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Jamal Lewis files for bankruptcy (1 Viewer)
- Thread starter todisco1
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Bitter Hate
Footballguy
If you are not educated enough to invest your money wisely, and don't trust financial advisors, just put the money in the bank.
Jason Wood
Zoo York
The guy earned tens of millions of dollars in NFL salaries and bonuses alone, not to mention the endorsement deals over the years. I'm with the rest of you, I shouldn't be surprised by this kind of thing anymore, but it still BAFFLES me every time a new example crops up.
STEADYMOBBIN 22
Footballguy
Moe-ron
Mr. Brownstone
Footballguy
He's only 32? I could have sworn that he was older than that.
When you come from nothing then are a making millions a year - you don't know what to do with it so you spend it like water. Instead of all this concusion BS --- the NFL should spend time to teach people that come from poor backgrounds how to manage their money -- especially with the short career of a RB. NBA and MLB you can play for 20 years -- and NFL RB has maybe 6-8 at an elite level. with a few exceptions.
I think they do offer education on how to handle your finances, at the rookie symposium as well as for non-rookies. Please correct me if I am wrong on that.
But, they can only do so much - they can't hold the guys hands. They can give them the advice and classes, etc, but after that it is up to them to be responsible adults.
But, they can only do so much - they can't hold the guys hands. They can give them the advice and classes, etc, but after that it is up to them to be responsible adults.
Raider Nation
Devil's Advocate
They offer seminars like this free of charge to all NFL players, but you can't force them to attend. These guys see fat paychecks and somehow think that will go on forever.
Raider Nation
Devil's Advocate
Yep. Beat me to it.
Raider Nation
Devil's Advocate
I don't even agree with needing a $1M house, but for sake of argument, fine ... you buy a $1M house.With the money Lewis made, he could have paid cash for it. Now he has a home for the rest of his life. The rest is pretty easy. DON'T buy 50 cars. DON'T have 12 kids from 4 baby mamas. Put the remainder of your money in something safe, and only allow yourself X amount of dollars each year. Not only could Lewis have not lifted a finger and lived comfortably for the rest of his life, but his children and THEIR children could have lived comfortably for the rest of their lives. It's just total buffoonery.
CalBear
Footballguy
Do you think financial advisers in 2005 were telling Lewis to pay cash for his house?
Tackling Dummies
Footballguy
People see chapter 11/bankruptcy as him being homeless. Sounds like he is trying to use the system to get his debt down. If his assets are $14M and his debts are $10M, he isn't broke and destitute.
Warpig
Footballguy
These guys are total morons.
I was dirt poor growing up and now that I have a little dough, I don't go out spending it like water. Quite the contrary. I hate spending money since I want to save as much as I can because I don't want to be poor again. I still buy toys for myself, but I don't go crazy. I put money aside any chance I get. I have a comfortable, non extravagant life. My kids are spoiled.
It just makes sense to pay cash for everything when you come in to that kind of jack. Put 1 million in the bank and technically, you can live a decent life on the interest after your playing career. Use your new found riches to establish a comfortable living by purchasing your home outright. Pay cash for 5 cars or so if you must. Invest your money. Setup college/trust funds for your 20 ******* kids. Oh wait, that would require responsibility. These athletes are too often greedy and only think about themselves and taking care of their homies that gang banged with them. Dopes.
I was dirt poor growing up and now that I have a little dough, I don't go out spending it like water. Quite the contrary. I hate spending money since I want to save as much as I can because I don't want to be poor again. I still buy toys for myself, but I don't go crazy. I put money aside any chance I get. I have a comfortable, non extravagant life. My kids are spoiled.
It just makes sense to pay cash for everything when you come in to that kind of jack. Put 1 million in the bank and technically, you can live a decent life on the interest after your playing career. Use your new found riches to establish a comfortable living by purchasing your home outright. Pay cash for 5 cars or so if you must. Invest your money. Setup college/trust funds for your 20 ******* kids. Oh wait, that would require responsibility. These athletes are too often greedy and only think about themselves and taking care of their homies that gang banged with them. Dopes.
