Results 1 to 6 of 6
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06-06-2008, 03:33 PM #1
Why Athletes Go Broke
Interesting article.
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06-09-2008, 01:35 AM #2
No takers on this ? ok, i'll jump in.........
What a joke !! I'm supposed to feel sorry for these folks ? I didn't read the entire article but what jumped out at me was this part.
"Most athletes play for four to ten years if they are lucky. After they pay taxes (can be 40 to 50%) and agent fees and buy their first homes, cars, outfits, jewelry (plus, cars, clothes and jewelry for friends and family), they are left with very little.
I remember this because it was a WOW moment in my life. When I was 30 (way back in 1994) I made $33,000, the most money I had ever made in a single year. All my income taxes (fica, state, fed) came out to 45% !!
BUT, I bought my first home. cars ?, outfits ?, jewelry ? (plus, cars, clothes and jewelry for friends and family) ?? I don't think so !! You gotta be kidding me !
Bottom line though is that they're like sooooooo many other people. For whatever reason, people always seem to want what they can't have and spend more than they can afford.
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06-09-2008, 02:33 AM #3
I agree. The smart athletes pile much of their earnings away into investments like stock or a new business. The sad part is so many athletes just spend it all and when they get a major injury or get too old for the league have nothing to fall back on.
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06-09-2008, 09:35 AM #4
I think Latrell Sprewell still has about 80 years of bad karma to work off for choking his coach. I have no sympathy.
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06-09-2008, 12:03 PM #5
They just need to save money and stop spending it in 10 cars, expensive jewelry and stuff
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06-09-2008, 08:55 PM #6
Can't feel sorry for them. They have to save and be responsible with their dough just like anyone else. Most athletes now make more in 3 years than 90% of people make in their lifetimes. Wish I could have retired years ago.
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