Author Topic: Former NBA All-Star Antoine Walker explains how he lost over $100 million  (Read 8952 times)

a1smith

  • Bristles
  • ***
  • Posts: 360
  • Location: 44 15.478N, 082 50.088W
He was broke 2 years after retiring!!  Here's the Sporting News article.

okits

  • Walrus Stache
  • *******
  • Posts: 9151
  • Location: Canada
Sad!  Wonder how many of those family members and childhood friends are there for him, now.

forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian
Sad. He could have just bought $20M in VTSAX instead of losing it with risky business ventures.

nereo

  • Senior Mustachian
  • ********
  • Posts: 11130
  • Location: Just south of Canada
    • Here's how you can support science today:
Another pro athlete added to the pantheon of ultra-bad investors.  More evidence that excellence in one field does not promise above-average performance in another.

to paraphrase forummm - just $20MM in the VTSAX would have secured a $800k/year lifestyle forever.  sigh...

MsPeacock

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: High COL
This is sad. I wonder if the teams make financial consultants available to the players. I think anyone (typically) would have a hard time learning to manage millions of dollars if they come from a poor to middle-class background. Of course, they may have good advisors and just ignore the advise they receive. It is a very unusual experience to go from "average" to having hundreds of millions of dollars and celebrity. Although there seem to be new stories about lottery winners having the same sorts of problems with running through all their money in a very short period of time.

patrickza

  • Pencil Stache
  • ****
  • Posts: 547
  • Age: 40
    • The Investor Challenge
This is sad. I wonder if the teams make financial consultants available to the players. I think anyone (typically) would have a hard time learning to manage millions of dollars if they come from a poor to middle-class background. Of course, they may have good advisors and just ignore the advise they receive. It is a very unusual experience to go from "average" to having hundreds of millions of dollars and celebrity. Although there seem to be new stories about lottery winners having the same sorts of problems with running through all their money in a very short period of time.

I think the advisers are often the problem... I doubt a basketball star just decides one day to start a real estate company.

nereo

  • Senior Mustachian
  • ********
  • Posts: 11130
  • Location: Just south of Canada
    • Here's how you can support science today:
This is sad. I wonder if the teams make financial consultants available to the players. I think anyone (typically) would have a hard time learning to manage millions of dollars if they come from a poor to middle-class background. Of course, they may have good advisors and just ignore the advise they receive. It is a very unusual experience to go from "average" to having hundreds of millions of dollars and celebrity. Although there seem to be new stories about lottery winners having the same sorts of problems with running through all their money in a very short period of time.
not sure about the NBA, but I know the NFL has all rookies go through financial training seminars, which include advice about not lending/giviung huge sums to family and to think of your pro income as needing to last the next 60+ years.  Of course, a few classes won't necessarily offset the requests of close family members.  Also, these are men who are put up on a platform as being the "best" - and it includes the perception that you should life above and beyond how the mere average man lives.  When your peers are dropping $1.5MM on a "fun house" in Florida or they buy an entire nightclub just so they can give free drinks to their friends, it's easy for this to seem like normal, sustainable behavior for a pro-athlete.

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3643
  • Location: Minnesota
I don't know how things where when he was playing, but I believe that the NBA and the NFL is being more proactive about helping athletes make better financial decisions. That said, they aren't responsible for player's finances, they are responsible for them alone. I believe that if the athletes were to reach out for help, they would find it. The NFL pays for cabs should any athlete want a sober ride home, and players often receive some form of protection should they request it.

I think the MLB has a better arrangement to help players manage their finance. I'm not sure what they do differently, but I haven't heard nearly as many former baseball players going bankrupt, I'll look into this.

forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian
This is sad. I wonder if the teams make financial consultants available to the players.

I read an article about how they have all rookies go through a financial management program now that's paid for by the league or the players union. But it's somewhat recent, so Walker wouldn't have had it available to him.

EricP

  • Bristles
  • ***
  • Posts: 477
Another pro athlete added to the pantheon of ultra-bad investors.  More evidence that excellence in one field does not promise above-average performance in another.

to paraphrase forummm - just $20MM in the VTSAX would have secured a $800k/year lifestyle forever.  sigh...

But what's more exciting? $20MM in VTSAX that will give you relatively stable growth over the rest of your lifetime or a real estate company where you *can* become a billionaire?

