Why NBA Athletes Go Broke | Tyler Herro
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- เผยแพร่เมื่อ 5 พ.ย. 2020
- Tyler Herro was one of the guests on GQ Sports' show How I Spent My First Million which allows an athlete to share how they spent their first million dollars after getting drafted.
Tyler spent money on a purse for his mom, two cars for himself, a car for his dad, and plenty of accessory expenses.
It's cliche that many professional athletes go broke and this episode sums it up pretty easily. Within 6 months of entering into the NBA, Tyler had already spent half a million dollars on items that are liabilities and would not be generating any money.
Professional athletes go broke for many reasons and spending money recklessly when thinking a second payday is guaranteed is one of the main reasons. Tyler isn't married which is generally the #1 reason why professional athletes go broke.
The video only set aside $400k for taxes, investments, and savings. Based on his base salary of $3.6 million, Tyler would probably spend at least $1.5 million on taxes, agents, lawyer, accountant, manager, chef, etc. which isn't accounted for if they are only setting aside $400k for taxes, investments, and savings.
This video will provide you with a general idea of personal finance and how to invest for beginners.
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His financial advisor is definitely his high school buddy...
😂
tyler herro doesnt strike me a s very smart man, hes probably gonna end up broke like most NBA players by the end of his career.
@@mstripling86 he's still a teen, basically. Teens usually can't think that far into the future after being jobless.
@@gators9570 Athletes going broke or becoming homeless is pretty common. A career ending injury, misbehavior, bad rep.. so many thing that can ruin a career so spending like this is not healthy at all at any salary.
@@khoado123 name me 5 homeless nba athletes besides delonte west
His financial advisor is definitely Jack Harlow
“The ones that hate me the most look just like me”
@Ron 0311 “make a slick comment and see what that brings”
“Extreme like bmxing”
These boys ##ssy and they PMSing
@@majorbutter9127 “people in the city see the movement occurring”
Tyler looks like every GTA-Online character designed by 12y olds
Fr tho. That Cuban link looks nice tho 🥶
I worked in sports media for years and met a ton of former pro players in multiple sports. They all thought they were going to be set up for life and almost all of them blew it. It’s brutal. It’s a borderline crime that the leagues don’t force players to go through training on how to spend their money intelligently.
they do actually. NBA has seminars for rookies before they even play about financial literacy. they even have vets who lost money speak to them. unfortunately, it goes past their heads.
I was born in Seattle in 1973, where I grew up. Sonics and Blazers fan. Japanese-American. Do you know how James Edwards blew his millions? I saw in a local story in 2003, that "his millions are gone," and that he relies on his $80,000 annual pension from the NBA.
All leagues have some kind of course teaching athletes how to manage their money. It's interesting this wasn't mentioned in the video
Why should the leagues offer this? It’s the player’s responsibility to ensure he is on top of his money
I believe Shaq described it best. A young guy who doesn’t come from money or isn’t financially savvy, gets a contract for tens of millions getting paid (let’s just say $25million) over 5 years. Many pro athletes only see the total package ($25million contracted value), not its annualized value. So they live like they’re making $25m/yr, not $5m/yr.
Jayson Tatum is smart, all his NBA money is in his savings while he only spends endorsement money. Save, save, save!
Having children really changes a person
*save and invest
Saving, being cheap is bullshit/overrated.. there's a secret recipe to life.. it's called work . Softened age does not Wana work more than 8 hours a day
@@deekay7594 not everyone physically have the energy to keep up with more work hours.
Yessir my fav basketball player is responsible plus he has a little kid at a very young age so he had to save for his child 😂
"flying in girls from Instagram" is the most 2020 expense ever. haha
NO CAP!😅
Lmao fr
SIMP
@@davidbernard6346 fuck forex show me you really making money
I was like shittttr😂😂😂
The thing people seem to forget is that depending on what state you play in, you're losing about 45-50% in taxes on top of agent/financial advisor fees.
No adult forgets that.
True. A lot of people are use to taxes being taken out of the money before it reaches you but sometimes it isn't and they miscalculate how much is theirs.
wtf? 50%?? this is messed up
@@ChangedNames yup fed and state taxes
@@Millabbybeats miscalculate?
Ironically watching this now while Tyler Herro is playing like shit. The heat just got swept in the playoffs lol
Yeah this year was a massive letdown for the heat. tyler still has potential but not nearly how much heat fans were saying last year. Saw a guy saying he's gonna be better than Harden in 2 years lollll
He’s still gonna get a second contract tho
Yeah his best bet will be a 6 man spark plug, especially with guys like duncan robinson ahead of him as shooters. I think he will be fine though, just maybe not an allstar.
