$100million on alcohol addiction and failed restaurant is now working at STARBUCKS

[wj4]

Family
No financial knowledge
Finanial managers (swindlers)
Living for today
Stupidity

I remember I read something about a dude winning the lotto (not even that much honestly) and he did something foolish like build a one bedroom house with like a 6 car garage. His mom lived a few states over, and he would regularly fly her over in a private jet.

Then wondered how he was broke just a few years later...

A lot of people winning lottery end up broke several years later because like you mentioned they have no financial knowledge. They buy liabilities instead of assets and I'm sure family members and friends were calling at all hours for a piece.

I think we're gunna see a lot less of these stories going forward at this scale

Agree. Modern day athletes are a lot savvier from the mistakes of the previous generation.

I'm sure it's not net $100M. It's about half that after taxes. Houses, cars, travels, etc. it goes real quick. The classic case with be Antoine Walker to me.

 

[Xennial]

A lot of people winning lottery end up broke several years later because like you mentioned they have no financial knowledge. They buy liabilities instead of assets and I'm sure family members and friends were calling at all hours for a piece.
Agree. Modern day athletes are a lot savvier from the mistakes of the previous generation.

I'm sure it's not net $100M. It's about half that after taxes. Houses, cars, travels, etc. it goes real quick. The classic case with be Antoine Walker to me.

Antoine Walker is a different story.  He went broke from commercial real estate

 

[Olympus]

 
he got 100mill total through his career...

taxes probably put him around 55mill take home.

if you factor in property taxes, living the high life, excessive drugs and alchohol... It's easy to run through 55mill in 10-15 years

matter of fact... you idea that you could spend 50 mill on cars, house, etc. and live off 50 mill is EXACTLY how cats go broke...

the proeperty taxes + maintenance + living expenses + insurance etc. will eat through your money if you have 50million worth of static and depreciating assets

I always forget to factor in the taxes.

Wouldn't be how I'd personally handle it, it was just a what if. Even still, if you can't live off 50 mill for the rest of your life you're doing something horribly wrong. All the stuff you mentioned goes overlooked more often than not. Either cut the fat or learn how to keep making money post-retirement.

 

[richiecotite]

I hate the "If I were him..." kind of people because they rarely take into account the person's circumstances and most of the time you really can't say what you would do unless you were in that situation.

BUT...how hard is it to just take you 100 mill, buy a nice 2-5 mill house, and just lay up with the wife and just chill. Have some kids, go play some ball in you free time, find a chill hobby, a cool tv show. I mean damn you could blow 50 mill on expensive toys, cars, a house, etc and still have another 50 mill as a cushion. I really just don't understand how this happens. You literally have TRY to go broke at that point.

Keep in mind when you're talking about that kind of money, uncle sam will regularly take 50% off top, not to mention NBA players have to pay state taxes in each state they play a game in. That $100 million is probably somewhere closer to $45 million.

 

[Olympus]

Keep in mind when you're talking about that kind of money, uncle sam will regularly take 50% off top, not to mention NBA players have to pay state taxes in each state they play a game in. That $100 million is probably somewhere closer to $45 million.

Yeah I know. I always forget to take that into account. 

Plus agents get a cut.

 

[flyeed]

What ****** difference does it make

If someone can go broke after making $50 mil they'd more than likely make the same ****** mistakes to blow $100m

U dudes in here like "oh well it's only $50mil, yea I can see how that can go quick."

It's still next level ridiculous

 

[Sir San Diego]

For clarification: yes, Vin Baker lost most of the money he earned in his career, but he's managing a FRANCHISE because he is in the process of buying a FRANCHISE. He has to learn how to manage it first, and that means learning every aspect of the business. He is NOT merely "working" at a Starbucks.

I like how this was purposely omitted from headlines.

 

[dmbrhs]

I like how this was purposely omitted from headlines.

Eh, it's kind of hard to convey in a headline. However, it should be addressed early in the story. I've read a handful of stories and they either don't even mention that he's acquiring his own franchise, or they bury it at the bottom.

 

[Master Zik]

I knew he'd wash out the league during his short tenure on the Knicks.

I'm not surprised he's struggling now after I seen him on that Dennis Rodman goes to North Korea doc