Poor Peezy...

http://www.steelersdepot.com/2013/0...b-joey-porter-faces-florida-home-foreclosure/

 

These guys are the best of the best at football, but so many of them have no clue how to budget money. Blows me away how often this happens. Every NFL player should hire a financial advisor.

 

Mark Brunner was my neighbor a while back (Great Guy) and I met his dad, who is a financial planner. As a young guy, Mark never had the chance to blow it. I'm not sure I am remembering this correctly, but I think his dad also acted as his agent.

There is a commercial on tv for "I want my money and I want it now". The guy who runs these ads is praying on the people who can least afford to have a big lump of money handed to them. Football players or carpenters, people are the same. Hand them a big pile of money and many of them will blow it.

 

Sorry!!!!!!! I don't feel bad for these guys that go broke one iota

Alot of these guys have no career to fall back on AFTER football!

 

The problem with Peezy (and many others) is he can't stay out of the casinos.
It's no wonder why they are sprucing everywhere up like wildflowers in the springtime.

 

Idiot.

 

Broke doesn't necessarily mean "idiot." If you're gambling your money away then, yes. Your'e an idiot.

ESPN just did a great 30/30 called 'Broke' where it detailed the financial troubles a lot of athletes have endured. A lot of it had to do with bad investments, real estate, etc. Dermontti Dawson is a prime example. Curt Schilling is another great example.

But if Peezy has $70k markers in Vegas . . . he has only himself to blame.

 

He couldnt stay away from Vegas, they say you can be rehabed but it's up to the individual to seek the rehab, if they dont then their going to go broke, and it's not just athletes who are addicted to gambling but many ordinary people, I remember reagans secretary of education Bill Bennet had a gambling addiction, and he spent most of his time in vegas instead at the education department, he said himself that he gambled away 8 million dollars before he sought out help....

 

He is poor allright, but it is hard to believe a man who made so much money could blow it on gambling, if that was his problem he must have spent a lot of time at the tables. In Florida they have a lot of Vegas type casinos near Miami so I am guessing that was one of his favorite past times when he had money and played here.

 

Money goes FAST when you're gambling it away.

Almost cost a buddy of mine his marriage as he ripped through $30k-$40k in a manner of months at an Indian casino simply playing video poker.

 

A lot of people make bad investments but they don't go broke. I have no sympathy for a multi-millionaire going broke.

 

There's a certain ex-mayor here in San Diego who, reportedly, won and lost a Billion dollars over the last 9 years supposedly playing nothing but video poker. She's admitted to "borrowing" 2 million dollars from her late husband's charity to gamble with and lost it all. They're giving her 2 years to pay it back instead of sentencing her to jail. It's good to be a politician instead of a football player!

 

Gambling is also a terrible addiction, almost as bad as drinking and drugs.

 

I volunteer myself to help these guys manage their money. As difficult as it can be for a high profile athlete to do this, and as many people out there that take advantage of them.... I am simply dumbfounded how this happens again and again.

 

That reminds me. I've gotta submit my $100 entry fee and completed bracket tonight for March Madness. Only six of us in it so $100 to win $600 with only five competitors, I like them odds.

 

A lot of times the adviser is the crook er I mean adviser

 

So true. I personally know one ex-baseball star, who lost several million through a charity he founded. Apparently the "friend" who was running the program was embezzling from it and they found out too late.

 

gotta love the trifecta
i'm just horsin around

 

Ok got the SI story. http://sportsillustrated.cnn.com/vault/article/magazine/MAG1010136/2/index.htm

Close to the bottom, he tells about the deal Pittsburgh had on the table and the money he got for a one year deal with SF. Then he discusses the "decent" deal he turned down because he wanted more years.

It's clear he actually played for less and only took that one year deal because he didn't have anything alse offered after the injury, proved himself again and signed with Balt.

 

Oooops, wrong thread.

 

LOL damn wrong window...

 

Investing is just like gambling. Porter is no worse than Schilling.

 

It's not so much "living beyond" one's means. It's mostly because many Americans have no concept of money. And think about it: how would they? Basic economics is hardly part of our school curriculums. We, as a society, value the almighty dollar almost to the point of worshipping it, and yet, we don't provide any kind of sustained, meaningful education in how to deal with it. So it should come as no surprise that former African-American athletes, who grew up in poor neighborhoods, who struggled in inner city schools, end up blowing their money.