How NBA Players Lose Money, Fast
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- เผยแพร่เมื่อ 23 มี.ค. 2024
- #nba #finance #moneymanagement #financialadvice #richlifestyle #nbaplayers #louwilliams #moneymindset
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No point in paying for a financial advisor if you’re gonna blow it all regardless
For real like that's just stupid
Honestly I was like wtf
This tends to be one of two things: 1) An ineffective financial advisor or one who steals from you ( write your own checks) or 2) Not listening to your financial advisor when you actually have one who knows what he's doing.
@@akilry3117 something tells me it’s option 2
Without the financial advisor they would blow it sooner. As an advisor you still can’t supervise every single purchase they make
Paying a financial advisor to make sure you don’t blow your money and then you still blow your money is absolutely insane
As someone who works in wealth management I can confidently say that most people are getting completely ripped off if they're paying for a financial advisor. However, most people also don't know a single thing about saving and investing, and simply don't want to think about money so they'd rather pay someone to handle it for them.
He can stop big purchases. But not dumb ish they spend on thots.
@@Lthebbewhich only serves to furthers ppls lack of financial Literacy and discipline it’s a duel edged sword for sure cuz you can only (hope) your advisor is tryna do right by you without knowing what he’s doin at all in the first place
@@Lthebbeman if a financial advisor doesn’t have the money I want there’s not point. I’ll manage it myself
That mf just there to get paid then when u can't pay em u broke
This just shows you need GOOD money management no matter what level of wealth you’re at. People think shit sweet
imo it's the fame that makes them spend so much. They have an image to maintain in the flex culture we live in.
Do we I mean you just don’t buy dumb shit
Well, it is, you still get the best of life
@@sakhile6460it’s the women you saw how much Zion was spending on women. You think he’s the only one doing that shit? Sending $35k a month to women who they aren’t married too. 😂 I’m willing to bet there’s a lot of them doing that.
Bruh it's 2024... NBA been running for years... draft every year... why is it hard to see that these dudes are CONTROLLED PUPPETS.... the entire society is a pyramid structure... it's an agenda.... black men in mass are not supposed to be associated with intelligence growth wealth etc. That's the white man's playground in HIS SYSTEM... so these brothers who sign contracts for white man's money have to do what they demand or else your cut and replaced.... that's why it's never any real detail provided for all these players YEAR AFTER YEAR AFTER YEAR.. meanwhile on this same earth you got SCAMMER NGAS ONLINE WHO DONE FLIPPED A 10TH OF WHAT THESE DUDES MAKE INTO BUSINESSES AND INVESTMENTS.... AS proof there are black men from the hood who can be smart with money... and gives more credit to the theory that these NFL and NBA players are all controlled until retirement.. why isn't the story the player invested in realists this guy invested in restaurant this guy invest in basketball skill program etc ???? Cause the AGENDA IS... black men under the wet man's system are not supposed to be associated with elite status as if it's rocket science on money management... it isnt... but folks are to brainwashed and duped by icons to see the whole picture and its details in regard to the entire economy flow in america.... these dudes sell out for the moment and cannot do real wealth building with their MONITORED MONEY... or ask your self.. why aren't elite white males who own the NBA investing in financial management schemes for their players upon retirement as payback for being FAN ATTRACTING PLAYERS FOR THEIR BILLION DOLLAR NBA INDUSTRY ???? RIGHT cause the white man is operating as to never push black men FORWARD... this shit is all Gaye by for people who can't read between the lines....
They need to go the OchoCinco school of finance. Get you 2 McDoubles, 1 soda no ice 😂
😭😭😭
He wore fake diamond earrings also. Smart. Everyone assumed they were real because he had $.
Two McDoubles, cup of water, and use the app for free fries
He slept at the stadium a year or two as well rent free until Marvin Lewis kicked him out.
@@iceman2604The points on the app stack up fast, too
The fear of being broke is different from the fear of being broke again.
Factz
Big facts
Underrated comment.
Apparently the fear ain’t strong enough in many of them if they are blowing through that cash so quick
Never Broke Again
It’s baffling how many people are still going through this.
Why?
Not at all.
Because it’s easy to sit on the sidelines, not have any money and say how do people not know this by now? It’s one thing to say now it’s another to say when you have millions.
