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Non-Football, Athletes Going Broke Pertains To All!


NawlinsLady
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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

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(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.html

http://www.youtube.com/watch?v=MehiN-2-ggo&sns=em

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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?!"

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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.

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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!

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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

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