He did wat us rural ppl would do... gets to the big city linked up with a money hungry woman
@@harorider96 she's pretty attractive
"doesn't account for Tyler flying in girls from instagram" LMAO Spencer is real AF for that. It's actually true. Those expenses do add up
😂
Spencer I’m weak at this comment
...but let's not forget the timeless act of incestuously buying your mom shit.
He has a gf
Damn son
"The financial advisor who advises him to buy liabilities."
Top-notch advisor, for sure.
Yeah that's definitely not fiduciary.
most of these guys’ financial advisors are their high school friends
@@davidbernard6346 quit spamming this on every comment
@@414Jay yes man these fucking thieves need to be loped off.
The advisor can only ADVISE. It’s ultimately his money to blow.
I remember as a kid I'd calculate my parents finances and wonder how they lived paycheck to paycheck on over 80k combined. I figured about 50k would be more than enough to cover the bills and have some left over to save and invest. I've always had that mindset and so its hard to comprehend how people can just blindly blow through millions of dollars. Investing is literally 2nd on the list after the house. The shut these people spend money on doesn't even enter my head as a desire.
You don’t want to spend 5k on a gaudy purse?
well you also will never see that much money just like me so we have no idea what its truly like to buy anything.
@@CB-rv2lj oh you are a groupie lol
I had a friend who won $500k from a lawsuit, after the fees he was left will a little over $300k. He never earned more than $30k a year on a job. I remember telling him to invest 25%, put $30k away in a emergency savings, and don't tell anyone about his money. He didn't listen to anything I told him and in 10 months he was broke.
A person has to be financially educated BEFORE they receive money in order to properly manage and grow it. If a person has a poor mindset they will always be poor financially regardless of how much money they earn.
Mortgage?
“Since Tyler is really good”
This aged poorly
The player is 21 years old, still much progress to be made.
@@paulpierce21 yes, but instead of taking a step up from his rookie year he took a step backwards 😬
@Ben Hiscott dude just don't bother with it , these types of people think you can judge a player based on his second year
@@magnusallmighty5000 btw is it just playoffs he chocked in? his regular season seemed pretty good
@@maherkhushashi4021 Not really
His popularity and endorsements probably are worth more than his contract right now
Yup, NBA salary + 3 year $9.5mil Nike contract not including other investments.
@@TheDHM3007 ye but that doesn’t matter there’s people like mike Tyson that lose hundreds of millions and we all know mike the 2nd greatest boxer after Muhammad Ali ever and if he was smart like someone like mj he would could of easily made billions cause remember mj as the greatest basketball player ever only 93 million dollars and now he’s worth 1.6 billion so imagine mike Tyson that already made half a billion from boxing alone he coulda easily be the richest athlete every over micheal Jordan and I say athlete not basketball player
Hes also on rookie contract in a few years he will be rich rich
@@KG-jw4jg he’s the greatest boxer ever
@@zdragon4575 no he’s not
Unless he gets injured, he is definitely getting a second contract.
For sure. But he’s got to move like this is his life’s payday.
@@KevDurantula35 fr, you gotta spend like it's your last cheque ever
@@rodrickchiwundura2588 thats wrong mentality to have
Rodrick Chiwundura that’s a broke mentality fam
He could snap his leg, spend a full year rehabbing and still get an extension. His play has put him into that level of demand
After that bum season, you better save up your money lol
I hope Melo gets his ring!
fr
LMFAO
When a couple has been married for years and one spouse dies, it is advised to wait a year before making any major decisions. Anyone who wins the lottery or becomes a pro athlete should follow that advice. If I was advising I would allow 10% for fun and let the other 90% sit. Taxes are another issue most of these guys underestimate. After taking a year to learn how to have money, I bet many of these guys would make a lot of different choices. Being able to say NO is another skill that would be valuable.
Tyler Herro could break both his ankles and the Hornets would still pay him 100M
Nice one 😂😂
After seeing hayward sign 30mil/year i wouldn't be shocked at all
@@chaficchbaro4599 that's the joke...
