NawlinsLady Posted April 17, 2015 Share Posted April 17, 2015 After reading/watching this I wanted to share it.Ex-NBA player who made $60 million explains what really happens to your money when you sign an 8-figure contract__________________________________________(Getty Images)Josh Childress, a former NBA player who has made more than $60 million in his career after graduating from Stanford, is now playing professionally in Australia.In a recent interview with Grit Media, Childress was asked how professional athletes go broke. Read his story and watch his YouTube below.https://www.yahoo.com/finance/news/ex-nba-player-made-60-185445730.htmlhttp://www.youtube.com/watch?v=MehiN-2-ggo&sns=em Link to comment Share on other sites More sharing options...
O-Ther Posted April 17, 2015 Share Posted April 17, 2015 I just remember the pro QB post-game press conference scene in The Replacements. "Now look, I know $5 million a year sounds like a lot of money. But I have to pay 10% to my agent, 5% to my lawyer. I've got child support payments, alimony. And do you know how much insurance costs on a Ferrari?!" Link to comment Share on other sites More sharing options...
Tribal Chief Posted April 17, 2015 Share Posted April 17, 2015 No sympathy for any of them who go broke. Link to comment Share on other sites More sharing options...
SyCo Posted April 17, 2015 Share Posted April 17, 2015 I think people in general always spend above their capabilities. people are more interested in what they can't afford than what they can. it's common to see an average middle class family living in a 3 or 4 hundred thousand dollar house with 2 thirty thousand dollar cars struggling to keep up the payments. that's why our economy imploded. the banks took advantage of people's stupidity. Link to comment Share on other sites More sharing options...
Falcon Man™ Posted April 17, 2015 Share Posted April 17, 2015 People continue to live outside their means and as Syco said, the banks encourage it. Link to comment Share on other sites More sharing options...
jb 3.0 Posted April 17, 2015 Share Posted April 17, 2015 I think people in general always spend above their capabilities. people are more interested in what they can't afford than what they can. it's common to see an average middle class family living in a 3 or 4 hundred thousand dollar house with 2 thirty thousand dollar cars struggling to keep up the payments.that's why our economy imploded. the banks took advantage of people's stupidity.Exactly!I wish I had been a bit smarter, I wouldn't have to be working now to pay for my season tickets! Link to comment Share on other sites More sharing options...
jb 3.0 Posted April 17, 2015 Share Posted April 17, 2015 People continue to live outside their means and as Syco said, the banks encourage it.Yes...but not like they were. Link to comment Share on other sites More sharing options...
Dago 3.0 Posted April 18, 2015 Share Posted April 18, 2015 "I basically won the lottery and pissed it away"#looksomewhereelseforsympathy Link to comment Share on other sites More sharing options...
jb 3.0 Posted April 18, 2015 Share Posted April 18, 2015 "I basically won the lottery and pissed it away"#looksomewhereelseforsympathyFrom what I understand, that's the case with many lottery winners. Link to comment Share on other sites More sharing options...
Dago 3.0 Posted April 18, 2015 Share Posted April 18, 2015 From what I understand, that's the case with many lottery winners.yup and I don't have any sympathy. if you only got a 2% rate of return on $10,000,000 (which would be some safe investments) you would have a $200,000 annual income for life Link to comment Share on other sites More sharing options...
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