OT: Clinton Portis declares bankruptcy.. owes more than $5M

[Bill Lee]

Strippers, blow and posses cost $

Yep, posses and p******* cost a lot of money!

get a fall guy

The Gospel according to Chris Carter, Amen!

The only way to prevent the bankruptcies of formerly well paid athletes would be to put their salaries in a trust with a disbursement of so much per year. But the players, their families, their agents, their girl friends, their wives, their ex-wives, and the respective entourages, would never allow it.

That's what I was trying to say, any realistic attempt to deal with the problem would just cause so many problems. Can you imagine the law suites? The reality is these youngsters need to deal with it themselves and accept the consequences, and no amount of NFL training is going to change things much if at all, IMHO.

 

[RobertWeathers]

Child support to four women? There you go.

That's an example of a much bigger problem and the problem is not ignorance to the reproduction process.

It's responsibility one has for being a parent and the involvement a father should have in raising his children.

 

[DaBruinz]

These guys are set up to fail. They grow up in families with no money, they only see life as 'paycheck-to-paycheck'. They continue to be surrounded by people who can't manage money AND that are now looking for a handout. The NFL needs to do a WAY better job at helping these guys. Giving them a financial management class during the rookie symposium is a joke. Most of these guys have spent their entire life surrounded by people clueless about money. A one week class to counteract a lifetime of learning, puh-lease.

Oh, not to mention these guys are having all this money loaded in them in their early 20s. Even people who understand how to deal with money would have issues with that. I have a great understanding of how to handle money and i still made questionable money decisions in my 20s.

I just get tired of people chiming in with the old 'how could they possibly lose all that money?!?' when they haven't been faced with anything even close to what these guys have had to deal with.

The NFL does a LOT more than just give them one class. Maybe you should look into it a bit more before being so judgemental and making ridiculous extrapolations..

 

[Jlaff]

Child support to four women? There you go.

Yup, that was probably what, at least $10 million of the after tax income?

 

[Tunescribe]

Sucks. Always liked Portis. Kind of shocking how guys with so much money end up losing it all and still in debt for millions more.

Just shows how impressions can differ. I never liked him; always thought his faux character press conferences were bizarre cries for attention.

 

[goheels22002]

Strippers, blow and posses cost $

What bar are you going to be at tonite?

 

[Froob]

Sign the beast!

 

[borg]

I was talking to an attorney in Miami awhile back who also went to the "U".....and our conversation started off talking about the HBO show "Ballers" and he was telling me the show was spot on....especially for the ex-Hurricane / NFL players. These guys return to S. Florida in the offseason with their big bank accounts and it is all about impressing / one-upping their Hurricane alums. He listed off a half dozen guys that tool around S. Beach in their Rolls Royce's just because. And it's not just ex-Hurricanes......S. Florida is flooded with ballers who are just tossing money around.
The funny thing is the guys who have a clue make their way to Boca/Delray. You can't believe how many retired boxers (Don King lives in the area), drummers for huge rock bands, ex-NFLers, actors, etc.... reside in the area....all living more modest lives compared to the young guns. Apparently, the agents who actually care about the long term viability of their clients practically demand their clients sign up with money managers that put these guys on modest monthly allowances. A friend is a big time money guy for a lot MLB guys and he has clients with 9 figure contracts on allowances. He laughs when I ask him why he can't sign more "ballers" and he says it starts with the agents. The money-show these "ballers" display is good for agents.....showing the rest of the league who's getting the coin.
Then there are the PGA stars.....all living in the Jupiter area. My college buddy belongs to a country club in that area that must have 40 PGA players, mostly Europeans....and Tiger as members.....now that is the life. My friend travels around on tour with one of the PGA guys from time to time and, for the established/secure PGA players........the offers that these players receive, with massive checks attached, never stop. Bahrain, Bahamas, Japan, etc......carte blanche....wives pampered. Sign me up.

 

[ivanvamp]

Not really, considering:He's not covering himself in glory, IMHO.It's not as simple as it looks, but it also ain't rocket science when you have a pile of money and all you need to do is not blow it. All these guys need to do is park it in conservative investments and they're set for life. This guy earned $43M as a player. Even if he lost half to taxes and agents there's no way he should be bankrupt now.

You just need to live a reasonably modest lifestyle and $43 million should last forever. For you and for many generations.

I work with college students and I coach them all the time in the area of money. Most have NO IDEA about any of this.

 

[JJDChE]

They were dealt a pretty good hand, IMHO.

My point is it doesn't matter how good the hand is if you don't know how to play the game. These guys have a combination of really bad traits when it comes to being a conservative money managers.