@@patrick3671 i know i get it
🤣🤣🤣🤣
Tyler “Coming from no money”
Also Tyler “I grew up in the suburbs and worked for my dad”
I am sorry to tell you he is telling the truth . You aren’t mature enough to understand therefore here is the thing . Living with your rich parent doesn’t make you rich , it’s their money and you’re living in their world. Most parent don’t give money to their child because they want them to work for their own but they will do you nice things . It’s not because he didn’t live a life like jimmy butler that he doesn’t know what being poor is . His perception on life is just different than yours so just don’t clown what he said , because to me your comment made you a clown to my eyes .
@@Themanhasnoname haha okay
10 dollars a hr aint shit,
Just because your rents may have money, doesnt mean they spend it on you. Mine had money and not many extra things came my way. Sure got ass beatings though
Lol he wants to be hood so bad
I'm no athlete, but when I was a college student, I would take my leftover money from financial aid and put it in a savings account. Sure, I was tempted to spend that money on other things, but I was taught to think of long-term impacts and save my money. By the time I left college, I had a nice little nest egg that later helped me get a car and my own place. Everyone I knew would spend their money as soon as they got the deposit, but I was taught to save and live within my own means (and you can still have fun within those limits). Whether it's $1000 or $1,000,000, the same strategy applies. You can be young and still know how to save and spend your money responsibly. That's why stories like this are so mind-blowing to me.
I'm the same. I just graduated and I have eliminated all other debt besides student loans and built a nest egg.
But what if you're not taught that?
Unfortunately I was not taught this, and suffering the effects of that, however I’m grateful to what I am learning now.
I don’t really know how I came across your channel, but I’m extremely happy I did. I’ve been binging your videos because I found it very entertaining, but holy shoot man I didn’t realize how educational these videos are. I’m literally learning so much, THANK YOU!!
Instead of the Porsche, pay off her mortgage. Siblings? Tuition.
@Nathan St Fleur Toyota Corolla is the way to go
Honda Accord lasts like 15yrs
brand new toyota camry for mom take it or leave it
@@ebayseller6040 way smart.
@@ebayseller6040 exactly brand new Toyota camry are very nice as well. A fully loaded camry is border line luxury
“It's not now much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”
Sexy fuccing. Bitch
i mean maybe some people dont really care if your great grand children are multi millionaires
Why am I keeping money for that many generations? Learn to make and earn that money, don’t be at the end waiting for my assests.
@@fordanaeuxx there’s nothing wrong with leaving some money for yo kids and grandkids in the future
Very true
Tyler gonna ball it up with the Shanghai Sharks next year
Alongside Kuzma and Brick Simmons
@@papibarceloni8386 and Drummond
Lmfaooooooo
If he continue to play like shit, a single slight injury will sent him packing his bags to Shanghai and enjoying his new contract that’s way lower than what the nba pays him
Part of the issue being overlooked here is the "Pro Athlete" Mindset. You have to be more than a little nutty to think you can be a pro-athlete, even if you CAN make it (which most can't). Those folks are probably more optimistic than most and certainly more daring to risk their entire future on such a long shot as pro sports. Expecting folks with that mindset to be money smart is probably a bit goofy.
Compared to Jayson Tatum, Reports And He himself said that He hasn’t Touched His nba contract money and is only living off his endorsements, And he’s gonna get a Max contract soon so Good for him being smart
And he just did hahahaha aged well
This aged like fine wine 😎😎
$195 Million
Yo wassup dame dolla?
Jayson is not only a good player but a smart businessman
Amazing video! I actually learned a lot from this and view money very very different! Thank you 🙏
Kenny I’m a real one I’m the only one that liked your comment. I got you
Ayo Kennyyyyy ‼️
0.6
0.6 man 0.6
Invest Kenny!
“Or you just suck in your second year”
Uh oh.
bubbles
" at this level of wealth and status, even the financial advisors need to be checked"
At absolutely any level of wealth, you should check your financial advisor. Know how they are getting paid, make sure they have a fiduciary duty to you
Yeah... my first financial advisor was some new rando in his 60s coming to my university saying that fiduciaries are useless because they're governmentally licensed meaning they're too bureaucratic. I fell for his shenanigans and his payment method was for every dollar I spent, he'd get 5 cents extra from me. He told me this business model would incentivize him to invest in my future so that I would have a lot of money later to spend, increasing his payments...
Yea, protect your kid going off to university to avoid them maxing out their credit card and stuff.
That man is now wanted by the police in my area and last I heard, he's skirted off to another state...
New money people purchasing luxury cars is truly the worst investment.
