AP In Massive Debt?

[SBLIII]

Inexcusable.

 

[chris_in_sunnyvale]

...or Accountable for Paternity

Regards,
Chris

 

[1960Pats]

I don't feel bad for AP at all. I do feel bad for his kids though.

 

[FreeTedWilliams]

Look on the bright side Adrian, the Kardashians will stop calling you now

 

[SHOWTIME15]

It’s not really that hard. You don’t buy luxury items like jewelry in excess, you buy places for your mom/dad that you can realistically afford (if you even have to do that), you don’t buy expensive luxury cars, and you either learn to use a condom or get a vasectomy. These are sad stories but I can’t feel too much empathy for someone who spends like a drunken sailor when their playing career is going to be short by design and predictably ends up in these situations.

If you are educated in finances, it's not hard. However, these people are not educated in finances. Moreover, their parents are not educated in finances, so the temptation is there to spend. I'm not saying at all it isn't their fault, but I would find it difficult to avoid spending if my family income is 20K and shoots up to $10 million overnight. If you are a poor person, you want to experience the things in life that you never had. Unfortunately, there is a massive price to pay for that. AP is completely at fault for the number of kids he has had and the child support payments that come with that.

 

[SHOWTIME15]

I agree. I started with nothing, too, and I’ve worked extremely hard over many years, while rarely spending anything luxurious on myself and supporting my family and kids. This guy has played a sport and been treated like a superhuman entity, while getting over $100M. Cry me a river. There are plenty of legit sob stories out there and this isn’t one of them. Feel bad for his kids, fine, but this gluttonous, selfish loser can get a McJob for all I care.

In other words, it wasn't overnight...good financial sense takes years to learn.

 

[farn]

I’m less sensitive & caring than most. Life is sometimes tough. I can’t cry for someone who’s made that much $ and is now broke. Nor can I cry for the fact that he needs to pay for children that he doesn’t even see very often...

AP was gold on the field, but pure trash off of it. There is no helping someone who made 100M$ and lost it all.

 

[farn]

In other words, it wasn't overnight...good financial sense takes years to learn.

It’s not that hard. C’m’on. Don’t spend millions of dollars on BS. Doesn’t even take a smart person to make that work.

Even some of the stupidest people in the world could understand that concept. AP is an entitled brat who deserves not one ounce of our pity.

 

[Boomer B]

While he obviously made bad choices along the way I do feel bad for him. I read that he got milked out millions by advisers.

Being a great football player doesn’t mean you are a smart person. He, like others, put his faith in people who cheated him out of his $. I just read Joe Perry’s (Aerosmith) bio. He was in one of the biggest bands of the ‘70’s, selling millions of records and playing to full arena’s and stadiums, and by 1980 he was broke. His managers screwed them. He said he was a young kid who was gifted at playing guitar and put his faith in guys who cheated them out of millions.

Finding an honest financial advisor is probably the most important thing a young athlete or entertainer can do.

 

[SHOWTIME15]

It’s not that hard. C’m’on. Don’t spend millions of dollars on BS. Doesn’t even take a smart person to make that work.

Even some of the stupidest people in the world could understand that concept. AP is an entitled brat who deserves not one ounce of our pity.

If you are raised right and are given the correct advice, it’s not difficult.

 

[Patsfanin Philly]

It's a stark contrast from the article earlier this week on the Lions DB who is retiring. Earned about $30 million over his career but always saved 70% of post tax income so now at age 30 he can retire and live well off the interest.....Guy got sound advice and took it..
My better half is from the Lehigh Valley, PA where the boxer Larry Holmes "the Easton Assassin" grew up. He had a manger/lawyer who invested in commercial real estate for Larry after every fight so by the time he retired, he owned a large chuck of income producing properties that supported him and his family.
Many of these guys grow up poor but if they listened to their lawyers and accountants, they didn't have to end up that way again....
Live below your means whatever they are and save.....applicable to all of us..

 

[SHOWTIME15]

It's a stark contrast from the article earlier this week on the Lions DB who is retiring. Earned about $30 million over his career but always saved 70% of post tax income so now at age 30 he can retire and live well off the interest.....Guy got sound advice and took it..
My better half is from the Lehigh Valley, PA where the boxer Larry Holmes "the Easton Assassin" grew up. He had a manger/lawyer who invested in commercial real estate for Larry after every fight so by the time he retired, he owned a large chuck of income producing properties that supported him and his family.
Many of these guys grow up poor but if they listened to their lawyers and accountants, they didn't have to end up that way again....
Live below your means whatever they are and save.....applicable to all of us..

It depends on the lawyer and accountant, obviously. We've heard plenty of stories of managers and other advisors who have taken advantage of young players. Think about it - you are 21 years old , poor, and know pretty much nothing about finances. Your first instinct (besides spending) is to listen to some guy who says he has your best interest at heart. If you are naive and listen to the wrong person, you are going to be broke. With that said, if you spend money on drugs, booze, and women, then you are stupid.

