tshile Posted December 23, 2015 Share Posted December 23, 2015 I listened this morning. Agreed,, folks should pull it up before passing judgements ~Bang What is it that was said in the interview that is different from the numerous reports we have on star athletes, who make big money over their career, going bankrupt? The only real difference from the stereotype that I heard was that he didn't just blow his money on clubbing. He was actually scammed. At one point he says something to the effect of: Yeah, I blew money on certain things, but that's because I knew I had this other money and if I wasn't scammed out of that money I'd be doing great; but I was scammed out of this other money, which is why I'm in trouble. Which, if you actually follow the numerous reports on how this happens, is exactly how this happens... The clubbing, the excessive houses and cars, and everything else isn't how 100% of the money disappears. It's how 60-80% of it disappears. The rest is gone by being scammed, trusting the wrong people, and not actually paying attention to your finances. What am I missing? Link to comment Share on other sites More sharing options...
Bang Posted December 23, 2015 Share Posted December 23, 2015 What is it that was said in the interview that is different from the numerous reports we have on star athletes, who make big money over their career, going bankrupt? The only real difference from the stereotype that I heard was that he didn't just blow his money on clubbing. He was actually scammed. At one point he says something to the effect of: Yeah, I blew money on certain things, but that's because I knew I had this other money and if I wasn't scammed out of that money I'd be doing great; but I was scammed out of this other money, which is why I'm in trouble. Which, if you actually follow the numerous reports on how this happens, is exactly how this happens... The clubbing, the excessive houses and cars, and everything else isn't how 100% of the money disappears. It's how 60-80% of it disappears. The rest is gone by being scammed, trusting the wrong people, and not actually paying attention to your finances. What am I missing? that 'only' difference is a BIG HUGE GIGANTIC difference. it's one thing to say, well, he made it rain, blew all his money irresponsibly. In this case, it seems he's been fleeced and robbed. Not just stupid investing, but fraudulent associates stealing his cash. And of course, we only hear his side of it, and how much denial he has, who knows. i can't make that assumption. But if i take him at his word,, he was taken advantage of, big time, as opposed to just blowing cash willy-nilly. It's a good insight into the irresponsibility stemming from trusting people who scam you as opposed to irresponsibility in blowing all your cash on Chrystal and strippers. We always hear about players who lose all their money, and we usually assume that it's their own fault and they're just being a poor kid with too much money to know what to do with. And in this case, that is partly true, and predators circle a guy like him and pick him clean. Listening to him and his main losses, he's not the only former player who is scammed on it. So they're definitely a target. if you don't know who to trust because of inexperience, you also don't know who not to trust when they both look the same and speak the same language. According to him, he paid cash for his mother's house, and his 'business partners' leveraged it into pocket money for themselves and stuck him with a 10 grand a month mortgage on a house he paid cash for. he didn't just piss the cash away... at least according to him. ~Bang Link to comment Share on other sites More sharing options...
Kurd Cudins Posted December 23, 2015 Share Posted December 23, 2015 I really don't want to hear a word about him being scammed. He is bankrupt because he spent his money like a fool. That's it. Link to comment Share on other sites More sharing options...
Bang Posted December 23, 2015 Share Posted December 23, 2015 Yeah, it's a wonder fraud is even a crime.. ~Bang Link to comment Share on other sites More sharing options...
tshile Posted December 23, 2015 Share Posted December 23, 2015 that 'only' difference is a BIG HUGE GIGANTIC difference. No... it's really not. Yes, there are people who are stuck on this idea that athletes lose their money because they 'make it rain' as you say. But anyone who actually reads about the subject understands that's just a stupid, false stereotype, at least when it comes to big time athletes (which is who they normally study, the 1 contract and done guys might be significantly more likely to be bankrupt because they spent their money clubbing...) Portis is the stereotypical athlete. He fits perfectly what you will read about in these reports. They blow the majority (again, anywhere from 60%+) of their money on cars, clubs, traveling, helping their friends/family, etc. They do so, thinking they have the rest in investments and savings and other such places. They do so thinking they'll get another contract. Except they don't get another contract. And their 'investment' money was tied up in with a bunch of shady people. It takes them entirely too long to realize what is going on, and now they're screwed. To boot everyone who scammed them has either spent the money they took, or is filing for bankruptcy, or is completely poor and in jail. There is no way to reclaim the money. This is exactly what we know star athletes to do. He's the walking poster boy for the problem, if you read the studies/reports on this stuff. Bang... the man was paying 10k a month for a mortgage on a house he bought outright with cash and it took him over 3 years to realize it. How did he decide who to give his money to? It was someone other people were giving money too, but no one really knew the guy. He trusted people he didn't actually know. He was careless with his money. Was he scammed? Yes. He was. Because he was careless with his money. He, like many star athletes, was an easy mark. Link to comment Share on other sites More sharing options...
