Why NFL Athletes Go Broke
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- เผยแพร่เมื่อ 9 ก.ค. 2024
- Video source: • How Dwayne Haskins Spe...
Dwayne Haskins shares how he spent his first million dollars following being drafted by the Washington Redskins with GQ Sports. Every time the Subscribe and Like button gets smashed, I'll put more time into making these videos.
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Why NFL Athletes Go Broke Ft. Dwayne Haskins | TH-cam Financial Advisor
It's common knowledge that many pro athletes, entertainers, and celebrities have financial troubles following their career. How can they possibly go broke after earning so much money? That's why me, the TH-cam Financial Advisor, is stepping in to assist you in understanding why NFL athletes go broke.
Dwayne Haskins recently went on GQ Sports to share how he spent his first million dollars following him being drafted 15th overall by the Washington Redskins. He signed a contract worth nearly $15 million, with a $8+ million dollar signing bonus. He's going to have a hard time spending all of that money, but it's entirely possible that he will.
I diagnose where he's already going wrong and why it becomes so clear how these athletes go broke. They spend money on liabilities and not assets!
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Super sad to see the news today. For those watching this in the future, I released this in March 2020, two years before this tragic accident. Hopefully he invested wisely so his family is taken care of for the rest of their lives (I believe he did).
May he rest in peace
I made a point to come back and check out the comments on this video. Thanks for updating it, Spencer. You are always on point, my dude. Keep up the good work!
Thanks Spencer.
Thank you spencer very classy move ..!!
In 2021 Dwayne married some girl he met in 2020 and sadly she is inheriting all of his assets and money. The family gets nothing which is probably why they didn’t attend the official funeral.
#1 Rule of pro athlete money. Spend as little as possible until that second contract.
#2 Rule of pro athlete money. Invest it on marketting yourself as a advertising Brand or on Real State.
#3 Rule dont waste it on Status items, you´ll end up looking rich but you´ll be actually broke
Or... or....
Heavily invest in the stock market.
@@DarinPirkey I'm sorry, but there is ZERO reason why 10% of their income should not go into long term stocks. Over 20 years, on average, you will experience 10% growth yearly. Now that is extrapolated through all 20 years and can be examined when you average any 7 year period of a 20 year portfolio.
10% of 8 Million is 800K which grows to 2 Million in 10 years. 3.3 Million on year 15. 5.3 Million on year 20.
The growth of year 20 to 21 is a little over 500k.
He is set for life with that kind of money. And all the while, it only cost him 10% of his income in that first year, so as long as he doesn't himself into the ground by purchasing debt/depreciating items, he will be just fine
There is no way to justify not doing this.
@@keiharris332 the rule applies to everyone in the NFL. Most people in the NFL aren't on a rookie first round contract. They aren't making millions per year. Taxes, agent, cost of living etc all cost money. Average nfl player only plays just over three years. If you make 1.1 million pre tax, that's not very much. Most dont make that much. The 10% you are talking about isn't tax advantaged either. So they have to pay taxes as it grows. A player who leaves after 3 years will typically start a business or goes into a small business. Dont spend anything, including investing, until your second contract, which may never come. You'll need the cash to live off of.
It's an unspoken rule that they have to buy jewelry, fashion, and cars for going out, going to games, and events.
Who’s here after Dwayne getting released!?
this dude can now see the future
😂😂
I saw this comment coming
Sad
Idiots.... NFL should make it mandatory for these kids to take financial classes prior to entering the draft. Well it doesn’t matter now, he has to go and tell his mother she has to pack up, cause he already did his part and became another statistic in the young black community
*$750,000*
Me: “That’s damn near a mansion!”
*”The house is in New Jersey”*
Me: “That’s damn near a closet!”
Dudes like “especially a house this high end.” My sister has a house in San Jose that’s worth that much......one bed and one bath with a loft and no garage lol. Meanwhile my house in salt lake is half a mil and 4 bed, 3 bath. I’m guessing he doesn’t own a house...some of the markets around the us are insane right now
@@Alex-ie1qu yeah dude, houses in Calli, NY and NJ are extremelyyy expensive. And then you have the property taxes that come with them the housing market is a wreak out here
I spent 500k in michigan and got 90 acres with 4 bed 3 bath and a pool lol
@@mattellis3297 yeaaa, in North Jersey, you can get that with that money... with one less bedroom, a lot less space and forget about the pool lmao.
Ya my family house is 3.2 million and it’s 4000 sq feet i live in new york but almost anywhere else for that money you could get double
I work in jewelery and I'm so glad you mentioned how customizing actually brings the value down. Ppl bring in rolexes absolutely *dripping* in diamonds but if it's not the original rolex face on the watch, it completely devalues it. Ppl who collect these types of items want the real, original thing.
