Charles Barkley said on a podcast on ESPN several years ago that the biggest reason is family. Athletes don't know how to say no so their friends and family spend the $$$ faster than they can make it. A wife especially will definitely spend your $$$ like there is no tomorrow and good luck if you get divorced.
When you earn a great deal of money I understand wanting to buy nice things for yourself, help out family and close friends but doing too much of that will cause you to go broke. I feel living below your means is the best lifestyle to practice no matter how much money you earn as far as NOT going broke.
for some reason even the poor spent a lot more on clothes than their on mortgagee especially with this generation trying make fun on someone not choices to spend money on Jordan.
coldskin1 yes, unfortunately they think short term. Nobody likes everybody to know that there poor. So even with fake designer clothes the feel better about themselves. Money that could’ve went to education, savings or mortgage.....
Designier clothes are a waste when it's just a brand flex,an expensive well made pair of running shoes or winter coat can be an investment that last you several years and is actually cheaper per amount of use.
Designer clothes are a shit bye. You can get decent clothing at decent prices. I wouldnt be caught dead in a 200$ shirt even if i could afford it. Now i do have a vice-nice shoes but still i wouldnt wear a thousand dollar pair of shoes on my feet. 100$ 200$ maybe.
You don't have to buy EVERYTHING right now - accumulate what you want overtime. Let your money grow, and buy things with that growth so that you don't kill the Golden Goose.
*Blake Griffen was order to pay $250,000 a month, Fuck that, if that was me, I would transfer all my money out of the states and renounce my citizenship in a country with no extraditions with the U.S.*
I'm pretty cheap. I don't order drinks at restaurants, only food. I order off the value menu, can get filled up at taco Bell for $4 easily. My car gets 32mpg, I go slower to burn less gas and it's easier on my car make it last longer. I don't have cable TV. I never let my credit cards charge me interest because I pay the full balance.
All those things how to manage money properly I learned from my parents not even talking to them about money management just observing their lifestyle.
For HOW many kids? Even in California, there's something wrong with a child support order of THAT amount. As a well-respected family court judge once put it, when he granted the father's request to put half of the $40K a month in "child support" he was paying on TWO kids (I wouldn't feel too bad for the man, though, he was pulling down in the tens of millions per year, and the ex-wife was getting copious spousal support as well, she's just conniving and greedy) into a trust fund for their use, once they reached majority age, for their education and/or vocational training, as proper,. saying, "There's no reason the court should even waste time on arguing the 'necessity' of horseback riding lessons, and does a young boy need regiments of toy soldiers, or a little girl battalions of Barbie dolls?". He felt that 10K a year, considering the already huge alimony payments the mother was getting (I don't recall the awarded amount, but it was something on the order of $50,000 a month for ten years, and she got their primary residence AND a vacation home as well as an equitable share of the other community assets), was more than adequate for the "needs" of the children.
Child support should never be allowed to go past the children's bills. No women should be paid millions in child support or even enough to put her in a higher income bracket. If he wants to spoil his children that should be his decision but when they're with their mom they should live by her means not his except for half of their bills paid. This system is predatory.
They live laveshly while there making money then still want to live the same way after they are not making much money. You cant tell me someone that makes 5 million or more a year couldnt have invested even a small amount wisely. They spend it all like theyre never going to retire.
It’s actually the culture. The dudes with the poor investment I feel for them, cause that’s just because. But who buys every seat on a plan just to fly solo? Invest your money, and save.
A lot of agents steal millions from these guys you gotta have the right people around you and don't trust someone just because they say their professional or a leader in that field do you're on research and find good people to represent you
Doesn't gambling make this list, does it count ? Lots of athletes are addicted casino gamblers who don't know how to bet, thereby frequently losing millions in a short time. M. Jordan, C. Barkley, A. Iverson, Pete Rose too mention just a few.
You only need to make a million dollars, once. You do not need to invest it, you do not need to start a business. Put it in CD's and saving accounts, you can live off the interest, if you live a modest life style. Most of the athletes come from single parent homes at near the poverty line and have had no example of how to manage money. It is sad, but true. They are young and think it will last forever.
Not quite so simply... In fact almost too difficult occasionally. Due to the systematic nature of power at the top to remain throughout humankind in this fashion. Every possible scheme is employed to relieve people of their finances. All media/mediums/platforms/entertainment are employed as a servant of the scheme... Relationships also serve this scheme... Parties are born to assist this scheme... To relieve you of your money... And power and control will remain at it's current place?