SeanTaylor5907 Posted December 23, 2015 Share Posted December 23, 2015 I can't believe he made mortgage payments of 10 k a month for a 1.2 mil house he bought with cash,,,,,, FOR 3 YEARS!!. I love Portis but Come on maaan Link to comment Share on other sites More sharing options...
tshile Posted December 23, 2015 Share Posted December 23, 2015 by the way, none of my criticism has anything to do with Portis The Redskin. The man will forever be in my memories. The behind the scene stuff sucks, but on Sunday he showed up like no one else. He also carried the team on his back to the playoffs. I'm also enjoying his radio spots and I hope he finds a way to expand on that. I love listening to him and Cooley. Link to comment Share on other sites More sharing options...
BatteredFanSyndrome Posted December 23, 2015 Share Posted December 23, 2015 Its easy to sit back as a mature adult that will never have this kind of money in their lives and judge those who did and don't any longer. Link to comment Share on other sites More sharing options...
Bang Posted December 23, 2015 Share Posted December 23, 2015 I agree it took 3 years to realize it and that seems pretty stupid. At what point do we blame the thieves? ~Bang Link to comment Share on other sites More sharing options...
tshile Posted December 23, 2015 Share Posted December 23, 2015 I agree it took 3 years to realize it and that seems pretty stupid. At what point do we blame the thieves? ~Bang At all points they deserve blame, and I hope they all go to jail. Link to comment Share on other sites More sharing options...
Brokenstriker Posted December 23, 2015 Share Posted December 23, 2015 sounded like there's were some illegal things happening to Portis. Memo to Dan Snyder ... If you want to be a respected NFL owner and probably swing some serious public approval your way ... make your lawyers available to Portis ... gratis ... to see if there's any legal recourse available to him and handle whatever is involved to sort it out. Link to comment Share on other sites More sharing options...
tshile Posted December 23, 2015 Share Posted December 23, 2015 Its easy to sit back as a mature adult that will never have this kind of money in their lives and judge those who did and don't any longer. You're right. It is really, really, really easy. Link to comment Share on other sites More sharing options...
SkinsFTW Posted December 23, 2015 Share Posted December 23, 2015 Its easy to sit back as a mature adult that will never have this kind of money in their lives and judge those who did and don't any longer. But if you can manage on 30-100k for years and somehow end up with several hundred thousand it does make you scratch your head and maybe even giggle a little bit. Link to comment Share on other sites More sharing options...
purbeast Posted December 23, 2015 Share Posted December 23, 2015 While he does talk about being scammed in the 980 spot, he also said he owned 8 house, didn't even say the number of cars he owned but that it was something along the lines of he got whatever he wanted, all types of exotic cars, and he paid for his moms house in cash that was over a million dollars. I think all of that is dumber than him being scammed. You can't just say "he was scammed it wasn't his fault" and not bring up how stupid buying EIGHT houses is and then wonder why you end up broke. And I'm sure his mom could have done just fine in a house that cost less than 1.3 million dollars. Link to comment Share on other sites More sharing options...
BatteredFanSyndrome Posted December 23, 2015 Share Posted December 23, 2015 You're right. It is really, really, really easy. I'm just saying it seems like some of you really enjoy doing it for whatever reason. It would be a bit easier to swallow if Clinton came from a background that was good with money, had the maturity and knowledge of what to do with money, etc. Poor people get huge tax returns larger than my annual bonus every single year and live like kings and queens for a month. Most people just don't know what to do with money when they get it. Link to comment Share on other sites More sharing options...
mike42 Posted December 23, 2015 Share Posted December 23, 2015 One of my favorite redskins of all time. Sad. It's becoming the norm for retired pro athletes. Wasn't he working for NFL Network? Link to comment Share on other sites More sharing options...
zoony Posted December 23, 2015 Share Posted December 23, 2015 that 'only' difference is a BIG HUGE GIGANTIC difference. it's one thing to say, well, he made it rain, blew all his money irresponsibly. In this case, it seems he's been fleeced and robbed. Not just stupid investing, but fraudulent associates stealing his cash. And of course, we only hear his side of it, and how much denial he has, who knows. i can't make that assumption. But if i take him at his word,, he was taken advantage of, big time, as opposed to just blowing cash willy-nilly. It's a good insight into the irresponsibility stemming from trusting people who scam you as opposed to irresponsibility in blowing all your cash on Chrystal and strippers. We always hear about players who lose all their money, and we usually assume that it's their own fault and they're just being a poor kid with too much money to know what to do with. And in this case, that is partly true, and predators circle a guy like him and pick him clean. Listening to him and his main losses, he's not the only former player who is scammed on it. So they're definitely a target. if you don't know who to trust because of inexperience, you also don't know who not to trust when they both look the same and speak the same language. According to him, he paid cash for his mother's house, and his 'business partners' leveraged it into pocket money for themselves and stuck him with a 10 grand a month mortgage on a house he paid cash for. he didn't just piss the cash away... at least according to him. ~Bang Pretty sure the guy had a three story fish tank in his home iirc from mtv cribs. Been a long time though Anyway, that is somewhat beside the point whether he blew it or was fleeced. Either way this is a problem that players unions across all leagues need to make a top priority. And they should start by compiling a list of people in the industry to stay away from Link to comment Share on other sites More sharing options...
