Another NBA player is broke? You're joking, right? I'm shocked. They seem so in control, so non-flashy, so efficient and frugal with their millions. Most of them aren't even buying 24-inch rims anymore. They're settling for 22s. They're not Making It Rain, but Making It Drizzle, dropping 20s instead of 50s.
Well, get out the sheet of paper that contains all the broke NBA players because the list just got longer. First, though, let's tally up the BAFs (Broke-Ass Fools) we already know:
- There's Kenny Anderson, who was paying over $10K per month in child support, but as recently as '06 was $100,000 behind. This is the same dude who once told the New York Times he owned eight cars.
- There's Latrell "I Can't Feed My Family On $21 Million" Sprewell, whose boat was repossessed and home is currently in foreclosure.
- Jason Caffey, who got locked up for child support, despite once signing a $35 million contract and winnning two NBA titles. According to bankruptcy court records, Caffey owes nearly $2 million, but only has $1.15 million in assets.
- And now, Vin Baker. Baker's restaurant is behind $900K in payments. What's trifling is that his parents sunk $400K into Baker's establishment and lost it. By the way, am I the only who believes Baker one day will appear on A & E's Intervention?
Anyway, it's obvious the NBA wasn't being dramatic when it said recently that 60 percent of NBA players go broke within five years of leaving the game. That's not at all hard to believe. Most of 'dem fools have four baby mommas, 10 friends, a step-momma, a real momma and daddy, three crackhead uncles, and four drunk brothers on payroll. Just last month, it was reported that Shaq spends $875,015 per month. He blows $24,300 a month on gas, according to financial records filed as part of his divorce filing. $24,300? I mean, this this fool buying gas from the Taliban? Is he getting '93 from Bin Laden's personal stash? Does he have Nike Gas with the Bentley grill? Shaq also drops $6,730 a month on dry cleaning. Clearly, he ain't getting his shit in before 9 a.m.
All I know is, if Kevin Garnett -- who has made nearly half a billion in NBA money -- ever goes broke or has so much as his doggie house foreclosed, somebody needs to whip his ass with a copy of "Rich Dad, Poor Dad."
2 comments:
You know, I know it's easy to point fingers, but here's the thing: if you were bad at managing money when you were making $5.15/hr at Burger King, getting $50 million only exaggerates those problems.
It's the same thing you see with people who take a lump sum when they win the lottery, and in a couple years, they're broke. They just burned through it. No budget, no financial planning, no nothing.
So I'm not surprised at that figure at all. People can't get it through their thick heads that it might not be such a good idea to buy eight $80,000 whips if they're going to depreciate in value.
Your post made me think of this article in New York magazine:
http://nymag.com/news/features/42595/
Accountants who have newly-rich clients give them financial discipline. They give their client some initial money to just play with - you know to buy whatever ridiculousness they need to get out of their system - and the rest of it is strictly budgeted.
It's the only way to hang on to it. I mean, it's easy to call people out for their extravagant spending, and it's easy to judge because it's difficult for any of us to fathom having that much money. But it's also sad.
I mean really, when you're from the hood, nobody's telling you to buy Berkshire-Hathaway stock or how to put your money in an endowment or a trust. Those who are from old wealth play by a completely different set of rules.
*sighs*
i wouldn't call it finger pointing per say, but let's stop making excuses for grown men! The one thing that should kick in for any 'FOOL AND HIS MONEY' is the fact that if you didn't grow up with money, you damn sure shouldn't want to be without it EVER AGAIN!!!
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