Kevin R the problem is that is these athletes want to stunt or ball out when they are retired. They don’t understand when they retire. Money doesn’t come in like when they are playing or “popular”. They also buy houses that are way too lavish. The taxes and maintenance on these houses are extreme.
I'm gonna have to disagree. A million doesn't generate enough passive income to raise a family. Maybe it's a pretty *decent* lifestyle for being single, but definitely not enough to feel comfortable enough to not work to support a family
Brewing coffee at home. That's a big financial advice if your going to make 60 million in your NBA career. 4 buck's per coffee at your local shop can really put a dent in those 200,000 pay cheque's
I'm sure the man is thrifty and value-conscious in more meaningful ways as well. The fact that he forgoes the $4 daily latte that some dumb broad whom is always late with her rent and makes only $14 an hour but just can't live without, sez something very good about him. I think he'll do well in life.
When I checked the story said that Blake Griffin refutes the report that he has to pay 258 thousand a month and TMZ reports that he does not have to pay the astronomical amount and has not in all caps.
On ENTOURAGES ..... YEAH, hang out once in awhile .... but take care of YOUR business, send them dudes packin, y'all can hang sometime but ALL THE TIME !!!!? ......... HELL NO !!!!
*It's all about guns and butter. What's the butter? Cars, clothes, jewelry and other materialistic bullshit. What's the guns? Real estate, stocks and anything else that appreciates in value and will make you money.*
2 Biggest facts that people dont know about NFL: the owners of all nfl teams do not pay Any Tax and they pay nothing to build a stadium and upkeep...... Sounds shady ?
It's not shady. It's using the tax law to it's full advantage. Don't like that they don't pay taxes, complain to your congressman to change the tax laws.
Just call yourself Pastor Frey and start your own church. Praise the lord and get yourself a $10 million dollar jet, expensive cars and million dollar properties. But not as good as being a member of the British Royal Family. They get to declare the amount of tax they pay and its confidential - which means nothing.
What child needs 258,000 a freaking month? I don't care what daddy does if mommy wants 258,000 a month, that heffa needs a job not a lotto baby. The "percentage of your income" rule for child support is ridiculous. If you were not a wife you are not entitled to that man's lifestyle. Child support is for a child what the hell was that kid eating? 🤭 sorry that one pissed me off. I have no kids so I should not have taken that personal 😂🤣
Yu could be a multi millionaire, but a lack of financial sense is a quick way to go broke Simple rules to follow and things to remember: 1. Always invest a portion of your income, always look to diversify. 2. You won't always be at the top of your profession, Always think long term and for the future and retirement, budget your money. Shit happens, always have a emergency fund besides your savings. 3. Vehicles, jewelery and in some instances large properties arent wise investments. Cars depreciate as soon as you turn the key. Mansions are iffy, they can be okish investment but the issue is getting them sold, depends on the market at the time. 4. You don't need to have kids by every woman you sleep with or every new relationship you get into. Choose a down ass woman to get your kids by and avoid getting the arm candy pregnant. Limit the number of kids you have. This diminishes family wealth the more ways it has to be split. Instill financial sense in your kids from an early age as well. 5. Chose women carefully, if women only come around if you have big cash you gotta know that they will go when the cash goes. Get you a woman that will help you make money and not just spend it. 6. Always look over your finances actively as not just let people handle that for you. 7. And for Christ sake don't have 10 million in the bank and buy a 7 million dollar mansion. The upkeep, staff salaries, property taxes, and income taxes will have You bankrupt in a couple years
Before I start watching, I want to say that child support and adjusting the child support amount after their sports careers are over. This should be the number 1 reason why
Magic Johnson became really successful in business after his playing career in the NBA. He is a great person to model if you want to learn how to make a ton of money in business.
Wait.....you didn't mention skeezy fraudster Christian Laettner, who "helped" his old friends go super broke. Or Jack Clark, once the highest-paid player in baseball who spent his way to bankruptcy whilst he was STILL the highest-paid player.
The number one reason is lack of education and common sense. If they go to college they should study business with emphasis on finance, so they can read and understand contracts.
