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”.

[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.