I'm sure most have already seen it, but the 30 for 30 "Broke" is more of this and is a fairly interesting documentary.

LiveLean

  • Pencil Stache
  • ****
  • Posts: 773
  • Location: Central Florida
    • ToLiveLean
I'm a former sportswriter, as well as a resident of Florida, where many pro athletes live. I've seen a lot of these cautionary tales.

But I also know a lot of guys who had brief pro careers, saved every penny of the $2m to $5m they made, and have been FIRE since the age of 30. Obviously other guys did well with the $80m to $120m they made -- like the four guys inducted into the Baseball Hall of Fame yesterday.

I have a friend from college who was a backup quarterback in the NFL for 4-5 years in the early-mid '90s. Rarely played, but saved most of the $3 million or so he made and invested well. Since "retiring" at the age of 28 or so, he's been a high school math teacher and football coach. Loves his life and when people he just meets ask if he played sports -- he's 6-foot-7 -- he says he played basketball in college (which is also true).

zephyr911

  • Magnum Stache
  • ******
  • Posts: 3628
  • Age: 41
  • Location: Northern Alabama
  • I'm just happy to be here. \m/ ^_^ \m/
    • Pinhook Development LLC
But what's more exciting? $20MM in VTSAX that will give you relatively stable growth over the rest of your lifetime or a real estate company where you *can* become a billionaire?
But the sad part is, we're talking about people with no need to choose. Most could lock in six figures for life just by fencing a TINY portion of their income in a low-cost, low-risk, income-producing portfolio.

They'd be free to throw the rest at more exciting ventures to maintain the excitement and the potential upside.

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3643
  • Location: Minnesota
I'm a former sportswriter, as well as a resident of Florida, where many pro athletes live. I've seen a lot of these cautionary tales.

But I also know a lot of guys who had brief pro careers, saved every penny of the $2m to $5m they made, and have been FIRE since the age of 30.

I can't remember where I saw this, but I've read that there is a direct correlation with bankruptcy rates and career earnings. In short, the more an athlete makes, the higher chance they have of going bust.

nereo

  • Senior Mustachian
  • ********
  • Posts: 11130
  • Location: Just south of Canada
    • Here's how you can support science today:

But what's more exciting? $20MM in VTSAX that will give you relatively stable growth over the rest of your lifetime or a real estate company where you *can* become a billionaire?


Reminds me of a Buffett anecdote I can't seem to locate right now.  When asked to join a business venture led by a bunch of wealthy oil men who were using large amounts of leverage to expand their fortunes, he backed out and said it was all nuts.  (paraphrasing) "in order to obtain more wealth they didn't need, they were willing to risk all the wealth they did have, including all that they would need."

EricP

  • Bristles
  • ***
  • Posts: 477
But what's more exciting? $20MM in VTSAX that will give you relatively stable growth over the rest of your lifetime or a real estate company where you *can* become a billionaire?
But the sad part is, we're talking about people with no need to choose. Most could lock in six figures for life just by fencing a TINY portion of their income in a low-cost, low-risk, income-producing portfolio.

They'd be free to throw the rest at more exciting ventures to maintain the excitement and the potential upside.

6 figures? That's not enough! These people are having trouble surviving on $1.5M.  (see other article in this forum)

zephyr911

  • Magnum Stache
  • ******
  • Posts: 3628
  • Age: 41
  • Location: Northern Alabama
  • I'm just happy to be here. \m/ ^_^ \m/
    • Pinhook Development LLC
6 figures? That's not enough! These people are having trouble surviving on $1.5M.  (see other article in this forum)
Point stands, though. If they just had a small amount diverted into a protected, low-risk portfolio, they'd have something to fall back on when the S hits the F and the spendypants lifestyle has to be reined in. That and a small paid-off house (say, a rental in a family trust or a holding company) that'd be self-sustaining unless/until they needed it (after losing their financed mansion).

forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian
But what's more exciting? $20MM in VTSAX that will give you relatively stable growth over the rest of your lifetime or a real estate company where you *can* become a billionaire?
But the sad part is, we're talking about people with no need to choose. Most could lock in six figures for life just by fencing a TINY portion of their income in a low-cost, low-risk, income-producing portfolio.

They'd be free to throw the rest at more exciting ventures to maintain the excitement and the potential upside.