@@davidbernard6346 nigga who tf is Nicholas 😂
@@DragonFellowship lmaoooooo
not everything is an investment sometimes people want to spoil themselves
I’ll get me a Toyota camery SE
They ain’t investing, just having fun
“The video doesn’t talk about flying in girls from Instagram” 😂😂😭😭 that was funny as hell
lol
I literally laughed out loud when Spencer used screen grabs of Milwaukee area real estate, as it's also my hometown, and I know *exactly* where those buildings are, even in the one case where an address wasn't given... Herro is certainly a talented player, and here's hoping he has a long and productive career.
I had to pause the video because I thought my parents lived in that building! Lol!
“And this doesn’t count flying in girls from Instagram” ok that one got me lol
Here’s why professional athletes go broke easily:
Most of them are stupid.
Saved you 11 and a half minutes.
U just mad u ain’t them 😪
@@iconipad5209 anger or not, is he wrong?
@@iconipad5209 not everyone wants to be famous bro
Hate to admit, but it's true tho
60% of NBA athletes have gone broke post-retirement. Goes to show how important a financial adviser for a young athlete is.
Herro had a g wagon in high school, lmao don’t think money’s an issue
He came to the draft with an iced out rolex lmao
Do his parents have money ?
@@armando1611 plenty😂😂 doesn’t really matter if he blows his nba cash
@@Roberto-cc5nz nba buy every suit for the draft
@@Roberto-cc5nz coming to the draft with nice stuff doesn't really mean anything though...once yoh declare you cant start receiving money...either from endorsements or a loan from your agent until you sign the contract...that is a big way agents get these young athletes...give them a lot up front until the sign a contract after the draft
Your videos are splendid! Thank you for giving me a new perspective to contemplate!
Spencer your channel is phenomenal keep it going.
Perfect example of an nba player being smart with there cash is Kawaii he drove his high school car for his first 4 years in league
Kawhi*
"Financial Advisor who advises him to buy liabilities " Lmao
Jack Harlow is his financial advisor
@@dym2336 Well seems like he should get replaced 😂
@@fupalover The reason financial advisor does not stop him from buying liabilities is probably keeping him on. try taking candies from a three year old who is paying your bills, 😂😂😂
Love your channel sir
Great information keep doing what you doing
Don't give his parents too much credit! the mom seems pretty content getting a 5K purse
Spencer, Can you please expose chase namic, matt par , and kody, they're straight up scamming people with their BS yt course
I've thought about doing a video on them. It's hard to pinpoint exactly how successful they are because they never share their channels. But yes the theories they sell like becoming a millionaire with TH-cam automation is silly
@@SpencerCornelia Spencer just check chace namic's Instagram , whenever he does something fancy, he says this is all thanks to youtube automation , join my program 😅🤣
@@SpencerCornelia I know for sure one of Kody's channels is Film Focus (th-cam.com/users/FightZoneOfficial), and he shows in analytics the top video about Pawn Stars made $56,125.72 back when it had 15,000,000 views (it's now at 16M). But yeah the channel quality seems to be pretty bad because it's all automated with employees. It doesn't seem to have any super viral recent videos. Doesn't seem to be practicing what he preaches a whole lot, but maybe he just does a better job of hiding his best channels.
@@TheLaptopLegend they probably don't make more than $100 per day from those channels, but they probably do make 50k+ a month from selling their courses, they're paying a lot of pages on ig to promote them
@@rosalove9448 It certainly wouldn't surprise me. There's a lot of one hit wonders in pretty much any make money online niche that do the business model for a month until they realize how much easier it is to sell courses than actually do the business model itself.
"When i was with the houston rockets" excuse me what?
😆😆😆😆😆
@TheCoffeeNut711 for real, next video "back when I was Snoop dogg's manager" then not give any more context😂
I found him, bois bearsofficialsstore.com/company/houston_rockets
Spencer played with the Houston Rockets from 2013-16. He's a retired NBA player :p
@@reece_harding yo man you might have a career as a PI ahead of you😂
The opposite of this is Jordan's parents lived with him his rookie year.
Lmfaooo
MJ was a CHAD though. That Nike deal made everything sweet.
@@kylelowry1521 lemme see that badonkadonk tho
@@f3p yessir😏
I'm here from the future after he had a average second season full of articles about how the Heat are concerned about his priorities and the Heat went all in with trades and FA signings and extending Butler. The reality of what this guy was saying is pretty close.
