tires]

17. yeah, he is the most chilling example

i didn't see that episode, but i still know his story well...I liked the part where he was going over his finances with his accountant to figure out why he was bleeding money when he found out he has over 200(!) people on a payroll...

forgot to mention Mike Tyson is the most extreme example, but folks just flat-out stole from him...

[JHB]

45. And Chris Rock's explanation of the difference between "Rich" and "Wealthy"

I may be off, but from the top of my head:

Shaquile O'Neil is 'Rich'. The white man who signs his paycheck is 'Wealthy'.

"Here ya go Shaq (mimes handing over a paycheck). Buy yerself another jumping car! BLING BLING!"

[Maru Kitteh]

23. Ice, Ice baby!

I remember a big spread in People magazine about Mr. Vanilla Ice and his palatial new 24 million dollar lady lair with the tackiest decor imaginable, back when 24 million was you know - SERIOUS money.

[WolverineDG]

42. Gene will never be broke because he knows how to handle money

He won't lift a pinky unless there is a profit for him. I think it was David Schuster who once commented on Keith's show "would you take financial advice from Gene Simmons?" (can't remember the context now), and I said immediately "Hell yes."

dg

[Fire_Medic_Dave]

6. You forgot the entourage.

[Uzybone]

7. I think its BS number

financial responsibility is a big problem with pro sports (including NBA) players, but 60% are BANKRUPT in 5 years sounds like a scare tactic type of stat. Kinda like 150% of car accidents are caused by marijuana.

The number is surely lower than 60%.

Also funny that they list examples of the most irresponsible players and none of them are NBA guys.

But the salary cuts are coming though, in the next 2 years.

[Lost in CT]

10. It seems ridiculously high to me as well.

"But that stat, used by the players' association to get the attention of young millionaires, is thought to be an educated estimate."

"Sixty per cent is a ballpark. But we've seen a lot of guys who've really come into hard times five years after they leave the league," said Roy Hinson, the former NBA forward who's a representative for the players' association

But it is the Players Association who has come up with it...

[Captain Hilts]

12. I agree. Remember the Paul Pierce article in the NYT during the NBA strike...

where it listed his assets? All his cars????

[catzies]

52. I don't remember that, but I do remember Patrick Ewing's tale of penury & woe

As we were in the lockout exactly 10 years ago, I'm going to Google & refresh my memory of all that happened then.

I was a very bitter, hurt and angry NBA fan that year. I do remember that extremely well.

[Uzybone]

16. Yeah, and I don't blame them for wanting to scare some players

because a lot of them are irresponsible idiots who get caught up in the lifestyle of spending big money. The examples listed in that article are worrisome enough, and they didn't even bring up Travis Henry, a former NFL player who has 9 kids with 9 different women.

[Captain Hilts]

51. Chris Gatling had several kids with several women while in the NBA. nt

[Blue_Tires]

26. Reilly did mention Spewell, Pippen and Abdul-Jabbar

[TheWatcher]

38. As well as Mark Jackson

But I guess they aren't NBA Guys?

Who knew?

[Uzybone]

44. Mark Jackson, Pippen and Kareem were not irresponsible per se

they were flat out duped. I guess it depends on your perspective. Kinda like calling people who took bad loans irresponsible, both parties are at fault.

[Warpy]

8. That's what we get for allowing the jocks to take basket weaving

in school and passing them along because, yay team, the school needs them to fight fight fight.

It's just that they're so ill prepared, they're suckered by every huckster with a toy to sell because they think their bodies are going to hold up forever and that it's going to keep on rolling in.

I'd love to see every state have a sports institute geared to these guys to allow them to learn how to manage money they might end up getting (but most won't, realistically) and how to move into coaching when the career on the field is over.

A lot of these guys might be going broke, but there are still enough people who remember who they used to be that they're in no danger of starving for a while.

(I never heard of a Maybach. That's how out of it I am)

[Captain Hilts]

14. I saw a Maybach in my 'hood about a year ago and axed myself 'what's that'? nt

[Lost in CT]

15. "I never heard of a Maybach. That's how out of it I am"

I have seen them and the do look like a Chyrsler 300.


