OT - ESPN's 30 for 30: Broke

[leopold]

Good stuff. Interesting take on a problem we hear a lot about. Bernie Kosar going into why he let his father mismanage his money was an eye opener.

Andre Rison looked like he was dying to go on a bender. Funny seing JJ back in the day with the glasses and mustache, talking about trying to talk some sense into him. Even the lei was a better look on June than that 'stache.

[SMU 86]

I hope the athletes going pro at whatever sport saw it. Can't believe Lenny Dystra went broke.

[redpony]

what nights are the 30-30 programs on? I get ESPN3 and have seen ads for Valenzuela and another program but did not know if they are new programs or from the first series.

[leopold]

I don't think there's a set schedule for the series - you just have to catch it. I actually missed the in the evening and waited for the midnight showing; it was worth it.

[EastStang]

They ought to take about 40% of their income and put it in safe investments and then go crazy with the other half (after paying taxes). You see guys like Cal Ripkin who had good advice now living the good life in retirement. You feel sorry for the guys who tried to do it right, but chose the wrong advisors. I don't feel sorry for the knuckleheads.

[redpony]

Sadly it seems like the less intelligent ones are those who end up with little or nothing. I have always believed that the leagues NFL, NBA etc. should develop programs for their athletes that help perpare them for life after sports. I.E. how to save, how to invest, who to trust etc.

[ponyboy]

Not sure what his current financial situation is, but my father advised Larry "Grandmama" Johnson back in the day. Sincerely hope he heeded Dad's advice.

[ponyboy]

Sadly it seems like the less intelligent ones are those who end up with little or nothing. I have always believed that the leagues NFL, NBA etc. should develop programs for their athletes that help perpare them for life after sports. I.E. how to save, how to invest, who to trust etc.

I don't know that it has as much to do with intelligence as socioeconomic background. It's just really hard to starve most your life then have an unlimited buffet set out in front of you.

[redpony]

Agree- and that is the point. They (the players -esp. bball and fball) need to learn how to control their spending and finances. How to properly invest. Too many of them think 'the good life' will go on forever when it reality their sports careers are very short compared to a real workers life span.

[mustangxc]

The best solution would be for the leagues to take 50% or more from their contracts and safely invest it for them to be paid out as a pension once they retire. While I understand most people want control over their own money, these people clearly can't handle it. For most of these guys it would be like finding money in a pair of pants you had forgotten you had.

[ojaipony]

It's the lottery effect: 70% of all lottery winners blow through 90% of their winnings in the first 6 months (and take it as a lump sum instead of annuity).

I'm a financial advisor. Changing people's entrenched perspectives is always the hardest. And then you have the leaches.

[expony18]

You realize the nfl also has a pension... I do not feel bad for these guys at all. I get that they have people mismanage their money, but the real problem is living on your salary like you will be getting 10 mill/year when u retire

[Arkpony]

Seems to me I recall Dickerson losing millions to his "advisor's" embezzlement. I also think I recall Dickerson gets something like $20,000 a month pension?

I know a lot of these guys entrust their money to a "trusted uncle" or relative who has no idea what to do with it but spend it on himself.

[Insane_Pony_Posse]

i bet chad ochocinco is next

[SMU 86]

You realize the nfl also has a pension... I do not feel bad for these guys at all. I get that they have people mismanage their money, but the real problem is living on your salary like you will be getting 10 mill/year when u retire

Did you see the show? NFL players only get a pension if they make if 5 years in the league. Most NFL players careers last only 3.5 years. Most lost their money on bad investments by people their untrustworthy financial advisers or agents. I do not feel bad for the knuckeheads that had spending problems either but that is not what happened to a good amount of them.