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Posted on 6/22/12 at 4:45 pm to MinnesotaTiger
He should have cut his cock off as soon as he got into the league. Pussy has ruined empires over the course of time. TO is no exception.
Posted on 6/22/12 at 4:46 pm to LOCO5150
There's also no telling how much Rosenhaus fronted him either. That's where a lot of these guys get into deep, deep debt from the get go. Not much different then those shady arse Check into Cash places.
Posted on 6/22/12 at 4:56 pm to Guido Merkens
quote:
How is TO broke?
quote:
Average of $7M per year for last 10 years.
Taxes, Agent fees, high dollar purchases such as jewlery/cars/electronics, likely multiple multi-million dollar homes, bills, child support, handouts to friends and family. All of that combined with the high chance that there were bad investments and poor long term financial planning.
Thats the reason a lot of these athletes end up bankrupt a few years after they're retired. Most football/basketball players come from low income homes so they splurge once they sign their contract and give no thought to long term planning and that the income they're financing the lifestyle with doesn't last very long.
Posted on 6/22/12 at 5:15 pm to SlowFlowPro
quote:
while the video game company aspect is novel, the athletes who lost 8-9 figures typically lose most in bad business investments
That is true but many of them fund other peoples' ideas. Bad real estate and clubs are more common. It was just a little off the beaten path, however you're right.
Posted on 6/22/12 at 5:17 pm to tigerskin
quote:
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.
Honestly if you have any brain at all, then you wouldn't even need to invest. Don't spend millions a year and you've got an easy life. You get dumb people surrounded by hordes of people that want a piece of it.
Posted on 6/22/12 at 5:19 pm to Lsuhoohoo
quote:
Thats the reason a lot of these athletes end up bankrupt a few years after they're retired. Most football/basketball players come from low income homes so they splurge once they sign their contract and give no thought to long term planning and that the income they're financing the lifestyle with doesn't last very long.
When you're young and invincible it seems that the money and contracts will last forever. CEO's keep increasing in value while athletes start decreasing rapidly at a certain point.
Posted on 6/22/12 at 6:24 pm to Guido Merkens
Should have taken on a financial advisor.
Posted on 6/22/12 at 6:25 pm to primemover225
quote:
Should have taken on a financial advisor.
Just another guy to take your money. He should have stopped spending and stopped making babies.
Posted on 6/22/12 at 6:33 pm to Guido Merkens
quote:
How is TO broke?
Average of $7M per year for last 10 years.
4 kids / 4 baby mommas.
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