They make the rookies take a course on financial planning and responsibility but….

[Kblaze8855]

….then the vets start the hazing and make them spend thousands “paying dues”.

https://www.hostpic.org/images/2309300717520335.jpeg

[AlternativeAcc.]

So a guy guarenteed 27 million over the next 4 years paid a 9k tab?

Roughly translates to 80 bucks for the average guy. I think he's fine.

[Kblaze8855]

I’m not sure how good you would have to be to downright defy the vets but I’ll give it a shot. You arent signing a $260 million contract then making me spend 9 or $10,000. Sure he can afford it but they have to learn not to buy things they can afford just because they have the money. All that gotdamn truffle butter….

Halls isn’t that good anyway. It’s good but nothing to do all that over. It’s about like Morton’s. Nowhere for a group of millionaires to throw a fancy dinner. Though I suppose that might help him out. An nba team in Papi steak might be 20k.

[Kblaze8855]

So a guy guarenteed 27 million over the next 4 years paid a 9k tab?

Roughly translates to 80 bucks for the average guy. I think he's fine.

Hed be fine buying a Bugatti just to drive to the mailbox that wouldn’t make it intelligent. People who get rich overnight buying things because they can? That’s gotta be in the first 20 minutes of that “Don’t be an idiot” seminar they have them attend.

[Xiao Yao You]

Antoine Walker I'm sure is on the agenda

[AlternativeAcc.]

Hed be fine buying a Bugatti just to drive to the mailbox that wouldn’t make it intelligent. People who get rich overnight buying things because they can? That’s gotta be in the first 20 minutes of that “Don’t be an idiot” seminar they have them attend.

Yeah buts it's a hazing and he didn't wanna pay it. You're acting like this event somehow is gonna alter his mentality towards money.

Guys making him blow 9k at dinner isn't gonna wanna make him do that every night. He spent the equivalent of 80 dollars.

[Xiao Yao You]

they should be more savvy coming in now anyway. Some are making a lot of money through NIL and the international players have already been getting paid as well

[Kblaze8855]

Yeah buts it's a hazing and he didn't wanna pay it. You're acting like this event somehow is gonna alter his mentality towards money.

Guys making him blow 9k at dinner isn't gonna wanna make him do that every night. He spent the equivalent of 80 dollars.


You think it goes all at once? Or do you think rationalizations like “It’s only ____ to a normal person” lets them ignore that it’s actually ____ in reality? It isn’t hard to nickel and dime your way through millions of dollars thinking it doesn’t matter because there will always be more. I went and read a little about the rookie transition program and it’s one of the first things they teach. Even for a first round pick with the contract, it’s really only two years guaranteed beyond all doubt and a lot of these guys are check to check by then. They shouldn’t be but forgetting the money is real even when it doesn’t feel like much is part of it.

They can all afford to spend 10K at dinner. But fact is most end up some degree of broke and the “I can afford it” mentality no doubt contributes.

[Kblaze8855]

they should be more savvy coming in now anyway. Some are making a lot of money through NIL and the international players have already been getting paid as well

I saw an article on Wemby being really active and asking the old guys a lotta questions. Dennis Scott and Purvis Short seem to run it now. Plenty of horror stories though. Richard Jefferson was taken for 7 million before he even noticed:





Many rookies have spent the last few months doing their best to get their affairs in order.
Grant Williams, who was drafted No. 22 overall by the Boston Celtics out of the University of Tennessee, says one of the biggest concerns he has faced since being drafted is determining how to manage his finances.


“Just being a young guy in the league and neither you nor your family having made this amount of money, you have no idea what to do with it,” Williams said. “I am understanding that you don’t have to compare yourself to everyone else, but you can be honest with yourself and learn what you want to live off of and then create generational wealth or grow money for the future.”
For Williams, who he would turn to for financial management advice was not clear.


“At first I was hesitant to hire a financial advisor, because I wanted to go through one year of knowing where all of my money goes,” he said. “I took a step back, though, and realized it is more money than my family or I have ever lived with, so I hired one. I don’t necessarily need to invest right away, but I could be a guy who learns about the financial side of the business, but also taxes, accounting and bill pay before investing and deciding what I want to do the rest of my life.”
Williams’ thinking about his finances and slowly analyzing how best to invest them are good strategies, according to Todd Burach, a vice president at City National Bank, which works with many professional athletes, including five of the top 20 picks in the NBA Draft.