Not really…they make their choices
It will forever be like this because if you never have been taught financial discipline and literacy, then toss in the the fact that alot of these young men come from poverty backgrounds financially or mentally. So now you are a walking target and savior to everyone around you. Just as fast as you get it, it gone just as fast. Walking lollipop/lottery ticket.
Bro clearly hired a good financial advisor. 💯
common sense is free tho
himself.
probably paid him 2% instead 1
Not with that hairstyle
@@AnnaMaeBullock Buddy just figured out that Black people have hair.
That’s why I give props to Ocho Cinco Chad; he wore fake jewelry and saved most his NFL money. Smart guy, very confident, he know his worth and didn’t need to stunt on nobody! True playa for real.
His math is WAYYYYY OFFF!!! Most are broke within 12 months. Two, this is why getting an education is more important or should happen concurrently while playing. There is no one to blame but you if you live outside of your means .
Klay Thompson👆
@shambigodet1676 what about him?
He was advised by his parents to put himself on a 300.00 per week salary...
😂😂😂😂wearing fake IS DEFINITELY NOT REAL!!!!!!!
Zero financial literacy is how this happens.
Lol come on
Pro sports is backwards for real life you make your most money at 18-35 yrs old in pros in real life 50-65 yrs old.
Not thinking it will end is how it happens..
Not surprised. Can you really expect a 20 year old who became a multi millionaire over night to have financial literacy? N the people around them are too busy trying to find ways to get into their pockets that they don’t care to help them
Illeterates
“High Thousenaire”😂😂
He stole that from brotha GEORGE JEFFERSON the great 💯💯💯💯😂🤣😂the original thousand aire
@@bobbyjohnson8968who
😂😂😂
I’m a low hundredaire
@@kiwination2464what’s bro😅
We haven't even talked about the child support! 😮😂😂😂😂😮
And flying the porn stars in.
Another 50% off that $1.5 mil 😂
Hahaha oh shit
I respect people that actually state facts! And break shit down so you really see and understand why a lot of player’s don’t retire!!
It’s not about how much you make, it’s about how much you keep 😉
Bruh? Please say that shit again
It’s about how much you invest is what you meant.
@@raymondvasquez9093 Good point but that's part of the "keep" too.
@@Dakid015even if you throw it in a high yield savings account the money will grow quite a bit. However with millions, you need to invest in something like real estate too since you can afford it.
@@raymondvasquez9093investments are risky! No guarantees
the fact that athletes get paid 100k+ weekly and blow that shit is mind boggling in itself
Happens faster than u think
Let's just say half of that is gone for taxes and fees
They are still paid 50k a week
How you gonna spend 50k a week if you are not stupid 😂
The stupidest things you could spend on are gambling, clubbing, and women
@@welennelew9866fr lou acting like they need a pay raise or something😭 imagine they had a real job
@@yungtesto1138 for real I am not even an american but even I know you could already live a more than decent life with 10k a month in USA
That means they could be saving roughly 190k per month for 4 or 5 years of their NBA careers and still be pretty set for life after retirement
If only they aren't so out of touch with reality, and could think and live like a normal person
Financial illiteracy is real
@@yungtesto1138they would blow through it like the average American
That’s why its important to invest into things that will make you money after retirement
The fact that they make money early in life gives them a huge advantage to let their money compound over 20 years. It’s a huge advantage.
Yeah if they were smart enough to do that, invest the money doesn't matter if its real estate or something, whatever that'd keep the money going. But instead they get greedy and all want mansions and Lamborghinis, parties drugs and girls, and that's their money gone
Keep the financial real talk coming. Everyone needs to know this no matter what their profession is.
Even billionaires make a face when they have to spend 1$.
THIS! 💯 #RealRichBehavior 💯
This one of them quotes that sound good but is definitely Bullsht lol
1$ really
Which billionaire told you that?
@@atlntcostv7293 Most definitely bs...
And you still gotta account for the lemon pepper wings!😂
And don't forget about the murses.
Bro probably ain’t paid for them wings since HS 😭😭. Getting em free off the strength of his name
If u got a jersey retired at a strip club, you put in serious revenue
Lemon pepper lue 😂
Hey asshole leave the wings alone, they don't count. Jkjkjk.
As a wise man always tells me. "You can't play rich! You can play broke."
