30 for 30:Broke

I watched this special last night on ESPN 2. Showed various sports athletes who had became rich off their respective sport talents, and then ended up broke or poor based on the poor life decisions they made. Such as allowing the wrong people to handle their finances, spending way too much, living above their means, lending money to too many people...you name it. It really is eye opening how we see these guys as rich because they play pro sports. But when you factor in their actual checks after taxes, and the people they have to pay. And in some cases...the folks they're paying to support...they really are living literally check to check. One guy was revealed as having spent $56,000 in one restaurant in one trip! Amazing!

 

I think money has a way of naturally flowing to where it is best kept. Some of these athletes are clueless. If I was a manager for one of these types of people (who tend to be quite young and immature) I would drill it into their skull that they need to invest in an education on how to manage/invest their money. You can buy a car and a home, and your Mom a home and new car, new clothes, etc. AFTER you understand exactly how much money you REALLY have.

I don't feel sorry for the foolish, though.

 

I think their biggest problem was trying to take care of too many people. Their wives, or girlfriends, friends, relatives. I mean in some of these guys cases, they were raising a small village financially. Along with that paying their agents, lawyers, their own bills. And still trying to live large. It's crazy.

 

I think that the only reason that is outside the player's control is if his manager is pilfering money from him, the rest are all up to him, so to avoid being bankrupt, someone needs to advise him how to handle his money properly.

 

Well $56,000 on a restaurant bill. Did the restaurant have 'dancers.' Or just overpriced
champagne? I guess part of this may be that most of the athletes have their huge earnings at
a young age, physical prime comes before maturity and when you are 26 years old, and
considered a star, why not buy a Ferrari?
I do remember a number of years back there was a major deal around an NHL players' manager who basically took charge of his young athletes and nearly bled these young guys.
Alan Eagleson I think. Sure they made okay money. He made great money.
And of course the guy had until a certain point a great spotless credible rep as a major
figure in the NHL and a great Canadian. Just another slick con artist in my book.
I think that story happened in boxing too. Didn't a number of boxers including Tyson make claims against Don King?
Just a thought.
Ryder13

 

I think that's insane to spend $56,000 on a restaurant bill. He could've bought a brand new car with that much money. But it's his money and he can do whatever he wants with it, but I would save it.

 

I know why this episode of 30 for 30 series, I guess we all should know or have the same thoughts I have. Apparently, if no one guess right, then am glad to say it's a reminder for young blacks who are into sports. Due to the increase of black players in MLS, NBA, NFL. It's a crazy world out there, these guys live on the edge with thoughts that it'll be there always.

In the same series: Broke, I was so impressed when I learned of a guy, maybe NFL. Though he ended broke too, not like others, though, he was dumb to frame his $1milion check. It was stolen but couldn't be cash and the club paid him back, because he did them a favor not cashing his check when he ought to as the club was broke.

 

I don't know they never said. But it's nuts. The most I ever spent at a restaurant didn't ever clear $3,000. And those were normally dates or taking a lady friend out to dinner. I gather these guys were just partying after a victory or what have you. Perhaps he bought drinks and food for the entire team? And you know how football players eat lol.

 

That's actually though why even more, they should try and be fiscally responsible. If you grew up in a bad neighborhood, with violence, plagued by poverty and such. You should be doing everything to prevent having to move back to a place like that. Which is a thought that should be running through these guys heads when they're dropping $100 bills from the sky at a club.

 

King stole from Tyson yes, but I think they settled or Tyson was paid what he was owed. Because it never got heated between the two. And since Tyson back in those days (and now) could've torn Don King into 4 pieces, I gather King paid him his money somehow some way. Even if Don didn't pay it from his own hand. Maybe he gave Tyson some collateral.