What if it is a customized rolex of Kobe Bryant for example? Even Stephen Curry's used mouthguard in an auction is worth $25,000. Why is that?
@@jeje7880 sometimes people care about who owned something. Depends on many things. However, with watches the vast majority of collectors don’t want altered pieces.
@@jeje7880 a game used mouth piece from Curry, and a watch that get customized are different things/cases.
Customizing watches is not an investment. You will never get back what you put into it. Depending on the watch, you could hurt the value by decking it out (like a classic car getting a modern engine swap)
Factory set stuff is completely different tho. Thats where getting decked out watched can be an investment
@Lillie George,
*Damn, you sure are a lil’ CUTIE 😍! May I PLEASE make direct payments towards your college tuition/student loans (Soon-To-Be Dr.) 😩?*
I drip diamonds when I see a Rolex too Lillie.
The problem here is, that everyone in his family is retiring off of his income while he just started working. C'mon
Oh man I like that statement.....which unfortunately is generally true
They suck it all up
I mean as the earner , you have all the power to be careful how you spend you’re money. It don’t matter how big your family is. As in Haskins case he went on and made bonehead decisions
@@Made_In_Heavenn your comment made me think of Daniel Plainview from there will be blood. Lol
@@rctecopyright they're drinking his milkshakes
Who else is here after he got released? More like how he spent his LAST million.
I’d be taking shit back like a mo’fer
Lol, yeah, I doubt any other team will be signing this bust anytime soon. Dan Snyder was stupid enough to push his team's management into drafting Haskins, instead of just sitting back and letting people may who actually know what they're doing, draft players
It came and went lol
14:22😂
14 m fully guaranteed
Spencer Cornelia: “he’s gonna make a lot of money in his career”
Dwayne Haskins :😰😰
He did make tens of millions
Wonder why these guys don't understand that most NFL players don't have but about 5 years of NFL career.
I pictured Jordan peele because of your comment lol
He died today
😬😬😬
Buying a 250k car on your first contract is crazy to me
Its ugly too
@@deeznutz8320 calls it the batmobile but not a single trace of yellow on the car
@Chandler Russell fr
@@jc24445 Its not even a supercar, wth would you pay a quarter of a million dollars for some snobby accountant machine.
@@deeznutz8320 they're cool cars, but not 250K cool. More like 50K cool
Who's watching this after he got double benched😬
Edit: And now cut
Now driving a Benchley.
😒
@@wcstrawberryfields8011 lmao
@@wcstrawberryfields8011 definitely made me laugh lmao 😂🤣
@@wcstrawberryfields8011 Bench"me" 🤭
@@wcstrawberryfields8011 lmaoo
"I got a personal shopper-- I don't go to the mall anymore." That shopper is now fired and Haskins is currently in line at Ross.
🤣🤣🤣
"I'm sorry, mama, but we've got to sell that house."
😆
What is the salary of a professional shopper?
Ross is a good store tho
@@eddafool4462 I knew someone was going to sat Ross is good. I agree, funny comment.
Now he's cut... .
Even if he doesn't play again, they gotta pay him $8.4 million over the next two years.
Dr Evil that’s not how that works
@@KingloTRG yes it is?
@@KingloTRG yes it is, all that money from the first contract is fully guaranteed. so if he signs a new deal he’ll have two teams paying him.
Dr Evil don’t forget about taxes, he’s owed 4million. And like the video said there are a lot of things he’s going to have to keep paying for. If he rationed his money as if he was a normal person, he wouldn’t have to work another day in his life. Instead he’s going to be broke
These cats should follow Marshawn Lynch. Marshawn never touched his NFL salary. He only uses the money doing endorsements. He even conducts football camps and gives away gear to underprivileged kids.
Nice
Marshawn is smart azzhell
He could completely live off of his Skittles deal alone.
Gronk does the same thing
Marshawn Lynch learned. But he also made his mistakes, and he's admitted as much.
"Imagine being me. From a teenager making zero money to being a millionaire overnight. You're telling me you wouldn't make mistakes."
But today's athletes have at least heard about the big failures of some formerly famous athletes. They should be better prepared.
Money that comes fast leaves fast when it's in the wrong hands. But it grows when its with the person with the right mindset
Easy come, easy go!
*Patrick Mahomes.*
Biblical
Unfortunately, when you get a ton of money and you aren’t used to having much this is what happens.
It's called New Money Syndrome or Parvenu Syndrome.
Many pro athletes suffer from hood logic. Rule Number 1: Anyone from the hood who makes it big is obligated to "take care of" all their homies in the hood. Rule Number 2: The definition of being rich is being able to spend without looking at the price tag or bank account balance - reality: smart wealthy people never stop thinking value. Rule Number 3: The pleasure of most of what they buy is derived from the act of BUYING it, not owning it or using it - i.e. it's often purely a momentary ego gratification, and then into the proverbial garage full of stuff it goes. Jet skis that get used once. A $5000 outfit that gets worn once. Now multiply that by paying for an entourage and a wife.
