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Deadspin: It Appears Clinton Portis Owes A Lot Of People A Lot Of Money


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http://deadspin.com/it-appears-clinton-portis-owes-a-lot-of-people-a-lot-of-1712159361

 

Court filings unearthed this week reveal that banks, the IRS, and a casino are lining up to collect from former star NFL running back Clinton Portis. Even worse, it looks like the bank is trying to foreclose on the house Portis bought for his mother in 2004.

 

I'm actually surprised that Portis hasn't had more of a career in the media after his retirement. I don't really know what he is doing now, but it's likely the money dried up very quickly.

 

 

This is the real problem with NFL players especially. He "retired" at 29. It's hard to make enough money before you are 30 to support yourself for the next 50+ years.

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I'm actually surprised that Portis hasn't had more of a career in the media after his retirement. I don't really know what he is doing now, but it's likely the money dried up very quickly.

 

 

This is the real problem with NFL players especially. He "retired" at 29. It's hard to make enough money before you are 30 to support yourself for the next 50+ years.

 

Hard to make enough money to keep up with the lifestlye he was leading.  He made 43 mil in his career. 

 

Foolish spending.  Nothing more, nothing less.  Dudes living in the "now," rather than thinking about their life down the road. 

 

Not surprising that so many athletes go broke. 

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I'm actually surprised that Portis hasn't had more of a career in the media after his retirement. I don't really know what he is doing now, but it's likely the money dried up very quickly.

 

 

This is the real problem with NFL players especially. He "retired" at 29. It's hard to make enough money before you are 30 to support yourself for the next 50+ years.

 

 

Portis made more money before 30 than I'll see in 2-3 lifetimes. It's not that hard.

 

Nick

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I can't say I'm surprised.  Portis never struck me as being the sharpest knife in the drawer.  I would imagine a combination of frivolous spending and being taken advantage of by his hangers on and advisors.

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Hard to make enough money to keep up with the lifestlye he was leading.  He made 43 mil in his career. 

 

Foolish spending.  Nothing more, nothing less.  Dudes living in the "now," rather than thinking about their life down the road. 

 

Not surprising that so many athletes go broke. 

 

You remember one of those bits (may have been either E:60 or Mtv Cribs... Can't remember) wher ethey showed his room? Dude had like a giant aquarium with sharks. **** made no sense lol

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Maybe I'm just being obtuse but why didn't he just pay for his Mom's house outright? He could have easily paid a few hundred grand in cash at the time. Why bother with the payments and interest?

I wonder this all the time. It doesn't make any sense to me. 

 

JaMarcus Russel signed a 61 million dollar deal with the Raiders in 2007. Of that 61 million, 32 million was guaranteed. He bought his mansion for 3 million dollars, but didn't buy it outright. Then he got cut. The bank foreclosed on his house because he couldn't come up with 200,000 dollars. Not millions, two hundred thousand. That's it. 

 

No, in his case, he didn't buy the home straight up because he bought the home before signing his contract with the Raiders. So technically he didn't have the 3 million yet. But still. You signed a contract that included 32 million up front. Why on earth wouldn't you pay off the balance on your mortgage the day that checked went through? Why one earth would you leave yourself with a mortgage that was 2.4 million dollar mortgage...?

 

http://www.nbcbayarea.com/news/sports/Own-JaMarcus-Russells-Oakland-Mansion--117358698.html

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not surprised and i certainly don't feel sorry for a guy who made that much money and still wound up being poor.

 

Yeah not an ounce of sympathy from me either.  The first red flag was when he stiffed Iffy after agreeing buy #26.  He forced a marginal NFL player to file a lawsuit before finally owning up to his deal.  I knew then that it was only a matter of time.  So yeah, not happy about this but anyone feeling badly for a guy who lived large and thought the rules didn't apply to him as he stiffed others is off base IMO.

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A guy like Brunell lost his money due to bad real estate investments, I believe. He was trying to invest in his future and got screwed, or unlucky, or whatever. Portis having a casino after him shows that probably wasn't the case with him. Different situations.

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Hard to make enough money to keep up with the lifestlye he was leading.  He made 43 mil in his career. 

