capcrunch98 Posted December 23, 2015 Author 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? I'm sure he has cash other places and liquid assets, and he pulls down a salary. As others have mentioned, he should be okay and he's not living on someone's couch. But clearly most of his fortune is gone. Sad story. Link to comment Share on other sites More sharing options...
Jumbo Posted December 23, 2015 Share Posted December 23, 2015 https://www.washingtonpost.com/news/dc-sports-bog/wp/2015/12/22/clinton-portis-sets-the-record-straight-on-his-bankruptcy-case/ <edit> But how Portis came upon his troubles to begin with explains a larger story of youth, wealth and trust that many athletes can likely relate to. In short, a former teammate of Portis’s from college, Rod Mack, linked him up with a group of financial advisers who did not have Clinton’s interests in mind. Various financial transactions were brokered on his credit as he tells it, which is how he ended up paying a mortgage on a house he bought outright with cash. In short, he was a young athlete who trusted the wrong people with his money and is still paying for it, literally. On the air, Portis basically explained how Chapter 11 bankruptcy works, then proceeded to explain how he got fleeced, effectively over the course of his career. Cooley was extremely interested in the details of said investments, including a casino in Alabama, that apparently quite a few other athletes were linked to from an investment standpoint. Almost all the players involved attended the University of Miami, University of Florida or Florida State University. The whole thing feels like it’ll be a story line on HBO’s “Ballers” soon. <edit> “People act like this is new news. That’s the other thing that’s bothering me. People act like this is new news. The casino investment came out when T.O. first came out and told you about the casino. It’s the same casino that everyone was in. Floyd Mayweather, Jamie Foxx, Terrell Owens, the list goes on of guys that were involved in this,” he said. “This is the regret, that Jeff Rubin of Pro Sports is the guy behind all of this. No one mentions Jeff Rubin, who’s the financial adviser. … He should be in jail. We’re talking about someone owing a couple million dollars, but this man has run off with $100M.” Cooley, who made significantly less than Portis in his career, was sympathetic to his former teammate’s situation. “The list of players who have financial people that say can you get me a guy, is so long, and that list of players all involves, or 70% involves, those players really having no idea what those people are actually doing with their money,” Cooley said. “Players are very, I wouldn’t call it irresponsible, but unsure of what’s [going on.]” Link to comment Share on other sites More sharing options...
DJHJR86 Posted December 23, 2015 Share Posted December 23, 2015 Can't help but feel bad for Portis. Seems like he totally got screwed. Link to comment Share on other sites More sharing options...
MarkB452 Posted December 23, 2015 Share Posted December 23, 2015 The player unions in major sports need to do a much better job of providing financial services and education but they also need to step up to include proactive tracking of known predators. I find it hard to believe that all these athletes end up with such similar stories and that in every instance its some entirely unrelated scam artist that is meeting a pro athlete he can swindle for the first time. There is a mandatory rookie symposium for NFL draftees that covers finances, but it looks like they still need to do more. http://espn.go.com/espn/print?id=2500015 There is an excellent ESPN 30 for 30 on this topic titled Broke. https://www.youtube.com/watch?v=va2qj4Zv4QM Link to comment Share on other sites More sharing options...
Tsailand Posted December 23, 2015 Share Posted December 23, 2015 The player bankruptcy problem should be a national embarrassment to the NFL. Far more than the concussion thing. But they just don't care. If this guy Rubin had cheated owners like he did players, he would have disappeared into the swamps, and the world would be a better place for it. Link to comment Share on other sites More sharing options...
RonArtest15 Posted December 23, 2015 Share Posted December 23, 2015 The player bankruptcy problem should be a national embarrassment to the NFL. Far more than the concussion thing. But they just don't care. If this guy Rubin had cheated owners like he did players, he would have disappeared into the swamps, and the world would be a better place for it. It's not just exclusive to the NFL. I forgot the exact stat, but there was something like 60-70% of all guys who play in the NBA go broke after retirement. Mismanaging finances happens to the poor just as much as the rich. As far as the symposium, I wonder if the NFL has a list of investment firms that they approve of? Granted, that could open the flood gates to lawsuits if anything goes wrong with the players...but, still....I feel for a lot of these guys who are preyed upon by money-hungry vultures in suits with false promises. Link to comment Share on other sites More sharing options...
SkinsFTW Posted December 23, 2015 Share Posted December 23, 2015 It's like these guys never heard of mutual funds or something. The last thing a guy making 3-5Mil a year needs is a get rich quick scheme. Link to comment Share on other sites More sharing options...
