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Most of them were around when the gold standard was still in effect so I'm not sure how relevant that argument is. Regardless, I think we should agree to disagree, I've got a flight to catch anyways. Cheers.
I'm fine with letting it die, for the most part, but I've got to clarify about the list. I took people from throughout the history of the nation on purpose, to show that such bankruptcies are nothing new. I could have named plenty of other modern individuals, such as Morten Lund and many, many others.
"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane."
- Marcus Aurelius
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Part of that is because Holmes had a manager/agent who wasn't out to screw him but to 'zealously represent" his client unlike many of the boxing guys today and set him up with a diversified portfolio to ensure that he was set for life, like Bob Woolf did when he represented many of the Celtics from the 60's to the 80's.
Getting way OT here but my wife is from Easton and she tells stories of Holmes training by running up and down the hills of Easton with a pallet(? right word?) or a roll of carpet on his shoulders to build up strength. He kept his small town mindset and didn't get blinded by the glitz...
Many of these athletes need an accountant, a financial planner and an attorney to keep an eye on each other and to act as a check and balance system to protect them...
To this day, Holmes has the best line I ever heard. On Letterman on night, Letterman asked him, "Larry, what will your legacy be? What do you want people saying about Larry Homes 100 years from now?"
To which Holmes answered. "I want them to be saying, Damm, I can't believe that Larry Homes is 137 years old".
The Jets look like a Super Bowl contender right now about as much as Rosie O’Donnell looks like a threat for the Miss America crown. -NY Post 12/19/2011
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Most people weren't brought up and trained to deal with an income in the millions, and that holds true even more so for the kids coming from severe poverty. Debt is a huge problem throughout the country, and at all levels of income. When it's a problem for the wealthy athlete, we see it highlighted. When it's the plumber maxed out on 4 credit cards and still bleeding cash, it's not news.
The plumber doesn't make $43.6 million in 8 years.
"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
It should be noted here that the Real Estate market decline would only necessitate a bankruptcy if Real Estate were being bought speculatively.
The market value of your home has no bearing on whether you are able to pay the mortgage you took out to buy it. Nor does the market value of a rental property have any bearing on cash flow.
Property bought for long term purposes shoud have no impact on the financial stability of the owner when the market tanks, because the market value of the home is only relevant when you sell it.
There has been much too much blame for people not paying their mortgages put on the decline in value.
If Sapp did indeed earn $43.6 million, he likely netted $25-30 million, which by now should have accumulated to a significantly higher value. His bankruptcy filling noted assets of between $6 and 7 million (and slightly higher liabilities). The harsh reality of it is that it takes a fairly determined effort to piss all that money away.
As others have pointed out, those who come into a lot of money relatively quickly (this would include professional athletes and lottery winners) have a high incidence of financial difficulties. For athletes, I think the agents are doing a crappy job of helping them make the transition. It's a pretty simple matter to seek competent financial advice when the big payday hits (heck, Fidelity, Vanguard or Charles Schwab will do it for free once you deposit a big enough check). At this point, lifetime financial security is a simple matter of: 1) being disciplined and 2) not being greedy.
Athletes can find themselves under enormous financial pressures from friends and family. We've all read accounts of athletes who have lost fortunes at the hands of unscrupulous advisers or scam artists (Mark Brunell comes to mind).
It's unfortunate for Sapp and I would not wish this on anyone. Otherwise, his firing from the NFL Network is welcome because, let's face it, he was pretty hard to listen to.
"And the anger and the yearning, like fever in my veins, set the fire burning ..." WZ