“The biggest mistake we see rookie NBA players make is trying to do too much too soon,” Burach said. “Even for a first-round pick, the first two years are the only guarantee. They don’t know where they’ll be based or, frankly, whether they’ll even have a career after that. Buying a house for themselves or their mom, or making venture capital investments are great things to be able to do, but we strongly recommend players wait until they have more stability before taking those kinds of steps.”
Financial management underscores what Jefferson identifies as a transcendent issue all NBA players face, regardless of nationality, ethnicity or socioeconomic background. Believing that cautionary tales from other players are the best lessons for rookies, Jefferson shares his own.

“I donated a bunch of money to my college,” he said. “I had no kids before my marriage. I wasn’t paying baby mamas. I didn’t have 12 cars. I didn’t buy a ton of jewelry. I didn’t have four homes. I wasn’t living over the top. There was none of that. But when I looked at my money, the math wasn’t adding up.”
During the 2011 NBA lockout, Jefferson reached out to a Nets season ticket holder, Richard Murnick, who is a financial advisor. Jefferson had gotten to know Murnick casually over the years and knew he was helping a friend look into the friend’s finances. Sensing something was wrong with his finances, he scheduled a meeting with Murnick, who agreed to help audit his accounts.
Jefferson claims that he and Murnick uncovered fraudulent transactions in his accounts. “We started seeing my business manager was cooking the books and lying to my agent, tax person and financial advisor,” he alleged.

In 2017, Jefferson’s former business manager, Theodore Kritza, was indicted in federal court on 22 counts of bank fraud, wire fraud and aggravated identity theft and accused of defrauding Jefferson of nearly $7 million. The case is still pending.
“You should have two financial advisors,” Jefferson recommended. “Never one. If all of your money is with one person and he’s a crook, you’re ****ed. You have to have two financial advisors who are completely separate and not one who your agent introduces you to. If you have two who can double-check each other’s work, one can see if something doesn’t add up. It’s not that everyone is a crook, but part of it is assuming everyone’s a crook.”


City National Bank’s Burach echoes Jefferson’s sentiment.
“Players need to prioritize putting the right advisory team in place, and being coachable off of the court,” Burach said. “It’s so important to follow a formalized process and construct a team with the right incentives to do right by them, and to listen and ask questions every step of the way. It’s also important to have mentors who are not on a player’s payroll, like a business professor from their university, someone who can act as an informal advisor.”


Talking about the money he lost is another lesson Jefferson believes rookies and other NBA players should learn.
“Athletes, because there is so much machismo, don’t want to talk about things that go wrong,” Jefferson said. “The lessons I have learned can help other people, though. I found out about my money at 28, but played until I was 38. I made a ton of mistakes when I was younger, but I lasted long enough in the league that I was able to overcome them.”

[AlternativeAcc.]

You think it goes all at once? Or do you think rationalizations like “It’s only ____ to a normal person” lets them ignore that it’s actually ____ in reality? It isn’t hard to nickel and dime your way through millions of dollars thinking it doesn’t matter because there will always be more. I went and read a little about the rookie transition program and it’s one of the first things they teach. Even for a first round pick with the contract, it’s really only two years guaranteed beyond all doubt and a lot of these guys are check to check by then. They shouldn’t be but forgetting the money is real even when it doesn’t feel like much is part of it.

They can all afford to spend 10K at dinner. But fact is most end up some degree of broke and the “I can afford it” mentality no doubt contributes.

Most guys with a 27mil guarentee end up broke? I'd have to see the data on that.

Even if they get hurt or just aren't good enough, they will have collected millions in assets by the time the money stops coming.

I think you hear about guys going broke and think the percentage is much higher than it is. I could be wrong

[Kblaze8855]

I’m sure the percentage is going down as the revenue goes up because they make so much money is harder to spend it. But a tremendous number of people with 27 million in earnings have spent it I’m sure of that. What is that after taxes and fees and all? 12-13? And that’s if you play all 4 years. There’s a team option on year 3 and 4. You could make 6 million and end up in Taiwan with 60 years of life to live, no real pension, and no qualifications. It’s a living but it’s not a “Blow 10K on dinner” living.

I feel like the hazing should be saved for second contract players. Like quarterbacks or RBs taking care of the offensive line after a good season.

You sign for 100+ million then dinner is on you.