Shutout
Footballguy
Yes, I believe it is now called "Player engagement" (previously the symposium). there was a pretty good discussion on this a few weeks ago. I believe Troy Vincent is heavily involved in it als
f course, a lot of the rookie stuff is mandatory but some former players were talking about all the other stuff like financial advisors coming in WEEKLY to the team facility and things like that. The players were talking about how it was always the same five guys that would take advantage of it and even though they were coming to them, at work, how people would just brush it off. It really was a very common-sense type of discussion where the guys really painted a good picture of what its like. A LOT of these guys just have no clue and resist having a clue. One of the former players said (summarizing) Look at all these guys that play and don't even consider their physical health after they play. What makes you think they are going to be careful about money? They are 20-something year olds in the peak of their physical prime. They are making a ton of money and they just don't think either of those scenarios will change. they ignore the warnings.I wish I could remember who it is (its a player on the Eagles), maybe Brandon Graham; not 100% on that. But he was on the air talking about how he committed the vast majority of his rookie signing bonus to diversified investing. How he DIDN'T go out and buy a bunch of cars and jewelry and how he actually gets made fun of for driving the same car he had when he was in college. He parks his Camry (or whatever it is) next to these sports cars and gets yelled at not to hit the door with his. He said all that changed during the lockout when people were calling him up asking for loans and he said he couldn't believe it that some of these guys (no names mentioned) seemingly couldn't make it for a few months.
Chase Stuart
Footballguy
He's got $4M more in assets than debt. I think he's doing okay. It sounds like he has a liquidity problem, which basically makes him an American.
RUSF18
Footballguy
That's assuming his financial statement is showing those assets at market value, not what he paid for them. Important when you're talking about multiple houses and cars.He's got $4M more in assets than debt. I think he's doing okay. It sounds like he has a liquidity problem, which basically makes him an American.
ImTheScientist
Footballguy
rizzler
Footballguy
Took 24 posts to get one of those??? Society is a strange breed in 2012. I go outside my door every damn day and see multiple PhD's, physicists, chemists etc etc working at coffee shops, driving taxi's, wrapping pitas.
Think it's because they want to? Nah, it's because they NEED to make a living.
Totally off topic, but it's as sick as hell that people who worked their balls off to become upstanding members of society in educated fields will swallow their pride to make minimum wage, but some jackoff who carried a pigskin in his hands for 10yrs has to take a legal route to escape reality.
In the words of Professor Farnsworth: "I don't want to live on this planet, anymore"
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comfortably numb
Footballguy
I'm in, Boeing jets, Global Express
Out the country but the blueberry still connect
On the low but the yacht got a triple deck
But when you Young, what the #### you expect? Yep, yep
Grand openin, grand closin
These guys are idiots...but regardless if you were poor and wealthy.
You give any kid millions, with people all around them telling them how great they are non stop, women everywhere a sense of invisibility etc and FINALLY be able to live it up...
Most of us have this thing called experience to be able to tell us how dumb these guys are.
Just not sure how many of us would make appointments to see a financial planner for a few hours a week, who is gonna take your party money away from you, for your "future"..when in the next room are 39 of your friends, with 73 hot chicks wanting to give you a night of your life...and this happens really any day you want...not a blast you have saved and planned for for months..any day you want.
But it is cool to sit in a cubicle with a wife and 2 kids at home and see how smart we would be in the same exact situation.
Some would be smart at that age...honestly most wouldn't
Out the country but the blueberry still connect
On the low but the yacht got a triple deck
But when you Young, what the #### you expect? Yep, yep
Grand openin, grand closin
These guys are idiots...but regardless if you were poor and wealthy.
You give any kid millions, with people all around them telling them how great they are non stop, women everywhere a sense of invisibility etc and FINALLY be able to live it up...
Most of us have this thing called experience to be able to tell us how dumb these guys are.
Just not sure how many of us would make appointments to see a financial planner for a few hours a week, who is gonna take your party money away from you, for your "future"..when in the next room are 39 of your friends, with 73 hot chicks wanting to give you a night of your life...and this happens really any day you want...not a blast you have saved and planned for for months..any day you want.
But it is cool to sit in a cubicle with a wife and 2 kids at home and see how smart we would be in the same exact situation.
Some would be smart at that age...honestly most wouldn't
CalBear
Footballguy
Perhaps you could explain how working in a coffee shop will help eliminate $10M in debt.
gandalas
Footballguy
Sounds like he was doing SOMETHING responsible at least...he has 500,000 in his 401K and an investment stake in a water park (I live in Columbus, and I have no idea which one it is).
