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re: Former Vikings star Adrian Peterson ordered to turn over assets to pay massive debt
Posted on 9/10/24 at 2:16 pm to tiggerthetooth
Posted on 9/10/24 at 2:16 pm to tiggerthetooth
if I'm adrian peterson, i'm relocating to the philippines and starting over
2
Posted on 9/10/24 at 2:22 pm to Chair45
Good news is he can hit the autograph circuit ala Pete Rose. Bad news is he’ll be signing for the rest of his life when he should be cruising in his mid 40’s.
I’m assuming the NFL has life coaches, but these guys just don’t listen.
I’m assuming the NFL has life coaches, but these guys just don’t listen.
Posted on 9/10/24 at 2:25 pm to tiggerthetooth
quote:You don't have to, it's obvious. Athletes are in way better hands these days. There are numerous, legit wealth management shops that are working with them from Day 1. And, frankly, business/investing is now part of the brand of being an athlete. Sure, conspicuous consumption still exists, but they also peacock in the form of who made the better investments.
Let's wait and see.
Luc Mbah a Moute is a good example. Made about $30M and has been very active investing.
Posted on 9/10/24 at 2:29 pm to EvrybodysAllAmerican
Aren't NFL agents only allowed 5-10% on contracts?
Posted on 9/10/24 at 2:35 pm to Hetfield
quote:
I will tell you how.
1. Child Support
2. Lavish spending on houses & cars
3. Bad business investments with people they should not have trusted
4. Family/Friends/Entourage
5. Bottle Service
His wife looks very high maintenance and I'm sure her allowance goes up every time he gets caught with a sidepiece..
Posted on 9/10/24 at 2:48 pm to ragincajun03
Toward the end of his career, I was at a fantasy football draft in Houston. One of the guys knew him from one of the legal Holdem establishments. Apparently he played there often.
He signed with a team a few days later. Maybe no money coming in anymore plus all the time to gamble isn’t a good long term plan.
He signed with a team a few days later. Maybe no money coming in anymore plus all the time to gamble isn’t a good long term plan.
Posted on 9/10/24 at 2:55 pm to Diseasefreeforall
One prominent football agent was quoted as saying that he hates the first of the months. That's when his clients' child support checks need to be sent. A former Seattle Supersonics player, drawing a blank on his name, had 28 kids by various women. Not in financial difficulties but Randy Johnson at one point had 17 vehicles. One being your basic Volkswagen that he could barely fit into. Warren Sapp has 10+ kids by various women.
Posted on 9/10/24 at 2:58 pm to Keltic Tiger
quote:
A former Seattle Supersonics player, drawing a blank on his name, had 28 kids by various women.
shawn kemp? i knew he had several, but 28 seems like an INSANE number
Posted on 9/10/24 at 3:02 pm to Keltic Tiger
quote:
A former Seattle Supersonics player, drawing a blank on his name, had 28 kids by various women
quote:
blank
He certainly wasn’t shooting blanks
Posted on 9/10/24 at 3:02 pm to Keltic Tiger
quote:
A former Seattle Supersonics player, drawing a blank on his name, had 28 kids by various women
Who was this? If you’re referencing Shawn Kemp, he has 7 kids.
Posted on 9/10/24 at 3:03 pm to boston vol
Detlef Shrempf has 28 kids
Posted on 9/10/24 at 3:05 pm to Honest Tune
quote:
Most of them are dumber than Kamala and would rather trust their money with a bunch of leeches from their hometown than an actual financial advisor.
Topic about Adrian Peterson and you bring up Kamala Harris.....Kamala derangement syndrome
Posted on 9/10/24 at 3:11 pm to Big Scrub TX
Are there any statistics backing up your point?
Posted on 9/10/24 at 3:14 pm to Big Scrub TX
quote:
On top of the lists the other posters gave you, it's important to understand how much of a dying breed people like AP are. The current crop of pro athletes is MUCH more mindful when it comes to investments...AND they're making more in areas they didn't use to.
Hell, they had an article about Blake Corum using his NIL money to invest in cash flowing real estate (like boring strip malls and the like).
Yeah. There will always be idiots with money, but the sports kids are getting smarter with their money for sure.
Typically when these athletes go broke after earning 8 figures (pre-tax), failed businesses are responsible for a TON of their losses. Real estate, too (Even Saban got in a bind with RE if we all recall).
The difference now is back in the day it was their boys or shady agents pitching them these business deals, and now it's legit outlets.
This post was edited on 9/10/24 at 3:17 pm
Posted on 9/10/24 at 3:16 pm to kywildcatfanone
quote:
I will never understand how these super rich athletes squander it all.
Really?
Being great at football, baseball, basketball, etc, doesn't suddenly make you intelligent or a responsible person.
Many of these players come from low income, single parent homes. Also for many "wealth" = conspicuous spending. Having several millions in investments, accounts, etc doesn't exhibit wealth. The massive house, multiple luxury cars, absurd jewelry, etc = "wealth". Throw in their inherent competitive nature and it is a spending arms race to show who is the most "wealthy".
Then you couple that with the numerous people seeking access to the money. Every uncle, aunt, cousin, friend from the neighborhood wants a handout. Money managers, investment brokers, etc see a large sum of money they can try to access to hopefully fund their OWN desires for wealth. So they convince often uneducated and naive guys in their early/mid 20's to enter into risky (often terrible) investments.
Posted on 9/10/24 at 3:25 pm to kywildcatfanone
quote:
I will never understand how these super rich athletes squander it all.
Because if his contracts totalled $100 million his agent first gets a hefty cut. Then the government takes 40%. Out of that $100 million he saw maybe, maybe $50 million and it's doubtful he got even that.
Posted on 9/10/24 at 3:27 pm to NIH
quote:Perhaps, but I don't have any at hand that tell the full story. This article talks about how much more professional management there is now, though:
Are there any statistics backing up your point?
LINK
Tons more legit shops fighting for the business of this cohort. Back in the day, it was almost all shysters.
Posted on 9/10/24 at 3:30 pm to thejuiceisloose
quote:
Topic about Adrian Peterson and you bring up Kamala Harris
I brought her up because she’s the dumbest nationally known figure I could think of. Hope this helps you understand the reference.
Posted on 9/10/24 at 3:32 pm to GeauxTigers123
I think I read Gronk has lived only on his signing bonus and endorsements. He never spent his paycheck.
This post was edited on 9/10/24 at 3:33 pm
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