One of the Koch brothers just died. He left an estate of a billion plus $. He would have been better off enjoying the spoils...for he sure didn't take it with him.
Not that I know her personally, but I don't believe Tigers' wife was a bad partner. Tiger did a lot of bad things and deserved to lose more than what he paid.
I LOVE that book! You're the only person I've seen recommend it other than on videos specifically talking about the book. I'm a mom and a granny and it changed my life. I immediately bought and gifted to my grown kids. Tyronne, if you have or when you do have kids, they're going to be lucky to have a smart, savvy daddy ❤️
The narrator stated that a house is "very liquid." Correction, a home is NOT highly liquid. Liquidity is having the ability to convert an asset into cash. A home can take months or years to sell just to convert it to cash. So it IS NOT liquid. :-/
Have'nt noticed anyone mention injury... Lots of these guys expect to play for 20 years. They spend money expecting another contract to follow. When they blow their Achilles tendon or their knee blows up get their head smashed to pieces every week, and end up on the injured roster their pay is slashed and they dont get a new contract. And nobody just buys anything regardless of how much they have, they borrow. Voila yet get hurt early in your career you go broke. Unless you have been living like everyone else the whole time.
75% of the American Population Dies in the same economic class they were born in. So even if you're a Drugged out, Drop out and your folks were rich, you still only have a 25% chance of dying poor. Money management starts from a very young age and for starters MONEY scares the crap out of POOR people, It's always a source of stress and a heated topic.
The number six bad investment. First the guy is playing COD MW2 next he is playing the game on a Gateway P6860 FX laptop. How do I know? I still have mine...
Raising a kid 234k , he's buggin not when you collecting rent and the house pays for it self , though about the unfortunate 25 cents a day x 365 x 18= 1,642.5 $ = 2 pay checks lol
11:43 Misuse of the word "LITERALLY:" "The examples are literally endless" Come on, dude, nothing is literally endless. Can we please stop using the word literally this way? This is not what they had in mind when it started!
You seem to be assuming all athletes have multi-year mult-million dollar deals, that is not the case. In baseball almost every rookie is on a 1 year deal for the league min. In football and baseball most players are out of the league before they are able to be free agents. You also used the word retire. Only a small hand full of players retire. Most are cut and not picked up by another team. Owners have always hated to pay players and they still do. To make the big green in sports you have to be able to command a multi-year multi-million dollar deal (Patrick Mahomes 10 year 500 hundred million) Sadly, compared to the marquee player deals the majority of athletes are playing for what amounts to pocket change.
No it's not easy to go broke with millions. Let's be clear and start with guys like Tyson who blew almost half a billion. 200 people on payroll, exotic pets, ridiculous amounts of jewelry and all kinds of nonsense no half way intelligent human being would consider. To keep it 100% real this is mostly a black thing with the vast majority of black athletes going broke.
007 someone once told me this: “black people go broke because they invest in things which gives the appearance that they have money, and white people invest in things which make them more money”
@@ZAXN That's true. Look around and see pictures of blacks flashing cash and spending 300 dollars on sneakers when they don't even have a car. It's primitive tribal behavior where whomever holds ther bling and has the most threatening appearance is leader.
They need to change Child Support laws. Seriously not even a Billionaires ex or child deserves 250k a month! Hell 10k a month would let their child sit pretty until his 18 and beyond.
If I was rich like that..I'd make sure every women who had my kids knew that if she even tried to put me on child support she would come up missing for sure..
professional athletes make more money in one contract then alot of people will ever see and if professional athletes want to bust there ass to make it to the pro just so they can support everyone they know can't fix stupid
@@robertjanko6709 I know with MLB they give them over 100k a year when they turn 60. There's a 25 year period where they have to take care of themselves.
When you are dating, its (I) but when you get married it's (we). It you don't understand (we) in a marriage. Get a divorce, the court will teach you....
As a Filipino like him, Yes he belong to this list. All taxes in the Philippines is the same. Prizes of everything you buy already have tax added to the tag, and income tax return is automatically added to your earnings. So going to places like America where knowing tax IS A JOB, and every tax is NOT automatically done for you, will cause a lot of problems.