6 figures? That's not enough! These people are having trouble surviving on $1.5M.  (see other article in this forum)

OK, he could have put $40M into VTSAX :)  That still leaves $60M+ for taxes, champagne, a couple mansions, and Teslas.

nereo

  • Senior Mustachian
  • ********
  • Posts: 11130
  • Location: Just south of Canada
    • Here's how you can support science today:

OK, he could have put $40M into VTSAX :)  That still leaves $60M+ for taxes, champagne, a couple mansions, and Teslas.
oh, I so want the new "ludicrous speed" on the Tesla S P90D.  Nothing like accelerating faster than falling with barely any noise.

CheapskateWife

  • Handlebar Stache
  • *****
  • Posts: 1409
  • Location: Central TX...but considering a move
  • FIRE'd and Loving it!
Its not just a problem for the athletes though...

50 Cent has got his own issues:  "Jackson admitted to purchasing a Rolls Royce "on a whim" on July 4, but said he only did so after trading in a Lamborghini and another vehicle. He also said the fancy jewelry he often sports had been loaned to him and that cars including a Bentley and a Ferrari were rented, not owned, the Daily News reports.

However, Jackson did admit to owning a home on a 17-acre estate in Connecticut that features 21 bedrooms, 24 bathrooms, a basketball court, a movie theater and a personal nightclub."

Chris22

  • Magnum Stache
  • ******
  • Posts: 3210
  • Location: Chicago NW Suburbs
50 Cent also made an investment in Vitamin Water that went hugely for him.  I don't think he's ACTUALLY insolvent, I think it's an asset-shielding strategy. 


I think a lot of these guys do consult a "financial advisor" but instead of giving them advice about index funds and dividend producing stocks, they get "Uncle Joey wants to open a TCBY, that's a good investment, just give me the money and I'll see that he gets it." 

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3643
  • Location: Minnesota
I think a lot of these guys do consult a "financial advisor" but instead of giving them advice about index funds and dividend producing stocks, they get "Uncle Joey wants to open a TCBY, that's a good investment, just give me the money and I'll see that he gets it."

Yeah, I can't remember where I read this but I read about a financial adviser that essentially trained him to tell his family to call him. He said something along the lines of, "If they can convince me that they can get the money, I will send them a check, but as of yet, none of have," and this, among other things, has helped the athlete get his finances back on track. Previously, he helped his uncles set up various "businesses" that went nowhere because he felt like he couldn't say no.

nereo

  • Senior Mustachian
  • ********
  • Posts: 11130
  • Location: Just south of Canada
    • Here's how you can support science today:

I think a lot of these guys do consult a "financial advisor" but instead of giving them advice about index funds and dividend producing stocks, they get "Uncle Joey wants to open a TCBY, that's a good investment, just give me the money and I'll see that he gets it."
In that respect they're not that different from the rest of us. 
"hey, I've got a strategy that will apply forward-looking metrics to produce superior returns while applying risk-mitigation measures to reduce downward pressures (for a 2% annual fee on all assets)" said countless numbers of financial advisors to their hopeful-yet-clueless clients.

Most of us don't want to get average returns, and fail to realize that average returns are all we really need to stay wealthy forever.  Of course, I'm just preaching to the choir here...


EricP

  • Bristles
  • ***
  • Posts: 477

I think a lot of these guys do consult a "financial advisor" but instead of giving them advice about index funds and dividend producing stocks, they get "Uncle Joey wants to open a TCBY, that's a good investment, just give me the money and I'll see that he gets it."
In that respect they're not that different from the rest of us. 
"hey, I've got a strategy that will apply forward-looking metrics to produce superior returns while applying risk-mitigation measures to reduce downward pressures (for a 2% annual fee on all assets)" said countless numbers of financial advisors to their hopeful-yet-clueless clients.

Most of us don't want to get average returns, and fail to realize that average returns are all we really need to stay wealthy forever.  Of course, I'm just preaching to the choir here...

I, too, remember the days when I didn't understand that the most important number was the expense ratio.  But that only lasted for a few years until I started reading a little bit and discovered Vanguard. Although I can't be too mad at USAA, they did give me a half a percent loan to invest in those high expense ratio funds.

forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian

OK, he could have put $40M into VTSAX :)  That still leaves $60M+ for taxes, champagne, a couple mansions, and Teslas.
oh, I so want the new "ludicrous speed" on the Tesla S P90D.  Nothing like accelerating faster than falling with barely any noise.

