NBA life expectancy is 4.7 years, 60% of players go broke?

[Inferno]

Was reading an interview with CJ McCollum and he said this:

Q: Speaking of statistics, a lot of guys in your situation, coming from a smaller school, might be out to prove people wrong but you've said that's not your approach. You play for yourself, you play for your family and "you've got to beat the 4.7 years." What does that mean?

A: "The average life expectancy in the NBA is 4.7 years and 60 percent of us go broke when our careers are over. And all of that is in the back of my mind. I don't want to be broke; I want to be in a situation where I can provide for my family generation after generation. So want to do what's necessary on the court but I'm also going to put myself in a position to where I can utilize my degree and kind of take advantage of this opportunity. Basketball is a great game and I love it to death but I realize you can't play forever. There comes a time where you've got to put the ball down and you need to have a backup plan and have life in perspective. And I understand my purpose and what I'm going to do with it."http://blogs.trailblazers.com/BroadcasterProfile/BroadcasterBlog/tabid/188/EntryID/5014/BroadcasterID/4/Default.aspx

Well damn. CJ's really growing on me. He's a well-spoken and smart guy. Those 4 years in college (and degree) can really help him later on...


Unlike Dwight, who'll probably go broke from all of that child support once he's retired :lol

[1~Gibson~1]

Whats his degree in?

[Inferno]

Whats his degree in?

Journalism, I think.

[AngelEyes]

Was reading an interview with CJ McCollum and he said this:
http://blogs.trailblazers.com/BroadcasterProfile/BroadcasterBlog/tabid/188/EntryID/5014/BroadcasterID/4/Default.aspx

Well damn. CJ's really growing on me. He's a well-spoken and smart guy. Those 4 years in college (and degree) can really help him later on...


Unlike Dwight, who'll probably go broke from all of that child support once he's retired :lol

"you need to have a backup plan and have life in perspective"

Not if you're a star and you make 100 million dollars in your career, you just have to refrain from being a complete retard and not blow your money on stupid shit.

[Inferno]

"you need to have a backup plan and have life in perspective"

Not if you're a star and you make 100 million dollars in your career, you just have to refrain from being a complete retard and not blow your money on stupid shit.

That's true :lol

But 60% of players either aren't starts or can't manage their money :lol

[AngelEyes]

That's true :lol

But 60% of players either aren't starts or can't manage their money :lol

Yeah but what's the average salary in the NBA? Isn't it like 5.5 million dollars or something? If you earn a salary like that for a few years you're in very good shape. You just have to learn to say no to people and not buy things you obviously don't need, i.e. movie theater in your ****ing house or a goddamn jet.

[senelcoolidge]

60% go broke. These guy get a free ride to a college degree. You know how many people would love to have a full paid scholarship. Dumbasses. Well we know Dwight will be part of the broke statistic.

[Brook(lyn)Lopez]

"you need to have a backup plan and have life in perspective"

Not if you're a star and you make 100 million dollars in your career, you just have to refrain from being a complete retard and not blow your money on stupid shit.

Tell that to Iverson.

[sc19]

And most if not all of them are black. SMH my fellow people. :facepalm

[longtime lurker]

"you need to have a backup plan and have life in perspective"

Not if you're a star and you make 100 million dollars in your career, you just have to refrain from being a complete retard and not blow your money on stupid shit.

Even stars go broke. Just ask Iverson and Pippen.

[chosen_one6]

Let's be honest here, the majority of players in the NBA are black and come from areas that are not exactly wealthy. They don't have people in their lives (personally speaking) that know how to deal with money or invest it. 4.7 years comes out to 24-27 years old for when most of these players drop out of the NBA. These guys are in their prime physically and they've got all of this money. It's very hard for someone at that age to take a step back and invest or go back to school instead of f***ing as many women as possible and buying houses and cars.

[Goldrush25]

Tell that to Iverson.

I actually read somewhere that one of Reebok set aside a "rainy day" fund up for him that he can't touch for another 20 years or so, but it's worth more than $30 million.

Here's the article. http://www.celebritynetworth.com/articles/celebrity/bankrupt-allen-iverson-has-a-15-million-reebok-trust-fund-that-he-cant-touch-till-2030/

[AngelEyes]

Even stars go broke. Just ask Iverson and Pippen.

They go broke because they spend they're money like morons, as I previously mentioned.

[AngelEyes]

I actually read somewhere that one of Reebok set aside a "rainy day" fund up for him that he can't touch for another 20 years or so, but it's worth more than $30 million.

Here's the article. http://www.celebritynetworth.com/articles/celebrity/bankrupt-allen-iverson-has-a-15-million-reebok-trust-fund-that-he-cant-touch-till-2030/

"In 2008, ESPN ranked him as the fifth best NBA player of all time behind George Gervin, Jerry West, Kobe Bryant and Michael Jordan (in that order)."

This was actually in the article. Are these writers idiots or just lazy?

[FKAri]

"In 2008, ESPN ranked him as the fifth best NBA player of all time behind George Gervin, Jerry West, Kobe Bryant and Michael Jordan (in that order)."

This was actually in the article. Are these writers idiots or just lazy?

Probably were ranking SGs.

[jdiaby]

Alot of you poster are ridiculous, it's not white/black thing, its more of rich/poor thing. If you grow up poor around people that don't know how to manage money, chances are you aren't going to be adequately prepared to handle money. Also it's an American problem, these NBA players get paid check to check like every other American, AND LIKE MOST OTHER AMERICANS LIVE ABOVE THEIR MEANS AND LACK SIX MONTH-YEAR SAVINGS OF THEIR SALARY. On top these NBA players get outrages loans when they sign their NBA rookie contract or New contract, which puts them in even more debt, there alot factors of why NBA players go broke.