Indeed !!
So true, gr8 points
That wife thats gonna divorce you and ask for half your shit just before you go bankrupt.
I never got the value of having an entourage
@@mike5523 it's an ego boost. So they can feel like they are "the man"
Chad Ocho Cinco Johnson: Admitted he’s only ever had fake jewelry and replica watches. Nobody can tell the difference anyways!
Coco Chanel did the same thing. There is no such thang as a used diamond, fur. You can have it, just don't get it new.
BS... That is what he told the public, I doubt it.
Rob Banks it would make absolutely no sense to tell people you wear fake jewelry only to buy the real thing...
@@wisenige the only thing I can think of is so he doesn't get robbed. If you get caught it's still the same amount of time for fake as it is for real. But I think Ocho is probably telling the truth.
Funny acts like a dumb ass but is pretty damn smart.
Tip #1 to not go broke: Don't go to a strip club during the pandemic and get cut
Ouch!
He didn't go to a strip club
That was the pretext, not the reason. New coach with no ties to him. Dwayne should have known the second Gruden and Allen were fired that he had to a) produce and b) behave like a normal QB and a responsible employee. Maybe you can be an undisciplined weirdo if you're Patrick Mahomes or something, but not when you're an unimpressive rookie on a 3-13 team. And particularly not with a new head coach. He will probably be prone to getting rid of the old as it is, just so he can set his stamp on the team at the most important position. Even if you can't produce, don't be stupid and give him a reason to cut your ass.
Dwayne is just a very stupid person. I don't think he understood any of this, tbh. Maybe he does now, though.
I think the strippers showed up at his hotel room. Ordering out for food or strippers. What’s the problem?!
@@politicallycorrectredskin796 bear in mind, his new coach was also battling cancer. So there’s that.
“First thing I bought, after I saved my money”- Does he think just putting the money in an account is saving? Talking about it like the process of saving his money is over, you just got it kid 😂
Agreed, he's a dumbass
Saving....It’s a lifestyle of habits.
Get a roth ira, and live like a med school resident
"Dwayne is gonna make alot of money in his career." My how times have changed
MIND MAP FOR 2021 :- th-cam.com/video/iBYWaXMbmew/w-d-xo.html
Some do and some don’t...
Yep. He ain't getting a second starting QB contract.
What about if he gets injured tomorrow
Well he’s with the Steelers so he still has a chance
Financial literacy should be taught in high school.
It sorta is but it’s extremely outdated.
@@lachronic7821 What high school did you go to? I don't recall anything close to financial literacy being taught in school.
@@ignaciofuentes2642 one in small town Wisconsin, it was required to graduate but the course mainly focused on keeping a check book. Which is ok but this is the digital age and no one born after 1997 keeps a check book lol.
@@lachronic7821 OK. I wouldn't call that financial literacy though. More like a life skill. Like cooking and cleaning.
It is.
Super cringeworthy spending if you're seeing this after he was cut from the team. These are spending habits of veterans on their 2nd and 3rd contracts, basically a video of how not to spend your rookie money. NFL = Not For Long
About ~10 years back at Thanksgiving my stepfather was going through resumes from job seekers. One caught my eye. Educated at LSU, played football for them, then onto The Miami Dolphins, next The Dallas Cowboys, and I think the last time was The Baltimore Ravens if I remember right. The job he was applying for was for $14/hr driving a forklift.
Ouch...
I used to work in a restaurant where one of the cooks was a former Atlanta Hawks player. Admittedly NBA contacts can be in a wide range, but it was still a hell of a drop.
but I still respect him for restarting his life from scratch. It's not easy to swallow your pride and own your mistakes.
He just passed away after being hit by a car. Rest In Peace. That’s so sad.
So he just got released... His habits aged like milk.
🥛&🍌
He’ll be signed again but he won’t be in the league for long I think lol he better be a balla on a budget this next go around but who am I to say what he should do
@@VeinySausage agree with you on that. Not one to say how he should/shouldn't spend his money. I hope he gets another chance
Now he gets paid to sit home
Quite tragic to see how quickly everything went to waste.. Definitely a learning experience for him and future young athletes. That said, idk if he'll ever see a snap again :/
It’s Johnny Appleseed eating the seeds instead of planting them. Very nice video Spencer, thank you.
