Over half of NBA players go broke after retiring

[elz]

Yeah, elz is a moron. 1 mil can last forever if properly handled and invested.

before or after taxes dck head!

a million ain't sht
you can't retire on a million
and if you think so, your dumber than these athletes you keep trying to insult

[Make It Rain]

I work in an investment firm
so I view it like this

lets say its 30million
1st
understand that they're not getting once lump sum payment

then you add in taxes which is major cuz you now in a 40 percent tax bracket!
so you take 30 and make it 16.5 or so
its human nature to spurlge in some way
even a conservation is prolly gonna blow 2mill
your now working wit say 13 to 14
not factoring house car and here's the good part..... medical!!!!!!

it's really not that much money unless you get it all at once and can sit down and divide it up on how your going to invest it.
Your put that infront of any poor person no matter what background and their not going to immediately see the picture.

No. The reason they wouldn't see the bigger picture wouldn't be because they're poor. It'd be because they are uneducated.
So, how is it I can survive on $40,000/yr, but they go broke with a mil a year? Even if you tax it, it's still gonna be enough to invest. Spend only for what you need. Invest the rest.

[Niquesports]

I work in an investment firm
so I view it like this

lets say its 30million
1st
understand that they're not getting once lump sum payment

then you add in taxes which is major cuz you now in a 40 percent tax bracket!
so you take 30 and make it 16.5 or so
its human nature to spurlge in some way
even a conservation is prolly gonna blow 2mill
your now working wit say 13 to 14
not factoring house car and here's the good part..... medical!!!!!!

it's really not that much money unless you get it all at once and can sit down and divide it up on how your going to invest it.
Your put that infront of any poor person no matter what background and their not going to immediately see the picture.

Whats your investment firm. I will never do by banking with them. IF a person just put 1 mil. in a basic savings account and lived off the interest they could live well. Then buy a house and get the tax money off that house or re-finance it its not hard people live comfortablly off 60 grand its not that hard.

[Niquesports]

before or after taxes dck head!

a million ain't sht
you can't retire on a million
and if you think so, your dumber than these athletes you keep trying to insult

Im not sure whos dumber .
Why cant you live off a mil.
give yourself 50 grand a year thats 20 years of pay. Not to mention the interest if you just put the money in a basic saving account.

[Niquesports]

Spree, is that you?

No its me Bobby Knight

[Niquesports]

thats because there are A LOT more white people then blacks. id bet that a bigger % of blacks are on welfare.

Lets bet how about 1 gazzillion dollars

[Valliant13]

I work in an investment firm
so I view it like this

lets say its 30million
1st
understand that they're not getting once lump sum payment

then you add in taxes which is major cuz you now in a 40 percent tax bracket!
so you take 30 and make it 16.5 or so
its human nature to spurlge in some way
even a conservation is prolly gonna blow 2mill
your now working wit say 13 to 14
not factoring house car and here's the good part..... medical!!!!!!

it's really not that much money unless you get it all at once and can sit down and divide it up on how your going to invest it.
Your put that infront of any poor person no matter what background and their not going to immediately see the picture.

No offense, but I find that very difficult to believe.

[Niquesports]

it doesnt matter what place someone works at, the issue here is that nba players are living too far from their means and going broke. if your very good at managing money you could easily live a life working at taco bell.

This was a poor taste joke. My point if you go to any job there are people that do well with there money, get by, and those that over spend. This is accross the board black,white ,brown, rich, middle class poor, educated, non educated. To single out the NBA to me is racist unless we also show how hockey players are doing as well as Baseball players .

[Niquesports]

jesus christ man, learn some basic sentence structure.

If I was at work I would worry about this of if I felt I was talking to some one that matters.

[elz]

Uh, did I say ALL are like that? I said most. And that's not a lie. Look at the statistics. I'm not gonna hide behind political correctness. I'm gonna flat out say it. I'm not racist. I don't have to watch the news. I see people pissing their life away daily. And what's it have to do with race anyway? I said inner city kids. I've seen plenty of kids make it out without sports. Maybe if you and everyone else would stop making excuses for them, they'd get their act together. Everyone I grew up around still thinks life is about money and drugs. And these are people in their mid-to-late-20s. And where did I say what I said applies to all people of the group? I said most. And that is, in fact, true. But now that you bring up race. Explain to me why African Americans are at the bottom of the literacy rate and test score statistics? Why is it that, IMMIGRANTS, that come to this country with absolutely nothing, fare better? Something's wrong with the culture in the inner cities. Nobody wants to address it because they think it's politically incorrect. Bill Cosby has been trying to fix up neighborhoods and telling them to shift gears and turn away from this new age of hip hop that promotes violence and drugs. And he gets crucified for it by the same black community he's trying to fix up. I didn't want to turn it into a race issue but you brought it up. I'm not racist, but I'm not gonna be politically correct just to make you feel better. I've got plenty of black friends. And none of them do drugs or go around calling girls b!tches and h oes. They also use proper grammar and avoid using the word ain't 50 times a sentence like you do.

