Jalen Rose Explains: How Athletes Go Broke
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- Опубликовано: 3 окт 2012
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My personal insight on why sport athletes end up broke after signing multimillion-dollar contracts. 
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That’s why MC Hammer went broke, media portrays him to be broke from buying expensive stuff but he was helping more people than he could afford.
MC Hammer felt obligated to help everybody and save East Oakland where he didn't have the funds. He had 200 people making 30k/yr on his payroll and most of them wanted to see Hammer fail and freeload off every penny to supplement their lifestyle (Hammer was always a Yes Man). Athletes like Allen Iverson live above their means like $3000/night grand suite hotel isn't nothing. Average person will have to save for years for a vacation and athletes and rappers are traveling all the time. The ego is networking with other rich people and being part of this exclusive club. Most athletes want instant gratification especially when they have to perform and overcome injuries and trauma to the body. Drug abuse and reckless lifestyle is common.
The "Exhibit A" example. And even though they weren't athletes, the ladies of TLC is another good one.
Christopher C TLC signed a bad deal. They never had money to lose. Pebbles got most of it and her husband Babyface split the rest with LA Reid.
"Do forget to do your math"- words from Left Eye herself, who is truly missed. I saw the TLC Behind the Music when it first aired. They still filed bankruptcy.
MackinShizzaveli #WeWasCavemen La Reid was her Ex Husband.
As Tracy Morgan said, you have "Street Taxes" that's your so-called friends and some family members!
Tim Williams lol big facys
Tim Williams lowkey
Facts!
These two should be on First Take, their chemistry is on point
The point of First Take is for the hosts not to get a long and always argue,
T Thomas You can have chemistry while disagreeing. Wilbon and Kornheiser, Shaq and Chuck, etc.
First take is just pure arguing. You can see Shaq and Chuck hanging out. But not Skip and Steph A. or Max
Jalen could work with most people,the other guy is forgettable.
There is a 30 for 30 on the fab 5 so at least Jalen is on one.
Most pro-athletes do not make it to a second contract
I'm an athlete... not professionally and I am broke too. I can relate.
Take care of your money and your money will take care of you.
most of these athletes grew up under difficult circumstances socially, when fame and $$$ hit, most if not none of them is ready to handle that, Shaq said it he was told by a bank manager at the time of his first contract to stop spending his $ like that, and look at it now.
Normal people who win the lottery also have like 80% bankruptcy rate within 5 years. So going broke isn't just for athletes who are young. Funny that people who don't have money are always the ones with all the answers on what to do and what not to do.........
Kruppt808 But He Has Money Tho
They go Broke because like all us poor people you immediately go out and get EVERYTHING YOU EVER WANTED. Of course ur gunna help ur brother mom sister father. I would just buy a 350 thousand dollsr home a 10 acres and not invest st all. Just live off the rest for life
In my country we have a sayin' "It's gone the same way it came", if someone had to work hard for that money he would appreciate it more and wouldn't spend it that way. If I had that amount of money I would buy myself a decent flat and invest into bussines right away. Restaurant and merchandise I have a few bussiness ideas of my own that are waiting in a queue for invest money. 😃
Very few people on earth work harder than elite athletes. Trust me, I know. I played college basketball, and the first day of practice had me crying, and calling back home to my mother. People think these guys are just talented. No. Yeah, some get lazy AFTER they put in the years of work, consistent, grueling work got them there.
You're absolutely right. Before anyone casts aspersions on the athletes, you could do the same documentary on ROCK STARS, BUSINESS PEOPLE, ACTORS, and DOCTORS!
Man I appreciate Jalen's honesty and insight, and I can listen to his interviews and stories all day... My man!
He gave your person what you want.
He`s so right everybody wants your money Family ,friends and Debts.
My mom would want it to buy more alcohol, My dad I would help because he's helped me, My brother I would help, and my best friend and his family, that is it I can think of.
Michael Peterson, good point. Some athletes then later find out that they have friends (and relatives) they never thought they had.
Unfortunately
Not saying the word "NO".
All the interviewer is thinking, "Jaylen will you put that damn bat down. Looks like you are about to hit me with it."
I asked my brother for $2000.
He was a millionaire.
He said no.
Best thing that ever happened to me.
I knew then and there
Either I swim or sink.
So u sank 😂
@@longydongy1004 lol.
@@longydongy1004 i was homeless for 8yrs
But I never touched drugs. I now have my home paid off and big bank account.
No debt at all. Travel the world. Retired at 62
Life is good
I could listen to Jalen rose talk all day.
lol.. the relatives and friends become instant business geniuses
This is so refreshing to hear from Jalen (former pro ball player) as someone that's been there & done that. Instead of the broke everyday people that know everything & ain't been nowhere.
Step one figure out how much you have after taxes.
Step 2 decide how many years you wanna live.
Step 3 divide how much you have by the years you wanna live and that's your yearly budget.
Mostly because of friends and family. They start living off you.
The 3 C’s: Consumerism, chicks, children.