Planting seeds would provide significantly more income and wealth long term
Spencer Cornelia not to mention all them apples😎...It’s like watching a slow-motion Trainwreck, very sad really, he must’ve worked so hard to get where he’s at, only to squander it away like that
Financial intelligence, financial education. Someone get parents and teachers in a opposite room and look at creating alliances with people that have resources to have money work for himself and his family. I also blame teachers and coaches at Ohio State. My reason for this is that they have statistics on NFL players. Your body will break down in the NFL for sure.
Absolutely. Take a few bands and buy a couple buildings or businesses and get a property manager. Presto... here comes income to play with. This is an embarrassment, but also is an indication that school for what it's worth isn't everything.
@dragonsder Unfortunately, he won't be getting checks like this for 30 years.
Dwayne seemed to be more about the lifestyle than the hard work required to be a starting quarterback in nfl
A past colleague of mine started a financial advisement company for NFL athletes 20 years ago. He said, it can be an endless cycle of frustration; especially a 1st year player that makes a roster. One player - and I won't mention his name - took to heart his financial teaching and advice. The player received $620,000 up front at signing (after taxes). He had an average 7 year career with a few teams as a backup position player and special teams.
This is what he did initially with his upfront money:
•PIF a 3 story townhouse for his Mom for $179,000, placed the deed in his name and Mom's name.
•Put a $150,000 in the market and told him to leave it and pretend it's in a locked drawer; let it grow until retirement age, or possibly until the end of your NFL career
•Set him up in a small 1/1 apartment in the city in which he played
•Puchased a modest SUV and financed it for 4 years to build his credit score and to avoid giving up $30,000 up front. Placed the monthly payments on auto-debit.
•Max contribution of your NFL 401k plan; don't ever withdrawal money from your 401k
•Told him not to buy BS that depreciates the moment you buy it
•You've got to let go of all the casual relationships in your life - Move On!
•Isolate yourself and focus on your craft as if it's your only passion
•Don't get married or have children until the end of your NFL career
•Have your future spouse sign a pre-nup
Today he's in his early 40s, Mom has passed and he lives in the 3 story town home that was paid in full and it's worth 4 times what he paid for it.
He's financially secure - but not super rich - with a decent net worth and passive income to last the rest of his life.
The current symposiums, agents and financial advisers don't teach basic financial principles to the NFL players. They just say, "sign here and we'll provide financial services and we'll take care of you." Most only care about their fees and commissions. You have to TEACH FINANCIAL PRINCIPLES, while PROVIDING SOUND FINANCIAL ADVICE AND PLANNING.
WHOS HERE AFTER HE GOT CUT.. this guy is right, now that he got cut... hes on the verge to being broke
I went straight to the comments 😂
I love it lmao haskins is a douche
He’s so ducking stupid
Lmaoo
He’s now riding the Benchley. Good luck to his career, not looking too hot right now
Lmaoo
Called it 2+ months ago 😉
Your crazy if you think NO ONE is going to pick him up
@John Gautreaux if I remember I’ll come back to tell you I told you so
@John Gautreaux yes look at ab the bucs said they’ll never pick him up
R.I.P
After watching the espn 30 for 30 documentary Broke I never really questioned why athletes end up broke as much. It makes perfect sense that a young person with no financial knowledge entering into a bracket where money has to be handled much differently would be able to mess it up. Especially playing in the NFL where as spencer said contracts are not fully guaranteed.
And now hes benched behind the guy who nearly had his leg amputated. Ouch.
He's gone now
He can't out play a one legged man🤦🏾♂️
That almost amputee was a top five quaterback.
@@nattydreadlocks1973 Alex smith is not a top 5 Qb, do you watch football?
Never diss Alex Smith like that again
If you put "the" in front of IRS, it spells theirs. Gross pay isn't net pay.
Hahaha that’s amazing!! But also true!
That’s why I know about tax evasion
If you put "dumb mf shouldn't spend his money like" in front of "that", it spells "dumb mf shouldn't spend his money like that". I'm a genius
Someone paid attention in economics and finance and ot wasnt me lol
But he's a first round pick. Surely he will have a long, profitable career...oh wait...never mind...
The sad part he didn’t make it past his first year. So he won’t be able to afford all these things anymore unless he get picked by up
It says a lot about the redskins qbs when Kirk Cousins was making millions of money and he still rented a modest 2000 Sq ft townhouse in Ashburn and drove 20 year old van. Meanwhile, before he even steps on the field, Haskins buys a 250k Bentley.
That doesn't say anything about WFT, QBs or the NFL that has to do with the person. Kirk is smarter than haskins
Everyone is diffrent with their millions. A Bentley is too much for a rookie(or first year contract player). Shaq talked about doing the same thing this kid did before he stepped on the court for his first NBA dribble. Shaq learned from his mistakes. I hope this free agent QB does the same
Theres one glaring difference i can think of
HANGTIME 7190 V3 ????
