Over half of NBA players go broke after retiring

[picc84]

http://www.thestar.com/article/299119

"I've seen (an NBA player) having two cars a day to drive. You know, 14 cars," said Raptors sharpshooter Jason Kapono the other day. "Think about how absurd it is. You say 14 cars. All right, you may have some kids, a family of nine. But a single guy having 14 cars?

"It's one thing if Bill Gates wants to do that. But when you're 22 years old and you don't even have kids yet, it's not good."

Kapono, then, wasn't the least bit surprised when a representative of the NBA Players' Association addressed the Raptors recently on matters of financial prudence. A statistic was cited during the meeting that startled some of the hoopsters. It was said that 60 per cent of retired NBA players go broke five years after their NBA paycheques stop arriving.

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Public stories of NBAers in financial trouble occasionally make headlines. Back in October, Jason Caffey, who made an estimated $29 million during his eight-year NBA career, was in bankruptcy court seeking protection from his creditors, among them the seven women with whom he fathered eight children. And late last year Latrell Sprewell, who famously turned up his nose at a $21 million contract offer – "I've got to feed my family," was the money quote – had a yacht worth more than $1 million repossessed.

Stupidity and arrogance with that much money. Bad combo. 14 cars? ****ing idiots.

How's it going, Spree? Fam still eating diamond sandwiches?

[DatZNasty]

1/2? I'd bet that's very exaggerated.

[A.M.G.]

I wish I could say I was surprised. But let's face it, a lot of these guys just aren't that smart.

[JPR]

I wish I could say I was surprised. But let's face it, a lot of these guys just aren't that smart.

a lot of them come from the hood and don't have any foresight.

[Jimmy2k8]

Scottie Pippen is broke as of now isn't he?

[StroShow4]

It was said that 60 per cent of retired NBA players go broke five years after their NBA paycheques stop arriving.

how is that possible? 60% of retired players go broke in 5 years? that can't be right.

[GOBB]

The more you make the more you spend. Paychecks stop, bills dont.

[A.M.G.]

The more you make the more you spend. Paychecks stop, bills dont.

Come on, then don't buy a $20 million dollar house and 14 cars for godsake! They don't have to spend that much. I could probably live the rest of my life on like $2 million, easily, just by not being stupid and saving.

[Shepseskaf]

How's it going, Spree? Fam still eating diamond sandwiches?

Spree's doing great. Just got an assault case against him dropped.

HARRISON, N.Y. - Prosecutors are dropping their case against former basketball star Latrell Sprewell, who was accused of assaulting his girlfriend in front of their children.

Lucian Chalfen, spokesman for Westchester County District Attorney Janet DiFiore, said Monday the charges will be dismissed in a year if Sprewell stays out of trouble.

Sprewell was charged in December 2006 with third-degree assault, obstructing governmental administration and five counts of endangering children. The complaint said Sprewell assaulted Cabbil in their home in the New York City suburb of Purchase and refused to let in police for 90 minutes.

[Sharas]

doesn't surprise me one bit.

most of them neither have the formal education nor the savvy with money since agents catered for them when they still earned millions...and many of them come from the poor backgrounds, so they want to buy everyone that money can buy, and not only for themselves, but for huge families too.
as GOBB points out, they get used to the lavish lifestyle, mansions, fancy cars, strip clubs, entourages and all that, but they fail to save or invest. once you get used to the glamour it's very hard to let it go, despite the fact that paychecks stopped coming.
and in five years they go broke.

[worldbefree]

Spree's doing great. Just got an assault case against him dropped.

Lemme guess, he CHOKED her?

[GOBB]

Come on, then don't buy a $20 million dollar house and 14 cars for godsake! They don't have to spend that much. I could probably live the rest of my life on like $2 million, easily, just by not being stupid and saving.

Maybe you could, we'll never know. People who make a fraction of that. The same rule applies. You make $35,000 per year and end up at a job making $65,000 per year...how many people do you think still live under the same means as they did when they made $35,000? The more you make the more you spend. Someone will get a better car, maybe relocate to a better area (thus paying more), spend more, add more luxaries, change cell phone plan. I'm not saying there arent folks who budget properly but many dont. Some dont really think about it or dont look for assistance.

[StroShow4]

as GOBB points out, they get used to the lavish lifestyle, mansions, fancy cars, strip clubs, entourages and all that, but they fail to save or invest. once you get used to the glamour it's very hard to let it go, despite the fact that paychecks stopped coming.
and in five years they go broke.

i can see that happening to some, or even many players.. but 60 percent? thats more than half.. i can't believe half the NBA's current players will be broke 5 years after they retire.

[GOBB]

as GOBB points out, they get used to the lavish lifestyle, mansions, fancy cars, strip clubs, entourages and all that, but they fail to save or invest. once you get used to the glamour it's very hard to let it go, despite the fact that paychecks stopped coming.
and in five years they go broke.

Exactly. Unless they get back into the NBA you're not gonna find many jobs to support your expenses unless you've saved and invested your money wisely beforehand.

[GOBB]

I dont know where they are getting the 60% figure from. They would have to run down a list of players then show how they found them going broke. I didnt read the link/article tho...maybe it was explained. Eh