"Insane mode" is already crazy:

https://www.youtube.com/watch?v=LpaLgF1uLB8
https://www.youtube.com/watch?v=Y8-S7FghyEA

"Ludicrous speed" will be incredible:
http://autoweek.com/article/car-news/tesla-hits-ludicrous-speed

Quote
Ludicrous Speed, now available on the Tesla Model S, allowing the pure-electric sedan to make the sprint from 0 to 60 mph in just 2.8 seconds. That's down from a relaxed, gentle 3.2-second launch time.

This ... ridiculous upgrade, which has cut the sprint time by 10 percent, resulted from Tesla developing what it calls a "smart fuse" for the battery in the Model S. The company created a fuse for the main battery with its own lithium-ion battery and electronics that constantly monitor the electric current at the millisecond level, allowing it to cut the power with much greater precision than a standard fuse (which melts past a certain amperage). The practical result is that the car's drivetrain can safely increase the maximum amperage from 1,300 to 1,500 amps, giving the sedan a 10 percent improvement in the amount of amps that it can channel to the motor.

The quarter-mile time with Ludicrous Speed is now a breezy 10.9 seconds, with the sedan also improving its time to 155 mph by an impressive 20 percent (where permitted).

Eric

  • Magnum Stache
  • ******
  • Posts: 4061
  • Location: On my bike
I don't know how things where when he was playing, but I believe that the NBA and the NFL is being more proactive about helping athletes make better financial decisions. That said, they aren't responsible for player's finances, they are responsible for them alone. I believe that if the athletes were to reach out for help, they would find it. The NFL pays for cabs should any athlete want a sober ride home, and players often receive some form of protection should they request it.

I think the MLB has a better arrangement to help players manage their finance. I'm not sure what they do differently, but I haven't heard nearly as many former baseball players going bankrupt, I'll look into this.

Here's my theory.  The vast majority of NBA players become rich instantly.  There are very few slots, and all of them are paid well.  A lot of them are still very young as well when signing their first contract.  Most of the NFL players, while having lower salaries than the NBA, are still paid very well and become mostly rich instantly.  While slightly older, they also jump right from being unpaid (ignoring the SEC of course -- zing!) to making a ridiculous amount of money (even at league minimum).

The vast majority of MLB players have to ride the bus in the minor leagues for years.  Unless they were a first round pick or an absolute top international prospect, none of them have much money.  Even the best players still are in the minors for 3-4 years (age 18 to 21-22).  And most longer than that.  Therefore, they have much more time to come to terms with being a professional baseball player while not making much money.  And even then, most of them see that it's really hard to make the majors.  So when that happens, they're better about not squandering it.

Chris22

  • Magnum Stache
  • ******
  • Posts: 3210
  • Location: Chicago NW Suburbs
Baseball players are also likely to have a longer career, given that it's mostly standing around waiting for something to happen. 

Kidding, of course.  Kinda.  ;)

nereo

  • Senior Mustachian
  • ********
  • Posts: 11130
  • Location: Just south of Canada
    • Here's how you can support science today:

OK, he could have put $40M into VTSAX :)  That still leaves $60M+ for taxes, champagne, a couple mansions, and Teslas.
oh, I so want the new "ludicrous speed" on the Tesla S P90D.  Nothing like accelerating faster than falling with barely any noise.

"Insane mode" is already crazy:

https://www.youtube.com/watch?v=LpaLgF1uLB8
https://www.youtube.com/watch?v=Y8-S7FghyEA

"Ludicrous speed" will be incredible:
http://autoweek.com/article/car-news/tesla-hits-ludicrous-speed


No no no, insane speed is way too slow! 
Too slow?
Yes, we're going to have to go right to.... ludicrous speed![/i]

EricP

  • Bristles
  • ***
  • Posts: 477
I don't know how things where when he was playing, but I believe that the NBA and the NFL is being more proactive about helping athletes make better financial decisions. That said, they aren't responsible for player's finances, they are responsible for them alone. I believe that if the athletes were to reach out for help, they would find it. The NFL pays for cabs should any athlete want a sober ride home, and players often receive some form of protection should they request it.

I think the MLB has a better arrangement to help players manage their finance. I'm not sure what they do differently, but I haven't heard nearly as many former baseball players going bankrupt, I'll look into this.