@Christian Voros Young players might get hurt. Spend diffrent then the vets. These young players watch too much Deion Sanders coming into the league in the 80s💰💵💸. They gotta think smart🤓...not swag'd out😎
I could probably stop watching after $250k on a Bentley. Thats all I need to know.
Most people only make it to thousandaire's. Blacks with millions, end up back on welfare in the end.
Amber Lopez Not all, you just assume black ppl can only make millions or be successful if they are entertainers or athletes. You watch way too much love & hip hop.
My only comment to this, is:
Is there proof of any black in America, who suddenly came into massive wealth, that remained wealthy and made healthy financial decisions?
If you can find an example of that, then your comment is not accurate.
If you cannot, then your comment, while insensitive, may be true, even if the facts make people feel sad.
I am making no claims one way or another and am only asking.
Xen Xander yes
Xen Xander Russel Wilson, Warren Moon, Cam Newton, there are so many obvious examples. The problem of people gaining money fast and losing it isn’t specific to race, it effects most any poor person
The NFL players union has deals in place with vetted and approved financial consultant for the players. That should be every rookies first stop after signing their rookie contract not the jeweler, car dealership, or realtor!
Facts. And a life coach so they dont get the groupies pregnant.
This is why all teams should get college interns to shadow their star players the first few months. “No dwayne, your cousins car wash isnt a good idea”
A friend sells real estate in north Florida. When the Jaguars started most of them bought homes in the area. She told me a lot of them had to go to the team's financial advisor, almost like a kid asking for allowance money, before buying.
The league is aware players, especially new ones, will make stupid impulse buys. They can't absolutely say no, but they can try to explain why it's not a good idea.
This isn't aging well for Dwayne, hopefully wherever he's traded to he can turn it around
Exactly
Nice 😏
This didn't age well either
@@benfletcher7004 unfortunately, damn
Hell be outta the nfl within 2 yrs
Aaaaaand he just got released. He’s gonna wish he was like Tua with his money.
Lolololololol
He's going get another opportunity just hope he doesn't ruin that one.
Tua is a smart guy
@@justinnnjet No he isn’t. But he’s good with money. Not that hard.
@@tarfathewise Explain to me how he is not a smart guy?
“Don’t blow it. Keep it simple. Count your money.” -Bill Burr (Financial Advisor)
Rest in peace my guy. You’ll be missed and its so tragic how it happened.
Wait, what?? The footballer or the TH-cam dude?? I just commented on his video giving him some compliments and suggestions.
@@GGsDLo football player
@@TheProdigyAccordion holy shit that is so sad. I mean it would be sad either way for either guy to go so young, but wow you shocked me. Damn.. all that work to finally make it big in life, taking care of your family and friends, and seeming like a dude who has it together and isn’t a troublemaker and he gets taken away wayyy too young….. damn man..
I hate being this guy....
But Dwayne Haskins is 100% why Steven makes these videos.
The NFL is absolutely brutal. Almost, virtually nobody in the grand scheme of numbers will have a long successful career. Maybe 25 guys per decade? The chances of staying healthy and competitive are basically zero.
Dude spent 750 on just his mom's house alone. Now the dude just got dropped. Ouch!
@@juliusc961 He can move back in with mom. " can i have my old room back...i mean..wait i bought you this house!"
NFL, you are always one bad tackle away from the end of your career. This should be hammered into every rookies brain.
In the music industry the equivalent is "You are only as big as your next hit". In an interview Axl Rose said the best thing a rising musician can study is business. He went from sleeping in a van or friend's couch between gigs to being on the board of a multinational corporation called GnR Inc very quickly. He knows the band unintentionally lost, pissed away, or were flat out robbed of millions. But there's no way to get it back because no one in the band understood the finances. Check out the history of Van Halen and brown M&Ms. It sounds goofy, or something a self entitled rock star would do. But it's actually a brilliant business decision.
@@christopherconard2831 yeah i forgot about this post haha, i probably exaggerated a little. but i agree with everything you are saying. ur 100% right. obviously sports and music are slightly different, your window to be physically capable of being pro, even a bad pro, is limited. some more than others. but musicians can obviously continue working and grinding essentially for as long as they want, depending on talent and popularity. But the finances are very similar. Musicians get FUCKED my studios ALL THE TIME. and they have virtually no control unless they want to try and make it alone. which is nearly impossible in that industry. but they get them hooked on basically student loan type debt on steroids and they can never recover unless they are in the top 1% for. years. Not understanding finance is a huge problem. being that young i don’t blame them, it just sucks. it’s predatory and intentional obviously and there will always be someone that can’t manage their money but hopefully it can get better.
Average NFL "career" is 3 years.
