Bottom line is it was his money. And it’s HIS responsibility to understand what’s being done with it. Too many of these pro athletes say “I got me a dude”.
No. 1 pick Joe Smith made millions, now in debt
- Thread starter Smashcat
- Start date
Hence disposables...at least the cars....don't invest properly and wisely in houses they can eat you....(The house)
(A hard knock on those still renting and owning a Mercedes or BMW....just dumb unless there is a reason. (I sure can't think of one.))
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USA today ran a story that 70% of lottery winners go broke. When asked to prove that percentage the writer of the article nor USA today could find a source to support it. Fortune magazine ran an article 44% of lottery winners go broke. They listed Camelot group as their source. Camelot group stated they made no such survey, so fortune changed it to 33%. They still couldn’t find a source.
The national endowment for financial education estimates that one percent of major lottery winners go broke. These are people that win multiple millions. It’s newsworthy when one lottery winner goes broke, but it’s not news with 99 retain their wealth.
One source that is often cited is the University of Florida. Students in a statistics class performed the research and found that 66% of lottery winners go broke. A major flaw in their survey was that they used winners that received $50,000 or more. This leads to a definition of terms problem. What is a lottery winner?
Not trying to pick on you Semper or start a fight. I enjoy many of the things you post. I hit heard 66% figure as well. But, when our news department went to do a story on a local winner we found those numbers to be extremely exaggerated
Know wasn't Joe.. But who was the Smith played with rondo at oak hill? Josh? When they played at North Laurel their Sr year and rondo had 31 assists,, Smith got 20 or so of those from lob dunks..
Imo this is an indication of how poor our educational system is.Imo before you get a High School diploma you have to take classes on basic subjects on balancing a checking account,how to manage credit just to mention a few.This could certainly be more useful than taking a foreign language
60 year olds who don't have a grand in the bank. You tell me why? If you can you will have answered something no one in history has been able to answer.
Money and the accompanying lifestyle is a drug. You have the highly functional and responsible addicts, then you have the Tysons’, Walkers’, and Smiths’ of the world. Calling addiction a “disease” is a cop out.
I agree with your ramblings. College basketball, in particular, puts young kids into full adult situations with incredible amounts of money in their hands and they just aren't prepared to handle that situation. Not sure how I would have done as a 19/20 year old being handed millions of dollars either. I'm glad you mentioned Cal helping his guys to handle life after UK a little better. I thought I had remembered a story from several years ago where he had some sort of classes, or something like that, to help his guys understand how to better handle their upcoming fortunes and get them started on the right path of not just blowing their money when they got their payday. Can't remember all the details but it did seem he was doing things to help them out before turning them loose on the world of vultures who want to get their hands on young kids' money.
I'm near 45.. Don't have a grand in bank nor do I ever keep a grand or more in the bank,, just one day week on payday.. But I have 4 vehicles,, 20k+ in guns n ammo and live in a lil block building.. Nice life actually.. I'll tell you why I don't.. I buy whatever I want to be happy.. Don't need anything bigger than I have nor need it..
I'm near 45.. Don't have a grand in bank nor do I ever keep a grand or more in the bank,, just one day week on payday.. But I have 4 vehicles,, 20k+ in guns n ammo and live in a lil block building.. Nice life actually.. I'll tell you why I don't.. I buy whatever I want to be happy.. Don't need anything bigger than I have nor need it..
Good luck to you. If you're happy, that's good enough.
the whole comment...
Taking lump sum has HUGE advantage if you know what you are doing with the money.
If you don't know what you are doing with the money, whether its lump sum or annuity, you are most likely going to waste a lot. Just because you are getting it slowly over the years, doesn't mean you aren't going to build up debt and make other silly mistakes...if you compare to NBA players with multiple year contract...it supports what i just stated.
Not to mention, if you are old...well...not a good idea at all to not take lump sum.
If you have nice investment strategy...well, getting money upfront is huge advantage as well.
Most people dont. But if you're old or smart with your money Lump sum can be a decent option.
exactly, it really doesn't matter if you take lump sum or annuity then. Most people will waste it.
I think it's more about family members and friends taking advantage of these people. You have cousins and the cousins friends asking for handouts. Also ofcourse making stupid purchases. But alot of Investors hound these people and lottery winners and alot of them fall for it. I think one lottery winner got half her money taken from a Pastor.
Lump sum is significantly more money in the long run if invested properly and handled well, that’s been very well established. Most people that are good at investing and handling money don’t play the lottery.
Also a lot of these people that go broke don’t go broke because they spend it all - most are cheated or swindled out of most of it by crooks portraying financial advisors, investors, etc. Its all pretty sad frankly
Also a lot of these people that go broke don’t go broke because they spend it all - most are cheated or swindled out of most of it by crooks portraying financial advisors, investors, etc. Its all pretty sad frankly
How though exactly do you get fuc$*Ng swindled out of MILLIONS by “fake advisor?” Who just randomly trusts some stranger with millions and millions of their money lol?
I definitely don’t really consider myself well educated on “finance” etc but I have common sense... you’d think others would as well?
It’s really not that hard to believe. These guys start making real dough and are surrounded by others that do as well. Then it stops all of a sudden for most. It’s easy to say they should plan for this or that, but I would argue that anyone on here that started making $200k a year from 25 to 35 and then it stopped and they had to take a lesser job at say $50k would struggle. You set your life up to the current state and those around you. Another issue is after the paydays stop they are still around others making it and their egos won’t let them change the lifestyle. All of the other things mentioned on here also contribute, but it’s really not that hard to believe or understand. I think Amy of us, regardless of our current situation, can see a path that would put us on hard times where we needed to restructure our lives. There’s is just more public. Hopefully, it never happens, but could.
I see a lot of very smart people go broke. Lose their job, kid, parent or they get sick, primary industry cycles down- lots of reasons. Some can be self-inflicted and that appears to be the case here, but not fair to generalize. There are millions of BK’s every year and few are this situation. Not defending anyone just trying to avoid condemning everyone that falls on hard times as I don’t know their particular situation.
Didn’t generalize. He made MILLIONS. Like I said A FOOL AND HIS MONEY SOON PART!!! Not knowing what you have coming in versus going out you would be a complete fool. When you make that type of money you should be able to live off the interest alone if your living high on the hog you better scale back. It’s not about keeping up with the JONES’S as some try.
They do every draft class. It’s sad because most of them come from nothing and think that when they make it that it won’t end/ can’t spend it all. Some have no idea how to live and calculate any cost of living.
If they are not economics or accounting majors then they are smarter than you give them credit.
Hey Supa. Sorry to hear about your family and cancer. But, you may want to save just a little. After reading about your family history you’ll be in my prayers. I’m sure others on rafters will have you in their prayers as well.