He has a great point an he is not lying for real.. that's why a lot of players try to play longer to stay in the league to make more money 😮😅
I appreciate when people come out and simply tell the truth on subjects that we may never completely understand.
Girls, when he said girls, he knew that's where the real money goes.
Cuz them peons tricks, they want the same used and abused cat that been passed around and u gotta pay for it cuz they can be bought by another as well
I don’t get that. Max 100K and thats with messing around until you settle down. If anyone doesn’t get that, it means a couple thousand per jawn.
Real money goes to cars, jewelry and houses. Easily 100s of thousands.
Yup, that includes child support.
These girls that done been ran through too. Accustomed to that millionaire life style.
No matter how much money you make its your LIFESTYLE that causes this
The chanel bags is definitely killing them lol
Glad Lou Will was able to gain good financial sense even after going straight from high school to the NBA with no generational wealth!!!
”We got dues” 🤣🤣 continues on to say 15k health care..yea well that does not explain how you blow 5 million
When 5 instantly becomes 1.5.... Buy a nice house for you or/and mom or whoever. Nice car. It ain't that hard to understand. Players union, healthcare are 2 of the "dues"@@jjjyli686
@@jjjyli686Context clues brother. He’s likely including dues along with taxes for that half being taken out initially then 200,000 and 50,000 for agent and financial advisor. 1.25 million after that can be blown pretty easily.
He explained plenty@@jjjyli686
@@jjjyli686did you watch the entire clip or you an idiot on purpose
That stray bullet for Antoine Walker was nasty work 😂😂😂
Facts😂😂😂😂
@@user-vg5dj6qi9b they didn’t have to do all that 😂😂
Not a stray. He's been open about how he lost his bread.
He's good now, but ya twan open up n warned the youngsters what 2 look out 4.
This has nothing to do with the video, but Antoine’s daughter Alana Walker is so sexy lol
The biggest factors that people fail to miss outside of good money management is your support system & gratitude for the blessing placed before you. (They can make or break everything)
I salute you Lou!🫡
🧙🏽♂️✌🏾
This as real as it gets. Was broke before the nba and will be broke after the nba.
He ain't never gonna go broke. He figured out not to be broke. You can clearly tell.
The ones who usually give great advice don’t always live the desired life
Bro a vet vet tho lmao he got paid
@@sirius1ishLou Wil got money
Lou will is up there with Jamal Crawford as the best 6th man ever. Dude played a lengthy career. He made a sh*t ton of money. He’s not talking about himself, he’s giving advice to the guys coming up.
@@sirius1ish hahah real shit
It’s amazing that the ones coming up still haven’t figured it out from the ones who have already gone thru it and warned them.
If you tell someone there’s a bullet coming for their head and they don’t move, then it’s on them 🤷🏽♂️
We shouldn't even blame the players. When you make that kind of money, there's an entire industry dedicated to making sure you spend it.
Everyone is responsible for their own action. It's called adulthood. No need to blame anyone else.
@DerHalbeEuro old me would have completely agreed with you. Current me still agrees but it's complicated.
There should be a financial literacy course in that health care package.
They have this as rookies. They just don't listen.
They're given so much warnings, and the NBA teams apparently also hire a crew of undercover agents to tey and keep their athletes out of trouble, when not on the premise, such as vetting women, deleting questionable things people record, to even making sure they have rubbers and whatnot.
Health care tied to employment is still a whack fkkking moral abomination. The fact that most working stiffs still naturalize that shttt when we're the only "western" (plus dozens of others, including, Cuba, Kuwait and Costa Rica) country without universal health care.....
🧢
Simple dont spend on instagram girls
The military makes you take like 3 fianicial courses before you go to your first unit. Those hellcats and F-150s are still being driven off the lot by an E-2 with a 22% intrest rate
I am just a retired brick Mason. I am not broke. I made a good living laying bricks. These basketball players went broke shooting bricks.
Bruh! ⚰️ 😂
Shit this a great one🤣
Ooooh! Don't do 'em like that, cuz!
It is nice to be rich, but you don't have to be. With some education and some vocational skills, you can make it in this world. People need housing, water, food, clothing, and medical care. If you pick a career in any of these fields, you will never go broke. The essential jobs are where it's at.