It’s insane with that child support all the courts are doing our having these men pay for there ex’s to have this awesome luxurious life. It’s ridiculous if they wanna be rich go work for it don’t rely on your kid to be able to become rich. Kids do not cost thousands and thousands a month i promise
Charles Barkley said on a podcast on ESPN several years ago that the biggest reason is family. Athletes don't know how to say no so their friends and family spend the $$$ faster than they can make it. A wife especially will definitely spend your $$$ like there is no tomorrow and good luck if you get divorced.
When you earn a great deal of money I understand wanting to buy nice things for yourself, help out family and close friends but doing too much of that will cause you to go broke. I feel living below your means is the best lifestyle to practice no matter how much money you earn as far as NOT going broke.
Its really tough to do.. the more the money comes the harder it is to save it.. lol
timothy wilson Get yourself situated first. Then work on every one else
Designer clothing is one of the biggest waist of money....
for some reason even the poor spent a lot more on clothes than their on mortgagee especially with this generation trying make fun on someone not choices to spend money on Jordan.
coldskin1 yes, unfortunately they think short term. Nobody likes everybody to know that there poor. So even with fake designer clothes the feel better about themselves. Money that could’ve went to education, savings or mortgage.....
True
Designier clothes are a waste when it's just a brand flex,an expensive well made pair of running shoes or winter coat can be an investment that last you several years and is actually cheaper per amount of use.
Designer clothes are a shit bye. You can get decent clothing at decent prices. I wouldnt be caught dead in a 200$ shirt even if i could afford it. Now i do have a vice-nice shoes but still i wouldnt wear a thousand dollar pair of shoes on my feet. 100$ 200$ maybe.
You don't have to buy EVERYTHING right now - accumulate what you want overtime. Let your money grow, and buy things with that growth so that you don't kill the Golden Goose.
Every young professional athlete should watch this video.
I've always wondered why most players don't just store 10 - 15 years ina sperm bank and just get a vasectomy.
Funny how these stories never focus on the agents who have these athletes sign power-of-attorneys and then steal their money.
Cory Mack mike Tyson’s promoter Don King literally leeched off of mike and robbed his millions.
It actually did single out agents...might have been the 2nd reason on the video.
Again, if all the money in the world was divided up equally, it would gradually make its way back to the hands from which it came.
Exactly
Facts
Being rich is a mindset
@@PablitosWay yes it is
doubt it. i think that's just something we've been used to hearing and now we repeat it without thinking.
*Blake Griffen was order to pay $250,000 a month, Fuck that, if that was me, I would transfer all my money out of the states and renounce my citizenship in a country with no extraditions with the U.S.*
I'm pretty cheap. I don't order drinks at restaurants, only food. I order off the value menu, can get filled up at taco Bell for $4 easily. My car gets 32mpg, I go slower to burn less gas and it's easier on my car make it last longer. I don't have cable TV. I never let my credit cards charge me interest because I pay the full balance.
Don't blow it. Keep it simple. Count your money!
ICONIC
Count your money😁😁 Sound like a dumbass
All those things how to manage money properly I learned from my parents not even talking to them about money management just observing their lifestyle.
Blake Griffin, wow $ 258,000.00 a month " Ridiculous."
Yikes no worries Blake make better choices also once you receive a reduction in pay better get on that modification filling.
For HOW many kids? Even in California, there's something wrong with a child support order of THAT amount. As a well-respected family court judge once put it, when he granted the father's request to put half of the $40K a month in "child support" he was paying on TWO kids (I wouldn't feel too bad for the man, though, he was pulling down in the tens of millions per year, and the ex-wife was getting copious spousal support as well, she's just conniving and greedy) into a trust fund for their use, once they reached majority age, for their education and/or vocational training, as proper,. saying, "There's no reason the court should even waste time on arguing the 'necessity' of horseback riding lessons, and does a young boy need regiments of toy soldiers, or a little girl battalions of Barbie dolls?". He felt that 10K a year, considering the already huge alimony payments the mother was getting (I don't recall the awarded amount, but it was something on the order of $50,000 a month for ten years, and she got their primary residence AND a vacation home as well as an equitable share of the other community assets), was more than adequate for the "needs" of the children.
It's ridiculous right? The system in place isn't logical at all
Child support should never be allowed to go past the children's bills. No women should be paid millions in child support or even enough to put her in a higher income bracket. If he wants to spoil his children that should be his decision but when they're with their mom they should live by her means not his except for half of their bills paid. This system is predatory.