Here's my theory.  The vast majority of NBA players become rich instantly.  There are very few slots, and all of them are paid well.  A lot of them are still very young as well when signing their first contract.  Most of the NFL players, while having lower salaries than the NBA, are still paid very well and become mostly rich instantly.  While slightly older, they also jump right from being unpaid (ignoring the SEC of course -- zing!) to making a ridiculous amount of money (even at league minimum).

The vast majority of MLB players have to ride the bus in the minor leagues for years.  Unless they were a first round pick or an absolute top international prospect, none of them have much money.  Even the best players still are in the minors for 3-4 years (age 18 to 21-22).  And most longer than that.  Therefore, they have much more time to come to terms with being a professional baseball player while not making much money.  And even then, most of them see that it's really hard to make the majors.  So when that happens, they're better about not squandering it.

That's probably some of it, but let's be honest, Political Correctness be damned: Most NFL and NBA players come from poor black backgrounds and thus are never taught any of this stuff.  They get money and instantly want to shower it on their family and friends because that's what their culture tells them to do. 

Meanwhile, baseball players come from more wealthy backgrounds and aren't forced into providing for two dozen different people out of guilt.

zephyr911

  • Magnum Stache
  • ******
  • Posts: 3628
  • Age: 41
  • Location: Northern Alabama
  • I'm just happy to be here. \m/ ^_^ \m/
    • Pinhook Development LLC
No no no, insane speed is way too slow! 
Too slow?
Yes, we're going to have to go right to.... ludicrous speed!
Fixed your tag. But I must respectfully refuse; I'm going straight to Maximum Plaid (which Tesla says will only be available when they reincarnate the Roadster in a few years).

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3643
  • Location: Minnesota
I don't know how things where when he was playing, but I believe that the NBA and the NFL is being more proactive about helping athletes make better financial decisions. That said, they aren't responsible for player's finances, they are responsible for them alone. I believe that if the athletes were to reach out for help, they would find it. The NFL pays for cabs should any athlete want a sober ride home, and players often receive some form of protection should they request it.

I think the MLB has a better arrangement to help players manage their finance. I'm not sure what they do differently, but I haven't heard nearly as many former baseball players going bankrupt, I'll look into this.

Here's my theory.  The vast majority of NBA players become rich instantly.  There are very few slots, and all of them are paid well.  A lot of them are still very young as well when signing their first contract.  Most of the NFL players, while having lower salaries than the NBA, are still paid very well and become mostly rich instantly.  While slightly older, they also jump right from being unpaid (ignoring the SEC of course -- zing!) to making a ridiculous amount of money (even at league minimum).

The vast majority of MLB players have to ride the bus in the minor leagues for years.  Unless they were a first round pick or an absolute top international prospect, none of them have much money.  Even the best players still are in the minors for 3-4 years (age 18 to 21-22).  And most longer than that.  Therefore, they have much more time to come to terms with being a professional baseball player while not making much money.  And even then, most of them see that it's really hard to make the majors.  So when that happens, they're better about not squandering it.

That's probably some of it, but let's be honest, Political Correctness be damned: Most NFL and NBA players come from poor black backgrounds and thus are never taught any of this stuff.  They get money and instantly want to shower it on their family and friends because that's what their culture tells them to do. 

Meanwhile, baseball players come from more wealthy backgrounds and aren't forced into providing for two dozen different people out of guilt.

I agree with you on the former point, but disagree with you on MLB. I don't have any statistics but I doubt that they come from a richer background (if yo said hockey, you might have a point). I think for the MLB, the fact that most spend a few years in the minors probably has a bigger impact especially as they are forced to ride the bus, make nowhere near major league money, and also interact with many has beens that likely give them advice on how to avoid the pitfalls, but I could be wrong.

EricP

  • Bristles
  • ***
  • Posts: 477
@MgoSam

Whites are still 63% of MLB players.  While that isn't exactly the data you want and I'm definitely getting into "this guys a total racist" territory, I think it points to the fact that baseball players come from more affluent backgrounds.

Chris22

  • Magnum Stache
  • ******
  • Posts: 3210
  • Location: Chicago NW Suburbs
I don't know how things where when he was playing, but I believe that the NBA and the NFL is being more proactive about helping athletes make better financial decisions. That said, they aren't responsible for player's finances, they are responsible for them alone. I believe that if the athletes were to reach out for help, they would find it. The NFL pays for cabs should any athlete want a sober ride home, and players often receive some form of protection should they request it.