Id feel scummy making a college kid pay for me when I have a quarter billion I know I’m getting taxes aside.

[FultzNationRISE]

If it’s a one time thing at the start of the season where the rookie first pick takes everyone out and picks up a big ass check, I get it. No big deal.

But I would definitely not put up with that for a whole season. Players only see half their deals after taxes and agent fees, and even if that comes to 10 million dollars you may never get another contract. Throw in unpredictable inflation over the next decade and it’s not THAT much to live the rest of your life on for a guy who’s 20. Of course it’s a great start for anyone, but it’s not “Ill never be able to spend this” money. He’s not obligated to basically give it away on a regular basis because rookie.

[AlternativeAcc.]

I’m sure the percentage is going down as the revenue goes up because they make so much money is harder to spend it. But a tremendous number of people with 27 million in earnings have spent it I’m sure of that. What is that after taxes and fees and all? 12-13? And that’s if you play all 4 years. There’s a team option on year 3 and 4. You could make 6 million and end up in Taiwan with 60 years of life to live, no real pension, and no qualifications. It’s a living but it’s not a “Blow 10K on dinner” living.

I feel like the hazing should be saved for second contract players. Like quarterbacks or RBs taking care of the offensive line after a good season.

You sign for 100+ million then dinner is on you.

Id feel scummy making a college kid pay for me when I have a quarter billion I know I’m getting taxes aside.

I understand they've spent it, but a lot of the spending is on houses, jewelry, and cars. The guys going broke gambling and buying drugs.. well.. thats just poor common sense. Idk if you can really fix that with early intervention. They only learn when it's too late. At that point they are prone to making dumbass decisions based off many years of life experience.. but yes I can see how going out with guys who are superstars in the league and getting a taste of how they live might plant some bad seeds.. yeah.

[warriorfan]

I’m not sure how good you would have to be to downright defy the vets but I’ll give it a shot. You arent signing a $260 million contract then making me spend 9 or $10,000. Sure he can afford it but they have to learn not to buy things they can afford just because they have the money. All that gotdamn truffle butter….

Halls isn’t that good anyway. It’s good but nothing to do all that over. It’s about like Morton’s. Nowhere for a group of millionaires to throw a fancy dinner. Though I suppose that might help him out. An nba team in Papi steak might be 20k.


I heard a story about a formal NFL player handling this when he was a rookie. He knew the dinner was coming and asked the guy who had to do it the offensive lineman and tight end dinner the year before how much it cost, he said around 10 grand. The rookie thought no way is that gonna fly. So he goes to the restaurant the day before and meets with the owner and immediately gives him 500 cash. Then explains the situation that he is gonna have the dinner here but he’s gonna have to keep the bill down. Night of the dinner they come and order a bunch of tomahawk steaks and things are going good. The team starts trying to order top shelf Louis XIII and then owner comes over to him and says I’m sorry, we had some issues with our vendor and it won’t be in until Tuesday. Brings them some good but not ridiculously priced stuff and they continue on. I think he said the final bill with tip was around 3K. He did pretty well.

[Kblaze8855]

I understand they've spent it, but a lot of the spending is on houses, jewelry, and cars. The guys going broke gambling and buying drugs.. well.. thats just poor common sense. Idk if you can really fix that with early intervention. They only learn when it's too late. At that point they are prone to making dumbass decisions based off many years of life experience.. but yes I can see how going out with guys who are superstars in the league and getting a taste of how they live might plant some bad seeds.. yeah.




It’s mostly the big purchases yea but the day-to-day things add up to millions of dollars. I think Antoine Walker estimated he spent like 30 million in walk around money, gifts, clothes and so on for his entourage. He gets some jewelry they get some jewelry. He gets some shoes everybody get some shoes. That shit adds up.

I think it was also him I read about having so many people to feed he had to add his friends as authorized users on his credit cards. This is before doorDash and all that, so when somebody makes the food run, you know the boss isn’t going. Some minion hast to go and the restaurant isn’t taking a 3000 dollar order on someone else’s card.

Next thing you know the “gofer” in the entourage has his own card connected to Antiones account with a virtually unlimited line because he’s gotta be able to buy for the boss at a moments notice.

you really can’t let that lifestyle get a hold of you before you hit that second contract.

