Alexa Posted July 2, 2015 Share Posted July 2, 2015 CP should be sitting pretty right now. Even after taxes, agent fees and so on, he easily made 20 million. Has he ever heard of a mutual fund? Even the basic safe ones return around 10 percent. There is really no reason for him to be broke other than really stupid over spending. Link to comment Share on other sites More sharing options...
MartinC Posted July 2, 2015 Share Posted July 2, 2015 Love England and the people, got family there. But dont forget our effort to preserve your language and way of life...because Monty sure as hell wasn't cutting the mustard. (Pre 4th of July national pride rant) If its a WWII conversation you want I'm your man (History is my thing and that conflict my speciality) We should take it to the Tailgate though. I will just say though we should both be thanking the Russians. 4 out of every 5 German soldiers killed in WWII died on the Eastern front ... Link to comment Share on other sites More sharing options...
mistertim Posted July 5, 2015 Share Posted July 5, 2015 I think some of it comes down to many of these young athletes coming from places where they grew up poor and also never really having learned any sound financial planning or had much good financial advice. Sure, the NFL has people to tell you to mind your money when you get into the league but its going to be hard to get that through to lots of those guys in a couple days when their whole lives have been without it. They grow up poor in HS and dream of going to play in college. They're top recruits and get full rides; everyone loves them there and things are pretty much all taken care of for them. Also probably not lots of good people around to spend time talking about finances when you have games to play. Then they get to the NFL and, especially if they're a high pick, all the sudden they're making millions of dollars per year; some of them getting enormous amounts up front. I can imagine the draw would be hard to resist. You grew up poor as hell in a crappy neighborhood and now you're getting paychecks for tens or hundreds of thousands of dollars. You want to live that life that you dreamed about and could never have when you were younger. You want to take care of your parents. That doesn't excuse it and I'm not making excuses for Portis; I'm just saying there's usually deeper reasons behind this sort of stuff other than "he was an idiot". Sure, every once in a while you'll get an AlMo who grew up poor but always had his head on straight and kept it on...but I think he is closer to the exception and not the rule. One other thing that seems to be prevalent is that a lot of them have a hard time avoiding the bad seed hangers-on. That doesn't mean they're too stupid to see it, I think a lot of times its just them being essentially good people who want to help others but, again, aren't used to having money so they aren't used to having people try to take advantage of them like that. Link to comment Share on other sites More sharing options...
Stefanskins Posted July 5, 2015 Share Posted July 5, 2015 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. Didn't read the article but I would imagine a casino is a good investment...like a cemetery..house wins in the long run...still casinos go out of business...not like a Mcdonalds... Link to comment Share on other sites More sharing options...
Davidmore27 Posted July 6, 2015 Share Posted July 6, 2015 Unfortunately its not just athletes that end up broke because of poor financial decisions. Many Americans don't have even a basic understanding of personal finance. The fact you can graduate high school with out having passed a financial course is borderline criminal. Young people are set up to fail they turn 18 and are immediately hit up by every credit card company and car lender not to mention student loans then 4 years later they are 50 to 200 thousand dollars in debt and can't even balance their checkbook. You hear about the athletes because of the massive amount of money the lose but not the millions of Americans who are just as bad off because of the lack of financial training. Link to comment Share on other sites More sharing options...
RonArtest15 Posted July 6, 2015 Share Posted July 6, 2015 Didn't read the article but I would imagine a casino is a good investment...like a cemetery..house wins in the long run...still casinos go out of business...not like a Mcdonalds... A casino in an already struggling Atlantic City? I stayed at the Revel when it was open, and it was easy to see why it was going to fail. Link to comment Share on other sites More sharing options...
Cliffmark1 Posted July 8, 2015 Share Posted July 8, 2015 A casino in an already struggling Atlantic City? I stayed at the Revel when it was open, and it was easy to see why it was going to fail. I don't even think it had it's gaming license, it's like a bingo parlor and RV park that many of Drew's clients invested in. I think Drew R. is problably under a microscope right now. Link to comment Share on other sites More sharing options...
Mursilis Posted July 8, 2015 Share Posted July 8, 2015 Unfortunately its not just athletes that end up broke because of poor financial decisions. Many Americans don't have even a basic understanding of personal finance. The fact you can graduate high school with out having passed a financial course is borderline criminal. Young people are set up to fail they turn 18 and are immediately hit up by every credit card company and car lender not to mention student loans then 4 years later they are 50 to 200 thousand dollars in debt and can't even balance their checkbook. You hear about the athletes because of the massive amount of money the lose but not the millions of Americans who are just as bad off because of the lack of financial training. While it's probably true that many people don't get adequate education in personal finance, studies show that even with education, plenty of people (maybe even a majority? I don't remember the exact numbers) continue to make very poor financial decisions. People generally tend to overvalue the short-term over the long-term and don't expect negative events like job loss to happen to them. Hence, lots of people with money problems. It's as much a psychology issue as it is an education issue. Link to comment Share on other sites More sharing options...
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