Dude just needs to sell some of his assets...5 homes and multiple luxury cars? Sell 3-4 of the houses and all but 1 or 2 of the cars, and he should be alright.
Dude just needs to sell some of his assets...5 homes and multiple luxury cars? Sell 3-4 of the houses and all but 1 or 2 of the cars, and he should be alright.
rizzler
Footballguy
Perhaps you can explain where 10m in debt came from.because by the numbers we have, his assets outweigh his debts.
CalBear
Footballguy
Almost certainly, real estate, probably purchased on the advice of financial advisers who were telling everyone to buy real estate in 2005/2006 when Lewis got his big paydays.And you didn't answer my question.
rizzler
Footballguy
So I need to respond based on an arbitrary number you pulled from out of your ####?
He isn't 10m in debt.
HAVING 10m of debt, and BEING 10m is debt are 2 VERY different situations.
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BaBastage
Footballguy
Personally, I found your post offensive. Addicted to schadenfreude, are you?
rizzler
Footballguy
You just summarized all that is wrong with America in 2012.You're offended that someone dare have to work to pay off their debts?
Keep on truckin'
CalBear
Footballguy
He has $10M in debt. He has $14M in assets, most of them likely not liquid. At least some creditors are asking for payment on their debts, and he must not have enough liquid assets to pay them off, which is why he's filing bankruptcy. Whether he's flipping burgers or not is completely irrelevant to the situation.
rizzler
Footballguy
OK. Us mere mortals should grind to pay our debts and barely scrape by, while the elite can just claim bankruptcy and shortly continue living a comfortable lifestyle.Ya, flipping burgers is pretty relevant to the situation. Will flipping burgers pay his debts off? Likely not. But so what? Flipping burgers won't pay most people's debts off.. Doesn't stop them from trying.
BaBastage
Footballguy
No, I'm not offended at all that someone has to pay off their debts. I'm a big proponent of personal accountability. But your post went beyond "It's a shame you were irresponsible / bad luck / whatever and now you have to face the consequences."You insinuating that he'll be flipping burgers (even if he's lost everything, which isn't likely the case) is insulting and demeaning. He'd have no problems getting higher paying jobs than that. (Assistant coach for a smaller school, analyst for a local paper, etc.)
rizzler
Footballguy
And he hasn't done this yet, because....?
BaBastage
Footballguy
Thanks, I really don't feel like playing this aspect of the game. You spoke your view, I spoke mine.
rizzler
Footballguy
I'm not playing a game with you.His "need" to file for Bankruptcy wasn't an overnight event. He could have found well-paying employment (as you stated) to help ease the burden of his debts, like REGULAR PEOPLE WILL DO.But he, for some odd reason, chose not to. So no, I am not particularly sympathetic to a MULTI-MILLIONAIRE needing to file for Bankruptcy due to his own neglect. But in no way am I partaking in schadenfreude.A man should do his utmost to relieve himself of his own debts. He hasn't shown that he has attempted to do so in any way other than bankruptcy.So ya. Flip a damned burger.
CalBear
Footballguy
"Mere mortals" declare bankruptcy all the time, generally when their obligations exceed their ability to pay. (In the U.S., primarily due to unexpected health care costs).
coolnerd
Footballguy
johnadams
Footballguy
Please refrain from future endeavors using actual intelligence and knowledge. It's much more fun reading about flipping burgers than having someone spoil the fun by giving actual insight. We may be forced to ask the mods to intervene if you continue your stubborn refusal to cease adding intelligence to the discussion.
rizzler
Footballguy
My apologies.I was unaware that his obligation to pay for 5+ houses and investment in a waterpark was just no longer feasible for him.
I'm sure most Americans can relate to such atrocities.
CalBear
Footballguy
Do you have a point? Do you think he should just stop paying? Do you really think that any job he could currently get would have a substantive effect on his ability to make debt payments?
bicycle_seat_sniffer
Smells like chicken
boo-hoo
Raider Nation
Devil's Advocate
This thread makes me want burgers and coffee.
The first and third should have already been figured into the equation. And the middle is irrelevant if the first two are accounted for.