Taylor Heineke is outplaying Haskins right now. This video is aging perfectly
EDIT: Now he's been released 18 hours after I posted this comment 😂
As a fan of the team I guess the yt algorithm recommended this video to me. This guy will be broke in short order. Another tragic tale. Smh
Damn u beat me to it lol
i came back just to see the person who made the video be correct once again...
Hope he has some other skills cause he'll need another job
I love it
RIP, Dwayne.
Rip to Dwayne Haskins
Im a basketball player and ive been watching alot of these videos and man i tell you my whole mindset has changed tremendously. The money that i see being spent is crazy, i know i could never spend that much. Thanks and keep putting videos out like this im going to keep watching
Best of luck to you. I expect nothing less than greatness
You have a golden ticket that a lot of people in this job would legitimately kill for. Do not waste it, you could be looking at wealth that’ll last you generations if you’re responsible
This guy must have a crystal ball. Dwayne just got released from Washington still under his first contract. Wow, hopefully some of the young guys about to go pro watch this and learn!
Yup 😫
he doesn't need cash where he's at
I love how you acknowledge personal value. A lot of videos chastise them for getting things that make them happy.
This advice applies to all of us not just rich people. Some people get decent jobs and and forget how they got there.
When black people use to buy gold jewelry it wasn’t that bad of an investment but now these young guys are spending a fortune on jewelry that isn’t even worth half of what they paid for it. The people selling them this trash must laugh of how stupid we are smh.
@@JonSnow-pi6jb gold is something different than crypto bro💀
@@JonSnow-pi6jb no there is not always market für crypto. gold is something else, because it has real value, the value of crypto is made up by human kind
Best investment to buy just gold and dabble in goldsmithing. Then you can make whatever you want cheaply. If something customized depreciates you can just melt it down again and make something else.
@Tiger King technically it is, but gold is used in computers phones etc. crypto isn’t. Crypto is a stupid number
Gold and Platinum have actual value bling doesn't. Only place to sell a diamond is at the pawn shop for 4% of what you paid for it.
Who’s here after he got released by Washington today?
He's already got the money, they won't get it back.
This just showing up on my suggested videos now 6 hours after he died.. youtube foul for that one
Me too I watched in the morning and in the afternoon I read about the accident.
Moral of the story . When you make it big , don’t rush yourself. I’m not saying don’t enjoy yourself. But try to think bigger and smarter.
People blame athletes, but they are no different than students who use students loans to furnish their dorm room and complain years later about how much they owe.
Lol agreed, I took all of the student loans offered to me and used maybe a 3rd of it on classes and pocketed the rest to spend on dumb stuff
Buying a $250K car is identical to buying a bed to sleep on? Clown logic here.
@@Chris-jq4ge thx Chris. It's wild how many humans use this clown logic, especially in comparisons
This is a great point . Unfortunately this country in general promotes debt as culturally normal
David Flors That’s a horrible comparison that’s not a good point. If he would’ve said flashy clothes I would understand
I peeped this video and been talking about it ever since. For SOME of these athletes, spending money is like a moth going into a flame. It doesn't matter how they're warned or educated.
Haha good point. I think the league has added measures to prevent this. But giving 22 year old kids millions of dollars is a recipe for disaster.
@@SpencerCornelia Most 22 year olds* ;).
@@SpencerCornelia let's rephrase that. Giving a 22 years old with the wrong mindset will end up in a disaster. Giving an 18 year old that would the right mindset about investing would make him wealthy
It takes a very disciplined person to not be under any influence of money. A lot of athletes are kids who didn't have much growing up and when they're suddenly millionaires they cannot handle it.
It isn't the fault of the NBA, NFL, MLB, NHL, MLS or whomever else, but I wish that they offered financial advise to these men as a requirement before they sign those big contracts.
Dwayne Haskins getting released makes this video title retroactively hilarious!
Look at Tom Brady never needed to flash out. Resume speaks for himself💜💛💜💛
And the sad part is, Dwayne may not even make it to the next contract
He didn’t
U called it bro lol
And now he's dead
I am happy he took care of his mom, his sister and other family members that should be applauded. This video should be taught in schools tbh
Agreed. I did leave out the first part of the video where he said he saved 70% of his income.
He's on path to being fine financially. He has some pretty mindless spending, but he should make enough to live comfortably remainder of his life.
Until the house is foreclosed on due to not paying property taxes anymore.
@@SpencerCornelia Your money needs to be working for you.
@rvidal0001 Yes, I think he doesn't know that information. I shouldn't have to hear about these athletes being broke or getting robbed by sleeping with several girls at a time, then.
Lol the male kids in black family ALLWAYS got to take care of the family smh
That be their main downfalls with a lot of yes men and irresponsible
rest in peace dude. crazy how much can change in a few years
POV: this was a recommended video after he got cut.
You left out some BIG expenses.
The drugs, the partying, the hoochies and the baby mommas.
