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Started By
Message
How is TO broke?
Posted on 6/22/12 at 3:21 pm
Posted on 6/22/12 at 3:21 pm
Average of $7M per year for last 10 years.
4 kids / 4 baby mommas.
should have some $ left
4 kids / 4 baby mommas.
should have some $ left
This post was edited on 6/22/12 at 3:24 pm
12
Posted on 6/22/12 at 3:21 pm to Guido Merkens
Because he is a douche and fricking deserves it.
Posted on 6/22/12 at 3:32 pm to bunky
Posted on 6/22/12 at 3:35 pm to Guido Merkens
I had a lot bad people around him that were handling his money... They stole a lot of it, reccomended poor investments, and buying to many properties all caught up to him.
Posted on 6/22/12 at 3:36 pm to Corndawg
Posted on 6/22/12 at 3:38 pm to Guido Merkens
I posted this in a thread a while back, but this explains a lot of reasons, other than stupidity, that athletes blow all their money
Top 10 Reasons Athletes Go Broke
Top 10 Reasons Athletes Go Broke
Posted on 6/22/12 at 3:39 pm to Guido Merkens
they put their fortunes into the hands of financial advisors who are actually on their payroll for a ton of money only to find out later that they are broke while their financial advisor is snorkling off the cost of cabo.
Posted on 6/22/12 at 3:41 pm to Guido Merkens
The same way Curt Schilling is broke..............
Posted on 6/22/12 at 3:46 pm to The Gooch
NDNT
Posted on 6/22/12 at 3:52 pm to Guido Merkens
i think he had 8 figures tied up in real estate stuff that went south
Posted on 6/22/12 at 3:54 pm to The Gooch
quote:
The same way Curt Schilling is broke..............
I actually disagree on this one. Schilling tried to run his own business and failed. Running a business is harder than people realize. It takes more than money. He's just a video game nerd who didn't have the business side down.
Most of the athletes go broke in a more Scottie Pippen or Evander Holyfield way.
Schilling is still an idiot for losing 50 million though.
Posted on 6/22/12 at 3:58 pm to Guido Merkens
Every FBS school should require all their scholarship football players to take financial planning courses.
Posted on 6/22/12 at 4:00 pm to arwicklu
quote:
Schilling is still an idiot for losing 50 million though.
Exactly.....T.O. is an idiot for losing his money, Schilling is an idiot for losing his money.
Posted on 6/22/12 at 4:06 pm to The Gooch
quote:
Exactly.....T.O. is an idiot for losing his money, Schilling is an idiot for losing his money.
I agree. I just find it interesting that Schilling found a totally new way to blow it all. Many guys are actually screwing around, buying mansions, paying child support, buying cars, jewelry, and just being idiots.
Schilling actually blew all his money by dreaming of being a mega-dork with a video game company. He was into board games and Everquest. He's not the typical athlete. I actually wish he had done better since he was employing 400 people during a bad economy. He took credit for not giving his people more warning but I think he really thought the loan money would come through. You don't put 50 million of your own money up unless you really believe. I actually feel bad for the guy.
I have a hard time feeling bad for TO. But as you said... both idiots.
Posted on 6/22/12 at 4:08 pm to arwicklu
quote:
Schilling found a totally new way to blow it all.
quote:
Schilling actually blew all his money by dreaming of being a mega-dork with a video game company
while the video game company aspect is novel, the athletes who lost 8-9 figures typically lose most in bad business investments
Posted on 6/22/12 at 4:08 pm to arwicklu
I don't understand Schilling putting all or nearly all his money in the same boat. I mean start a company great but why put that much of your money into it?!
This post was edited on 6/22/12 at 4:09 pm
Posted on 6/22/12 at 4:13 pm to Guido Merkens
Posted on 6/22/12 at 4:14 pm to Guido Merkens
Watch an episode of the TO Show and you'll understand. Surrounded himself with some dumb arse broads who sure as shite wasn't worried about him or his finances.
Posted on 6/22/12 at 4:14 pm to The Gooch
$70 mil X 40% taxes: $28,000,000
$70 mil X 15% agent: $10,500,000
$70 mil - taxes and agent fees = $31,500,000 over 10 years = $3,150,000 per year.
He pays $58,400 per month in child support. That's $700,800 per year alone leaving him with $2,449,200 per year.
This shite was gone before he ever got the checks.
He bought 5 or 6 houses if I remember correctly. Fancy cars etc. SMH
$70 mil X 15% agent: $10,500,000
$70 mil - taxes and agent fees = $31,500,000 over 10 years = $3,150,000 per year.
He pays $58,400 per month in child support. That's $700,800 per year alone leaving him with $2,449,200 per year.
This shite was gone before he ever got the checks.
He bought 5 or 6 houses if I remember correctly. Fancy cars etc. SMH
Posted on 6/22/12 at 4:26 pm to Guido Merkens
I don't understand why you should be "investing" with all that money. Who cares if they are young? There is no need to be risky with that kind of money. Get safer low interest investments. They get terrible advice. Can't somebody with the league go tell them if you have multiple millions of dollars you don't need to invest in jack squat. Instead they get told the opposite. Actually was watching a program where a baseball manager was telling the player all the investments, real estate, etc. he should be involved in.
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