CJ McCollum - Out of 450 players 150 are living paycheck to paycheck

NBA should make a money management workshop mandatory with the first paycheck for every NBA player.

The highlight of that workshop should be Scottie Pippen and how not to be a dumbass like him.

 

Listen to what McCollum says in that vid. He’s speaking from the position of VP of Player’s Union.

let’s not be quick to judge that he meant 150 guys are squandering money.

is paying two mortgages (one for your moms) living beyond your means. I mean, it’s an asset, and McCollum says many of these kids wanted to give money to family ... which was legitimately part of their dream.

houses/biz investments are not the only investments that could be locking up a big portion of a check. If I made $900k at age 21, knowing it would last maybe 3yrs...It definitely wouldn’t be sitting in a savings account. So keep in mind, if they invested in the stock market, they need to stay long ...but other less liquid assets like houses/condos they could sell, but are tying up their income with payments.

Anyhoot, it’s sad this thread assumes all 150 guys got nothing to show for their money expenditures ... like they wasted it all.

pretty telling assumption

 

Generally Speaking . . .. .
There is usually some non athletic geeky dude that is a part of the Athlete's "posse"
HE is probably responsible for no less than 60% of the Athlete's financial moves

Financial Advisors and Accountants - the overlooked influencers.

Rocket River

 

So why these billion dollar corp begging for money?
A Culture of Handouts there

Rocket River

 

baby mama and sugar babies cost $$$$$ g y'all

 

Because they're essential to the economy functioning and create jobs for millions of Americans. They're all led by people who don't buy into negative ideologies. The culture of handouts and you owe me don't... careful what you pull out of your ass, Barack agrees with me.

 

I don't care what Barack agrees with
Not matter how you dress it up and justify it
THEY ARE A CULTURE OF HANDOUTS
By your own definition .. . they get hand out because they cannot manage their **** in times of crisis .. . .

Rocket River

 

We live in the U.S. We’re encouraged to spend well beyond our means.

 

This would be an interesting scientific study. Most of the star NBA players pretty much started working towards making it to the NBA as a freshman in high school - perhaps even earlier.

So if someone like LeBron focused entirely on education (from K through 12) and made a potential basketball career a distant second, I wonder how successful LeBron would be in whatever field he decided to go into, if it wasn't basketball.

 

I agree, you shouldn't get a pass just beacuse you're a billionaire, but the US isn't helping out people with offshore accounts and employment like Carnival. The Saudi Trust comes in and does that. That's a consequence of global capitalism and it dictates the law - he who employs the most people with a profitable business model will get help from someone with money.

But even then, when you have Bear Sterns and Lehmann going under, you have to see that the facts win out sometimes and it isn't a series of do overs.

So with this handout culture, you just got to call a spade a spade.

 

That would be interesting. But I wonder how you can do a scientific study on that. Those kids with great athletic talents who choose to pursue a "normal" career path most likely would be kids who have a fairly good intellectual capacity to succeed. Those who don't have that capacity would not even try. So we will never know how successful or unsuccessful they could be.

What we can do is observe the proportions of retired players (1) turn into successful business men, (2) live a good life off of the money they made (doing close to nothing), or (3) lose most of their money.

 

Out of 30 owners, Tilman Fertitta is living paycheck to paycheck.

 

Retired players have money to throw around, though. Imagine opening up a restaurant for $200,000. For a retired player, if the restaurant fails, it fails. 200k is nothing to them.

For a normal person, they'd probably have to declare bankruptcy, or otherwise have a hell of a time paying off bank loans.

To my example, I'm saying if LeBron never declared for the NBA and decided to solely focus on his education. Graduate high school, probably go to Ohio State, etc. Like what they'd do if they went on that path. Obviously there's never going to be a study on this, because you'd have to be bonkers to have LeBron's talent and choose NOT to pursue basketball lol. But it's an interesting thought.

 

Just lends more evidence to the fact that these athletes need to be paid more. If they aren't able to sustain their lifestyles on their current salaries and the owners are able to retain their wealth/lifestyle, there should be automatic cost of living adjustment for each player every year. I would mark this additional stipend by at least 10x current inflation. It's only fair and the right thing to do.

 

Rich people are losing millions. If they did the financially responsible thing they are taking a big hit right now as all investments are taking a licking. It's about survival for just about everyone across the board. Yes. They should have things paid for like houses and cars, but that doesn't mean they don't have other investments that are sucking them dry right now.

 

Why don't you bet a dollar on it with your brother Mortimer

 

Agreed. This is pretty pathetic. They all have financial advisors and managers. Only themselves to blame.

 

Well said. Definitely. I think this is a lesson we all are learning as a country right now.

 

That's great. I hope the G-league guys take his advice!