"From NBA star to Starbucks manager." Wow. A Starbucks manager isn't necessarily a bad gig pay wise but to go from the NBA to Starbucks manager. Damn. Something tells me Baker was getting paid a little more than the regular person because of his name though.
Many players have child support to pay, that’s the main problem…. Also remember taxes takes half their salaries, so many don’t actually make much after everything..
This is the same with the great Evander Holyfield. Having fathered 11 children from 7 women, no financial knowledge at all, difficulty in reading or writing, his bankrupcy was a foregone conclusion. But it is what it is, they had God given talent but no smartness.
To be fair, he was a boxer. Whatever intelligence they might have, and some were smart lads eg Klitchko Borthers , that intelligence would get knocked out of them over the decades lol 😂🤣
I believe if you make 100 millions $ during the carrier, the take home is never more than 50 millions. Mr. taxes must have his part of the 100 millions, the agent must take (5-10%) I am not sure...If you mess with 3 baby mamas, you are done. If they take you to the court, you will have to pay them at least 1 million dollars a year (30 thousands $ per month per baby mama). Now you understand why these guy go easily broke after their carrier.
Women and child support is the major downfall now and then, for these poor guys! They have babies... sue the guy for child support... neither they nor their families ever have to work again !!!! Simple as that!
The worse case is where genuinely smart players get royally screwed over by professional financial advisors who themselves had decent to excellent reputations but either cheat their client , fucks them over through incompetence or the economy goes arse ways (where player and advisor can’t be blamed as it was not foreseeable ) . You can’t blame the player for that , they are entitled to rely on the expert advice Randy Brown is a good example
Larry Johnson it goes back to Katt Williams he put that dress on no I'm looking for somebody else who put that dress on but he put that dress on that's why he grandmama made all those commercials and broke no man come on play basketball I mean that man was on some drugs
Another American obsessed with race The league is mostly made up of blacks . They black. Black Americans . They and 3-6 generations of their family were born and bred in the US . Nothing African about them . Some of their ancestors may have come from the Caribbean and South America (for 2-3 more generations) Ridiculous label , only in America. lol. Africa is a very diverse continent Yes, blacks are more slightly likely to lose their fortune quicker than the whites .
Some people are absolutely unable to save money. If you couple that with financial Illiteracy you're f___d. Get a 4M contract over 2 years and buy a 2M house. Pay your taxes and agent fees and take home 2.5M, don't get resigned. House foreclosure incoming.
I got a check once for 67k ...first thing i did was paid cash for my 44k home. Its not a mansion but owning your home makes life financially doable not having to come up with that $1300-2000 rent monthly. Now shelter costs, i pay about $6-700/year in property taxes. If ur able to, own ur home asap God bless
The Reignman is my favourite baller, I’m really upset how he let himself go, at least Shawn has opened up cannabis cafes, need some of them opened in England Peace people
One of the worst things you can do is hand someone in their early 20’s millions of dollars to play a professional sport. People at that stage of their life know next to nothing about managing their personal finances, are not very mature and tend to spend their money foolishly on depreciating assets. Plus, as this video and the comments stated, everybody starts coming around with their hands out expecting that a professional athlete will take care of them financially. Some athletes have a hard time saying no, especially to family. The best thing a young professional athlete can do when they sign their first contract is to get a really good lawyer to run interference for them. Any requests for money, investments etc., all have to be run through the attorney and they get to play the role of the bad guy and tell people no, sorry, their client will not be giving them any money. The other thing a young professional athlete should do is invest a sizable portion of their new found wealth rather than spend it so that when their relatively short professional sports career is over they will at least have a (hopefully) decent size nest egg to live off of.
Most of the them lost so much money trough child support. How that will be calculatet over there? If you dont have a regular income how they expect you pay the same numbers as when they where active players?
the problem with the child support, the judge calculated the support base on his latest income. NBA player income is not permanent job and it will drain is savings when the wife divorced and asking for child support...
@@nestormanuel1431 i mean you have to be honest, that most players orformer are to blame to not keep the pants zipped or atleast use a rubber while doing it. But yeah the system shoud adjust child support each year to the tax value a person has. The child get more support over a long time period if the numbers match the income instead of 5 years alot of money and nothing until 21.
