Former Celtic Eric Williams Broke and Homeless

[Rameek]

He really didnt make that much money over a career he wasnt a star or prominent player. It isnt that hard to go broke a few bad business ventures and its over.

If it was Gilbert Arenas then you have something to talk about (this guy is set for his life.)

[Rake2204]

He really didnt make that much money over a career he wasnt a star or prominent player. It isnt that hard to go broke a few bad business ventures and its over.

If it was Gilbert Arenas then you have something to talk about (this guy is set for his life.)

I feel what you're saying when we start talking about bad business ventures and whatnot, but it is wild for me to consider $38 million (before taxes) to be not much money.

I am conflicted between whether I should feel sad for Mr. Williams or scoff at his inability to manage such a giant pile of cash. I would be curious to see exactly how it all ended up out the window.

Also, what might $38 million look like after taxes?

[Random_Guy]

He really didnt make that much money over a career he wasnt a star or prominent player. It isnt that hard to go broke a few bad business ventures and its over.

If it was Gilbert Arenas then you have something to talk about (this guy is set for his life.)

comon 38 mil?

[-p.tiddy-]

You only need $2m right now to live comfortablely for the rest of your life...making just 6% on $2m would give you a salary of $120k a year, and that is without even touching the actual $2m

6% is a very low estimate too...8%-10% is very possible

[oarabbus]

He really didnt make that much money over a career he wasnt a star or prominent player. It isnt that hard to go broke a few bad business ventures and its over.

If it was Gilbert Arenas then you have something to talk about (this guy is set for his life.)

He's a fcuking idiot, plain and simple. No sympathy for him squandering his cash.

[Random_Guy]

You only need $2m right now to live comfortablely for the rest of your life...making just 6% on $2m would give you a salary of $120k a year, and that is without even touching the actual $2m

6% is a very low estimate too...8%-10% is very possible

this, dont touch the 38m and even its at a 1% interest (most banks interest alone is more than that), that 380k a year

[-p.tiddy-]

this, dont touch the 38m and even its at a 1% interest (most banks interest alone is more than that), that 380k a year

The problem with athletes is that the are young and uneducated...and they are under the false illusion that they will be making big $ forever, when in reality it is only a small segment of their lives.

the average NBA player needs to be putting away every cent he makes...only the superstars of the league can afford to spend like idiots, and even some of those go broke...Iverson lost over $100m

[Rake2204]

The problem with athletes is that the are young and uneducated...and they are under the false illusion that they will be making big $ forever, when in reality it is only a small segment of their lives.

the average NBA player needs to be putting away every cent he makes...only the superstars of the league can afford to spend like idiots, and even some of those go broke...Iverson lost over $100m

I admit it's tough to excuse such squandering, but it is kind of crazy to really sit down and think about how, for a typical NBA basketball player, their life calling and best earning job will be done and gone by the time they're 30 years old.

For the players without a degree and with too little zest for broadcasting, I have to wonder what they go through when their career comes to a close just as many others their age are beginning theirs.

[D-FENS]

After taxes and agent fees (why would this guy even need an agent?), this guy would have made about 19.5 million.

His wife left him, so let's just say that left him with $10 million.
He obviously never saved or (smartly) invested a cent.

Look at other guys who were role players and bought food franchises and other solid investments. Eric Williams done fugged up.

[D-FENS]

He really didnt make that much money over a career he wasnt a star or prominent player. It isnt that hard to go broke a few bad business ventures and its over.

If it was Gilbert Arenas then you have something to talk about (this guy is set for his life.)

Bro, your post reeks of failure.

[Real Men Wear Green]

Too bad, hope his life improves. (I don't particularly feel the need to judge him, sorry.)

[TheReal Kendall]

I think he just rich people broke, not poor/average man broke.

[becken]

12 years in the league and broke, that's ****ed up

[Relinquish]

[Godzuki]

He doesn't look that homeless yet.

It sounds like he intentionally declared himself "broke and homeless" so he doesn't have to pay child supports.

yeah they do that, seems like its becoming more common.

A Ravens player did that too when he had child support payments. I think AI has a lot of cash somewhere and is declaring bankruptcy to get out of child support or whatever debts he might have. I don't think he's really 100% broke. Same with TO, he has child support he has to pay i think and you know he still has money on the side.

Child support payments can be ridiculous, so i sort of get it. The messed up part is their ex wives or baby mama's live like privilged rich women if you watch any of those shows. Its messed up how a lot of that is used for the girl and kids living large...talking about with athlete wives.