Comments on: NBA Players D Up Their Spending

By: ScottG

ScottG — Wed, 09 Dec 2009 13:57:40 +0000

The higher the climb the harder the fall. It’s really all very sad when they had so much but didn’t have the smarts to live within their means. It doesn’t matter if you make $20 mil a year or $20k you still have to have a budget and save a little or in their case a lot. Human nature, the more we get the more we want but wanting is one thing; going out and getting what you want when you can’t sustain your income or support your buying habits is another. I hope they all land on their feet and one day appreciate what they had and help other people in need using their notoriety. Could be a lesson learned. Again the higher the climb the harder the fall.

By: suga_shane

suga_shane — Fri, 04 Dec 2009 22:17:26 +0000

a big LOL @ what most of you have to say about investing and real estate.

The money some of these guys made, they could have paid off most of any decent sized commercial/rental property they bought in 10 years. Then they are set for life. Heck, all anyone really needs is 5mil and they can be good for life. Just live within your means!

That’s the biggest issue. Some of these guys live within their means, IF they made 3-5 mil a year, every year. But they dont. most play less than 10 years and im sure the real number is closer to 3 to 5 years. You can’t spend that kind of money when you are 45, 10 or 15 years removed from basketball and a LONG ways to go before Social Security kicks in.

My advice to these guys is don’t go to an “uncle” or a “friend” or a random guy. Go talk to the OWNERS of the team you play for! These are guys with countless wealth and most of these guys know how to invest it, where to invest it, and with whom to invest it with.

Why would you ever trust the dude you grew up with, smoked weed with during all those days you ditched class with you money?

By: K-Dubs

K-Dubs — Fri, 04 Dec 2009 16:05:54 +0000

Nice article. Good to hear players are being smart with their money finally.

By: Pet Society Help

Pet Society Help — Fri, 04 Dec 2009 16:04:16 +0000

No thugs interviewed in this, only black guy the interviewed is one whose mom is a lawyer. That’s like asking Grant Hill to free style against Jin the MC.

By: DMC

DMC — Fri, 04 Dec 2009 10:32:15 +0000

I can’t believe were even acting like real estate is some ultimate demise investment. Just because an economy is down and people aren’t necessarily buying doesn’t mean they aren’t renting, case in point of owning property and having a cash flow through collecting rents. Market and economy goes up you sell it and move onto bigger investments. When you have money like them small failure is meaningless and possibilities are endless.

By: Celts Fan

Celts Fan — Fri, 04 Dec 2009 00:31:01 +0000

@RC – I heard Pip got ripped off (ironically enough) by his financial advisor and got most of it

By: BiG ShoT BoB

BiG ShoT BoB — Thu, 03 Dec 2009 23:13:52 +0000

@Diego I guess where I work in SF every building is pretty full. I could see where real estate might not be doing so well down south. But this also isn’t the only country in the world. But my point was every rich person stays that way by investing their money. Look at someone like Magic he always has his hands in everything so if one business fails you always have one that’s doing good to balance it out. As long as you have more businesses that are doing good than bad you continue to collect.

By: Diego

Diego — Thu, 03 Dec 2009 22:25:32 +0000

If you are an athlete that bought or built an office building or a condo building, you’d be sitting right now with a building that is pretty darn empty, because in this market, no one would be leasing (in the case of an office building) or buying (in the case of a condo building) your space/units.

Just like the beautiful high-rise condo building Magic Johnson participated in building that just got built in Midtown Atlanta, which I am looking at from my office.

Then you would have to pay your lenders, which you wouldn’t be able to do, and you’d lose your building and the $ you put into it.

By: RC

RC — Thu, 03 Dec 2009 21:28:54 +0000

I read an article two years ago about Scottie Pippen facing same problems of being broke.

By: Rare Air

Rare Air — Thu, 03 Dec 2009 21:27:32 +0000

The smart ones set up an annuity for themselves, live off the interest, do not spend the principal. I agree it is smart to invest in business ventures, real estate, etc. But to do it wisely, many athlete have gone into that thinking they are being smart and just lost their ass big time. Refreshing though to hear not all the dudes in the L spend it till its gone.