Antares Scorpicus They have to pay taxes on that money
I am surprise gambling did not make this list
I'm sure most of this gambling would be illegal hence not mentioned in financial statements.
Kevin Barry Spending more money than you make qualities as that.
Kevin Barry hes not paying that much
He only pays 32K a month
Kevin Barry Legal fees and Child Support eat money up too
I think that falls under the "Bad Decisions" section.
They live laveshly while there making money then still want to live the same way after they are not making much money.
You cant tell me someone that makes 5 million or more a year couldnt have invested even a small amount wisely. They spend it all like theyre never going to retire.
It’s actually the culture. The dudes with the poor investment I feel for them, cause that’s just because. But who buys every seat on a plan just to fly solo? Invest your money, and save.
A lot of agents steal millions from these guys you gotta have the right people around you and don't trust someone just because they say their professional or a leader in that field do you're on research and find good people to represent you
Trust but verify
Here's another reason they went broke. PUBLIC SCHOOLS!
Personal finance NEEDS to be a requirement for graduation.
It is
@@nintendoant88 not in every school
@@nintendoant88 and, if it is, then they suck at it.
Doesn't gambling make this list, does it count ? Lots of athletes are addicted casino gamblers who don't know how to bet, thereby frequently losing millions in a short time. M. Jordan, C. Barkley, A. Iverson, Pete Rose too mention just a few.
MJ, could lose for several years everyday and still be a multi millionaires.
Jordan and Barkley are definitely not broke. I do not know about Iverson.
@@yerangamage8472 : so could Barkley, my point was that gambling athletes lose A LOT of money and quickly too.
Losing money to gambling isn't a big thing for athletes. I don't think gambling addiction shows up more for athletes
“The number one reason athletes go broke is spending more than they earned” I was totally surprised by this.
I see what you did there, funny!
Advice that I got many years ago was it's not always how much money one makes but how one manages their money.
You only need to make a million dollars, once. You do not need to invest it, you do not need to start a business. Put it in CD's and saving accounts, you can live off the interest, if you live a modest life style. Most of the athletes come from single parent homes at near the poverty line and have had no example of how to manage money. It is sad, but true. They are young and think it will last forever.
Best answer ever..none of these guys are taught how to manage money..
Not quite so simply...
In fact almost too difficult occasionally. Due to the systematic nature of power at the top to remain throughout humankind in this fashion.
Every possible scheme is employed to relieve people of their finances.
All media/mediums/platforms/entertainment are employed as a servant of the scheme...
Relationships also serve this scheme...
Parties are born to assist this scheme...
To relieve you of your money...
And power and control will remain at it's current place?
CD's and saving accounts are for boomers
Kevin R the problem is that is these athletes want to stunt or ball out when they are retired. They don’t understand when they retire. Money doesn’t come in like when they are playing or “popular”. They also buy houses that are way too lavish. The taxes and maintenance on these houses are extreme.
I'm gonna have to disagree. A million doesn't generate enough passive income to raise a family. Maybe it's a pretty *decent* lifestyle for being single, but definitely not enough to feel comfortable enough to not work to support a family
I made $44,000. last year and have zero debt and big savings account.
Decent savings account. Its not big if youre only making 31k.
Motor Sportz big compared to the rest of my life. Big compared to Hollywood millionaires who claim bankruptcy.
STACK THAT CASH
Why would somebody skilled enough with money to have no debt at 31k a year still be making 31k per year?
It sounds like you have good money management skills.
Very bad life choices.. they should donate the money instead of trying to find dumb ways to spend it!
Donate?? what the fuckk.. fuck that shit.. spend it on ur self or save it .... fuck donating.
Donate is good but don't go all out donating. You have yourself and your family to feed.
lilzunit it’s not dumb you can lower your taxable income by donating to charities and stuff.
@@bradleyforeman5082 ok but you still lose miney
Eyyy haven't seen your channel in a while. Gotta see what's new
$258,000 a month in child support is criminal. That's $55,728,000 over 18 years for a child GTFOH
I definitely agree with you that shit right there is EXCESSIVE.
Brewing coffee at home. That's a big financial advice if your going to make 60 million in your NBA career. 4 buck's per coffee at your local shop can really put a dent in those 200,000 pay cheque's
I'm sure the man is thrifty and value-conscious in more meaningful ways as well. The fact that he forgoes the $4 daily latte that some dumb broad whom is always late with her rent and makes only $14 an hour but just can't live without, sez something very good about him. I think he'll do well in life.
