View Full Version : Another reason why I'm trying to become debt free...

10-28-2009, 03:35 PM
Former Celtics star Antoine Walker is broke and in debt - Ball Don't Lie - NBA - Yahoo! Sports (;_ylt=Av2dlCIcV0.fBoAsAaLsAaO8vLYF?urn=nba,198509)

Stuff like this just gives you me more motivation to become debt-free. American History and statistics constantly show that a high income, typically does not lead to wealth, but wealth redistribution. It's the hard working, slow but steady saver, who makes lifestyle changes, that has wealth that one can pass on to future generations, and it doesn't matter your occupation, in fact, most higher earning white collar occupations earn more, but have far less net worth and actual wealth compared to their blue collar counterparts. $110 MIL and still can't manage money...just goes to show more money doesn't equal "success"

10-28-2009, 05:10 PM
I can't find it now but there was an article out about a retired ML Baseball player who is broke due to some bad real estate investments.

Goes to show you how smart Sam Bradford is about being a finance major at OU so some of these goons won't be able to take advantage of him the way they have other sports stars.

10-28-2009, 08:56 PM
Can't remember where I heard it, but something like 70-75% of NFL players are broke within 10 years of retirement. That's with the following minimum annual salary for an NFL rookie:
$295k (2008), $310k (2009), $325k (2010)
and on and on...

10-29-2009, 12:42 AM
For some people money is like crack. When they got it they smoke through it like their is now tomorrow.

It suprises me that these guys do not put money aside just in case things go south.

10-29-2009, 05:33 AM
We were talking about how some people don't know how to handle money, this week.

The first moving van showed up at our house - a 24 foot hotshot behind a big cab. The owner/operator started out with nothing. His wife works at a local restauarant in Colorado. He used to build luxury houses but with the downturn of the economy, he moves things and drives his own truck - buys them all over the country and paid $9,000 for this beautiful trailer (new at more than $50,000 but the seller was desparate and he wasn't). The truck and trailer were in perfect condition. He has a whole fleet and carts cars all over the country. He was on the road for a week and was out gas and food (sleeps in the cab, this time of year). Grossed about $8,000.00 in the week on this run. Plenty people make more but nothing to sneeze at. He worked like a dog, has a half section of land in Colorado, middle aged, kids grown and living on their own, retired vet, doing well.

Contrast that with the guys who showed up to load the truck. One had 6 kids under the age of 11 and several different baby mamas. They showed up nearly three hours late but once there, worked like animals. We fed them pizza. Risking life and limb to haul heavy furniture up and down stairs. No insurance, no job security, no pension, no house, no property to speak of. They didn't even show up with packing tape. Between the two of them, they grossed $150.00 and we gave them a tip that would buy them a nice dinner, each. About a third of the $150.00 when to the temp agency.

Nothing to keep them from changing their lot in life but they never even consider what they could be doing differently to get ahead. Nice guys but not a bright future.

10-29-2009, 09:09 AM
Monk, I posted an article awhile back about what you're referring to. 78% of NFL players broke within 10 years of retiring and 60% of NBA players within 5 years. Seems like the more we pay them, the faster they go broke. Makes sense though, our politically correct society teaches to personal resposibility. Here is a good SI article on broke athletes.

Recession or no recession, many NFL, NBA and Major League - 03.23.09 - SI Vault (

10-29-2009, 03:45 PM
Having a posse costs a lot of money these days!

10-31-2009, 11:44 AM
Having a posse costs a lot of money these days!

Too True!

That and a lot of these people have never had to manage a lot of money before. Give a teen or young adult more money than they ever imagined having and they won't spend it responsibly. It's like that story of the British girl who won the lottery and was in mass amounts of debt a few years later. She blew money on shopping sprees, homes, and drugs for her boyfriend.