Riiiiight. 🙄🤣🤣🤣🤣
One of the realest NBA players ever speaking
Making tons of money is a beautiful thing. But maintaining tons of money is a remarkable accomplishment.
Lou looks like he's still in his prime
20 something easy.
Sound like you trying to catch, sus comment
@@saucegotti8538you a boy and the kkk gonna come after you
@@saucegotti8538how did you get that from that. Lol you obviously a lil sus to be even thinking of some gay shit like that
Black people don't age like most
how you know its not a female?@@saucegotti8538
I love the genuineness and the transparency he presented here. Big respect and huge fan.
TRUTH IS REAL!!!!!!!
If I made money. I ain’t losing it. I’d get called cheap but I ain’t going back to being broke
Kawhi a great example of keeping humble and still rich yall athletes need him as an advisor
Part of the Tim Duncan trainee program and just Dirk leftovers to the game era is gone bro materials got the majority 😂
Get ya facts straight 😂 that man be ballin 🤑 out too. He got the money to spend tho. He his not a average short career player
@@johnrandall608 Not me Fabian right. My facts were cool applications of examples of how he learned to be like this
How you know what Kawhi do? He probably ball out more than anybody.. he travels by HELICOPTER fyi
Him and Ocho Cinco
Speaking the truth. Money will be gone quicker than you made it.😅
The worst part is owing taxes when the money runs out and you have no investments to pull from. Humans are not naturally equipped to think long term about finances.
A lot of players need to know the power of "PAY YOURSELF FIRST"
Hell yeah, this is the knowledge needed. Don't matter how much money you make, if tou spending it all you'll go broke before you know it
It’s common sense …
@@JustStopLyingToUs always somebody who has to say bring negative energy out of nowhere 😂 get positive, life is so much better
You have to remember, most athletes aren't paid because they are smart. That's why they keep making the same dumb mistakes over and over again. Good to see that at least a few of them get it
and u aint payed at all my man😂😂😂 just a hater in the comments goin nowhere
and ur not payed at all
They’re not! Especially NBA players. If they were not athletes they’re highest career potential is Walmart Night Stocker. Think Kenyon Martin, Stephen Jackson, Dennis Rodman, Zion, etc. You can almost picture asking them where the cereal aisle is.
@@templemusa6884lmao you hating hard 🤣🤣🤣🤣🤣🤣
@@kingjuice7444Paid* 😂
Everything he said is the reason . Now let the players who don’t go broke tell you how it’s really supposed to be .
“The Money looks better coming in than going out “- Chad ochocinco
That’s real shit…I hope they’re listening. You have to invest first.
Most of them pick nonsense investments like NFTs and crypto projects and go broke even faster. Investment isnt for most people. The solution is have self control and save the majority in stable low interest accounts
You don't HAVE to invest lol they need us "broke" people, like their parents or family, to advise them on how to live within their means.
Dumb money ends up with clever guys
No the real investment is save until you accumulated the real bag because most times that’s how you become rich is work and save then you invest when you can focus on your investment. Most of them will tell you it’s hard to invest and expect others to protect your investments for you. That’s a good way to lose it !
Its always amazing to me when people act like its super hard to live off 1.5 million dollars. Niqqas just not smart with money. It’s not that hard to just invest especially if you getting millions. People just buy too many liabilities and financially dum.
This man is TELLING THE TRUTH !
he didn’t even know wtf he talking about he read this off google and its not even correct
If you have $2 million left over after all that bullshit he explained, you'll still be able to live comfortably off the interest of your investments alone. If you blow $2 million in 5 years it's because you have a low IQ.
yeah, hes explaining the 7% of ur income you lose because its mandatory, he dont go deep into why idiots spend the other 93% on luxury
@@kingjuice7444 you dont know what youre talking about. Taxes are taxes. While they are income stratified, 470,000+ is all taxes at 37%. any nba player making mid level and up has the *vast majority of his income taxed at 37% fed rate. That doesnt include state tax, and because there is "jock tax" youre not assessed at the rate of the home state you play in for all 82 games, any event you play in on the road, you pay the taxes of that state. so Cali, NY, NJ, and IL games, they pay an additional 9-13% of *state income tax*
They are absolutely losing 50% of their pretax income BEFORE NBA dues and agent fees come into account.