Flying in girls from IG LMAO. Subtle shots fired 😂
Leave feedback in the comment plz 💯🙏🏾th-cam.com/video/HxqJJsBhVoQ/w-d-xo.html💯
Yeah 🤣
Ong 😭😭😭
Lmao
Well tbf his gf is from Miami so not that flying in anyone
His smartest decision so far was to rent a $5000/month apartment. Great location, not too expensive. Pretty much everything else, especially the cars for him and his family, is a string of dumb financial decisions.
Buying his dad a 45k truck doesn't sound like too big of a deal.
Renting when you can afford a mortgage is an absolutely terrible decision.
@@EpicCoolGuy21 He isn’t guaranteed to live in one area so no it’s not a terrible decision.
@@EpicCoolGuy21 have you been listening to this video at all? There is no guarantee he will stay in the area long term
@@tohro6969 can give out to rent after that, keps the place while also making money on it
Very professional video, love it!
Tyler Herro had one good playoff series and now thinks he’s untouchable and heat fans think he’s the next Dwayne Wade.
My friend is heat fan and he hate this dude 😂
All NBA fans thought he would be the next superstar because he was playing like one. Rn nobody, not even heat fans think he can be anything more than a good role player.
@@playerhater1840 yep. He love herro 2020 playoff run. Then he act like an ass next season he was disappointed then hated this dude lol.
He is a ballar, he is just a rookie and is already dropping 40 points in the play offs. He will make more money
Hope he handles the money well because money comes money goes.
injury is a thing in the sports worls, wich implies that the future is always a mistery for an athlete
Unless he gets a bad injury then hes just a guy.
@@yaphetgebreyesus3774 why do u care about his personal life and what he does with his money lmao get a life
@@Rodrigo-is1hw no just hopes he maintains the money very well there are players like rodman who spent lot of money got into troubles with the law and now rodman doesn't even have a million dollars all am saying is i hope he maintains his money well to support his family after retirement thats all not hating.
Worst financial decision: not buying a home.
I bought my apartment 7 years ago and it has doubled in value. Most money I've made in my entire life. And I’m saving on monthly fees as they are 1/4 of what the renting a similar place would be.
Renting = money gone.
Buying = money invested.
House prices could crash, anything can. But it’s still makes sense to invest in because a) you save on fees b) you buy something you need c) house prices have a historically great track record
Investing in real estate is just the best investment there is, people are always gonna need a place to sleep and it gains value.
@@josephscalia6264 agree.
But one still has to mention that any market could crash. the idea ”people will always need X so X is a safe market” is dangerous!
People will always need energy, healthcare etc - yet those markets are still volatile and not crash-proof.
the market evaluation has already taken into account that people need these things - so if it turns out those things are over-valued, the market can crash badly.
But that’s no different than any market. People should Invest in something and investing in a home still means you own a home - even if the market crumbles. Invest in stocks and you get nothing if it crashes.
Exactly, my dad never spends money, but when it came to the family home he spent a big amount because it was an investment
Ok, this guy still getting hundreds of thousands a month and can buy whatever property he wants he’s 20 living his life to the full he can rent if he wants
@@r3a1itygamezz14 we know and the dude in the video said that especially when he can get traded to another team in another state so until he gets a long term contract renting is better
Spencer your Content Quality Increases Day by Day
As a mom I would never let my child spend that kind of money on me. unless they are so set up for the future that in the worst case scenario the money spent would be pocket change figuratively speaking.
Herro ain’t no Haskins he’s getting a bag next contract
Nothing but faxx man had me shitting myself as a lebron fan
Better to be careful. Klay Thompson thankfully already earned his money. Anything can happen to these guys at any moment
Whenever dealing with finances always prepare for the worst
@@thehamburgler3570 that's very simply advice, but surprisingly really effective lol
@@SpencerCornelia even so, a player as promising as herro will get a second contract even if he gets injured, wether or not a 3rd contract should be the question, which even if he plays bad or gets injured, it’s likely a team will gamble on him returning and reaching his potential since he’s so young.
Spencer after watching several videos over the last week, I finally subscribed. You won me over. Great content!!! Thanks!!!
Welcome to the team 😎
Mhm.
As if a TH-cam subscription would cost anything... 😏
@@ichbinich1775 did he really play for the Rockets
no one cares lol
He has a lot of books behind him, therefore he definitely knows what he is talking about.
