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Was it Chris Rock who said--
Shaq is not wealthy. He is rich. The guy who signs Shaq's paycheck is wealthy.
The bigger agents have people who specifically are there to monitor the player's finances but I suppose many do not take advantage of it.
Was it Chris Rock who said--
Shaq is not wealthy. He is rich. The guy who signs Shaq's paycheck is wealthy.
What is your point? That making 30K means you don't have to worry about managing your money? In fact, you have to work harder to manage your money.
Graduate from high school and enter the working world. Who cares if they become instant millionaires over night? The same principles apply. The NBA is a business and these people are workers and citizens. I understand they are young, but that does not excuse you from making poor financial decisions.
If you want/need help, seek it out. If you are capable of making millions in the free market, you are fully capable of seeking financial advice or at least making responsible decisions on your own.
Do what the rest of the responsible world does and lean on family/friends and common sense. Be modest. I know it is hard not to by 7 cars and planes and 15 houses, but do not put the blame on anyone else or any union.
Also, if you say many of the athletes are not graduating from college, then maybe make them. That way they are more prepared.
But then you hear the bs argument: "how can you stop someone from making money, isn't that what you go to college for"? No, you go to college to learn how to make/manage/grow your money and to prepare yourself for the real world. You cannot have it both ways. You cannot say it is wrong to force kids to finish college before making millions and then turn around and complain that they did not graduate from college so they are ill equipped to handle their money.
Their whole lives was only focused on sports, sports and sports. They do not know anything else and have never experienced anything else. Then, when they have some success and start making money fast, they are liking it, they are getting high in their heads and spend, spend, spend, spend without thinking about some secure, or secure for the future. After a while their success is dropping and they did not have anything secured for their future before, so they are ed. Also they have never learned anything other than sports since their highschools, so they dont know what to do, and end up broke.
No my point is that it's much more overwhelming to go from zero dollars to a million dollars overnight, than it is to go from making $10 an hour in college to 30K after college.
I didn't say whether it was the league's responsibility to take care of them or not. I said the league has a system in place to help mentor them and that system is reportedly (according to several players) not working properly after the initial orientation program.Graduate from high school and enter the working world. Who cares if they become instant millionaires over night? The same principles apply. The NBA is a business and these people are workers and citizens. I understand they are young, but that does not excuse you from making poor financial decisions.
Family and friends is a big part of what gets young millionaires in trouble financially. That's why they need mentors outside their circle.If you want/need help, seek it out. If you are capable of making millions in the free market, you are fully capable of seeking financial advice or at least making responsible decisions on your own.
Do what the rest of the responsible world does and lean on family/friends and common sense. Be modest. I know it is hard not to by 7 cars and planes and 15 houses, but do not put the blame on anyone else or any union.
Good point, but I already understood that. That is true from one side of the story, but when you go from in college/high school to making 30K and having to actually live off of just that, it can be just as hard scraping by as it is to go from 0 to millions and learning how to slow down.
The system is poor, but the blame is not solely on the league. I would imagine the players want nothing to do with this help when they are on the road or partying with their friends or buying cars/houses.I didn't say whether it was the league's responsibility to take care of them or not. I said the league has a system in place to help mentor them and that system is reportedly (according to several players) not working properly after the initial orientation program.
In order for any type of mentoring to work (personal finance, psychiatry, ...) it has to be a two way street.
Certain family and friends are part of the problem, but it boils down to decision making. The world can be cold and unforgiving, but once again it boils down to making smart choices. I have family and friends pulling at me, as does everyone. What is crucial is who you take your advice from.Family and friends is a big part of what gets young millionaires in trouble financially. That's why they need mentors outside their circle.
If you need someone outside of your circle, seek them out. No one is going to come knocking on your door, but they will open theirs if you come knocking.
I never said it was. You are just posting looking for an argument. I made a simple statement that there's a program in place and that several players have complained in recent years that after the initial orientation program that they received no further contact. I never even slightly indicated that the players themselves weren't at fault for going broke.
It would be great if they all had common sense, some sort of basic financial background, and family/friends who could advise them instead of mooch off them but that's not the case for a lot of them.
Just because I do not agree with you or took what you said the wrong way does not mean I am looking for an argument.
I thought some of what you posted implied certain things. For example when you say: "the players have complained the league's program is not functioning" or that "it is harder to go from 0 to a million than from 10.00 to 30K" that you are ignoring the players responsibility.
And you are taking it as a shot at you. It is not. It is pointing something out, just as you pointing out what the players said. It is not arguing with you but adding to the reasons why such things are failing.
They are also kids. This isn't something new for an employer to give some guidance to young employees. I've been in that position many times over the years. How to tie a necktie. How to behave at a nice restaurant. Why they need to fund their 401K, or spend the money on insurance.