When I checked the story said that Blake Griffin refutes the report that he has to pay 258 thousand a month and TMZ reports that he does not have to pay the astronomical amount and has not in all caps.
That's interesting 🤔
On ENTOURAGES ..... YEAH, hang out once in awhile .... but take care of YOUR business, send them dudes packin, y'all can hang sometime but ALL THE TIME !!!!? ......... HELL NO !!!!
Do not let people get you to put your money into projects that will go bankrupt invest and buy properties you wont go wrong.
*It's all about guns and butter. What's the butter? Cars, clothes, jewelry and other materialistic bullshit. What's the guns? Real estate, stocks and anything else that appreciates in value and will make you money.*
Don't marry, don't have kids, don't spend money excessively,be smart with money.
2 Biggest facts that people dont know about NFL: the owners of all nfl teams do not pay Any Tax and they pay nothing to build a stadium and upkeep...... Sounds shady ?
NFL: the biggest sham of a non-profit (yes, it's an actual non-profit corporation) in earth's history
It's not shady. It's using the tax law to it's full advantage. Don't like that they don't pay taxes, complain to your congressman to change the tax laws.
@@jimevans4582 Absolutely agree Jim. Just wish I was in a position to have those benefits, or be smart enough to know. thx for reply Jim, stay cool...
Just call yourself Pastor Frey and start your own church. Praise the lord and get yourself a $10 million dollar jet, expensive cars and million dollar properties.
But not as good as being a member of the British Royal Family. They get to declare the amount of tax they pay and its confidential - which means nothing.
Noted as a Great Idea!!!!
All these NFl and NBA players love to give out money to their boys
What child needs 258,000 a freaking month?
I don't care what daddy does if mommy wants 258,000 a month, that heffa needs a job not a lotto baby. The "percentage of your income" rule for child support is ridiculous. If you were not a wife you are not entitled to that man's lifestyle. Child support is for a child what the hell was that kid eating?
🤭 sorry that one pissed me off. I have no kids so I should not have taken that personal 😂🤣
What was the kid eating? - maybe caviar...😆😆😆
You have a valid point.
Yu could be a multi millionaire, but a lack of financial sense is a quick way to go broke
Simple rules to follow and things to remember:
1. Always invest a portion of your income, always look to diversify.
2. You won't always be at the top of your profession, Always think long term and for the future and retirement, budget your money. Shit happens, always have a emergency fund besides your savings.
3. Vehicles, jewelery and in some instances large properties arent wise investments. Cars depreciate as soon as you turn the key. Mansions are iffy, they can be okish investment but the issue is getting them sold, depends on the market at the time.
4. You don't need to have kids by every woman you sleep with or every new relationship you get into. Choose a down ass woman to get your kids by and avoid getting the arm candy pregnant. Limit the number of kids you have. This diminishes family wealth the more ways it has to be split. Instill financial sense in your kids from an early age as well.
5. Chose women carefully, if women only come around if you have big cash you gotta know that they will go when the cash goes. Get you a woman that will help you make money and not just spend it.
6. Always look over your finances actively as not just let people handle that for you.
7. And for Christ sake don't have 10 million in the bank and buy a 7 million dollar mansion. The upkeep, staff salaries, property taxes, and income taxes will have You bankrupt in a couple years
Before I start watching, I want to say that child support and adjusting the child support amount after their sports careers are over. This should be the number 1 reason why
Child support should be half the children's bills, I don't care how much money the guy has. Why do these whores get rich for having a child?
@@vCLOWNSHOESv Alimony is the greatest scam in the world and has been set up the way it is to feed the lawyers and attorneys and stuff.
@@thethreemaggi4224 It's all systems of control over us.
Magic Johnson became really successful in business after his playing career in the NBA. He is a great person to model if you want to learn how to make a ton of money in business.
Not much is said about him because it's mostly good news
4:50 should be titled "Keep it in your pants or wear protection".
It's cause you can take the person from the hood but you can't take the hood put of the person.
You've no money, you no money manager. You can manage your own money. These people are seeking to plunder the players.
True.
agents and financial advisers are amongst the top reasons.
