You ever wonder how an artist or entertainer can come from making millions per year to bankrupt and broke?! Some athletes reportedly spend $875,015 each month, including $26,500 for child care, $24,300 for gas and $17,220 for clothing, $10,000 “hanging-out money”, leasing homes for your “home boy” and regularly shelling out $3,000 to $5,000 to friends and relatives.
One agent describes the dilemma as a lack of experience saying, "Coming off college scholarships, they probably haven't even learned the basics of budgeting or keeping receipts. - Which then triggers two fatal mistakes: hiring the wrong people as advisers, and trusting them far too much.”
Some players are just plain ignorant about their finances another adviser said, "You'll say to a player, 'How are you doing?' A lot of the time they'll respond, 'I have no idea.' All the bills are paid by someone else, and none of the statements go to [the athlete]. ‘Advisers warn that such overcharging is the most common form of financial bloodletting for athletes.’ It's basically large-scale shoplifting,"
For you up and coming ballers here are some basic rules to follow: First: don’t hire friends and family - you will be doing them a favor not yourself
Second: use a jimmy hat! having 9 children by 9 different women is just stupid
Third: We want Pre-nup! - Follow Dikembe who didn't marry his fiance cuz she wouldn't sign!
Fourth: READ - this should go without saying
Did I miss anything?
No comments:
Post a Comment