ESPN's Broke documentary airs tomorrow

[biophase]

Ever wonder how professional athletes with multimillion-dollar contracts can end up bankrupt?

Pro Athletes Go

 

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[CosmicMind]

The Retail and Financial sectors are laughing all the way to the bank :smxF:.

These folks need to understand that even Bill Gates and Warren Buffett are on a budget. No amount of money will ever excuse you from a financial budget.

Hell even Apple computers is on a freakin budget.

A part of me feels bad for these dudes, but at the same time it's hard to feel sorry for poor choices. :smxE:

Can't wait to tune in.

 

[Crumbs2Bricks]

Yeah, I'm gonna use the DVR for this one.

 

[Crumbs2Bricks]

You guys watching this?

 

[Mr.Dietsch]

yeah, its absolutely ridiculously stupid some of these athletes are with their money. You can't fix stupid.

 

[Crumbs2Bricks]

yeah, its absolutely ridiculously stupid some of these athletes are with their money. You can't fix stupid.

I can't even imagine the kind of pressure they have to deal with. As mentioned, a lot of ego plays a role in their choices and many of them are rags to riches. I'm not shocked at the way in which they spent their money.

Jamal Mashburn made best statement thus far: You're becoming the CEO of a company and you're not ready for the job. No one is prepared to handle that kind of money overnight. Sure the spending was foolish but I'm not going to call them stupid because of it. Put yourself in theirs shoes. NO, I am not supporting their mistakes but I can certainly understand why they did what they did.


Lots of lessons for FastLaners to learn.

 

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[jilla82]

yeah, its absolutely ridiculously stupid some of these athletes are with their money. You can't fix stupid.

its not being stupid...its more about growing up w/ nothing and nobody around you having any kind of financial knowledge.

If you dont know, you dont know.

 

[Mr.Dietsch]

Your right, maybe its hard for me to understand from their perspective. You still think that they would think to themselves while in college that "hey I am about to have a professional career, and probably make a lot of money, maybe I should pick up a book and read a little bit about money management." Nope that would be to boring. The fact that they can't say no to friends and family is their fault, they need to take accountability. How's the quote go, "A fool and his money will soon be parted."

 

[Crumbs2Bricks]

Your right, maybe its hard for me to understand from their perspective. You still think that they would think to themselves while in college that "hey I am about to have a professional career, and probably make a lot of money, maybe I should pick up a book and read a little bit about money management." Nope that would be to boring. The fact that they can't say no to friends and family is their fault, they need to take accountability. How's the quote go, "A fool and his money will soon be parted."

Easier to say when you're not them. We always have the answers for someone elses life.


Having been in management at low levels and senior levels,most of my career, one of the greatest things I learned how to do is stop looking at things from my perspective. Once I learned how to see things from another point of view, other than my own, I started to get more accomplished and became a more compassionate manager. I was able to get more accomplished because I allowed people with a new perspective to teach me something. Putting yourself in one's shoes will help you to learn about people and why we do the things we do. Take your blinders off, it'll make you a better person.

In business you need to be compassionate and open to other perspectives other than your own.

 

[jilla82]

I can see being 21 and getting lost in that life.
I have a buddy in Vegas that has friends in the club industry...so whenever im there we a get a comped table etc...
Im not a club guy at all, but that fast life w/ the girls and people kissing your a$$ because they think you have money is tempting to a lot of people. I know a few people who dont make all that much money...and they are lost in it...
...so I could only imagine tens of millions being dropped on a kids head.

 

[Mr.Dietsch]

Kinda off-topic: have any of you seen How I made my millions. on cnbc, I love that show! MJ could be on that show.

 

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[theDarkness]

I thought it was interesting how few of them never even plan for the fact that a long pro career is like 10 years. What do they think will happen after that? I'm not trying to condemn them, but literally am wondering what they think comes after that. Do they think they're somehow saving when they aren't? Do they expect to be offered big TV jobs? To just go all out and OD before they're 40?

Like the one guy said, most slowlaners can waste their twenties/thirties and bank of the fact that their forties/fifties will be their big years. These guys don't have that, but still seem to act in the same way.

I was also struck but just how HUGE sidewalkerism is in this country. You tend to forget the stark reality of it once you've educated yourself, but holy crap. What a reminder. I was just astonished at times.

 

[Runum]

Why Do So Many Athletes Go Broke?

 

[DTS Ltd]

For those who haven't seen it yet:

ESPN "Broke" 30 for 30