True nobody reads nowadays lol
🤣
Lmao, and you probably agree that spending your first paycheque on cars and gucci is the play
@@PortersX2Ray he’s talking about the guy who posted this video, not the clown who is gonna be broke in 5 years
It’s crazy how this video is so much more relevant for Tyler after his second year
“You need to be smart with how you spend your money” at the end got me geeked 🤣
Good video. Randomly showed up in my recommended and although I’m broke asf this has useful information on how to manage money
Good videos your teaching people financial education very valuable
Hey, Spencer love your work, man. Very smart content. It's always interesting to learn from these wealthy financial kamikazes who take their wealth for granted not knowing that bankrupt is just around the corner. It's such a blessing finding you on youtube. Keep up the good work.
That guy from 30 for 30 said it best:
1) keep it simple, 2) count your money and 3) don't blow it. 😆😆😆
Ngl I really don’t see how Herros spending is that bad. If it continued needlessly then I’d be worried but it’s a guy buying 4 cars (2 of which he’s probably not responsible for any further) once he gets his contract. And they’re not insane $200,000 cars that other rookies have been known to buy. If you asked me with a contract like that to wait another year to buy a reasonable car I wanted I’d think you were being ridiculous. This is taking into account that by this point he’s already established himself as an asset and also that if you’re good as a rookie, your rookie contract is pretty much guaranteed the whole way through. Even if you’re not very good. Look at Markelle Fultz. Hasn’t come even close to being worth the money on his contract while being seriously injured and he has had 0 issues getting teams to want him on their roster. Also would point out Tyler has more grounded vets in his ear like Butler, Haslem maybe even Pat Riley.
You can live like a king for a year or a prince forever
Great video man! Need to know more about your time with the Houston Rockets though. And also this could be a great topic like the Music Business. Could shed some more light on Sports Businesses!
I always thought Tyler seemed like a airhead, this confirms it. I think he will have a journeyman career in the nba so hopefully it works out for him financially and career wise. Spencer made a good point, spending hundreds of thousands of dollars a luxury items for family is not taking care of them, if only these guys realized it.
Regardless of your opinion on finances, saying Tyler Herro is a journeyman is a garbage take
I needed to hear this
Ja Morant has the most affordable style by far, sweats and hoodie gang
It’s all free lol
Its so comfortable too. 😂 with a pair of slippers of course.
I swear Ja simply buy out whole nike sportswear department from local nike store and put all the tracksuit and sweats in his closet lol 😂😂😂
Exactly what I'd do 😂
Already wear that.
Don’t forget his jewellery
Learning so much from your channel. You keep it honest instead of a bunch of BS like most channels. Some of these financial advisors are predators & star athletes are vulnerable.
Great video. I’m applying these lessons to my regular life and average salary.
Wow I know Tyler’s father. I worked for Chris and at remember Chris Herro always going to basketball camps all over the US and that was in 2010-11 even then Chris know his sons where going to be special. Congrats to the Herro family I’m so happy for them.
Had he come from an upper middle class to high class family bracket, I don't think he would be under this mentality. The parents have a lot to do with their financial well-being and how they handle money in the future. Its likely he will land that second contract so he can still save/invest for the unexpected.
Leave feedback in the comment plz 💯🙏🏾th-cam.com/video/HxqJJsBhVoQ/w-d-xo.html💯💯
That's so true. Bill Gates comes from an "old money" family, with generations of money, education and knowledge (bankers etc.). Gates and Microsoft co-founder Paul Allen attended the same prestigious private school.
Mark Zuckerberg's parents were also highly educated professionals, and he attended the elite Phillips Exeter Academy. This is true of several other entrepreneurs and tech founders such as Elon Musk and Vitalik Buterin.
It seems that Herro's father is a former basketball player whose hopes were dashed when he suffered an early injury. I get "stage parent/manager" vibes from him, much like the fathers of say, Steffi Graf, Andre Agassi and the Williams sisters. However, others posting here have stated that Herro's family is very well off, and that they bought stuff like vehicles and expensive watches for him before Herro made it big.
Herro is only 21 and already about to become a father! Children are expensive, and the wealthy spend a lot on their kids, including nannies etc.
*I liked it, Subbed, watched all the ads*
🙌🏽 Thank you 🙏🏽
Very good video!
good video, even better bookshelf
I love Tyler, hope he stays in the NBA and is able to maintain his money well
This dude "style" is cringey... I like his on court playstyle though
Well, he is from Wisconsin 😂😂
He's an nba player he's on that westbrook style. Poor folk like us can't understand
@@umarb7325 lmao... that’s true tbh
@@umarb7325 well I mean keffer probably isn’t poor, I don’t know why, but when people get rich, they buy the weirdest shit
@@2kmichaeljordan438 he's probably the best dresser at his yacht club
This is such a great vid
Great video, definitely going to sub!