 

[JJDChE]

The NFL does a LOT more than just give them one class. Maybe you should look into it a bit more before being so judgemental and making ridiculous extrapolations..

OK, what are they doing? Whatever it is, it doesn't seem to be working because these stories come out every few weeks.

 

[PatsWickedPissah]

What bar are you going to be at tonite?

Too many to decide as Tamper is only an hour away

 

[JJDChE]

I work with college students and I coach them all the time in the area of money. Most have NO IDEA about any of this.

Exactly. I don't think people appreciate the extent of 'NO IDEA' some people have when it comes to money. I guarantee a lot of these pro athletes coming out of college wouldn't even know the definition of an 'investment' let alone how to find a conservative investment.

Now, imagine that you are talking to someone who doesn't even understand what an 'investment' is and you tell them 'No big deal! Just go find yourself a good money manager. You'll be fine!'. You have just spoken to that person in a different language. The term 'money manager' or 'financial advisor' literally have no meaning to someone like that. It would be as if you found a barrel full of pebbles, then I came up to you and said 'No worries, just go find yourself an Igneous Portalyzer and you'll be fine!'. You'd just be thinking 'WTF is this guy talking about?'. Then you'd dump the stones out and start giving them to your friends because they look cool.

 

[Bill Lee]

Now, imagine that you are talking to someone who doesn't even understand what an 'investment' is and you tell them 'No big deal! Just go find yourself a good money manager. You'll be fine!'. You have just spoken to that person in a different language. The term 'money manager' or 'financial advisor' literally have no meaning to someone like that. It would be as if you found a barrel full of pebbles, then I came up to you and said 'No worries, just go find yourself an Igneous Portalyzer and you'll be fine!'. You'd just be thinking 'WTF is this guy talking about?'. Then you'd dump the stones out and start giving them to your friends because they look cool.

Yep, and I'm the child of immigrants and had no idea what a 'guidance counselor' does or how to apply to a college, nor did my parents or any of their friends, yet I worked it all out. It just takes some awareness of the choices one has in front of them, and if you don't have such an awareness going for you by the time you get to the NFL, the NFL's training classes aren't going to rescue you.

C'mon, really, these folks can make it through high school and at least a year of college and have NO IDEA what an investment is? They have no idea that they might want to save something for the future? They really think the only thing you do with money is to piss it away? If so, again, it's a much bigger problem than the NFL can be expected to solve, or that society would allow the NFL to take any more measures to "protect players from themselves".

You REALLY think Portis worked his way through all that money with NO understanding of the fact that the choices he was making were probably not the best ones for his long term future?

Maybe the only thing to do is have a long, long string of these guys failing so the younger ones will hear about these idiots instead of hearing just about the sex and drugs and gang banging.

 

[fnordcircle]

Human psychology when it comes to money is fascinating and we all tend to live like our current income level will continue undisturbed until we decide to retire.

 

[Kontradiction]

Too many to decide as Tamper is only an hour away

I'm guessing Mons Venus, then?

EDIT: I'm happy you found this post useful, @PatsWickedPissah. I'm guessing you used Google?

 

[DaBruinz]

OK, what are they doing? Whatever it is, it doesn't seem to be working because these stories come out every few weeks.

Could you tell me another massive corporation that does anything to help it's employees with managing money? I don't know of a single one. But if you can tell me one, I'd appreciate it..

 

[FreeTedWilliams]

Could you tell me another massive corporation that does anything to help it's employees with managing money? I don't know of a single one. But if you can tell me one, I'd appreciate it..

I work for the countries largest employer and they tamper my spending by taxing my wages to the tune of @39%.

Most of these guys go home and show off by splashing money around, but their biggest defunders as usually family members and people who talk them into ridiculous investments. You have to appreciate the Gronk and his living off his endoresments and banking his entire salary.

 

[DaBruinz]

I work for the countries largest employer and they tamper my spending by taxing my wages to the tune of @39%.

Most of these guys go home and show off by splashing money around, but their biggest defunders as usually family members and people who talk them into ridiculous investments. You have to appreciate the Gronk and his living off his endoresments and banking his entire salary.

NFL players get Taxed the same as you and me.. Except for their bonuses which get taxed at an even higher rate.

I remember seeing a Willie McGinest paystub when I was in High School. I could easily have lived for 2 years on the taxes he paid from one game check..

 

[PatsWickedPissah]

Most folks have little clue about how to manage money. It's an easily acquired skill eschewed by the EDU establishment. I save my sympathy for the 99.9999% of others from disadvantaged backgrounds who never had any money to urinate away.