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

[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. "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. "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