Many of these players lose money because they hand their finances over to somebody else. Manage your own money.
Praise Jesus Christ! HALLELUJAH AND AMEN!!!
Not only that... relatives and friends asking for money.
Women
"From NBA star to Starbucks manager." Wow. A Starbucks manager isn't necessarily a bad gig pay wise but to go from the NBA to Starbucks manager. Damn. Something tells me Baker was getting paid a little more than the regular person because of his name though.
Many players have child support to pay, that’s the main problem…. Also remember taxes takes half their salaries, so many don’t actually make much after everything..
"don’t actually make much" ? 🤣
A fool and his $$$ will depart❤Biblical
@@Jazz313 Don't think you're above it because it could happen to you as well if you came into that type of money.
@@krazyfan2000is he a fool though🤔
This is the same with the great Evander Holyfield. Having fathered 11 children from 7 women, no financial knowledge at all, difficulty in reading or writing, his bankrupcy was a foregone conclusion. But it is what it is, they had God given talent but no smartness.
To be fair, he was a boxer. Whatever intelligence they might have, and some were smart lads eg Klitchko Borthers , that intelligence would get knocked out of them over the decades lol 😂🤣
Spreeeeee well...... okay. I love your stories. You could grow if you work on this. Grand Ma Ma. Late Ner!
I believe if you make 100 millions $ during the carrier, the take home is never more than 50 millions. Mr. taxes must have his part of the 100 millions, the agent must take (5-10%) I am not sure...If you mess with 3 baby mamas, you are done. If they take you to the court, you will have to pay them at least 1 million dollars a year (30 thousands $ per month per baby mama). Now you understand why these guy go easily broke after their carrier.
Bruhh I need you to figure out how to say these legends names ... spre-well
Don’t use Shawn Kemp face like that 😂😂😂😂😂
Right? Leave my rainman alone
KEN NOMAN WHO PLAYED FOR THE L.A. CLIPPERS, WOULD LIKE TO KNOW ABOUT HIM AS WELL
How painfully sad. If only they had given me the chance to manage their finances.
One of BEST BASKETBALL PLAYERS N WORLD
That's on them nobody's fault but their own
Women and child support is the major downfall now and then, for these poor guys! They have babies... sue the guy for child support... neither they nor their families ever have to work again !!!! Simple as that!
I’m sure all these players who went broke wish they never met those women
"Ly-ettner. Letner. LEE-etner. Latner." Damn, son.....you merked his name evey way possible. 😂😂😂😂
I feel for these guys! Folks come out of the woodwork when you have money!
After taxes, agent fees, family and friends with their hands out a lot of that money goes really fast.
You forgot the "buy me,take me,show me" girls
@@j3lny425 that too
I remember when Shawn Kemp and Vin Baker were traded for each other.
Child support sure can cut into a wallet.
Great to see most of these guys bounced back. Throwing millions at anyone in their late teens and early 20's usually does not go well.
The worse case is where genuinely smart players get royally screwed over by professional financial advisors who themselves had decent to excellent reputations but either cheat their client , fucks them over through incompetence or the economy goes arse ways (where player and advisor can’t be blamed as it was not foreseeable ) . You can’t blame the player for that , they are entitled to rely on the expert advice
Randy Brown is a good example
Larry Johnson it goes back to Katt Williams he put that dress on no I'm looking for somebody else who put that dress on but he put that dress on that's why he grandmama made all those commercials and broke no man come on play basketball I mean that man was on some drugs
Good call the ritual is real for black men
I don't get it either. How do you have a mortgage on 1.5mil home when your making millions..why didn't you just owe that...
Don't feel sorry for these ex players!
Get a real job...
Shawn Kemp is doing pretty well for himself these days
Dawg, you don't know their bank balance . Shiiiiiiid, I'll play broke with 5 mill.
Why does this mostly detail African American players. Does this mean that only 2 white ex NBA players messed up their money
Stop bringing race into EVERYTHING that has nothing to do with it. Its pa thetlc
Praise Jesus Christ! HALLELUJAH AND AMEN!!!
Baby mamas played a big role in their downfall.
What they are showing is they seem to be only good with sport and play and they will blow it all and be homeless
Another American obsessed with race
The league is mostly made up of blacks . They black. Black Americans .