On top of that, the expenses of keeping it under covers as much as possible, which involved a PR rep, personal manager & business manager.
These athletes are basically cash cows to squeeze money out of by various parties & entities until they are dry.
This is actually a very valid comment. There's a reason why a lot of athletes get escorts for sex.
Spencer Cornelia you should make a video of Cristiano Ronaldo, he’s rich and successful but he doesn’t have a real wife per say, he kind of pays her 100k a month, not to mention he has like 3 kids from different women who he hasn’t revealed their identities, I see why some athletes don’t have a legit wife cause theirs wealth would be cut in half after taxes and divorce, crazy times.
That’s sad af though but it’s the truth, I don’t know if their psychology of living this ultra luxury lifestyle has anything to do with the fact that they were broke, then become rich and feel like it’s the best time to spend money like crazy.
Nice
@@ramonvargas6865 bro Cristiano ronaldo is different he has a lot of investments and he has a girlfriend he doesn't pay her lol and the two kids are via surrogate do your research before you comment and he has a lifetime contract with nike and earns more than 47million from partnerships on instagram this guy earns 4million Cristiano earns 105million a year
The depressing part is, if I just factor all the numbers in this video down by 500x, it totally applies to me and I waste money in some of the same ways (eating out, buying depreciating toys)
TH-cam’s algorithm couldn’t help itself from clowning on this man
Coming back to this video. I’m not sure Haskins will ever get that second contract. I can’t even remember what team he’s currently on.
The bottom line is that these guys (NFL players) usually go broke quicker than any other professional athlete because their careers are shorter and their contracts aren’t guaranteed.
This kid could have paid cash for a modest home, skipped the Bentley, and placed 1/2 of his earnings info VTSAX. He would have been set for life.
Dwayne seems like a pretty smart dude. Hopefully after this initial shock of being insta-rich wears off he'll make some intelligent business decisions to set up his future. I hate to see these Kids ruin what could've been a very smooth future on shit that doesn't matter in the end.
Yes he was/is just young but he appears to know what to do.
Lmao
He is a backup now too
He has 70% of the money in savings this guy just didn’t include that
Smart?
SPENCER: DO A VIDEO ON FUTURE (RAPPER). He spends almost $4 million on clothes alone every year and has kids with eight or nine different mothers. Somehow his net worth keeps going up though...
That guy has a sickness. Plus, isn't he in a 360 deal?
Cyril Sithole yep 👍🏽 he makes good music but that’s it
@@ssjtrunks If he's still in a 360, there's a good chance he's basically broke. Especially with Covid he has no touring income.
@@c.s1393 probably just label money
He will go broke when the income dries up.
This was a prediction, he is definitely going broke now.
He still has a chance to turn it around. First thing to remember is the $14M first deal is 100% guaranteed. The other thing is he's gonna get another chance but not at huge money. If he changes his attitude and plays well he has a chance but it sure isn't looking good
@@Matt-cr4vv Dude only knows how to play football. There's not much left in his mental capacity to "turn it around".
@@dannacht6827 maybe he’ll “turn it around” after the unpaid bills start to stack up.
Damnn bro rip dwayne haskins🙏🏽
That dinner situation was messed up. There’s NO way I would’ve allowed a rookie to pay that much just for my dinner. And on top of that, they invited people without letting him know. Just goes to show how much they care about him. I hate seeing people getting taken advantage of.
$10,000 meal for friends and left ZERO tip
R. I. P. Dwayne
Athletes are rich AF for a few years. Too bad nobody ever taught them what it takes to become wealthy in life.
You can’t speak on things like this because you’ll be viewed as “a hater”
This is an eye-opening Video, Not for an athlete or rappers with big money but For the people like me (Young Architect) too. 'SPEND WHERE THE RETURN IS.' Keep making such Videos. Thank You Spencer
Property. Education. Self improvements.
Every Athlete should watch this and try and learn the lesson. Thank you!
Spencer, love the videos! Keep making them.
The house he bought his mom is in DC.
$750,000 probably got her a 2500 Sq ft house lol.
Southern MD
How that's Small. You can get a bigger House in Montgomery County for that much.
Where does it say you are obligated to purchase a house for anyone. They had their shot. It’s his life to live, now.
@@bjwhetstone5717 it's his mother
Meaning what? She had her shot, just like his father!
lmao Kirk Cousins made $140,000,000 and still has and drives (some recent photos still pop up) his grandmas van. Even with the rookie education the NFL gives new players on how not to waste money, they still do.
Smart man
This is insane 😳, I bet he's ready to listen to his defensive teammates when they tell him he is staring down his receivers!
Idk why TH-cam is just now recommending your channel but I'm so glad!! Idk if you have one on rappers and how most are really not rich like they say. I worked in marketing and lord I was shocked to find out how many customers/rappers would have to take out loans and really depend on social media these days to bring in money. Great content!!