Don't forget Dadgum baby mama, empties out my wallet on a daily basis, expensive tastes on my paychecks
If you're financially illiterate and you go from having no money to having money, then what the fuck do you expect is going to happen? This is predictable. Same reason why if you give a homeless man 100k he's going to end up broke within the year. Having money does NOT mean you're good with money. DO NOT CONFUSE THE TWO.
Nobody prepares you. It's that simple. People have to learn how to be a "hundredaire" and a "thousandaire" first.
Damn freeloaders. They mock you for being CHEAP for not giving them feee money
Never, EVER give anyone control of your money. Family, most of all.
"My family wouldn't rob me!" I hear you say. But look back in history at how many athletes and entertainers who were robbed blind by family members.
Read former NFL player Philip Buchanon's book 'New Money, Staying Rich' to see some of the vile, egregious shit his mother and grandmother did to pry money out of him over the years.
A second contract is like a second chance to get it right Jalen Rose 313.
This can happen to anyone who comes into a lot of money without the context for how to handle it. This includes lottery winners, heirs, and even doctors, who are experts at medicine but don’t have training in handling money.
some people still believe it worth 1000$ to upgrade from iphone8 to iphone9
When I hit big money, I only have a few friends I'm helping, I'm staying single or dating someone who i know isn't a gold digger.
Start a whole life insurance policy that pays dividends and allows you to take loans against the cash value in the policy. It’s a good retirement plan, probably better than a 401K. You can also use it to finance your major purchases. Whole life insurance, especially a policy started before a relationship, is off limits to divorce courts. Create a family trust and make that the beneficiary of the insurance policy. If you get a wife she can be the beneficiary of the trust, but choose someone loyal to you as the trustee who will have to sign off on withdrawals.
If I make 30 million I would still buy a brand new but smaller home. Live simple and invest in real estate
What's the bat for?
I guess. I'll just use it on your face afterwards :) lol
red baron
Beat it up! lol
For protection from Patrick ewing
Keepin white dude in line
red baron hilarious
Jalen - you forgot "car wash." LOL
xpat73 car wash can be very profitable if ran correctly
JALEN HOMIE YOU ARE ONE OF THE VERY BEST SPEAKERS.... ANALYZERS ...AND HANDLING LIFE'S ISSUE S ..ALL SPORTS FIGURES NEED TO LISTEN TO YOUR MESSAGE .. YOU ARE ENHANCING MEN'S LIVES ... YOU NEED TO BE A MOTAVATIONAL SPEAKER .. THX FOR THE REAL TALK .... BUT I DID WONDER ...Y THE BAT HOMIE ,,,LOL,,,LOL
Charles Lett Why are you yelling?
satanschef86 😂😂😂😂
He's a Aquarius
Gotta be weird
In case Patrick Ewing pulls up
In South Africa we calm it black tax but it’s purely family that’s been with you. It’s tougher when it’s not strangers asking for handouts. It’s literally the people that raised you and they don’t ask, you offer because you see the very poverty you come from. You do too much and unnecessarily put too many people in comfort them you go bust. You’ve built homes, paid off cars, paid tuitions. Nothing you can expect to ever really complain about but also nothing that can be of any use or value to you.
A 10 thousand dollar phone?
People don't understamd that the scale of youe life increases along with your paycheck. Your car payment is humongous... Youre probably paying off multiple houses and all the bills going along with that. And like jalen says. He bought a 10000 dollar phone... Thats 10 grand gone in a day. You're life is 10s of thousands of days long. Its so easy to go broke.
What sort of idiot buys a $10,000 dollar phone?
Then don't compulsively buy stupid stuff, plain and simple.
Jalen is a great person to listen to.
Thank goodness I don't have too many friends, or relatives.
eyram1 I have a large extended family, but most of them are self sufficient. In any case I should be glad I have no athletic ability.
But if u get drafted and become rich, "families" and "friends" will come out of nowhere
Damn! Jalen and Jacoby back in 2012 🤘
Jalen got his Joe Clark going on
No matter how much money you earn it is always a good idea to live below your means. Also you have to be careful how much financial assistance you give to family and friends. If you let that get out of control you will definitely end up broke.
If you don’t know anything about money having a lot of it is a pit fall
Money has so much power to it. It's just bad that a person that usually gets it is a bad one and will use it on bad things. It's life.
@@RolandDeschain1 Amen. I mean if somebody toss me and you 1 million dollars right now. Imagine the things we'd do with it.
He was apart of the Bling Bling era in the NBA💎
Anyone know the name of the doco that Jalen rose ia referring to?
Divorces and to many kids hits real hard not only for athletes but for men with good jobs in the everyday world
Lifestyle.... Period.
Don't forget celebrity barber shop
jon stockton. And the rim shop.
Welp i looked up the Virtu phone....😂😂😂😂
Am I the only one who had anxiety from the bat the whole clip 😂
damn i miss Grantland/BS Report/NBA Preview.
real talk
I don’t know why, but I like Jalen Rose
I COULD go out and buy that truck I've been lookin at but it makes more sense to me to have the truck I've got now repaired because it's paid for. Not that hard.