[longtime lurker]

They go broke because they spend they're money like morons, as I previously mentioned.

Well you obviously know nothing about it because Pippen didn't go broke because of bad spending. He put his money into poor investments. The point is that its easy to talk from the outside looking in, but there are a lot more factors than just spending money on bullshit than why people go broke.

[cos88]

60% of player go broke? hard to belive. maybe if you put guys that played 1-2 games in the nba into the equation, i mean from all the guys that played a game.

that's not corect. you have to put in guys that played at least one season and got paid more than 40,000-80,000$ the amount of a week contract.

[32jazz]

Even stars go broke. Just ask Iverson and Pippen.
Pippen is not broke nor has he ever been & Iverson will retire comfortably.


The 60% numbers probably include every ex NBA player down to those who signed a 10 day contract to make sensational headlines.



HLN made a big deal of an ex Dallas Cowboy charged with murder & I tuned in to find out it was an ex practice squad guy the organization nor players even remembered. But he is another negative statistic :'Ex NFL Player/Cowboy charged with a violent crime'.


Bankruptcy records are public so until reporters release the names(besides a few stars) those numbers mean nothing to me.

Sensationalism.

[AngelEyes]

Well you obviously know nothing about it because Pippen didn't go broke because of bad spending. He put his money into poor investments. The point is that its easy to talk from the outside looking in, but there are a lot more factors than just spending money on bullshit than why people go broke.

He made more than enough money to recover from bad business decisions. He spent over 4 million alone on a ****ing jet so don't give me that b.s.

[InfiniteBaskets]

Yeah but what's the average salary in the NBA? Isn't it like 5.5 million dollars or something? If you earn a salary like that for a few years you're in very good shape. You just have to learn to say no to people and not buy things you obviously don't need, i.e. movie theater in your ****ing house or a goddamn jet.

Average salary is very misleading. 3 Heat players are making double digit millions annually, and you have a few guys making 3-5 mil per year. But what about Dexter Pittman, Justin Hamilton, Terrell Harris, Jarvis Varnado, Robert Dozier? For every Heat player that makes millions, there are some making hundreds of thousands, which is obviously still not bad. But taking the median makes more sense. Otherwise a team with a Kobe + scrubs could average 5 mil, despite 1 guy making 30 mil and others making 1 mil a year. Remember that the NBA roster is comprised of 15 players, while most rotations only amount to half that. The other half is where you see a <4 year life expectancy.

After federal taxes, state taxes, whatever union fee the players union charges, agent fees (which could be as much as 10% of whatever the contract they got you), a 2 mil per year deal could easily turn into net $500,000 in your pocket each year. You retire at 28 or 29 with about $2-3 mil? That's supposed to somehow last you AND your family (parents + wife + kids) for the rest of your life? There are white collar workers that retire at 55 with more money at a more financially stable situation.

[MavsSuperFan]

60% go broke. These guy get a free ride to a college degree. You know how many people would love to have a full paid scholarship. Dumbasses. Well we know Dwight will be part of the broke statistic.

I am no Dwight fan, and i think he is an idiot, but he has made idiot proof money. 0% chance he goes broke.

Most NBA guys that go broke are probably not making star money.

Although the average salary may be $5.5 million per year, I would guess the median salary is much lower.

[longtime lurker]

I am no Dwight fan, and i think he is an idiot, but he has made idiot proof money. 0% chance he goes broke.

Most NBA guys that go broke are probably not making star money.

Although the average salary may be $5.5 million per year, I would guess the median salary is much lower.

Dwight has 5 kids and counting. With all those child support payments he'll definitely go broke once his playing days are over unless he invests his money wisely.

[jdiaby]

Average salary is very misleading. 3 Heat players are making double digit millions annually, and you have a few guys making 3-5 mil per year. But what about Dexter Pittman, Justin Hamilton, Terrell Harris, Jarvis Varnado, Robert Dozier? For every Heat player that makes millions, there are some making hundreds of thousands, which is obviously still not bad. But taking the median makes more sense. Otherwise a team with a Kobe + scrubs could average 5 mil, despite 1 guy making 30 mil and others making 1 mil a year. Remember that the NBA roster is comprised of 15 players, while most rotations only amount to half that. The other half is where you see a <4 year life expectancy.

After federal taxes, state taxes, whatever union fee the players union charges, agent fees (which could be as much as 10% of whatever the contract they got you), a 2 mil per year deal could easily turn into net $500,000 in your pocket each year. You retire at 28 or 29 with about $2-3 mil? That's supposed to somehow last you AND your family (parents + wife + kids) for the rest of your life? There are white collar workers that retire at 55 with more money at a more financially stable situation.

:applause: Thread

[MavsSuperFan]

Dwight has 5 kids and counting. With all those child support payments he'll definitely go broke once his playing days are over unless he invests his money wisely.

he has 8 kids, and counting but dwight is easily going to make over $150 million from the NBA.

toss in another $100 million from advertisments.

He also has a personality so he could get on a TV show and talk about the NBA.

[ZHAKIDD532]

"you need to have a backup plan and have life in perspective"

Not if you're a star and you make 100 million dollars in your career, you just have to refrain from being a complete retard and not blow your money on stupid shit.
Yeah. Just don't be Antoine Walker or Allen Iverson.

The problem is a prominent percentage of NBA players come from poor families and don't know what to do with money once they get it. So they buy Escalades, Hummers, and crazy diamond-studded jewelry.

When they get to the NBA, they should be required to have a certified agent, business manager, and financial adviser.