They and 3-6 generations of their family were born and bred in the US . Nothing African about them .
Some of their ancestors may have come from the Caribbean and South America (for 2-3 more generations)
Ridiculous label , only in America. lol. Africa is a very diverse continent
Yes, blacks are more slightly likely to lose their fortune quicker than the whites .
I don't understand how you got a mortgage on a 1.5mil house when you making millions a year
Some people are absolutely unable to save money. If you couple that with financial Illiteracy you're f___d. Get a 4M contract over 2 years and buy a 2M house. Pay your taxes and agent fees and take home 2.5M, don't get resigned. House foreclosure incoming.
I got a check once for 67k ...first thing i did was paid cash for my 44k home. Its not a mansion but owning your home makes life financially doable not having to come up with that $1300-2000 rent monthly. Now shelter costs, i pay about $6-700/year in property taxes. If ur able to, own ur home asap God bless
I can’t understand that either just pay cash and be done with it
Some become greedy.
I got 450 k house and make 185 k. They just budget there money
I could imagine there only covering former all stars i bet there's more out there like mid level players
The Reignman is my favourite baller, I’m really upset how he let himself go, at least Shawn has opened up cannabis cafes, need some of them opened in England Peace people
One of the worst things you can do is hand someone in their early 20’s millions of dollars to play a professional sport.
People at that stage of their life know next to nothing about managing their personal finances, are not very mature and tend to spend their money foolishly on depreciating assets.
Plus, as this video and the comments stated, everybody starts coming around with their hands out expecting that a professional athlete will take care of them financially. Some athletes have a hard time saying no, especially to family.
The best thing a young professional athlete can do when they sign their first contract is to get a really good lawyer to run interference for them. Any requests for money, investments etc., all have to be run through the attorney and they get to play the role of the bad guy and tell people no, sorry, their client will not be giving them any money.
The other thing a young professional athlete should do is invest a sizable portion of their new found wealth rather than spend it so that when their relatively short professional sports career is over they will at least have a (hopefully) decent size nest egg to live off of.
60 percent of NBA players are broke within 5 years of retirement
Laughably many of them actually spent time at a University, even of it was for a token course
These dudes never spent a dime on a pack of condemns?!
Latrel squirrel 😂😂😂
Child support Child support Child support. Use condoms bro
Ha ha ha ! Can never take these brothers seriously .
Spreeee- Well!!
Christian lat ner 😂😂😂😂😂
I cut it off after sprewell that's not how you say his name
They forgot the people
Most of the them lost so much money trough child support. How that will be calculatet over there? If you dont have a regular income how they expect you pay the same numbers as when they where active players?
the problem with the child support, the judge calculated the support base on his latest income. NBA player income is not permanent job and it will drain is savings when the wife divorced and asking for child support...
@@nestormanuel1431 i mean you have to be honest, that most players orformer are to blame to not keep the pants zipped or atleast use a rubber while doing it.
But yeah the system shoud adjust child support each year to the tax value a person has.
The child get more support over a long time period if the numbers match the income instead of 5 years alot of money and nothing until 21.
@@1AngryPandado you think a married person will use rubber while love making to their wife?
You got to find money on there but I wanted to say financing money black people can't do it they want too much
A fool and his money
WHY NOT GET YOUR CHECK AND PUT IT IN THE BANK
They tricked
The decisions we make especially with women
Wear condoms AND only go with women that are on your new financial level girls from rich families .
Spree-well
Grand-ma-ma
Late-ner
Research much? JS
Spru-wol 😂
These TH-camrs need to learn how to pronounce the players names as well as nicknames before making these videos, it’s very unprofessional
Real talk.. I hate the way they say 2pac...2 Pack
@ 😂😂😂😂
They all look the same
What, including the yt guy..
Help Shawn Kemp up wowww
u could have just deposited your check
LOL..Hope nobody feel sorry for such fools..going from 10 million to zero dollars..how can any grown person be that foolish..
Christian who ?………🤣🤣🤣😂😂😂😂
Sorry but I don’t feel sorry for any of them. You blow 135 m you need to be living in a tent for eternity SORRY!.
For real. That doesn't make any sense.
Smh