BRAVEONTHEWARPATH93 Posted December 23, 2015 Share Posted December 23, 2015 It's like these guys never heard of mutual funds or something. The last thing a guy making 3-5Mil a year needs is a get rich quick scheme. That's what I was gonna say. I feel like 2-3 basic money market classes would help these guys immensely. Hell, they are worth millions. They should invest In Hedge funds. Link to comment Share on other sites More sharing options...
Peregrine Posted December 23, 2015 Share Posted December 23, 2015 Thats sad, but thats not that sad. I like Portis, but can you seriously tell me that he cant make $50k per year through either speaking engagements, signing autographs, or commentary? Or at the very least he cant partner up with someone and open a restaurant with his name on it and make good money Link to comment Share on other sites More sharing options...
SkinsFTW Posted December 23, 2015 Share Posted December 23, 2015 Or at the very least he cant partner up with someone and open a restaurant with his name on it and make good money Or Bro Sweets Candy Shop Link to comment Share on other sites More sharing options...
RandyHolt Posted December 24, 2015 Share Posted December 24, 2015 There is never a bad time to buy real estate my ass Link to comment Share on other sites More sharing options...
Ghost of Posted December 24, 2015 Share Posted December 24, 2015 Thats sad, but thats not that sad. I like Portis, but can you seriously tell me that he cant make $50k per year through either speaking engagements, signing autographs, or commentary? Or at the very least he cant partner up with someone and open a restaurant with his name on it and make good money Well, remember there are different forms of bankruptcy, and I have a feeling that a number of guys declare not because they truly have no income or assets but because they need to restructure. There was someone else recently who seemed like a 'with it' dude who declared bankruptcy (an athlete but can't remember the sport or name) and I have the feeling it's sometimes a way of not being overwhelmed with debts and protecting some of your assets. That doesn't mean it's good and some guys really are broke for a number of reasons. One SI article talked about this and described the need for high-stakes competition from athletes who may make a lot of money but don't think of it as "wealth" the same way to be tended like a garden but as a game. Michael Jordan is insanely rich but even he squandered money (and probably made some) gambling. I think when someone is a football player or a mid-level basketball player, they know the gravy train isn't steaming ahead forever so they need to maximize that ability to make money (sort of like a Trump starting with money but wanting to make an empire instead of just live off interest from inheritance) and they are starry-eyed with dreams of being MJ, Jr. or Shaq Mini-Me in terms of their marketability, income, and general fame/worship. If you have me 40 million, I won't say I'll die with more than 40 million but I know I'd be fine. What you do is separate out your "safe" money from your play money, invest wisely in income-yielding property (not just a big castle) and then you take your "play" money and maybe make a few gambles that won't kill you if you lose. Restaurants, by the way, are notoriously money pits. Sure, a number hit but so many do not and the ones who try to capitalize on a name are often the ones with the most overhead and most likely to crash. These guys should be owning franchises (40 fast and fast/casual franchises), spreading out that risk, and being "wise as a serpent" with how they treat income and wealth generation. Of course, I'm a mostly broke grad student, what do I know? I should have gone with my gut---sometimes you do need to take a risk! Link to comment Share on other sites More sharing options...
RonArtest15 Posted December 24, 2015 Share Posted December 24, 2015 Thats sad, but thats not that sad. I like Portis, but can you seriously tell me that he cant make $50k per year through either speaking engagements, signing autographs, or commentary? Or at the very least he cant partner up with someone and open a restaurant with his name on it and make good money Restaurant business is VERY risky. *edit* Although, guys like Jamal Mashburn, Shaq, and Peyton Manning have made an absolute KILLING going the franchise route. Link to comment Share on other sites More sharing options...
kgor93 Posted December 24, 2015 Share Posted December 24, 2015 I just don't understand why players want financial managers. You don't know where to invest your money? Fine, dump your millions into an index fund and don't worry about it. It's a virtual guarantee that it will outperform inflation. You have to be at least somewhat smart to get to the NFL (you came from college). Do some research in your spare time and buy big stocks that you like. I don't understand why they would trust someone else with their money. Link to comment Share on other sites More sharing options...