Wait.....you didn't mention skeezy fraudster Christian Laettner, who "helped" his old friends go super broke. Or Jack Clark, once the highest-paid player in baseball who spent his way to bankruptcy whilst he was STILL the highest-paid player.
Just follow Shaq blueprint.... he's the spokesman for like 20 companies and hasn't spent $1 of any of his game checks.
And he's on his way to becoming a billionaire with all the businesses he owns.
The number one reason is lack of education and common sense. If they go to college they should study business with emphasis on finance, so they can read and understand contracts.
One of the Koch brothers just died. He left an estate of a billion plus $. He would have been better off enjoying the spoils...for he sure didn't take it with him.
He reinvested the money in his companies and donations to cure cancer and the arts.
Idc what he says is number one from what I see its Child support and alimony I know an athlete that pays 10 grand a month for C. Support
Not that I know her personally, but I don't believe Tigers' wife was a bad partner. Tiger did a lot of bad things and deserved to lose more than what he paid.
Exactly. Tiger did that to himself.
Divorce should have been #1. Its the worst investment a man can make. It can cost you 60 to 80 percent of your dough.
This is when you dont know how to handle money
Read the book Rich Dad Poor Dad by Robert Kiyosaki. That book will knock your socks off!
I LOVE that book! You're the only person I've seen recommend it other than on videos specifically talking about the book.
I'm a mom and a granny and it changed my life. I immediately bought and gifted to my grown kids.
Tyronne, if you have or when you do have kids, they're going to be lucky to have a smart, savvy daddy ❤️
Oh my god ! He brewd coffee at home?
😆😂😂😂😂😂😆😆😆😆
If you go to Starbucks multiple times a week, that adds up QUICKLY.
The first i got when making that much money is a tax accountant ASAP!
Biggest reason are women. We want impress them with much money so we are spending much money. And after the divorce we have to spend much money again.
Bismak Byombo signed a massive contract and built a hospital in Africa
The narrator stated that a house is "very liquid." Correction, a home is NOT highly liquid. Liquidity is having the ability to convert an asset into cash. A home can take months or years to sell just to convert it to cash. So it IS NOT liquid. :-/
Yeah well, a bad investment can make you go bankrupt real quickly...
Lol what’s more private than having a full sized airplane to yourself?!
If I ever become ultra rich I'll watch these videos daily...
Have'nt noticed anyone mention injury...
Lots of these guys expect to play for 20 years. They spend money expecting another contract to follow. When they blow their Achilles tendon or their knee blows up get their head smashed to pieces every week, and end up on the injured roster their pay is slashed and they dont get a new contract. And nobody just buys anything regardless of how much they have, they borrow. Voila yet get hurt early in your career you go broke. Unless you have been living like everyone else the whole time.
dan davis that why the video said 5 year for nba and 3years in nfl.
75% of the American Population Dies in the same economic class they were born in. So even if you're a Drugged out, Drop out and your folks were rich, you still only have a 25% chance of dying poor. Money management starts from a very young age and for starters MONEY scares the crap out of POOR people, It's always a source of stress and a heated topic.
If it floats, flies, or fornicates, LEASE IT.
The number six bad investment. First the guy is playing COD MW2 next he is playing the game on a Gateway P6860 FX laptop. How do I know? I still have mine...
Raising a kid 234k , he's buggin not when you collecting rent and the house pays for it self , though about the unfortunate 25 cents a day x 365 x 18= 1,642.5 $ = 2 pay checks lol
Plus don't waste your money on bad investments.
If some of the retired athletes stay private and stop putting themselves on there after retirement, they'll have half of their riches.
11:43 Misuse of the word "LITERALLY:" "The examples are literally endless" Come on, dude, nothing is literally endless. Can we please stop using the word literally this way? This is not what they had in mind when it started!