[Kblaze8855]

I heard a story about a formal NFL player handling this when he was a rookie. He knew the dinner was coming and asked the guy who had to do it the offensive lineman and tight end dinner the year before how much it cost, he said around 10 grand. The rookie thought no way is that gonna fly. So he goes to the restaurant the day before and meets with the owner and immediately gives him 500 cash. Then explains the situation that he is gonna have the dinner here but he’s gonna have to keep the bill down. Night of the dinner they come and order a bunch of tomahawk steaks and things are going good. The team starts trying to order top shelf Louis XIII and then owner comes over to him and says I’m sorry, we had some issues with our vendor and it won’t be in until Tuesday. Brings them some good but not ridiculously priced stuff and they continue on. I think he said the final bill with tip was around 3K. He did pretty well.



Beautiful. I know there were some stories recently about some highly touted rookies, who came in on day one and told everybody that hazing shit wasn’t gonna fly, but I think he meant the pranks and all that. Getting ahead of it on the money might be even better. Treated like a workplace and if you perform at a high enough level, you get respect because you’re making everybody else look better.

you just can’t pull that shit and be mediocre.

[Kblaze8855]

Jesus Christ I found the story I was thinking of. It was Dez Bryant who refused to be hazed




"I'm not doing it. I feel like I was drafted to play football, not carry another player's pads," Bryant said, via ESPNDallas.com (http://sports.espn.go.com/dallas/nfl/news/story?id=5409306). "If I was a free agent, it would still be the same thing. I just feel like I'm here to play football. I'm here to try to help win a championship, not carry someone's pads. I'm saying that out of no disrespect to [anyone]."



But look how they got him back…






In case you're wondering, Williams got his revenge on Bryant; The Cowboys' offense went to dinner and the rookie was reportedly stuck with the $54,896 bill.
"They got the young fella," said Bryant's adviser, David Wells (http://sports.espn.go.com/dallas/nfl/news/story?id=5626300). "What could he say?”


Thats just being a dick.

Id end up suspended for contract detrimental you try to stick me with a bill like that.

[AlternativeAcc.]

It’s mostly the big purchases yea but the day-to-day things add up to millions of dollars. I think Antoine Walker estimated he spent like 30 million in walk around money, gifts, clothes and so on for his entourage. He gets some jewelry they get some jewelry. He gets some shoes everybody get some shoes. That shit adds up.

I think it was also him I read about having so many people to feed he had to add his friends as authorized users on his credit cards. This is before doorDash and all that, so when somebody makes the food run, you know the boss isn’t going. Some minion hast to go and the restaurant isn’t taking a 3000 dollar order on someone else’s card.

Next thing you know the “gofer” in the entourage has his own card connected to Antiones account with a virtually unlimited line because he’s gotta be able to buy for the boss at a moments notice.

you really can’t let that lifestyle get a hold of you before you hit that second contract.

I mentioned the houses and cars more in line with things they can resell and still be decently well off even if the money completely stops coming. Just saying a lot of guys who "go broke" aren't all that broke. Just can't live like they did.

The guys blowing money on alcohol and buying shit for their posse are the dummies who really can't be helped. They have to learn the hard way.

[theman93]

Yeah I'd tell them to go kick rocks lol. Locker room hazing is whatever, but don't think you're gonna mess with my bank account.

[Kblaze8855]

Guys get to the point they can’t even sell the things they bought because everything was so poorly managed. Antoine Walker lost both his mansion and his moms and most of his real estate investments in the 07 crash. He didn’t even have enough to keep up with taxes on everything much less the payments. Sprewell ended up a few million in the hole of taxes.

It’s hard to imagine but people really can just blow all that cash and shit like this can’t put a young guy on a good path if he looks at it like “It’s not that much for me. It’s only a lot for normal people”. It should hurt. Luckily for this guy it seems to so he might have some sense.

[Xiao Yao You]

The Jazz were paying Luther Wright's contract over 30 years or something when he flamed out but someone else ended up with his contract and he was living on the street

[Xiao Yao You]

When the Jazz cut him in 1994, DiFazio, converted his five-year, $5 million contract into an annuity that would pay Wright $158,000 for the next 25 years. But Wright's mother, Mae, had gained control over the annuity when Wright was mentally unstable, he says. She used it as collateral for a large loan. Payments on that loan ate up much of the money.