Keep up the great content :)
I disagree with the renting. He’s better of purchasing the place, even if he gets traded off he can lease the place out and get monthly or if not weekly income.
Hadn't thought of it that way.
Clearly broke... he likely gets more money from the bank just from the interest alone, leasing to make money is what people do when they don’t have enough money to lease to the bank
@@David-ej1ps That's the dumbest thing I've ever heard
He ain’t getting traded anytime soon
Those Miami real estate ppl are scam artist they are cheating him he should have invested in a Charles Schwab account.
Awesome job and great commentary. Curious, do you pay to use the video clips? I always wonder hwo creators get away with using other clips.
Because Spencer splices in enough of his own commentary and the clips he uses aren't that long, this falls under fair use for his videos.
If you feel bad, just remember that Victor Oladipo turned down a 45M 2 year deal with the Pacers only to get injured and is now on minimum veteran's salary.
I have a saying that goes "if you ever have a million dollars and you ever need to worry about making money again, you did something wrong." But if you are 18-19 years old, idk how we could expect them to make good choices. They don't really even understand life at all yet.
Well there are some very smart 18~20 yr olds (I think Herro is 20 in this video?). Being young doesn't automatically mean dumb.
Vitalik Buterin started up Ethereum at age 21. Mark Zuckerberg started Facebook in college (but had already received offers from then-big company AOL and Microsoft, to buy some music program Zuckerberg wrote in high school). Elon Musk had already sold a video game he'd programmed at age 12! Before they founded Microsoft, Bill Gates and Paul Allen were schoolmates, aged 17, who formed a venture to process traffic data.
You invest every dime of that, don’t touch the principal, you’re guaranteed a six figure income for life based off the interest.
@@hothotheat3000 The problem is, most young people, especially those who come into money suddenly and are from low income/low education (especially regarding financial management) don't do that. Instead they see it as a vast sum which they believe will last a lifetime - so why not splash out on a whole lot of expensive purchases? Spoil yourself and your family etc. But then they are surprised to find they've blown through it quickly. And the problem with sports stars etc. is that they feel they need to impress with a lavish lifestyle, before they've properly secured a lifetime's worth of invested income. They tend to attract a lot of hanger-on types who mooch off them, further draining their finances. And try to "keep up" with celebrities or others who spend lavishly but have higher incomes and more to fall back on (people from very wealthy families who can fall back on their family wealth such as Paris Hilton) if they ever get into debt.
In contrast, the likes of Bill Gates and Paul Allen, who built up fortunes early in their 20s, came from well-off or wealthy families (Gates' family were in banking), do not blow their early windfalls, despite being in their 20s. That's because these people usually grow up knowing about investment and financial advisors etc., and have personal connections that they can call on for advice. So they know how to manage their money. And their friends and peers (school and university classmates etc.) are generally from the same background, have some money, and won't be mooching off them. On the contrary, their friends will often help them by acting as an informal network to get access to possible investors and advisors such as lawyers, stock traders, investment advisors, and business executives.
And also, these are very smart, educated young people (Musk has 2 degrees I believe, in engineering etc.) who develop their own businesses. That's in contrast to athletes who get their fortunes as payment for their sports abilities, not their brains. And they are basically employees, not business owners. When their employment ends, so do the big paychecks, with no retirement benefits.
Nah that’s not the problem, the problem today is social media, call me crazy but social media inspires these young ones to have a crazy lifestyle that they can’t even afford n lookin up to ppl who can’t even afford there lifestyle unless they a celeb which even a good chunk of celebs still do payments not even full on cash, all though if they can make it work w/ payments then fair game (I’m 19 btw not an old head sayin this) it’s the truth tho 🤷🏽♂️
EDIT: btw I’m also sayin not every younger head is like this, but the rate ain’t stoppin either for stuff like this
@Juan nope. Athletes were going broke well before social media. People have been flexing way before Instagram was ever a thing. The problem is the company that they keep, and their mindset that the money will last forever. That’s the root of the issue.
I love these series, even though hes talking about personwho a millionaire. all the logic and advice still apply same to the middle class and lower class. Much to learn from these analysis
This guy makes good videos I just found this channel like 1hr ago
Damn signed a 4 year 130 m contract this season with 120 m guaranteed.
