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Why do so many NFL players go bankrupt?

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Old 05-04-2010, 09:21 AM   #31
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by Mattyk View Post
If you tossed a few mill at a bunch of us here, I'm sure more than a few would end up in the same boat as these athletes. People in every walk of life have money management issues no matter how much you make.
I don't think the intelligent people here would.

You can't be both of reasonable intelligence AND prone to pissing away a few mill. Those are mutually exclusive.

Pissing away millions = stupid. Plain and simple.

That said, we do have stupid people on this site!
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Old 05-04-2010, 09:25 AM   #32
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Re: Why do so many NFL players go bankrupt?

I am willing to be a guinea pig if anyone wants to throw a mill or two at me. I will let you know how stupid I turn out to be
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Old 05-04-2010, 09:30 AM   #33
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by Daseal View Post
If I were an agent, I'd make it mandatory for my clients to have a financial adviser before the draft. I'm not great with finances, luckily my bank is always very good at helping me out.

If you're eligible for USAA -- there's not a single thing I haven't loved about the company.

I still think the most amazing thing, is the pure number of lottery winners who blow the money in no time.
The kind of people that become agents are the same kind that sell used car salesmen. They simply don't care or they see you as a meal ticket and the more they have to do for you the more they get paid. They are the sharks athletes should run away from, they are part of the problem not the solution.
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Old 05-04-2010, 09:32 AM   #34
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Re: Why do so many NFL players go bankrupt?

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When it comes to trusting the wrong people, I agree, that's just as retarded. I mean how hard is it to simply leave all your money in a savings account until you've gotten yourself a little more educated on how to handle money?

If you piss it away you have only yourself to blame. Lack of foresight, lack of understanding, lack of thought put into it, lack of judgment when selecting money managers, it all comes back to the athlete.


What is a savings account?
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Old 05-04-2010, 09:44 AM   #35
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Re: Why do so many NFL players go bankrupt?

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I am willing to be a guinea pig if anyone wants to throw a mill or two at me. I will let you know how stupid I turn out to be
Same here. As a case study we could look at how CRedskinsRule handles the money as compared to how I would.

Money has different effects on different people. A lot of people who grew up dirt-poor never forget that and do not spend frivolously. Others thinking it never ends and getting caught up in fantasyland without regards to the future and the economy spend like there's no tomorrow.

Even smart people have lost money. We all make mistakes. A lot are made due to ego or immaturity. That's life. Usually if you keep yourself in check, your checks will last longer and most of your decisions will be productive ones. I've never been rich so that's JMO.
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Old 05-04-2010, 09:47 AM   #36
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Re: Why do so many NFL players go bankrupt?

I did not read the links or other post but I can sum it up pretty easy. Just because you can play a sport does not make you smart. Most of these guys came from nothing and would be nothing without a sport and they spend money like a drunk sailor.
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Old 05-04-2010, 10:17 AM   #37
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by Schneed10 View Post
I don't think the intelligent people here would.

You can't be both of reasonable intelligence AND prone to pissing away a few mill. Those are mutually exclusive.

Pissing away millions = stupid. Plain and simple.

That said, we do have stupid people on this site!
There's nothing "plain & simple" about this. While I agree w/your overall sentiment, that it is stupid to piss away millions, it certainly doesn't mean everyone that does so is stupid. There are so many variables that go into it.
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Old 05-04-2010, 10:18 AM   #38
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by Schneed10 View Post
I don't think the intelligent people here would.

You can't be both of reasonable intelligence AND prone to pissing away a few mill. Those are mutually exclusive.

Pissing away millions = stupid. Plain and simple.

That said, we do have stupid people on this site!
They are not mutually exclusive, one need look no further than the 2008 economic meltdown to see that intelligent people will do foolish & risky things with money.

Pissing away millions is stupid but intelligent people do stupid things all the time.
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Old 05-04-2010, 10:30 AM   #39
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Re: Why do so many NFL players go bankrupt?

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They are not mutually exclusive, one need look no further than the 2008 economic meltdown to see that intelligent people will do foolish & risky things with money.

Pissing away millions is stupid but intelligent people do stupid things all the time.
Thereby proving themselves to be no longer considered intelligent.
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Old 05-04-2010, 10:32 AM   #40
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by irish View Post
They are not mutually exclusive, one need look no further than the 2008 economic meltdown to see that intelligent people will do foolish & risky things with money.

Pissing away millions is stupid but intelligent people do stupid things all the time.
Agreed
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Old 05-04-2010, 10:33 AM   #41
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Re: Why do so many NFL players go bankrupt?

Schneed, have you never done anything dumb in your life?
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Old 05-04-2010, 10:38 AM   #42
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by irish View Post
They are not mutually exclusive, one need look no further than the 2008 economic meltdown to see that intelligent people will do foolish & risky things with money.

Pissing away millions is stupid but intelligent people do stupid things all the time.
The folks you speak of, the ones who got crunched by the economic meltdown, were largely the ones who speculated on the real estate market. Perhaps they were flipping houses, or buying places to rent them out, etc.

They made a couple big mistakes which, when combined, I would classify as stupid:

- They assumed real estate prices would continue to go up, even though they had already gone up way more than historical norms.

- They went into huge amounts of debt to finance it, leaving themselves on the hook for large sums of money in the event real estate prices actually came down.

You don't bet a lot to win a little. These people were taking out $400K loans on these houses and trying to sell them for an $80K profit. If you can't assess the risk inherent in that, you're a moron.

Others got hammered by economic events beyond their control. I feel sorry for those folks, but not the morons I mentioned above.
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Old 05-04-2010, 10:40 AM   #43
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by Schneed10 View Post
Thereby proving themselves to be no longer considered intelligent.
It sounds like to you anyone who ever made a mistake can no longer be considered inteligent so to you must no intelligent people in the world.
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Old 05-04-2010, 10:41 AM   #44
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by irish View Post
They are not mutually exclusive, one need look no further than the 2008 economic meltdown to see that intelligent people will do foolish & risky things with money.

Pissing away millions is stupid but intelligent people do stupid things all the time.
Which proves there is such thing as an educated fool. A fool and his money will soon part ways. You're right! Some people will do any and/everything for money, then not know what to do with it after they get it.
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Old 05-04-2010, 10:42 AM   #45
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by SmootSmack View Post
Schneed, have you never done anything dumb in your life?
Sure, but nothing that results in such drastic consequences.

The thing that makes these athletes so dumb is the consequence of their actions. They have the chance to set themselves up for life, to have the financial freedom to work in just about any field they want without worrying about money like the rest of us. But they give that all away with careless handling of their assets. It's a huge mistake.

Now, is it the worst thing in the world to return to a life where you need to get a job to support yourself? No, that's the life I'm living now, and I'm happy.

But think about where they could be. That's what's so dumb.
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