If an Athlete gets married, he/she should marry someone with equal assets not some broke Model or broke Atheles
Never put all your eggs in one basket
You seem to be assuming all athletes have multi-year mult-million dollar deals, that is not the case. In baseball almost every rookie is on a 1 year deal for the league min. In football and baseball most players are out of the league before they are able to be free agents. You also used the word retire. Only a small hand full of players retire. Most are cut and not picked up by another team. Owners have always hated to pay players and they still do. To make the big green in sports you have to be able to command a multi-year multi-million dollar deal (Patrick Mahomes 10 year 500 hundred million) Sadly, compared to the marquee player deals the majority of athletes are playing for what amounts to pocket change.
the title of the video should be the many reasons athletes go broke
Go through life hoping and trying to make it big just to spend it on somebody's else kids future
It’s easy to go broke with m8llions
No it's not easy to go broke with millions. Let's be clear and start with guys like Tyson who blew almost half a billion. 200 people on payroll, exotic pets, ridiculous amounts of jewelry and all kinds of nonsense no half way intelligent human being would consider. To keep it 100% real this is mostly a black thing with the vast majority of black athletes going broke.
007 someone once told me this: “black people go broke because they invest in things which gives the appearance that they have money, and white people invest in things which make them more money”
@@ZAXN That's true. Look around and see pictures of blacks flashing cash and spending 300 dollars on sneakers when they don't even have a car. It's primitive tribal behavior where whomever holds ther bling and has the most threatening appearance is leader.
6:46 I swear I nearly cried with laughter haaa
If you think you've already seen everything....😂😂😂😂😂😆😆😆😆😆
An athlete does not need an entourage.
A fool and his money will soon depart
thank you very educative
The real reason is they spend it all.
not hard to make a lot of money.. the real challenge is in keeping it.
every contract should have a clause that establishes a dynastic trust fund in case money gets "lost"
Probably cause they weren’t born rich and spend their money CRAZY because it’s there
They need to change Child Support laws. Seriously not even a Billionaires ex or child deserves 250k a month! Hell 10k a month would let their child sit pretty until his 18 and beyond.
They all come from poor backgrounds and they don’t know how to invest.
If I was rich like that..I'd make sure every women who had my kids knew that if she even tried to put me on child support she would come up missing for sure..
Cold and gangsta, damn bruh mad respect. 💯
Rae Carruth, perhaps? Oh, forgot that he got released from prison last year.
It would be easy to make these same mistakes honestly
Well fortunately I don’t know anyone named Jones, but I do love coffee. Guess I’ll start making my own coffee,Lol.
professional athletes make more money in one contract then alot of people will ever see and if professional athletes want to bust there ass to make it to the pro just so they can support everyone they know can't fix stupid
I dont get, why they do not have any pension fonds for players. Would be wasy to bring up by the players union.
NFL, MLB, NBA and NHL all have pension plans.
@@micahjohnsonboxing6409 then why are so many players busted after their career?
@@robertjanko6709 pensions don't begin until the player hit 55 or 57
@@robertjanko6709 I know with MLB they give them over 100k a year when they turn 60. There's a 25 year period where they have to take care of themselves.
When you are dating, its (I) but when you get married it's (we). It you don't understand (we) in a marriage. Get a divorce, the court will teach you....
A fool and his money is easily parted.
Blake Griffin is only paying 30k a month bro
There's a reason they're into sports.. :)
Meanwhile people in Africa are starving...How many of athletes or rappers etc, do you see helping? Look at what they blow their money on...Sad
They don't think about taxes
I'm not sure Manny Pacquiao should be in this list...
As a Filipino like him, Yes he belong to this list.
All taxes in the Philippines is the same. Prizes of everything you buy already have tax added to the tag, and income tax return is automatically added to your earnings.
So going to places like America where knowing tax IS A JOB, and every tax is NOT automatically done for you, will cause a lot of problems.
It was just an honest mistake by Manny that he failed to properly settle his taxes.
Easy come easy go, how ignorant about money🤑 do you have to be to lose millions💵?
they buy things they dont need and spend to much to impress others .instead u should invest all into assets
It’s insane with that child support all the courts are doing our having these men pay for there ex’s to have this awesome luxurious life. It’s ridiculous if they wanna be rich go work for it don’t rely on your kid to be able to become rich. Kids do not cost thousands and thousands a month i promise
Iverson isnt broke, they need to stop using his image
Harry J he is broke if not for the lifetime contract addias gave him
@@zhenhangwong5548 I think it's Reebok, not adidas.
If you're rich don't get married and don't have more than 1 kid.
Jock Tax??? That's some scam ass Luminati shit!
The American tax system is the most punitive in the world.
1. Athletes should not marry. 2. Get a vasectomy before you even get in the league.
You need to learn how to manage small money first before managing big money!!!