MCW: "I'm afraid of going broke"

[StateProperty]

http://newday.blogs.cnn.com/2013/12/18/nba-rookie-im-really-concerned-about-saving-my-money/

Putting his first 3 years salary in a trust fund. Using endorsement money and mommy money for now. Smart kid.

[Budadiiii]

Beta.

His sheltered childhood and pushover idiot parents make me hate this kid.

He's not going to be able to stay persistent through tough times and will fizzle out sooner than later. Bust.

[El Kabong]

Good to see he's being smart. Never know how long your basketball career will last, be wise with your money and with a bit of luck you'll never have to work another straight job again.

[jamal99]

Does he have any control over his actions?
He could just not spend money like a total idiot and will never go broke...

[wakencdukest]

Does he have any control over his actions?
He could just not spend money like a total idiot and will never go broke...



Sounds like he is controlling his actions.

[Eric Cartman]

Sixers are happy that their leading guard isn't an idiot for once.

[edrick]

Does he have any control over his actions?
He could just not spend money like a total idiot and will never go broke...

It's very easy to blow through money for some people, especially if you've never had a lot before. So, he is controlling his actions.

[Mr Exlax]

Sixers are happy that their leading guard isn't an idiot for once.


:lol :roll: :applause: :oldlol:

[retaxis]

Beta.

His sheltered childhood and pushover idiot parents make me hate this kid.

He's not going to be able to stay persistent through tough times and will fizzle out sooner than later. Bust.
Hates a strong word. It normally demonstrates someone either did something personal to you or you have intense issues with confidence and jealousy. I am learning more to the jealousy/sh1t life you have.

[gts]

Does he have any control over his actions?
He could just not spend money like a total idiot and will never go broke...

Obviously he does... He just made a very sound financial decision

[2LeTTeRS]

Does he have any control over his actions?
He could just not spend money like a total idiot and will never go broke...

You do realize this is possibly the wisest financial decision a man in his position can make right? Professional athletes have at best 15 years to earn money to fund themselves for their entire lives; and putting the lion's share of the money he's currently earning in trust is the best way to ensure that does not blow through it.

There is literally no reason to criticize this decision...

[NugzFan]

You do realize this is possibly the wisest financial decision a man in his position can make right? Professional athletes have at best 15 years to earn money to fund themselves for their entire lives; and putting the lion's share of the money he's currently earning in trust is the best way to ensure that does not blow through it.

There is literally no reason to criticize this decision...

I think Jamal is saying he should have some control. The trust fund is a great idea but the fact that people can't control spending is pathetic.

[IGOTGAME]

You do realize this is possibly the wisest financial decision a man in his position can make right? Professional athletes have at best 15 years to earn money to fund themselves for their entire lives; and putting the lion's share of the money he's currently earning in trust is the best way to ensure that does not blow through it.

There is literally no reason to criticize this decision...

who is managing the trust? hopefully not his parents. but if the money is properly invested then this is by far the best decision. Much better than just keeping it a checking/saving account.

[kmart]

A lot of pro athletes go bankrupt upon retirement. Smart move by MCW.

[wakencdukest]

I think Jamal is saying he should have some control. The trust fund is a great idea but the fact that people can't control spending is pathetic.


A lot of people can control their spending. But young uneducated black men from poor families who become millionaires over night apparently cannot. It's refreshing to see a young player concerned about his financial future instead of spending all his money on stupid shit like cars, jewelry, partying, entourage's, etc.

[ROCSteady]

Seems like a fun guy to party with, very lively when he speaks

[FreezingTsmoove]

Idk what all the praise is for MCW is a known cheapskate. Just a couple months ago he was caught stealing at a mall

[2LeTTeRS]

I think Jamal is saying he should have some control. The trust fund is a great idea but the fact that people can't control spending is pathetic.

So how does that apply here with a man who actually is controlling his spending?


A lot of people can control their spending. But young uneducated black men from poor families who become millionaires over night apparently cannot. It's refreshing to see a young player concerned about his financial future instead of spending all his money on stupid shit like cars, jewelry, partying, entourage's, etc.

His education level or race has nothing to do with anything; in this day and age of materialism people of all races and education levels overspend. I've seen attorneys and doctors have their cars repossessed and lose their homes to foreclosure.


who is managing the trust? hopefully not his parents. but if the money is properly invested then this is by far the best decision. Much better than just keeping it a checking/saving account.

This was mentioned in the article; and judging from the information provided sounds like his mom is pretty qualified to invest his money:


"It was definitely a big team discussion, with my family, my academic advisor, who I've known for a while now, we all got together and they came up with the idea and I couldn't agree more," he said.

The athlete believes he is in good hands because he says his mother works for a company that helps young players get started with housing and financial frameworks.

" I know she has the best interest in me, not only because I'm her son, but because it's her job."

[KyrieTheFuture]

It's not the spending that gets them it's the payments. They probably don't buy shit with cash they finance it so they can have all the cars and houses they want and then buy clothes n shit. Eventually that mortgage or whatever keeps requiring payments and you aren't in the league anymore. No one goes broke while playing, it's after the faucet turns off and the sink drain is still open that they get in trouble