Jammin Posted July 3, 2010 Report Share Posted July 3, 2010 With all these stories of people going broke, even after earning $50+million in their careers (Coleman, Ray Williams etc), I'm in shock that people can't manage money to be able to stay alive, financially. I personally could live off of $1 million for my whole life haha. Anyways, who do you think will be the first idiot to go broke, even after earning $4M+ a year for a solid career. I'm thinking it'll be one of the players with a bad attitude like JR Smith or Gilbert Arenas. Your opinions? Quote Link to comment Share on other sites More sharing options...
AboveLegit Posted July 3, 2010 Report Share Posted July 3, 2010 Gilbert doesn't have a bad attitude lol. Quote Link to comment Share on other sites More sharing options...
Owner Real Deal Posted July 3, 2010 Owner Report Share Posted July 3, 2010 I'm not so sure Ray Williams made $50 million during his career, though. I'm sure there's an article somewhere that probably states he made that much, but I have to question that because players were getting paid around $2-3 million a year back in the late 80's...and I imagine it was a little less in the last 70's and very early 80's. Williams played 10 seasons, so he'd have to average $5 million a year. Quote Link to comment Share on other sites More sharing options...
Jammin Posted July 3, 2010 Author Report Share Posted July 3, 2010 Yeah it wasn't $50M but it was still a solid amount to live off of. I was just reading an article today about it.. http://sports.yahoo.com/nba/blog/ball_dont_lie/post/The-sad-tale-of-Ray-Williams-10-year-NBA-vet-no?urn=nba,253262 Quote Link to comment Share on other sites More sharing options...
Multi-Billionaire Posted July 3, 2010 Report Share Posted July 3, 2010 Jammin, you think you can live for the rest of your life with $1 mil... but fact is if you really have that kind of money, you would be a different person. You would have a different level of lifestyle. Eddy Curry has a lifestyle of $30,000 expense per month, I said before he declared bankruptcy, he would be bankrupt. Trump and Gates donate millions (in Gates case, billions) to charities but they would never think spending $30,000 a month on personal (not business) expenses is smart... especially in proportion to Curry's millions. They are in this position because they only know only one (1) thing to do with their money: to spend. They don't know what else to do with it, e.g. making money off their money. Once their playing career is over, it's like turning off the tap forever, the water stops flowing in. But the expense keeps flowing out. That's why many NBA players/ pro athletes seek business advice and are told to build their own businesses/ assets that give them another tap for the water to flow in besides their main tap from their profession. Some players like Dwyane Wade see their businesses not only fail but also get sued... but others flourish like Magic Johnson and Chucky Atkins (automobile). I believe Magic Johnson should be the model of NBA players. Not only athletically but financially. People say he's even a better businessman than he was a player. He played in an era where everyone was earning thousands of hundreds of dollars... not millions. But he was able to build what he got into possibly a half billion fortune. Being rich/ poor is not by how much money you have. But by how smart you're financially. If you have a knack of turning $1 into $10 you're far more likely to turn $1,000 into $100,000 (and numbers just keep getting bigger) than the other person who only knows how to spend their money. Eddy Curry has another season which pays him $11 mil... after that I don't think any NBA team would sign him to a minimum... which is to say, after this season, his tap is turned off forever. Judging by his $30,000 personal (not business!) spending per month, I don't think he's the type of person who knows what he's doing financially. If nobody saves him and he keeps spending $30 K a month, he'll be bankrupt within couple of years and the society that work 9-5 would have more in their bank account than Curry would. Simple math. In fact, a homeless man would be in a better position than Curry because homeless people don't have credit card or get into debts. Curry will be in huge huge debt because his lifestyle would remain the same even until he spends the last dollar of his NBA money. It's not your money that makes you rich, we've seen millionaires (through inheritance or lottery wins) go bankrupt in 3-5 years. It's your mentality and financial IQ. If you guys are keen on improving financial IQ, I suggest reading a Robert Kiyosaki book. If you think financial books like that require a lot of knowledge, no they don't. He has a knack of explaining difficult things in simplest terms that 7 year olds can understand. The fact that it's so easy, it's like reading comic book, it's fun. Once you think finance and businesses are fun, you're actively involved in the game. Quote Link to comment Share on other sites More sharing options...