Some of these guys have never filed an income tax return before, because college players are only there to make money for other people. A lot of them have had people lining up to get a piece of them since middle school, all claiming to be friends. Whether it's someone from the old neighborhood, or a banker in an expensive suit, they see that pile of money and want to get their hands on some of it.
And for the record, educated white lottery winners have the exact same problems. An amazing number of them piss through all their winnings in record time. And they all know that big check is a one-time thing.
I'm not taking it as a shot at me. It's your posting style -- it's argumentative (believe me I'm not the only one that thinks so), but I don't care either way. I was just making a simple post about the orientation system... which the league and the player's union established. Many posters don't know it exists.
I knew I should have included DPG21920 in the Debate Club Members in the "If Spurstalk were a highschool" thread.
Not to take this thread in another direction butI'm not taking it as a shot at me. It's your posting style -- it's argumentative (believe me I'm not the only one that thinks so. Doesn't everyone on ST argue and go back and forth? Sorry to hear that many people think I am overly argumentative, but everyone goes back and forth in every thread because not everyone agrees with everything.
I am not trying to argue, but debate. You rarely see me dropping the f bomb or calling people names (unless it is obviously jokingly).
Sucks to see I am talked about what I perceive to be negatively, although it is not a big deal.
"I've got my family to feed!"
No one said it was negatively. I just said that you were trying to create an argument out of nothing. You went on an argumentative rant because you assumed that I was saying all the blame was on the league and the players weren't responsible. If I was really saying that, it would have been a good discussion/debate. *shrug*
Back to the subject at hand ...
My gf says I argue a lot too. So does my family. I mean no harm, just my nature; I am an excitable creature...
Do you think the college idea I purposed is a good one?
The more I thought about that, the more it pissed me off. Smart choices? I didn't know poop when I was 20, but I thought I did. (Some would argue that hasn't changed.) And if I did need some advice, my first choice was one of my buddies who didn't know any more than I did. There's a reason our military doesn't just hand those smart young men a gun and ammunition, and maybe a few grenades, and send them out with a bunch of other young men to do their jobs.
It's not just a matter of smart choices, it has a lot to do with life experience. I've never hidden my dislike for Stu Jackson, but I really do think David Stern is a good guy. Congratulations to him for acknowledging that the league has some obligation to these kids. I'm sure the program isn't perfect, but at least he's made an effort.
Yes, smart choices. Everyone is responsible for their own life. Are there tools out there to help those who want it? Is there a common sense factor to know that enough is enough? Is modesty a trait that these kids grow up on? That has nothing to do with life experience, although as you grow you learn. You would think after making 4 million in one year, like the guy in the article, then looking at your bank account and realizing there is nothing left would be an eye opening experience.
I agree that it is a good thing to have something installed in the league. But are these players really interested in it? How do these appointed mentors make these players who travel all the time, who are so young and do not know poop as you put it, who practice all the time, who have a lot of money and like to go out, show up to meetings about their financial future?
I never said it is only good choices, but that plays the largest role. Of course as you deal with a new situation there will be learning pains, but choices present themselves multiple times every day.
You always have a choice, you just have to make good ones. I am not saying be perfect, but everyone knows when they are living beyond their means and being irresponsible. Especially if their parents were not rich. That means they grew up without all of this money so they see what it is like to live modest and plan.
What would seems logical to me is that players learn how to manage their career and money while they are in college.
I don't know what is currently done but all NCAA basketball program should feature a significant teaching about all the problems a professional basketball player could face during and after his career.
By the way, I hope I am not coming off judgmental. I am just a firm believer in empowering ones self. People have the ability to do great things. I know it is not easy to make good decisions consistently.
It is always easier to say yes to everything or not plan ahead. I just feel that people know what is right and wrong and if that is the case, then choosing which to act on is what defines what you do.
I know I might be over simplifying, but 20, although young, is not a child. Some have it worse than others and have many negative influences in their life.
But after hearing the girl from "Homeless to Harvard" speak, it makes me believe anything is possible as soon as you realize no one has more invested in you than yourself.
This is a good idea and most colleges have some type of money management program (although not specifically for athletes only).
That is why I do not understand the lack of support for making kids stay in college or at least take these types of classes. Not only would the kids have to foot the bill instead of the NBA (which they will easily make up when they get their contracts), it will empower these people to live after their careers are over.
A lot of careers do not include it. I have a lot of ties to the medical field, and I can tell you that they are one big group of stupid people when it comes to money. They go through medical school and get little or no education on managing money. They likewise often go from being in debt to pay for school to making large sums of money when they finish residency. I know a number of doctors- one very well known- who have filed for bankruptcy.
I think the key is teaching money management in HIGH school, including classes that help people understand what credit is, what their credit score means, how to save money, etc.
like how to have sex?
why highschool
why not 7 year old and up?
give kids small allowarance and have them buy their own toys
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