Jalen Rose's "How Athletes Go Broke" is a classic. David Jacoby was a good supporting as well.
It's ya boy rock j .... Big fan
To be more precise, they invest substantial sums in things that can go to ZERO!!
Wants and needs , have no fear saying NO
Number one if I received a scholarship to play sports I’m majoring finance miner in business cause no one is handling my money nor negotiating my contracts but me two invest in real estate three move away from family and friends and stay away except my mom dad brothers and sisters. I worked for my money I don’t have to give it away to opportunist looking for a free ride
The bat is making me nervous.
Why because he’s black?
What’s Jaylen going to do with that bat?
When you win big money and lotteries casinos you disappear can you send money back to those most important 1 check send the family once a year for vacation
smart dude
“They us to call me Jalen,Now they call me Batman”!!
Or "Benjamin!"
This little guy brought me here
0:54 And use your money 2 do it!
If someone can say their worst purchase was 10 grand, they got off easy.
Mr. Rose...have Marshawn Lynch on your program to show how it's really done. If I remember correctly, he didn't even spend a penny of his NFL contract (I think he's getting by on those Skittles commercials endorsements). Although he's not an athlete, Jay Leno banked his Tonight Show $$$, and lived off the $$$ he made doing stand-up comedy. So, it can be done...easier said than done, though.
Somebody tell him backup off the mic
Once you come into money and friends,family.exes and so on start asking you for money,you only have to say one word...: NO! Plain and Simple.
Not that I see
Wtf is the bat for
I ove J Rose
One thing about a lot of people is they don’t give a shit about you until you become rich!! That’s when I will give them the middle finger!! FOH!!
😂 I appreciate Jalen for being honest; more importantly our people need to understand that we don’t need non of this crap that we think 🤔💭 we need to impress people. And maybe 🤔 guys will listen to Jalen and take heed to what he’s saying.
Very easy,if you've never had(money,food,good relationship,shoes,clothing,credit,car, upbringing) anything! The first thing you will do is "MUCK IT UP!" Think about it,you( everyday person)you know how you act if you if you got an extra $20 or $200 in your pocket. Imagine how you act with an extra $20,000 or $200,000 around. Can't image that right? Then you won't know how to handle it.
Hell I’m saying no from the jump
If you Robert Kiyosaki's book Rich Dad Poor Dad, and Anthony Robbins Book, Money Master the Game, you'll understand pretty quickly why poor people who get money, tend to lose it pretty quickly.
Just say no!
Why the bat?
Shit only my immediate family would be takin care of my mom dad and sisters...cuzins are out and friends are out
Don’t invest in or own a restaurant if you’re an athlete unless you’re thunder dan or lebron James, it worked well for them but that’s about it
Don't blow it
Keep it simple
Count your money
Hhh malfunction a bit, will look into that soon.
Mr . Taking the ,clean day off
Why's he holding a bat
Anybody can go broke. Period.
Why is jalenholding that bat?
Jalen Rose Net Worth : $60M
simple they are stupid to invest,savings. galore expenses when they have enough..
JALEN & JACOBY brought me here.,,Adrien Patterson facing debt...
Brother ain't even gotten into gambling, drinkin' too much, and all the other dumb shit people get into.
The NFL has a mandatory 2 day seminar for rookies and part of it talks about money.
Herm Edwards tells the rooks straight out... "Shelf life in this league is 3 years. You will probably not last out your rookie contract. The money you make right now is gonna have to last you for rest of your life. So here it is: buy ONE house. Buy ONE car. If you're not married, GET A PRE-NUP. Don't let the veterans sucker you into high end poker games. I'm not gonna tell you not to go out, but get the Hell out the club at midnight. Ain't nothin' good happen at the club after midnight."
WoW! Jalen is the real deal for this. Tis funny how when YOU HAVE MONEY, your family's WANTS turn into NEEDS. I don't even pick up the phone.
~~I'm the real deal tOO~~
Talk Hotep Jalen.
is he batman
the players should have had a real job before and realize what they had like minimum wage and would know you have to pay taxes and other things haha
I'm 31 now and looking back at how careless I was with money in my early 20s I'm not gonna lie I'd probably would have blown a multi million dollar contract too. Now at 31 I have said that if I ever win the lottery I would just pay off the house I already have and just have enough to live comfortably and worry free.
Athletes should put away 2 million of their salary on C.Ds..A five year C.D. gives 3.25 a year for a 5 year deal. Thats 65 thousand. After it matures its close to 2350000 dollars. You keep on reinvesting it till retirement. With a Republican President interest rates in C.D's are always going up. With Reagan they were about 10 percent.
The athletes that go broke is misleading. Most that go broke probably made the minimum
Halen seems like a regular guy that threw hard work he's made his own good luck. Plus I bet he's cool to hang with
Yeh he mk ultra
I didn't make a dollar or see a dollar
Yes but rarely do pro athletes survive that long.