 

Foolish spending.  Nothing more, nothing less.  Dudes living in the "now," rather than thinking about their life down the road. 

 

Not surprising that so many athletes go broke. 

 

Not to defend Portis or any athlete who blows millions, but their actual take-home pay is a whole lot less than whatever we see reported in the papers.  After taxes (state and federal), agent fees, union dues, etc., they're probably looking at actually receiving about half of what the contract says.  Of course, foolish spending doesn't help that situation at all. 

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Maybe I'm just being obtuse but why didn't he just pay for his Mom's house outright? He could have easily paid a few hundred grand in cash at the time. Why bother with the payments and interest?

 

In general, tying your debts to reasonably low-interest loans while freeing your assets up for higher-interest investments is a solid financial move.  For instance, A 5% loan of $2.4 million costs just $13,000 per month, while pumping that same $2.4 million into an index fund that paid 8% would generate about $16,000 per month.  Over the life of the mortgage, paying in installments, that difference adds up to over $1.6 million dollars  So that part shouldn't be surprising.

 

But in any pro athlete, you've got a guy who is only getting half the money (due to taxes, fees, etc.) he thinks, paid not on a regular basis, but mostly in a lump sum, which makes budgeting difficult.  He's got a lot of leeway because he gets more money than anyone needs to live on, but I remember living on $800 a month fulltime, and that laser precise knowledge of "Here's $400, and that's all you have for the next 14 days, and HERE's the $700 in bills that are due this month, and how do I eat?" that underpins most of our lessons on saving and frugality...well, that's tough to pick up as an adult on NFL wages, on NFL timetables.  So the part where he's in financial trouble shouldn't be surprising, either.

 

The hope is that Portis isn't lying (or worse, mistaken), when he says he isn't broke.  Maybe his issue is liquidity rather than a lack of assets.  But yeah, I don't sympathize with his problems...but I can understand them.

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not surprised and i certainly don't feel sorry for a guy who made that much money and still wound up being poor.

Doug Williams once said he would tell young players to make all the money you can in the NFL, but live like you are making just $50,000 a year.

Unfortunately, too many young players coming into the NFL don't heed that advice.

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Doug Williams once said he would tell young players to make all the money you can in the NFL, but live like you are making just $50,000 a year.

Alfred Morris seems to epitomize this thinking.  Good for him.  A career in the NFL is fleeting for most. Be smart; listen to the elders that have lived this life.  Anyway, hope he comes out ok.  Will always love him.  HTTR

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Not to defend Portis or any athlete who blows millions, but their actual take-home pay is a whole lot less than whatever we see reported in the papers.  After taxes (state and federal), agent fees, union dues, etc., they're probably looking at actually receiving about half of what the contract says.  Of course, foolish spending doesn't help that situation at all. 

 

I get that...even if he took home 1/3 of what he made and had around 15 mil, it's still ridiculous that he's blown through it. 

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Maybe I'm just being obtuse but why didn't he just pay for his Mom's house outright? He could have easily paid a few hundred grand in cash at the time. Why bother with the payments and interest?

 

 

He very likely could have paid for it up front. But then taken out an equity loan or since it's probably listed as an asset of his, it can be included in any judgments.

 

These guys get all kinds of rookie seminars showing exactly this kind of thing happening all over the league. This issue is pounded into their heads constantly. Maybe 30 yrs ago you could understand. But any player since say 1980 has had more than enough information provided to them about smart investing, preparing for the future and beware of all your new friends that while I like CP as a player, I don't feel even the slightest bit sorry for him.

 

He is a grown man who made his own decisions. There is zero excuse. Sorry, sounds cold but that's life. No one would feel sorry for me if I spent my money like there is no tomorrow and lost everything, defaulting on my loans and financial commitments. There would just a cell waiting for me in debtors jail.

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Phillip Buchanon just put out a book on his nfl struggles and realizations.. their are numerous stories on how these nfl players get taken advantage of by almost everyone in their life. They have to not only be smarter but stronger against friends and family. If they could have been closer. This book speaks to anyone but athletes need this book bad also. If they could apply some of the books lessons, they would be set for life like you would believe they should be.

http://www.amazon.com/New-Money-Staying-Phillip-Buchanon/dp/1634131746

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