My cousin played in the NBA for a few years and has told me just as much. Ive also make 6 figures working in oil and gas and now tech, and had to pay state taxes on that income when employed in a state other than where I lived.
Lou didnt give any misinformation, and it's sad that you would attempt to disregard the information while not having any experience of your own to lean on to be able to actually refute it.
Most guys making like 8 a year lol for playing 13 minutes
I forgot who said something like “a million dollar check dont make you a millionaire”
Facts right here, when the money is gone and the career has run it's course then allot of guys end up back at square one
The problem isn’t them not getting paid enough; they don’t know how to spend their money properly
Exactly their spending habits is the issue.
Simple.
Thank you very much.
All that math, and there really is only ONE issue.
Zero self-control where spending is considered.
If a middle-class dude can do it, a millionaire can do it.
Lol true I mean in his example take home 1.5 million dollars is still a lot of money and you can live comfortably with 1.5 million dollars
Right i don’t feel not even the slightest amount of sympathy for them losing money.
@@nestpaul356 1.5 million a year is more than enough to live comfortably. These guys are stupid
R.I.P Kobe. The prime example of work ethic and never falling off. He said it himself after players get their financial stability from the NBA they lose motivation and it was like taking candy 🍭 from a baby
LeBron better 😅. I had to say it
NBA teams need to teach a finance class to their players since so many of them come from close to nothing and suddenly making millions. Bring in vets that also lost it all or wisely saved it as good examples of what to do and also what not to do.
Somebody tell Zion. Need him, AE and JM to lock in!!!
Finally he broke down the math... Cause it was never mathin'
***My source of his facts: financial advisor in corporate. You'd look at the way the pie 🥧 looks like these guys will need 5 more revenue streams to keep up with this lifestyle.And people are idolizing this 😂***
That’s what you call QUALITY LIFE PROBLEMS. Most of us gotta work in construction, warehouse, sales , or retail jobs. If we are lucky we can get a management position that pays us enough for a car payment and rent at the SAME time. 😂😂😂
Mfs have it good they can’t see life as regular folks 💯
Back to work wagie
@@rondo2hunna133if i knew my 5 was gonna get chopped to 1.5. Imma live like i got .5
@@Callsignethiopialmao
U know what’s sad . A podcaster literally said that average wage is 30 an hour. These dudes really are delusional with money do they know that people work years and go to college for years just to get to that “average pay”?
Gotta keep your game right, and your money tight. You gotz me dawg 🎉
meanwhile kwami is doing great with the plot of land he bought with his money.
Seen Lou playing at a $15 minimum roulette table years ago at the casino. That’s how you save money
Nothing about gambling saves money😂
Not playing roulette at all is how you save money.
This nigga said he saving money GAMBLING bruh 😭😭😭
yeah let me gamble to save money. smart move
@@Equilyzr obviously this went right over your head. If you’re going to gamble, don’t go crazy and gamble within limits. Smart ass
Ben Simmons out there laughing at this
Wish I could get paid to watch basketball and play sometimes.
@@terenceblack3724genius
Yep....and Iverson is too😂😂😂
Bro is being paid for being 6’10 wit a 42 inch vert
Ben Simmons still play and get paid?
Moral of the story, don’t blow all of your money on depreciating assets! Invest, save, be smart!!
I took a sports economics course in college 15 years ago and this was one of our lectures. The breakdown of how those big checks go so fast. It’s the same for NFL. Sad to hear that’s still the norm.
Factz, I got a guy I grew up with who played in the NBA & went broke. I also got a guy who was on my staff making $16.50 an hour who played in the NFL. Just 6 or 7 years ago
I told my customer that was in NFL for a year he was going to go broke being a 2nd or 3rd stringer and to take his money and invest it. 1 year later they cut him. In that one year he made 350k and he invested it and is doing pretty good. But sadly majority don't listen.
True story!!! I worked at FedEx Freight
(ATL), With the Dj from the Rap group
Whodini. And he worked part-time at the
Atlanta airport!!!! His Benz was old and
dirty.
We had a few pro baseball players that work there part-time.(Not superstar)
players.
