Allen Iverson Begging for spare change in Atlanta

[Bouncer]

Give Rupert Murdoch 200 million and he'll turn it into 2 billion. Iverson is a magician, he makes it disappear.

[Scrumhalf]

Pretty simple. They come from absolutely nothing. They don't listen to their financial advisors. They try to bring up everyone that that they have ever known from the old neighborhood. Recipe for disaster.

There are also a lot of shady investment "advisers" who take advantage of them. I think the leagues need to do a better job of educating new players, having money management classes and also having a "certified" list of wealth advisers that have been vetted and who won't take the athletes for a ride.

One can argue that it is not the league's job, but I would argue that it is in the league's best interest because it's not good PR for them to have their athletes going broke all the time.

[Bouncer]

Or how about they get a monthly allowance until they are a certain age and than they get the full amount. A 35 year old is much more likely to spend his money better than a 21 year old.

[Turbo3000]

There are also a lot of shady investment "advisers" who take advantage of them. I think the leagues need to do a better job of educating new players, having money management classes and also having a "certified" list of wealth advisers that have been vetted and who won't take the athletes for a ride.

One can argue that it is not the league's job, but I would argue that it is in the league's best interest because it's not good PR for them to have their athletes going broke all the time.

They have provided those classes for years.

[A$AP]

Just plan ignorant....

[TKD]

Just plan ignorant....

I don't think anyone plans to be ignorant, it just kind of happens. :wave:

[Keiser]

Let's talk about taxes and other things for a moment.

If you make 200 million, you are going to be in a really high tax bracket, somewhere around 40%, so right there on day one your 200 million is now 120 million. And then you pay your agent, etc lets be conservative and call that 20 million (It's probably more).

Now he's left with 100 million. Now he's hit up by an investment adviser. Give the adviser (who is a hustler and con-artist) 25 million to invest for him and Reebok holds 30 million of that 200 million for him until he's 55.

Now he's left with 45 million to himself. Buys houses, cars, jewelry for himself. Houses, cars and jewelry for family members and people coming out of the woodwork.

Now before he knows it he's at 10 million or so and his family and "friends" slowly bleed him dry over the next 20 years and now he's begging for change.

(Still it's ridiculous to spend 100 million dollars and he's an idiot although I do have empathy for him, but a lot of times when these articles are written people take them literally like he actually "spent" 200 million dollars.)

[Keiser]

Or how about they get a monthly allowance until they are a certain age and than they get the full amount. A 35 year old is much more likely to spend his money better than a 21 year old.

The biggest thing is that they need to keep predatory family members away from these guys. I have a friend who played professional baseball and Jesus the way his family and extended family behaved once he got paid was absolutely ridiculous. These inner city black guys have it really bad with "family". They pretty much have to disown them to not go broke.