 

[SammyBlueCat]

If you are educated in finances, it's not hard. However, these people are not educated in finances. Moreover, their parents are not educated in finances, so the temptation is there to spend. I'm not saying at all it isn't their fault, but I would find it difficult to avoid spending if my family income is 20K and shoots up to $10 million overnight. If you are a poor person, you want to experience the things in life that you never had. Unfortunately, there is a massive price to pay for that. AP is completely at fault for the number of kids he has had and the child support payments that come with that.

Education can come from the street so to speak. My late Grand Daddy Cat had an 8th grade education. He lived through the great depression and built a reasonable life for himself as a carpenter. He was reluctant to spend his money. His wife (my grandma) died very young and left my mom and her siblings in trauma. Mama Cat was an unrealistic spender. She craved materialistic things that she really could not afford. Emotional scars can get the better of education.

 

[RobertWeathers]

It depends on the lawyer and accountant, obviously. We've heard plenty of stories of managers and other advisors who have taken advantage of young players. Think about it - you are 21 years old , poor, and know pretty much nothing about finances. Your first instinct (besides spending) is to listen to some guy who says he has your best interest at heart. If you are naive and listen to the wrong person, you are going to be broke. With that said, if you spend money on drugs, booze, and women, then you are stupid.

It's not just the kids who came from poor, fairly uneducated upbringings. When Mrs RW and I were in our mid 20s and low-level employees at our respective companies during the "Dot-Com" boom we both lucked into some cash (my company and her company both IPO'd and a year later her company was acquired). We aren't talking AP money but a decent chunk nonetheless. Thankfully my dad the CPA and her dad the COO/CFO were there to educate us on what to do and not do with the stock. I remember getting cold calls from brokers wanting to invest my $$. If I didn't have good advice and was naive I easily could have been robbed. There are plenty of crooks out there looking to take advantage of the uninformed.

My point is even though we were college grads and had taken plenty of classes in finance we didn't have the first clue what to do. We are fortunate to have people in our lives that a) care about us and b) know what the right thing to do is.

I think with AP and others that make millions and lose it they listen to people who are out of their depth financially and are naive.

 

[FreeTedWilliams]

The players union must certify an agent before he can represent a player, why don't they do the same thing with financial people?

 

[SHOWTIME15]

It's not just the kids who came from poor, fairly uneducated upbringings. When Mrs RW and I were in our mid 20s and low-level employees at our respective companies during the "Dot-Com" boom we both lucked into some cash (my company and her company both IPO'd and a year later her company was acquired). We aren't talking AP money but a decent chunk nonetheless. Thankfully my dad the CPA and her dad the COO/CFO were there to educate us on what to do and not do with the stock. I remember getting cold calls from brokers wanting to invest my $$. If I didn't have good advice and was naive I easily could have been robbed. There are plenty of crooks out there looking to take advantage of the uninformed.

My point is even though we were college grads and had taken plenty of classes in finance we didn't have the first clue what to do. We are fortunate to have people in our lives that a) care about us and b) know what the right thing to do is.

I think with AP and others that make millions and lose it they listen to people who are out of their depth financially and are naive.

Luckily you had a strong support system in place. Vast majority of these kids don’t have a dad who is an accountant or in-law CFO...not that I am trying to make you feel guilty or anything. If your dad is unemployed or in jail, what are you going to do with all that money? What’s stopping you from spending it?

 

[Ice_Ice_Brady]

In other words, it wasn't overnight...good financial sense takes years to learn.

No, spending recklessly on over-the-top things on oneself is just a personality trait/decision. I didn’t learn over the years to be mindful of responsibilities to others rather than vain, idiotic selfish purchases for myself. I’ve always been like that. I’m just saying that I’ve worked my ass off over many years to reach a level of relative financial comfort for my family. I’m sure that, even though I’m proud of my earnings, my running tally lifetime amount is probably not even equal to AP’s rookie contract.

For most people, earning a high amount does not come over night. “Good financial sense” is not really the issue here - it’s outright arrogance and vanity.

 

[RobertWeathers]

Luckily you had a strong support system in place. Vast majority of these kids don’t have a dad who is an accountant or in-law CFO...not that I am trying to make you feel guilty or anything. If you’re dad is unemployed or in jail, what are you going to do with all that money? What’s stopping you from spending it?

I agree. Thats my point. I have it and they don't and even with my education level anyone who does not have a credible background in financial services should always seek help from a 3rd party

 

[IllegalContact]

when I was young, I spent every dime I had and went into hock as much as possible.......for triple deckers in southie......early on, I made more than one mortgage payment with a credit card.......but then the income caught up enough where I would do it again......first to 2nd took 4 years.....3 to the 3rd and 1 to the 4th.......then the prices took off and I got too busy for more.....

it was completely undisciplined........worked out quite well though

 

[Triumph]

I still kick myself for wasted money on a lease I entered in years ago.. and that only equated to roughly 20 grand (it got totaled by another driver so it got paid off). I can't even imagine what it must feel like to realize you blew millions and millions.

Never lease.

in 2004, my buddy leased a truck and I bought a truck. After 4 years mine was paid for and I held the title. My buddy had to return his truck and pay a penalty for driving too many miles. Yeah, he invested less money than I did but all he has is memories to show for it.