Excellent advice. It applies to all other lifestyles as well.
Look at Travis Henry, dude had 11 kids with 10 women and was paying almost $200k a year in child support. After his playing days he got busted for financing a coke deal.
Yea just crazy
Adrian Peterson is in the same boat, just hasn't had the drug problems .... yet. He made over $100m in his career, but is already broke and paying child support to 7 different women. Claims he trusted the wrong people lol. Was it the 7th pregnancy that finally did it?
@@eternalreign2313 yeah he was a dumbass for sure.
I love these videos. I devour them. Post more
These young men don't realize that every single thing they spend truly adds up FAST.
I do not feel sorry for these guys.
and i dont feel bad whe their "preferences" take all their money then leave them. lmao
He forgot to include the fact that Haskins saved 70% of the money he got from his deal. So he is in fact being smart with his money. He don’t have to save 100% of his money
@TechMeOut Saving is a good first step though
@@animelytical8354 commending someone for saving is basically praising someone fot tying their shoe lace. Absolute bare minimum to do as a functioning human being.
@@Dan_Therapist If it was like tying a shoe lace then no one would ever have financial problems and no athletes would ever go broke. So nice try, but no.
The guy gets demoted to third string QB a month later. Career over. He’ll be making the league minimum soon. Not even enough to cover property taxes
That’s not true, he was benched because they saw the growth stopping, this is the coaches way to tell him to wake up and start working harder
@@ajfergy5569 yes and no, teams don't bench someone that they think will get better becuase game time and experience is better than sitting on the bench because you cant do your job. He shown he can't handle being a starter and they know it so the benched him.His progression stopped and it will be very difficult for him to see a starting role ever again.
@@NamelessViking01 I mean Kyle Allen & Alex Smith didn’t do much better so is there a QB problem or an o line or coaching problem? If 3 different QBs couldn’t make it work then there’s another problem.
He will still get a backup qb job on some team being a 1st round pick almost guarantees a second contract
@Copper Beckville he can't make minimum if he makes it to a second contract.
IMO for all these athletes that want 1-2 year college stints to meet requirements for their respective leagues there should be some athlete degree, with public speaking, basic contract reading, some physical therapy, financial literacy, perhaps some psychology. Just classes for financial mental and physical stability through what is sure to be a drastic change as well as give them the skills to survive and thrive in the world of pro sports
Great idea!
And now he has passed away.. Rip
This didn’t age well or maybe it aged perfectly
Well put
Aged perfectly, like the fine wine that this dude can no longer afford.
If ya buy a branded jewelry piece while incorporated it’s a advertising write off so ya can deduct 75% of the value over 5 years as long as you wear it during interviews or public appearances or have one of those staged burglaries and collect insurance, so diamonds are a pretty decent investment
Diamonds devalue and I agree with the person☝️🏾, stick to gold. Gold will always be valuable.
Aren't diamond values artificially inflated?
Hate how much people are enjoying this,Misery loves company. Yeah he deserved it but I hope this is the reality check he needed to get it together.
Screw him come live my broke life
I don't think anyone had a problem with him, just his QB related stuff. He was a terrible QB, so please do not be the starting QB of my team, thank you so much! I'm more baffled at how oblivious he seemed to be to the fire burning under his feet after Gruden and particularly Allen was fired. Yo, your house is on fire and you need to win NOW Dwayne! But he never looked as if he got that. People tend to gloss over it, but Allen being fired was a reckoning for this team. And he only got fired because they were so bad. And Haskins was the first round QB and alleged savior. So he got Allen fired by not looking like either of those things. Not just him, obviously. But if he had been better and more ready, maybe Allen wouldn't have been fired. In that case Haskins would still have a job.
Rest in Peace Mr. Haskins
I can go to Chili's and eat whatever the hell I want for 25 bucks, TOPS!
All you can eat soup with 50 percent tip is 15 bucks
A poor person given a lot of money, does not equal a rich person. It's just, a poor person with a lot of money.
I get what your saying but the statment makes no sense.
@@Christopher._Mwhy is it that when he says poor person im reading black person? weird
@@Christopher._M It means that that poor person hss never had this level of wealth before. He doesn't know how to manage it,invest it,and spend smartly. Just look at lottery winners if you want an example
@@rubiojesse4991 i know that. That is why i said i understand what he is saying but the quote is non sense if you read it at face value
@@Christopher._M poor person as in mentality.
I always notice that ultra rich people always drive cars with basic makes. My grandmother has a friend who used to be an executive at Genentech and she drove a Toyota Avalon even though she had all the money in the world.
With recent events in regards to Haskins, you look the ghost of financial futures here.
Especially with that bright saturated lighting.