Just don’t get married, NEVER have kids, don’t do DRUGS, and hire an ACTUAL accountant
Edit: if y’all ever get rich this advice will pop up in your head like if yoda told you, so your choice following up, or going on a different road
Ay ay hold up I understand no doing drugs and hiring an accountant but bruh you can settle down if you want, just be responsible about that shit you don’t need to cut that out of your life entirely
@@RylanForever Fax, life isn’t just about saving. If you got money there’s nothing wrong with spending it on your family and your own well being. Just be responsible with it and don’t do illegal stuff.
I honestly feel like children changes a person, making them more smart with their money. It’s really about the wifey and if she sucking ur money
Just reed the free words
@@wetdragonballz1332 Kids are kinda stupid ngl
You missed a clip. You go from reprimanding him about his car purchases to spending a lot of money on clothing without him talking bout how much he spent.
I love this video!!!
I will speak to Shaq I soon as I enter the league 😂, that’s my financial advisor. He got more sponsors that I can count on my fingers. Seriously perfect advisor because he has made the stupid rookie decision with money and learned from it and started to invest smartly with it. Now he just chill and enjoy life while just showing up and getting paid
Someone said shaq does commercials like he in debt
Good thing is Tyler is really good for his age. Hopefully he stays injury free and learns more about money.
Sophomore slump didn’t look so good this past year. Hope he bounces back
Spencer, once our channel blows up - I want you to be my unlicensed financial advisor
These vids are insane levels of pocket watching 😂
Spencer I am shocked 😳 you have not hit a million subscribers yet. You shall get there soonest mate. Love from Africa
You Should do a video on Lebron James, since he knows how to properly manage his money
yea he definitely does.
You comparing a grown ass man to a 20 year old kid? Comeback again
@@x-SDL-x exactly 😂bron was buying hummers before he even made the league. He ain’t have no home or invested his money.
@@x-SDL-x im pretty sure hes not comparing just suggesting a vid of lebron
@@x-SDL-x my bad, i just read that again and yeah hes comparing.
He’s definitely going to get a second contract. It’ll be a massive one too. He’ll probably make over 200 million in his career.
And even if he breaks his leg, the heat will still pick up those team options since the amount of money they are paying his right now is a bargain for what he is providing for the team/his potential.
Exactly. This isn’t the NFL. NBA teams throw money at players just for being young even if they aren’t performing. And are willing to pay people with potential just to be injured under contract. A guy producing like Herro has about 5 years where he’s desired even if injured
Look at how much drose made during the 5 year contract where he was injured majority of it, while being signed with Adidas.
hopefully he reaches supermax lv
@@gators9570 If you think what the content creator said is the joke,remember the tallest NBA player Hasheem Thabeet...He was the 2nd pick back in that year of KD,J.Harden...How many yrs he played in NBA?!
Happy Animals Tv 4!!! Lmao he was worthless on the court and played 4 seasons. Teams hoped they could develop him. Now for sure I hope he was cautious cause obviously he didn’t have a long future in the NBA. In the case of Herro 10 games into the season it was already clear his shooting will keep him in the league for a long time
The last frame of you after Tyler is perfect lmfao
Although I’m sure Tyler’s getting a second contract, this was a really good video
I live in Milwaukee and when I seen that he bought his mom a Porche I thought to myself oh that’s nice for the couple months she’ll actually be able to drive it 😂. He should have bought her something with all wheel drive lol
It could be an SUV like the Macan or the Cayenne which would do just fine in snowy weather
he sounds too dumb to figure that out!
he could have bought her Tesla instead.
if my child became a pro athlete - there's no way i would allow them to spend 5k buying me a stupid purse or designer suit - i would tell them to invest their money and avoid spending it on dumb stuff like that. i think pro athletes have a lot of enablers in their families who allow them to be leached and blow their money because it benefits them, rather than it benefitting the player.
That’s what I was thinking
Yes.. a lot of the time, I feel like the player is just surrounded by too many liabilities.. I could definitely see it being hard to say no to everybody.. financially speaking..
You a loon, his parents gave everything for him to get to where he is and he Acc made it, his parents earned that bag and he wanted to treat his parents for what they gave for him. You either aren’t a parent or never pushed HARD in sports it’s a 5k bag that shit is like 2 months wage for an average salary person this guy makes more than 10 times that a month gtfoh
@@r3a1itygamezz14 if he keeps making excuses to waste money
He will be bankrupt soon
@@r3a1itygamezz14 You sound ghetto and never deserve a lot of money, stupid clown
Coming from me living here all my life thank you for this video man
I love Spencer's channel, it's so informative and comical at the same time, plus he is such a cutie and sweetheart