RonArtest15 Posted December 24, 2015 Share Posted December 24, 2015 I just don't understand why players want financial managers. You don't know where to invest your money? Fine, dump your millions into an index fund and don't worry about it. It's a virtual guarantee that it will outperform inflation. You have to be at least somewhat smart to get to the NFL (you came from college). Do some research in your spare time and buy big stocks that you like. I don't understand why they would trust someone else with their money. How many guys in the NFL are playing in the league due to their smarts? LOL. College, to many of them, is just a formality. If there were rules in place that allowed one-and-done like NCAAB, then you'd see more guys attempting to make the jump. Link to comment Share on other sites More sharing options...
The 12th Commandment Posted December 24, 2015 Share Posted December 24, 2015 Better to have had and lost than never to have had at all. So he's a regular joe now with an advantage, by virtue of being a former NFL player, over all us other regular joes. He's not gonna starve. Link to comment Share on other sites More sharing options...
skins island connection Posted December 24, 2015 Share Posted December 24, 2015 Did I read somewhere that he owes his own mother a half mil ? Sounds like CP needs to call Michael Weston, get some of his money back. Seriously, I'm guessing this was a case where he never even saw the people that he trusted? There are ways to find out who is behind some of this, and I'd go after them and crack some knee caps until they coughed up some dough. These types of thugs don't stop, they are constantly on the lookout for a sucka, so bait em in and bash em in. Link to comment Share on other sites More sharing options...
skinsfan35yrs. Posted December 24, 2015 Share Posted December 24, 2015 Why is this topic even here? Link to comment Share on other sites More sharing options...
grhqofb5 Posted December 24, 2015 Share Posted December 24, 2015 What u don't understand is why these guys don't just take 3 million and put it into an investment account managed by a reputable firm. Just never touch it, other than to withdrawal interest every 6 months for living expenses Link to comment Share on other sites More sharing options...
The 12th Commandment Posted December 24, 2015 Share Posted December 24, 2015 What u don't understand is why these guys don't just take 3 million and put it into an investment account managed by a reputable firm. Just never touch it, other than to withdrawal interest every 6 months for living expenses They're individuals. Some do just that, some screw up a lot worse than Portis. Plenty of regular joes overextend and make poor financial decisions themselves too, I have. You deal with it, put your nose to the grindstone and make do. The ones I truly feel sorry for are the ones like Junior Seau. That guy gave his life to the game and ended up broken beyond repair. You health is everything. Money is not. Link to comment Share on other sites More sharing options...
Riggo-toni Posted December 24, 2015 Share Posted December 24, 2015 I thought this story broke months ago - I remember commenting on it at the time. Is anyone even remotely surprised by this? I loved Portis' heart as a player, but it was painfully obvious every time he was in front of a mic that the guy was dumber than a bag of rocks. If Alfred Morris, Darrell Green, or Charles Mann - all of whom have made a fraction of what Portis made - went broke, I would be genuinely surprised. Portis,T.O.,Ryan Leaf, Vince Young, Incognito....I expect(ed) them to wind up broke. Link to comment Share on other sites More sharing options...
COWBOY-KILLA- Posted December 25, 2015 Share Posted December 25, 2015 Schadenfreude, gotta love it.. Link to comment Share on other sites More sharing options...
Alexa Posted December 26, 2015 Share Posted December 26, 2015 First off he didn't make 43 million. Taxes and his agent took close to half. So that leaves him with about 25 million or so? That can go real quickly when you have multiple homes, cars, child support to numerous women, a gambling problem and a bad investment or two. Really all he had to do was go to his local PNC and ask for an advisor, live off a couple hundred grand a year while playing and let the money work for him. Can't feel bad for CP but really it's no ones business but his. Link to comment Share on other sites More sharing options...
SkinsFTW Posted December 26, 2015 Share Posted December 26, 2015 I see 20 year olds on the street corners everywhere here in Florida with signs asking for money, when I get to a glass factory to get my truck unloaded the workers are all illegal aliens doing jobs that the government tells us nobody wants. I doubt Portis will ever have to work in a factory or stand on a street corner begging for your change so yeah no reason to pity the dude. Link to comment Share on other sites More sharing options...
sjinhan Posted December 26, 2015 Share Posted December 26, 2015 I remember when Gibbs was here for his second stint.. Gibbs brought in some high end finance people to give work shops to his players because Gibbs himself got him into trouble during this Super Bowl years and almost went bankrupt during Gibbs I tenure. However I believe the reports at the time only few players showed up and the ones that did we're show up were guys that were already financially conservative like London Fletcher. Link to comment Share on other sites More sharing options...
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