Thursday, July 03, 2008

When BK's a Layup Away

As is dictated by widely-held Man Laws, I enjoy sports. But usually I don't find much at that stokes my financial interest. This column by Rick Reilly, though, is fun: How to Be a Broke NBA Player

Well, as "fun" as financial meltdown can be, I guess. As Reilly tells us:

Filing for bankruptcy is a long-standing tradition for NBA players, 60% of whom, according to the Toronto Star, are broke five years after they retire.

I did a minimum of research and discovered that what makes this "60% go broke" stat so particularly nifty is that, according to InsideHoops, the NBA's minimum salary for the 2008-09 season will be roughly $442k. Not exactly bread-n-water money.

But let's be truthful here: How many guys who make the leap into the NBA (or the NFL, or MLBA, or whatever) were good with money before they got there? Instinct tells me very few. If you've sucked with money all your young life, and then come into a lot of it ... well, not much changes. You just have more money to suck with.

Once these pro athletes step up to the financial 3-point line, there's an entire world of agents, marketers, and family members just waiting to drain every dime from the athlete's (admittedly sizeable) pockets.

Not exactly a system which guarantees success, is it?

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— Posted by Michael @ 10:02 AM


I love what Deion Sanders calls family reunions; "family stick- ups"


Most players in the NBA make more than the minimum however, and I believe the minimum is higher for veterans

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Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
— Dave Ramsey


Start (2005-12): ~$21,900
Currently: $0
[About Our Debt Paydown]


Savings Goal: $15,000
Currently: ~$15,115
[About Our Liquid Savings Goal]