Here is one

[TahitiNut]

19. Rush Limbaugh's ride of choice.

:puke:

[moundsview]

27. Maybach is a tricked out Mercedes

The "good" ones were about a half a million bucks.

[Warpy]

28. I know, I did look it up

and was totally underwhelmed.

[BlooInBloo]

21. It's the known, predictible result of uneducated, poor kids coming into lots of money...

Another example of essentially the same phenomenon: lottery winners.

[NNN0LHI]

24. kick for later reading

[napi21]

25. It may not be any more, but that same thing used to happen with NFL players.

Especially those who grew up rather poor and suddenly we're wealthy beyond their imagination. A friend of mine was in charge of one of the
Steeler stars back in the 80's. Granted he didn't make what they make now, but they still got lots of money. He viewed his money as never ending, and was always being warned that he had to curb his spending. I remember being stunned at hearing that.

I believe I also hear similar stories about Lottery winners. Most are broke several years after their big windfall.

[MrSlayer]

29. No sympathy from me.

Welcome to the real world Mr. pampered athlete.

[regnaD kciN]

30. The last time I checked...

...Clemens, Holyfield and Clark weren't NBA players. :wtf:

[Marrah_G]

31. I don't feel sorry for them for one minute.

They chose to piss it all away.

Let them flip burgers.

[proud2BlibKansan]

35. I feel sorry for them

My dad was a high school coach. These kids are catered to and pampered for years. They have money thrown at them and fame and every other thing they have dreamed about since they were little kids. And by the time they are 30 or 35 it is all gone. Their careers are over.

I find it very sad.

[Marrah_G]

37. Sorry at some point people need to take some responsibility for their actions.

They were given a chance not many people ever get.

They CHOSE as adults to squander that.

Not all do. Some choose wisely and help not only themselves, but their families and communities also.

I am not completely unaware. My fiance is a HS football coach. He has a former player who you will be seeing in MLB in a couple years. He had a shot at going right to the Yankees but chose college first.

Coddled or not, there comes a point where they have to take responsibility for their lives and actions.

[proud2BlibKansan]

47. What's really sad is how many of the ones who want to play don't get to

My dad coached high school sports (mainly basketball) for 40 years and out of all those teams, he only had one player who became a successful pro athlete. He was a pro golfer.

But there were so many others who wanted to be pro athletes but never got the chance. It is frustrating seeing so many squander the opportunity.

[TankLV]

32. And we should care about these overpaid spoiled crybabies, WHY, again?

[ZombieHorde]

34. Nice to see children and adults idolizing geniuses. nt

[Lost in CT]

53. I am surprised anyone has idolized a basketball player since Jordan. nt

[ozu]

36. It applies to any windfall inheritance.

Inheritance, lotteries, multi-million dollar salaries that only last ~4 years. Though when I read it, it was more like 25-30% that lead to bankruptcy and not 60%. I think that number is way inflated.

[Baikonour]

39. The real question is...

Why are guys being paid millions to throw around a rubber ball for a few hours?

Boggles the mind.

[Johonny]

40. because their industry generates billions

Heck sports the one industry that the workers actually get 50-70 percent of the money in salary that their industry generates.

[Baikonour]

41. I guess I'll stop when I'm ahead.

I've already been flamed before for my anti-sports rhetoric.

[Thothmes]

43. For the same reason

that actors get paid millions to recite script lines in front of a movie camera. It entertainment. People will pay money to be entertained, amused, or otherwise have their spare time occupied by something other than reality.

[LynneSin]

46. That article is full of crap......

I happen to know that Delaware is much bigger than 54,000-square-foot. Perhaps they meant Rhode Island

[hfojvt]

48. even Liechtenstein is much bigger than 54,000 square feet

Heck there are almost 28 million square feet in a square mile.

[Tierra_y_Libertad]

50. The party's over. Time to grow up.