JWaLL Posted July 3, 2010 Report Share Posted July 3, 2010 How does Gilbert Arenas have a bad attitude? Sure he's an idiot when it comes to the extent of his practical jokes, but he isn't a careless spender (unless you consider donating to charities and schools as careless spending). Quote Link to comment Share on other sites More sharing options...
alcstarheel Posted July 3, 2010 Report Share Posted July 3, 2010 Eddy Curry-type players for sure. I think Gilbert and J.R. will be fine because they make enough and they make what they're worth (for the most part). I'm looking at Drew Gooden. He doesn't seem to be all there. Knicks players are always going to be in this so wont mention them. But it seems to usually be big guys. Quote Link to comment Share on other sites More sharing options...
Flash Posted July 3, 2010 Report Share Posted July 3, 2010 Jerome James Quote Link to comment Share on other sites More sharing options...
Multi-Billionaire Posted July 3, 2010 Report Share Posted July 3, 2010 (edited) How does Gilbert Arenas have a bad attitude? Sure he's an idiot when it comes to the extent of his practical jokes, but he isn't a careless spender (unless you consider donating to charities and schools as careless spending). Donating a disciplined, smart proportion of your earnings to charities is not being careless. In other words if you decide to give away 10% of your earnings every month to charities, it's not being careless. In fact, being generous is one way you unattach yourself emotionally from money and enable you to make future good business decisions not pressured by money. We've seen many businesses fold because the owners make business decisions based on money as its major decision-making... they let money control them like dummies. Never ever let your money control you/ be your boss... instead, be the boss of your money... in fact, you should see your money as your slaves from now on. Slavery has been long abolished, but noone can tell you what to do with your money, so make it your slave! It's much better than being a slave to money. Because when you're a slave to money, being clingy to money, thinking money is everything, that's when you can kiss your hopes of being rich goodbye. Being generous is a very good thinking, not only for the people you're generous to, but for yourself too. But remember being generous doesn't mean being an idiot... if you decide to give away 50% or larger or unnecessary amount of your earnings, then it's just financial idiocy. Kiyosaki states a good amount if you ever want to start being generous is 10%. Earnings (100%):- Charities/ tithing (10%) - for any one/ group you decide to be generous to- Savings (10%) - for urgent situations/ rainy day- Investment (10%) - for your investments- Spendings like bills, foods, clothes, entertainment, etc (70%) ^Even if you're a student, you can start doing this with your allowance/ part time job incomes. Edited July 3, 2010 by Snake Quote Link to comment Share on other sites More sharing options...
JWaLL Posted July 3, 2010 Report Share Posted July 3, 2010 Donating a disciplined, smart proportion of your earnings to charities is not being careless. In other words if you decide to give away 10% of your earnings every month to charities, it's not being careless. In fact, being generous is one way you unattach yourself emotionally from money and enable you to make future good business decisions not pressured by money. We've seen many businesses fold because the owners make business decisions based on money as its major decision-making... they let money control them like dummies. Never ever let your money control you/ be your boss... instead, be the boss of your money... in fact, you should see your money as your slaves from now on. Slavery has been long abolished, but noone can tell you what to do with your money, so make it your slave! It's much better than being a slave to money. Because when you're a slave to money, being clingy to money, thinking money is everything, that's when you can kiss your hopes of being rich goodbye. Being generous is a very good thinking, not only for the people you're generous to, but for yourself too. But remember being generous doesn't mean being an idiot... if you decide to give away 50% or larger or unnecessary amount of your earnings, then it's just financial idiocy. Kiyosaki states a good amount if you ever want to start being generous is 10%. Earnings (100%):- Charities/ tithing (10%) - for any one/ group you decide to be generous to- Savings (10%) - for urgent situations/ rainy day- Investment (10%) - for your investments- Spendings like bills, foods, clothes, entertainment, etc (70%) ^Even if you're a student, you can start doing this with your allowance/ part time job incomes.I'm confused... when did I say donating to charities was careless spending? I was being sarcastic in my response to Jammin. Gilbert is a very charitable person despite how the public portrays him as the NBA Gunman. I was saying how he is not a careless spender and likes to give his money to good causes. Quote Link to comment Share on other sites More sharing options...
Multi-Billionaire Posted July 3, 2010 Report Share Posted July 3, 2010 ^I'm not saying you said it was careless spending. In fact, I was backing up what you said. The post is not directed to you but to the subject of being generous. Don't worry Quote Link to comment Share on other sites More sharing options...
JWaLL Posted July 3, 2010 Report Share Posted July 3, 2010 ^I'm not saying you said it was careless spending. In fact, I was backing up what you said. The post is not directed to you but to the subject of being generous. Don't worry Lol alright just making sure. I was quoted so I thought I was being refuted. My bad Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.