I think the MLB has a better arrangement to help players manage their finance. I'm not sure what they do differently, but I haven't heard nearly as many former baseball players going bankrupt, I'll look into this.

Here's my theory.  The vast majority of NBA players become rich instantly.  There are very few slots, and all of them are paid well.  A lot of them are still very young as well when signing their first contract.  Most of the NFL players, while having lower salaries than the NBA, are still paid very well and become mostly rich instantly.  While slightly older, they also jump right from being unpaid (ignoring the SEC of course -- zing!) to making a ridiculous amount of money (even at league minimum).

The vast majority of MLB players have to ride the bus in the minor leagues for years.  Unless they were a first round pick or an absolute top international prospect, none of them have much money.  Even the best players still are in the minors for 3-4 years (age 18 to 21-22).  And most longer than that.  Therefore, they have much more time to come to terms with being a professional baseball player while not making much money.  And even then, most of them see that it's really hard to make the majors.  So when that happens, they're better about not squandering it.

That's probably some of it, but let's be honest, Political Correctness be damned: Most NFL and NBA players come from poor black backgrounds and thus are never taught any of this stuff.  They get money and instantly want to shower it on their family and friends because that's what their culture tells them to do. 

Meanwhile, baseball players come from more wealthy backgrounds and aren't forced into providing for two dozen different people out of guilt.

I thought a third were were Dominican?????


Kidding, but a sizeable number are not from a wealthy white background.

forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian
I don't know how things where when he was playing, but I believe that the NBA and the NFL is being more proactive about helping athletes make better financial decisions. That said, they aren't responsible for player's finances, they are responsible for them alone. I believe that if the athletes were to reach out for help, they would find it. The NFL pays for cabs should any athlete want a sober ride home, and players often receive some form of protection should they request it.

I think the MLB has a better arrangement to help players manage their finance. I'm not sure what they do differently, but I haven't heard nearly as many former baseball players going bankrupt, I'll look into this.

Here's my theory.  The vast majority of NBA players become rich instantly.  There are very few slots, and all of them are paid well.  A lot of them are still very young as well when signing their first contract.  Most of the NFL players, while having lower salaries than the NBA, are still paid very well and become mostly rich instantly.  While slightly older, they also jump right from being unpaid (ignoring the SEC of course -- zing!) to making a ridiculous amount of money (even at league minimum).

The vast majority of MLB players have to ride the bus in the minor leagues for years.  Unless they were a first round pick or an absolute top international prospect, none of them have much money.  Even the best players still are in the minors for 3-4 years (age 18 to 21-22).  And most longer than that.  Therefore, they have much more time to come to terms with being a professional baseball player while not making much money.  And even then, most of them see that it's really hard to make the majors.  So when that happens, they're better about not squandering it.

That's probably some of it, but let's be honest, Political Correctness be damned: Most NFL and NBA players come from poor black backgrounds and thus are never taught any of this stuff.  They get money and instantly want to shower it on their family and friends because that's what their culture tells them to do. 

Meanwhile, baseball players come from more wealthy backgrounds and aren't forced into providing for two dozen different people out of guilt.

Aren't a huge percent of MLB players from impoverished nations in South and Central America? You could say their poor background actually increased their frugality. But that's the opposite of the point you're making.

MLB is a different game. It's intentionally not flashy. If you hit a great homer and you celebrate you get a 98MPH fastball thrown at your head the next time. If you demurely trot around the bases your life isn't in danger.

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3643
  • Location: Minnesota
@MgoSam

Whites are still 63% of MLB players.  While that isn't exactly the data you want and I'm definitely getting into "this guys a total racist" territory, I think it points to the fact that baseball players come from more affluent backgrounds.

Good point. It's sad that being white has a positive correlation with affluence, but I can't disagree.

wordnerd

  • Handlebar Stache
  • *****
  • Posts: 1159
Most people are bad with money. People who get rich are bad with money on a larger scale (note: excludes those who got rich in business or some of other field where understanding money is required).

I think a lot of people I know would make similar decisions if presented with vast sums of money. I don't think this is sport or athlete specific.

mpg350

  • Stubble
  • **
  • Posts: 150
Most people are bad with money. People who get rich are bad with money on a larger scale (note: excludes those who got rich in business or some of other field where understanding money is required).

I think a lot of people I know would make similar decisions if presented with vast sums of money. I don't think this is sport or athlete specific.