Last time I checked they put the word Ain't in the dictionary. And use of Slang isn't a sign of lack of inteligence. However you do a good job of over analyzation and generalizing something you're clearly foreign too. I respect Bill Cosby too but part of problem is your more flys with Honey! Meaning you don't come out and tear people down to build them up. And you don't generalize a group of people you don't understand from an environment you can't relate to. Inner city issues are Layered, there's no one felt swoop to solve the multitude of issues that plague the inner city. So there's no one simply answer to every issue the inner city has. But as far as the schooling goes. Visit one not for a day a week. Observe the teachers books and how much they truely challenge the students and give a fk about what their teaching. Another lil tid bit, if you think the biggest dealers are in the ghetto. Check again cuz police officers ain't sht. Where I'm from, they'll tell you to your face their the biggest gang in the US. I know people that can't quit that lifestyle because of that. I don't like to make excuses for BS that goes on these environments. Alot of its ignorant but its also ignorant to believe they're all like this or to blame Hip hop. Hip hop ain't got sht to do wit what goes on in the streets. You could ban rap all day it ain't gonna stop violence drugs sex or alcohol and drug abuse. That's where Bills ignorance is but he's so removed from it he can't see it. I agree with alot of what Bill said, no teenager so have bad grades and 150 dollar sneakers no doubt, but his approach is all wrong and he's misguided.

[Make It Rain]

If I was at work I would worry about this of if I felt I was talking to some one that matters.

So why are you posting here if you know some people won't be able to understand you?

[evinecz]

They waste their money buying stupidness.

[Younggrease]

There's poverty and illiteracy wherever you go. It's ignorant to generalize the population when it certainly does not apply. Inner city kids are too busy balling in the playground, dealing and doing drugs, and joining gangs. For every person that comes out of the hood to make it in the NBA, there's probably a thousand more that didn't. People don't realize that they should just apply themselves in school and get the most out of what they've been given. There's absolutely no reason why there should still be illiteracy and poverty.

so its that easy??


i have family there and I lived there for a time and its not easy in comparison.

[elz]

No. The reason they wouldn't see the bigger picture wouldn't be because they're poor. It'd be because they are uneducated.
So, how is it I can survive on $40,000/yr, but they go broke with a mil a year? Even if you tax it, it's still gonna be enough to invest. Spend only for what you need. Invest the rest.

Because your expenses will adjust to your current income
you might not buy a phantom but your prolly not gonna drive a corrolla either.
Your life will change, you might have a crisis,
medical issue, a legal issue
all type of sht you can't for see
a business venture you thought was a good investment
a market crash, have you noticed their slicing interest rates. Are really sure you want to invest all your money with one company. What if they pull a Enron!
What if you have kids, investing for their future
their medical

a million ain't sht!
a marriage that don't work out
you may have a pre-nupt but she got custody,
now you polishing up your resume.

[Make It Rain]

Last time I checked they put the word Ain't in the dictionary. And use of Slang isn't a sign of lack of inteligence. However you do a good job of over analyzation and generalizing something you're clearly foreign too. I respect Bill Cosby too but part of problem is your more flys with Honey! Meaning you don't come out and tear people down to build them up. And you don't generalize a group of people you don't understand from an environment you can't relate to. Inner city issues are Layered, there's no one felt swoop to solve the multitude of issues that plague the inner city. So there's no one simply answer to every issue the inner city has. But as far as the schooling goes. Visit one not for a day a week. Observe the teachers books and how much they truely challenge the students and give a fk about what their teaching. Another lil tid bit, if you think the biggest dealers are in the ghetto. Check again cuz police officers ain't sht. Where I'm from, they'll tell you to your face their the biggest gang in the US. I know people that can't quit that lifestyle because of that. I don't like to make excuses for BS that goes on these environments. Alot of its ignorant but its also ignorant to believe they're all like this or to blame Hip hop. Hip hop ain't got sht to do wit what goes on in the streets. You could ban rap all day it ain't gonna stop violence drugs sex or alcohol and drug abuse. That's where Bills ignorance is but he's so removed from it he can't see it. I agree with alot of what Bill said, no teenager so have bad grades and 150 dollar sneakers no doubt, but his approach is all wrong and he's misguided.

Why are you making assumptions? Not once did I say any of those things I bolded. I can relate to the environment as much as the next guy. But I didn't buy into to the BS. I didn't need authentics, Nike's, or North Faces. I'm not gonna be an idiot and deal at the corners. Sure, I knew people that did. They thought they could make some quick bucks. Maybe, I had better parents. I don't know. But other kids just didn't know right from wrong. They never valued a good education. I didn't place the blame solely on hip hop, but they sure don't help any.