tshile Posted December 23, 2015 Share Posted December 23, 2015 I'm just saying it seems like some of you really enjoy doing it for whatever reason. Not enjoying it at all. I'd prefer people like Portis, that put it all on the line for our team, lived comfortable lives afterwards. The dude surely has brain trauma from the way he played for us. I just lack sympathy. I have zero. That doesn't mean I don't recognize he was scammed and those people need to be held responsible (which, they'll never repay Portis, you can only hope they go to jail.) You know who I feel worse for, though? The players from the 70's and 80's that played just as hard, some of which accomplished much more for this franchise, and didn't make a fraction Portis did. edit: I get how posting about it the way I did gives the tone of condescension, or mocking, or whatever. maybe even holier than thou (though it's quite obvious Portis is much more accomplished than I am ) i definitely get it. it's not intended that way. it's intended in a matter-of-fact tone. because he is the poster boy for this problem. it's a good thing portis played for a franchise with a fan base that's so loyal to its team he has opportunities to get his finances back in order even after his career as an athlete is over. Link to comment Share on other sites More sharing options...
Dan T. Posted December 23, 2015 Share Posted December 23, 2015 Isn't this what agents are for? To prevent this kind of thing from happening? To hire Wells Fargo or Merrill Lynch as the athlete's financial advisor instead of his Uncle Fred? When Doug Williams was on the team he used to tell the young guys to live your life as a football player as if you made $70,000 a year - still a decent sum at that time - and put the rest away where you can't touch it. Link to comment Share on other sites More sharing options...
purbeast Posted December 23, 2015 Share Posted December 23, 2015 Isn't this what agents are for? To prevent this kind of thing from happening? To hire Wells Fargo or Merrill Lynch as the athlete's financial advisor instead of his Uncle Fred? When Doug Williams was on the team he used to tell the young guys to live your life as a football player as if you made $70,000 a year - still a decent sum in that time - a put the rest away where you can't touch it. Portis actually talks about this in the 980 spot. He says his advice to young guys would be to put your money away somewhere you can't touch it until you are 30 years old, because your mindset changes completely when you reach the age of 30 compared to your early 20's. Being 34 myself, I can't say that I disagree with him. Link to comment Share on other sites More sharing options...
Boss_Hogg Posted December 23, 2015 Share Posted December 23, 2015 So if he only has $150.00 in the bank, then where is he living? How can he afford to eat? Link to comment Share on other sites More sharing options...
pray4surf Posted December 23, 2015 Share Posted December 23, 2015 I had a client in 2009 tell me CP would be bankrupt not long after he left the NFL. I asked him if it was the cars, crib, lifestyle etc.? He said that lifestyle was only part of the problem. My client at the time was a fund manager and new Clinton. Seeing this thread now makes me wonder what he saw or knew. Link to comment Share on other sites More sharing options...
Corcaigh Posted December 23, 2015 Share Posted December 23, 2015 There is no shortage of financial education resources available to the players. But too many make the choice to put a disproportionate amount of their money in risky ventures, or outright scams. And then there are those who just throw it away assuming that they will be in the league for 15 years or more. Link to comment Share on other sites More sharing options...
capcrunch98 Posted December 23, 2015 Author Share Posted December 23, 2015 Got no one petty on my X-mas card list, so you got nothing to worry about. Good, because I get enough junk mail. I don't need anything from a blowhard moral cop who is choosing to defend Albert Haynesworth (of all people) from a passing comment that was made mostly in jest. But Merry Christmas! Link to comment Share on other sites More sharing options...
GoSkins0721 Posted December 23, 2015 Share Posted December 23, 2015 There is no shortage of financial education resources available to the players. But too many make the choice to put a disproportionate amount of their money in risky ventures, or outright scams. And then there are those who just throw it away assuming that they will be in the league for 15 years or more. Or they act like Mark Brunnell & lose it all in real estate... Link to comment Share on other sites More sharing options...
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