re: Adrian Peterson gonna Adrian Peterson...ordered to pay $8.3m after defaulting on loan

Where are all those agents who get big commissions out of these players' contracts? No financial advisors as part of a package of services? One prominent agent said his worst time of the mth was the first week, as that is when all his clients' child support payments are due & he's always scrambling to get them out timely.

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At 16% rate. Last I checked, interest rates are pretty low.

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Apparently AP is just as dumb as your average F250 baw with a 10 year note at 8%

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Thrivest Specialty Funding,

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There has to be a Breaking Bad level story about a company that is the equivalent of Check into Cash for pro athletes.

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How does a case related to defaulted loans make it to the state supreme court?

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It’s a misnomer. The NY Supreme Court is the trial level court in each county. The NY Court of Appeals is the state’s highest court and the one that functions like other states’ “Supreme Court”.

ETA: oops. Already answered.

I'm not much of a fan of him now, but I remember Dave Ramsey saying that people who earn their fortune, work their way from the bottom, have a better appreciation for money and are a lot smarter with it. Lottery winners, or pro athletes, who get it in one shot aren't prepared for that and often times lose it quickly.

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How can someone be so stupid to make that much money and need a loan????!!!!

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Hell, look at Mike Tyson. It was said he made over $400 million dollars in his career and filed for bankruptcy.

Same with Evander Holyfield who "Lived Large" for years in a 44K+ sq. ft. mansion sitting on 104 acres and fathered several children with different "Baby Mamas" and on the hook for huge amounts of child support.

Athletes are not the brightest bulbs when it comes to finances.

that is a lot of cash

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How. Just how. Jesus frick

Stereotypes will never die

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Same reason people who win the lottery blow through their money so often. A lot of athletes don't take into account taxes and other dues. Let's say you make $80 mil throughout your career. After taxes (which is high for that income level), agent dues, union dues, etc etc they're left with (ballparking here) maybe 1/4 of that, so around $20 mil or so of actual expendable income. But their spending habits act like they're taking home the full $80 mil.

So it's like "Hey I only spent $40 mil throughout my career, now I can just live off of the rest of the $40 mil" and then they find out they're actually $20 mil in the hole, and those game checks stop coming in and those expensive arse mortgages and car notes for all the gifts they gave their friends and family can't be paid anymore.

It really sucks, you spend your entire young life putting your body through hell with the hopes of securing the future for yourself and your loved ones and then on the other side of retirement you find out you don't have shite except eternal aches and pains and brain damage. Financial literacy classes and meetings during college needs to be more commonplace, I know Ohio State and other schools have programs like that for their athletes and it's a start. I hate seeing this story play out over and over.

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It happens to most athletes. Baseball players are kind of exception. They’re involved in a business but they don’t know how to run one. So a lot of them don’t understand finances. Also your average 22 year old is not likely to be that wise if given tens of millions of dollars. You also have multiple divorces, children, lawsuits, and long lost family and friends coming out of the nowhere to beg you for “just a little” money.

The smart ones do things like live off their endorsements. But most athletes aren’t famous enough to pull in a lot of money from endorsements.

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Rookies probably also see that 5 million a year salary and not realize that Uncle Sam is about to take half right off the top. Also some agents flat out steal from them

The one where nobody should have sympathy is kids. After one cleat chaser earns 18 years of $5,000 monthly child support payments straight out of your wallet just for laying on her back for 5 minutes, you should probably learn your lesson.

Isn’t it racist for them to demand him pay it back.? After all it’s not his fault he never learned to manage money. The owners just didn’t pay him enough. It’s the new American way.