😂😂some MFS work 40-50 years never crack that much money
Some mfers need to get on there grind
@@soar1091 your grind should clearly be in English class
And still live a good life retiring 30 years after n nba player lol
More money more problems foo. All about discipline and living within your means
Are you crazy whose paying the players? The owners, you can start a business like starbucks & be a billionare in 10yrs (due to stock market)..hell if you happen to hv put 2yrs earnings into Starbucks in the initial public offerring youd be a multimillionare a plain ol joe.
Whole Pistons and Grizzlies roster boutta go through all of this if they keep messing up those damn games
5 mil to bounce a ball and put it into a net is crazy
They need to get rid of those so called agents in football and basketball... they get paid to do what you could do... Lamar and his mom showed us that
I really never have understood what an agent doesn’t I’m pretty sure if your lebron James you can negotiate a super max without paying an agent a million dollars to do it
do you really not get it ? have you read an nba contract? does someone negotiating on behalf of the player confuse you that much? not everyone gets a supermax, and there are more deals than just the one with the team. is a player negotiating with endorsement brands? writing up those contracts themselves? @@frenchfries2424
An agent treats all the annoying stuff for a player...an agent talks to possible sponsorships/endorsments or possible partners outside of bbal, it is almost impossible to get in the nba without a good agent, before you get there that is the guy that gives u connection...either teams or coaches or basketball runs where there might be some coaches off high level teams. And when a normal nba career player is done and he cant play in america no more with a good agent he can easily go make more 30K overseas with house and food
Yeah man they can do their own finances too. Won’t be as good though. Also what if you aren’t a star player? Goofy
@@andreafonso8611that’s all lies cuh! If a NBA team wants you they gonna get you and if a sponsor/endorsement wants you they will come to you! The only thing any professional athlete needs is an accountant for the first year in the league after that you can do everything by yourself! If you invest your money the first year you won’t have to worry about going overseas to play you will be set for life! Some people just to dumb to understand how money works to take care of themselves and those are the ones who need the agent
Nobody even expected shaq to get in the business and made his fortune after retirement. Dude’s a monster in financial wealth.
What does that money do for you when you die?
@@jonathanperry6302 goes to your children. Imagine if Shaq didn't make his money and stayed in the hood. Then we time traveled 4 generations into the future. That kid would still be eating if shaq made it. Generational wealth is no joke, especially if you come from nothing. Don't be daft.
Early investment and they will make bank off the compounding interest.
@@jonathanperry6302he didn’t die yet.
The advisor, the agent and the Pa dues are a different conversation that the card and girlfriends. Not to mention taking care of family, that’s a killer
Paying for a financial advisor while still blowing your money is keeping you big as hell.
Everyone needs to have a similar breakdown of their finances. Especially those who make normal salaries.
Its easy to not blow your money on a normal salary, because you cant just buy a multimillion dollar home on a whim, and the ladies aren't throwing themselves at you in the hopes of getting pregnant and collect child support.
More money, does cause more problems, and when you're young and collecting big checks, yoy think it'll keep coming in at that rate. When you're normal, that job realistically last longer than those 4 years of the nba player's career.
5 million dollars:
Let’s say 50% tax…
2.5 million dollars
NBApa dues = 20,000
4% for agent = 200,000
1% for Financial advisor = 50,000
Remaining = 2,230,000 dollars
rent, utilities, food and etc
Travel expenses too
@@bananamawnyt6307 how much you paying in rent... food is free team covers all meals... util for a house you dont even live in... again think before you type
@@livst881 travel is free...
He mentioned cars, clothes, home, and women after that. Reckless spending gets you there though
Thank you for speaking the TRUTH. The year 2024 is the year for speaking the TRUTH!!!
Very few nba players understand how to build and keep generational wealth
$20,000 for health insurance. They'd be better off paying out of pocket.
They are athletes with multiple personal around the country 20$ isn't crazy but paying an agent 1-4 percent a of 5 million is crazy
That's for retirement no current
they get a pension bro. You would love their pension.
exactly they can afford to pay everything out of pocket. they dont need insurance
Not if you rip an Achilles tendon. Get your own insurance and they probably won't even want to re attach it.
Bro I never understood an agent taking 4% you better Lamar Jackson that thang
Unless you're an MVP caliber player, no GM will waste their time talking to your mom.
It made sense years ago before all this knowledge was available. But most guys only paying 1-2% now a days. So it isn't that bad
Don't forget the agents front them money as rookies so they're in the hole off jump.