[Kblaze8855]

The Jazz were paying Luther Wright's contract over 30 years or something when he flamed out but someone else ended up with his contract and he was living on the street

assuming the CBA still allows people to do long term deferment some of these 200 and $300 million players might be smart to put 50 million back to pay out between age 35 and the full retirement age to get the max NBA pension. Though I suppose anybody with that much foresight shouldn’t be stupid enough to spend the money in the first place.

It’s becoming less than an issue with the bigger contracts.

[AlternativeAcc.]

Guys get to the point they can’t even sell the things they bought because everything was so poorly managed. Antoine Walker lost both his mansion and his moms and most of his real estate investments in the 07 crash. He didn’t even have enough to keep up with taxes on everything much less the payments. Sprewell ended up a few million in the hole of taxes.

It’s hard to imagine but people really can just blow all that cash and shit like this can’t put a young guy on a good path if he looks at it like “It’s not that much for me. It’s only a lot for normal people”. It should hurt. Luckily for this guy it seems to so he might have some sense.

Right, but guys are who they are at this point in their lives. The guy who went to the owner and told him to keep the tab low already has financial foresight. Thats something he already had. Guys who end up blowing money are wired to do so. At that point if a bunch of young black athletes are going broke you question the upbringing and culture... shit needs to change for young black people long before they make it to their 20s.

[Kblaze8855]

It isn’t really a racial issue. It’s a poor kid handed a lot of money issue. You can find top 20 list of baseball players, who blew it all. They tend to go broke as well and not many of them are black. Obviously if you’re talking pro athletes especially in the more popular sports in America a disproportionate number of the people to do anything will be black, but I don’t know that’s at the heart of the issue.

I’m sure most lottery winners aren’t black, but they tend to go broke. People are just generally shitty with money once they start thinking it can’t run out.

I believe I’ve mentioned before I worked with a guy who got a $1 million injury settlement and he spent it in something like four or five months to the point he was borrowing lunch money when he came back to work. He did have a paid off house and a couple cars, but I couldn’t believe it.

[Xiao Yao You]

They should be taking a class in their one semester of college. Personal finance was one of the first classes I took

[AlternativeAcc.]

It isn’t really a racial issue. It’s a poor kid handed a lot of money issue. You can find top 20 list of baseball players, who blew it all. They tend to go broke as well and not many of them are black. Obviously if you’re talking pro athletes especially in the more popular sports in America a disproportionate number of the people to do anything will be black, but I don’t know that’s at the heart of the issue.

I’m sure most lottery winners aren’t black, but they tend to go broke. People are just generally shitty with money once they start thinking it can’t run out.

I believe I’ve mentioned before I worked with a guy who got a $1 million injury settlement and he spent it in something like four or five months to the point he was borrowing lunch money when he came back to work. He did have a paid off house and a couple cars, but I couldn’t believe it.

Its a culture issue for sure. Rap/athlete culture is a bit different than Asian culture when it comes to money don't you think?

Guys going broke is mostly an upbringing/culture thing.

[Xiao Yao You]

Its a culture issue for sure. Rap/athlete culture is a bit different than Asian culture when it comes to money don't you think?

Guys going broke is mostly an upbringing/culture thing.

Chinese certainly save money

[FultzNationRISE]

Every group has its reckless and irresponsible members. Robert Swift was famously an NBA bust turned bankrupt meth head. I think you see it more with black basketball and football players largely because if a team is going to take a risk on an immature guy because he jumps out the gym in a workout… thats usually gonna be a black guy. White guys - unless theyre really tall like Swift or Darko - arent getting drafted for athletic potential. Theyll get weeded out if they arent smart or dont work hard because nobody sees them as the next Randy Moss or Allen Iverson who can just show up and dominate. Whereas a lot of black prospects get that benefit of the doubt and teams overlook other question marks about them. The Hornets just drafted a guy who was an accessory to murder. Basically, smart players in the NBA/NFL can be white or black, but dumb players tend to only come from the latter. Theres dumb white guys out there they just dont get signed to sports teams.

Teams will take a 75 IQ guy like John Wall but theyre not taking his white cerebral equivalent. So in sports you end up with this skewed representation where the white guys all seem professional and dedicated, and black players are a much more mixed bag. White people obviously have a mixed bag in the general population, but white athletes tend to have to be on point or they wouldnt have got signed to begin with.

[warriorfan]

uneducated poor people will not handle money responsibly more often then not, regardless of race

it’s not too complicated