Posted on 09/23/2023 4:19:30 AM PDT by Libloather
For many kids, playing in the National Basketball Association (NBA) is a dream come true.
But for many ballers plucked out of high school or fresh out of college, getting drafted and earning millions of dollars isn’t the fast break they think it is.
**SNIP**
Kenny Anderson
Chris Washburn
Delonte West
Rick Mahorn
Tim Duncan
Erick Strickland
Glen Rice
Gilbert Arenas
Larry Johnson
Randy Brown
Dan Issel
Derrick Coleman
Jason Caffey
Antoine Walker
David Harrison
Latrell Sprewell
more...
(Excerpt) Read more at moneywise.ca ...
Most people would probably lose it over the long term, because most people don’t understand that money is nothing more than a tool to enable to make more money that you can live off of.
I wish I could millions of dollars like this, because my first act would be to open an investment account to dump it into and then live off of that.
You give any 21 year old kid a million dollars...particularly one who grew up in the projects without a father...and you can pretty much count on bad things happening to that kid. And the same goes for big lottery winners of *any* age.
I was surprised to see Tim Duncan on the list. He is the only one I bothered to run a net worth check = 130 million. So take this list with a grain of salt. I think he made the list because he had bad / crooked managers, agents. They put a dent in his net worth but they hardly drained him dry.
Based upon the number of professional sport athletes who end up broke, you would think the union would look out for their members 🧐. Maybe the union doesn’t care what’s in their members’ best interest?
Few things are as important as money management yet it is not taught in public schools. It has always amazed me. Not even the basics are taught and never has been. If a kid knows what an escrow account is he didn’t learn it in school.
“And although he’d earned $90 million over the course of his career, Sprewell ended up defaulting on his home loan in 2008 and being sued by his girlfriend for $200 million.”
Wow that’s some girlfriend.
This was almost a racist list but they did get a white guy in there.
from wiki
Legal issues
On August 30, 2006, Milwaukee police investigated a claim by a 21-year-old female that she and Sprewell were having consensual sex aboard his yacht when Sprewell began to strangle her. Police allegedly observed red marks on her neck. Police investigating the allegation searched Sprewell’s yacht for evidence.[7] On September 6, police declined to press charges. Sprewell then sought a restraining order along with “civil remedies” against the accuser.[8]
On January 31, 2007, Sprewell’s long-term companion sued him for $200 million for ending their relationship agreement. She claimed Sprewell agreed to support her and their four children through college.[9]
On August 22, 2007, Sprewell’s $1.5 million 70 ft (21 m) yacht was repossessed by a federal marshal. He had failed to continue paying for and insuring the vessel, for which he reportedly still owed approximately $1.3 million.[10] In February 2008, the yacht was auctioned for $856,000 after Sprewell defaulted on the mortgage.[11] Three months later, a Milwaukee-area home Sprewell owned went into foreclosure status.[12][13] In July 2009, a Westchester County, New York mansion Sprewell owned went into foreclosure status,[14] but that action was dismissed on motion of another party’s attorney.[14]
In 2011, Sprewell owed the state of Wisconsin $3.5 million in unpaid income taxes. On January 1, 2013, he was arrested for disorderly conduct after police received numerous complaints about loud music
“And the same goes for big lottery winners of *any* age.“
Elvis always springs to mind for me in this context. He might have been better off driving a truck.
I lost interest in the NBA after Larry Bird retired, then Michael Jorden retired
This 2005 book confirmed my instincts are on point
https://www.amazon.com/Out-Bounds-Inside-Culture-Violence/dp/0060726040
Jeff Benedict, with his background in research regarding professional athletes and crime, uses these cases as a springboard into an unprecedented look at criminals who play professional basketball.
In this raw exposé, Benedict evaluates every single current player in the NBA and his criminal history, revealing new and startling information about NBA players, the crimes they commit, the league’s tolerance and complacency in these instances, as well as the manner in which these cases are handled or disposed of in the justice system.
A few years back I was passing through Memphis and decided to visit Graceland. I was struck by what I saw in either the living room or sitting room (can’t recall which).The furnishings,etc were clearly expensive but they looked exactly like stuff that a piece of white trash would have bought just after having won the lottery.
“I wish I could millions of dollars like this, because my first act would be to open an investment account to dump it into and then live off of that.”
Most “investment accounts” go broke.
Would do something similar.
It depends on the fund, I suppose.
My choice would be a basic mutual fund.
“My choice would be a basic mutual fund.”
Many of those go broke, too.
Nothing is absolute, I suppose. But it does no good in the long term to spend itvas it comes in.
Interesting that Larry Bird didn’t have this issue.
In fact, he tried to warn other players about living lavishly. Bird himself was so frugal he fixed his Mother’s own driveway, resulting in injuring his back that led to his early retirement.
Money management is critical to wealth. We do not teach money management in High School.
It’s all about the “Burn Rate”. If you spend more than the account makes, its shrinks. As it shrinks, it shrinks faster every year because the spending always goes up, never goes down. Inflation is one reason. Like a train going downhill, impossible to stop. You need about 2 million, net worth, to have a positive income stream to live on. That’s why a pension is so critical. A pension of 30K a year plus 25K with SS, that is similar the revenue of a million dollar investment fund. Public employees with good pensions are living like millionaires after they retire.
What is Larry Johnson’s Net Worth?
Larry Johnson is a retired American professional basketball player who has a net worth of $10 million.
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