“You a high-thousander” 😂
Imagine paying for a financial advisor and still going broke 😂
Just live below your means then invest. It's easy to make money when you have money. 🎯
I just commented that. 2 million dollar home not 10. Three vehicles and not 10 to 15.invest in stocks. All the big companies can nearly double your money every 10 years.. Dont drink or do drugs,eat healthy and workout. You will last longer
@@heyyoo38don't drink? C'mon?
@@mauricemujanay3704 I did it already. Occasionally is kool. Occasionally is like once a month if your going to do it. Family get together is kool but sitting and drinking all day or going out to drink. Nah. More productive things to do. I drank Ray and nephew's 150 proof. I mustve aged 12 years in 5 years. Its easy to find thinks to occupy your time. Alot of people get those bellies and liver and kidney problems. Nah. I got kids trying to live long.
He make 1.5mil sound like $15 an hour at Walmart 😂 don’t feel bad for these clowns.
Dude went from 5 million to 1 million because agents and financial adviser takes 5% of the players money. Dude needs to go back and learn elementary math.
@@robinali6903I think your listening comprehension is the real issue here lol
@@clayc5929 First, taxes aren’t 50% so he is lying, highest tax bracket is 37%. Second, he literally said he went from 2.5M to 1M because of 5% taken from agent/financial adviser. Third, they are broke because they waste their money on petty things not because of agent fees or taxes.
@robinali6903 low intelligence you have. He gave examples of how you can spend 1 million in fees easily without even doing anything for yourself.
It's relative. He literally gave you reasons why 5 million gets spent fast. For you, 5 million is a lot. For Bill Gates, 5 million is probably his light bill.
Bro, we all are dealing with these percentages
Thanks for the info things I didn't even knew wow
Depending on the state, they are really getting taxed 60% by the government
Luxury tax
highest you can get is around 53 % in California or New York City. 37 % federal 13,3 state in California and around 3 percent fica etc . Best thing you can do is play in texas florida or Memphis so you save the state taxes
This made sense in the early 00s but these days even role players getting paid like theyre Iverson.
That’s why they don’t care to play 😂
So what I got from this is don’t be a typical nba player and blow the money on my image. Nothing but life insurance policy 😂
Work hard be the best on the court and that’s not a problem. Those who chase success never have to worry about money
They should have a program that holds their money in an account with interest that they can only access at 35-40.
Sounds like a target date fund, a lot of these financial brokerage companies have that
You're a high earner for a short time span. Save your money, don't buy luxury items that you don't need. Avoid having all those kids. Most importantly, don't get married. That will wreck you.
😂 Me… If Marriage wrecked me was a person it would be me 😂 Marriage is the biggest scam
@@daviditurralde-ex9svbest bet would be to settle down without getting married these days
That depends on who you are and who you marry.
Def not a scam for me. Wife and I been together 20 years and rock solid. Built a hell of a foundation. Just can’t think you’re going to marry a 304.
@@chexnfx7161 same but they are definitely talking about majority of women who are definitely not worth marrying
My man Anton Daniels spoke on this recently too. In a nutshell, a 100 million ain't a 100 million.
That's why it's imperative that athletes start to learn about financial planning B4 they become professionals, that way they can avoid a lot of the pitfalls that many of them do
And these Magic City visits 😂😂😂
The dude is correct and on point!!!!
Making 5m just to sit sidelines for couple of years is even crazier
Buy a farm for about a $1M, another $200k for livestock, fencing, equipment, greenhouse/seeds, fruit trees etc. another $200k for a heavy duty truck and trailers to haul your livestock and get things done. Put another $1M in a high yield savings account and use the interest to cover the property taxes every year. There you go people, that’s how you make your money last for generations. Now you got $2.6M for toys (pool, gym, in home theater, etc) but put your great grandchildren before the toys, not the other way around.
Joe Caldwell was the 1st to expose this back in the 70's. There's always a solution. Discipline is always a powerful ally.
Hes talkin about the same issues everybody has.. but we dont have a financial advisor to help us fuck our money up
Exactly lol
Uncle Sam better get his half off the top cuz if he don’t I’m sitting in jail for a year or so behind that 2.5 😂
Good advice no matter what job you’re in