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

[DaBruinz]

This is why the NFL has the rookie symposiums and talks to them about saving their money and not spending lavishly..

Clinton Portis owes nearly $5 million, counts mother as creditor

 

[Ross12]

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.

 

[JJDChE]

Its unfrotunate, but this is more common than not. These guys can't handle this kind of money.

Same goes for lotto winners. People don't realize how much of a skill miney management is. It's generally not one developed by pro athletes and people who biy lottery tickets.

 

[Gronkowski123]

think i saw some of his outfits at my local pawn shop

 

[Bill Lee]

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

Not really, considering:

Portis, 34, also owes the IRS $390,000, an amount he is disputing. Rounding out the top-5 creditors is the MGM Grand Hotel and Casino, which has won judgment of $287,178 against Portis. Portis also owes four different women for domestic support obligations totaling $412,000.

He's not covering himself in glory, IMHO.

People don't realize how much of a skill miney management is.

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.

 

[PrairiePat]

Least surprising story ever. This is a guy who had stripper poles installed in his house. I doubt that financial planning was a priority for him.

 

[JarOfMayo51]

Its amazing how these guys manage to blow so much money that you could literally just put in safe, low interest yielding things to generate hundreds of thousands of dollars a year in interest

 

[PatsWickedPissah]

Strippers, blow and posses cost $

 

[JJDChE]

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.

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.

 

[jah]

Portis' career was mostly while I was too young to hear about off field stuff but it sure sounds like this was entirely his fault. I say this because oftentimes, athletes aren't completely at fault for this stuff because they have "cousins and old friends" popping up left and right begging for handouts. It's a ****ty dynamic.

 

[alvinnf]

No sympathy what so ever for these guys that go bankrupt. None

 

[Off The Grid]

People don't realize how much of a skill Money management is.

It's generally not one developed by pro athletes and people who buy lottery tickets.

...Or by many folks at all.

The biggest reasons why these guys can get into such deep Holes in the first place is because their temporarily enormous Cash Flow enables them to get Financing for far, far more.

I don't believe that they're more Financially Ignorant than the rest'f us, most'f whom don't get useful Financial Education throughout our Schooling. It's just that most of us don't have the Chance to get into such dramatically drastic Financial Trouble. I tend to suspect that most of us would, if we could.

 

[Bill Lee]

These guys are set up to fail.

People are set up with all kinds of situations in life. This isn't one of the more challenging ones, IMHO.

FWIW, the following is pretty imformative, but didn't really change my opinion

A one week class to counteract a lifetime of learning, puh-lease.

There's next to no chance that a one-week course would change things, and pretty much any more proactive measure one could think of is going to be really problematic.

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.

They were dealt a pretty good hand, IMHO.

BTW if Portis is from such a challenged background, how come his mom had $500,000 to loan him?

 

[Kjmass1]

Child support to four women? There you go.

 

[BradyFTW!]

After a certain point, I just don't have much sympathy for these guys. If you managed to blow $40m and go bankrupt before age 40, maybe you shouldn't have money.

 

[Bill Lee]

Child support to four women? There you go.

Wonder if installing a stripper pole in his home had anything to do with that?

 

[VrabelJr]

At least he spent the money on himself rather than getting scammed by some real estate investor

 

[nabwong]

This is why the NFL has the rookie symposiums and talks to them about saving their money and not spending lavishly..

Clinton Portis owes nearly $5 million, counts mother as creditor

He clearly didn't go to the symposium as he would have learned to get a fall guy.

 

[RxJock1120]

Who the he!! is Clinton Portis???

 

[NormZauchin]

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.