Well look at the lotto winners most are bankrupt within a short amount of time and yes the 30 on 30 about pro athletes is a good watch.

forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian
Most people are bad with money. People who get rich are bad with money on a larger scale (note: excludes those who got rich in business or some of other field where understanding money is required).

I think a lot of people I know would make similar decisions if presented with vast sums of money. I don't think this is sport or athlete specific.

Well look at the lotto winners most are bankrupt within a short amount of time

http://link.springer.com/article/10.1007%2FBF01367438

a1smith

  • Bristles
  • ***
  • Posts: 360
  • Location: 44 15.478N, 082 50.088W
Most people are bad with money. People who get rich are bad with money on a larger scale (note: excludes those who got rich in business or some of other field where understanding money is required).

I think a lot of people I know would make similar decisions if presented with vast sums of money. I don't think this is sport or athlete specific.

Well look at the lotto winners most are bankrupt within a short amount of time

http://link.springer.com/article/10.1007%2FBF01367438

Here's a nice example of lottery winner where all went well . . .

One of the MegaMillions winners around here was a swimming pool business owner who stopped at 7-11 on the way home to buy a gallon of milk his wife asked for.  He only had $100 bill so he asked for the change in lottery tickets because the jackpot was high.  He did it on a lark; he rarely played.  He ended up winning the jackpot.  He gave his swimming pool company to his employees and retired.

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3643
  • Location: Minnesota
Future bankruptcy in the making..., though I guess his first house cost under $700,000 which is not too bad for someone making nearly $20M this year (in TX so no state income tax).

http://www.mysanantonio.com/sports/article/LaMarcus-Aldridge-to-build-a-house-specifically-6422021.php

nereo

  • Senior Mustachian
  • ********
  • Posts: 11130
  • Location: Just south of Canada
    • Here's how you can support science today:
Future bankruptcy in the making..., though I guess his first house cost under $700,000 which is not too bad for someone making nearly $20M this year (in TX so no state income tax).

http://www.mysanantonio.com/sports/article/LaMarcus-Aldridge-to-build-a-house-specifically-6422021.php

I'm pretty sure I could design and build a flashy place to store and display "... like 100 (pairs of shoes)" for far less than $700k. 

Call me LaMarcus - I can do it for just $400k!

MsPeacock

  • Handlebar Stache
  • *****
  • Posts: 1554
  • Location: High COL

MrsPete

  • Magnum Stache
  • ******
  • Posts: 3519
Baseball players are also likely to have a longer career, given that it's mostly standing around waiting for something to happen. 

Kidding, of course.  Kinda.  ;)
I read an article once that posed the question, If you could choose to "go pro" in any sport -- hypothetical, of course -- which one is best?  The author said baseball was the winner:  While the possibility of injury certainly exists, it's not a contact sport like football, so you're less likely to end up with concussions, etc.  Some baseball players are competitive on the field into their 40s, whereas the 20-somethings will always smoke the older guys on the basketball court -- so you have a greater chance of a longer career.  Made sense to me. 

nereo

  • Senior Mustachian
  • ********
  • Posts: 11130
  • Location: Just south of Canada
    • Here's how you can support science today:
Baseball players are also likely to have a longer career, given that it's mostly standing around waiting for something to happen. 

Kidding, of course.  Kinda.  ;)
I read an article once that posed the question, If you could choose to "go pro" in any sport -- hypothetical, of course -- which one is best?  The author said baseball was the winner:  While the possibility of injury certainly exists, it's not a contact sport like football, so you're less likely to end up with concussions, etc.  Some baseball players are competitive on the field into their 40s, whereas the 20-somethings will always smoke the older guys on the basketball court -- so you have a greater chance of a longer career.  Made sense to me.
Interesting (and a little odd) thought experiment there.  I guess if you don't care about what sport you are playing baseball would be a good choice for earning money over a long time period with a minimal amount of lasting physical injuries.   Within baseball perhaps the best job would be as a power-hitting outfielder.
OTOH, the median salary in the NBA is better, and high enough where (smartly managed) you could play only for a couple years and be rich for life, so who cares if you are out of the league by 29?   I have no data on this, but I imagine retired NHL players are less 'noticed' in most major cities, so that could be good for anonymity (not being the typical 6'8" of an NBA pro might help you blend in a bit better too...).
I think it would be fun and profitable being a NASCAR driver - though the whole dying in a fireball puts a damper on it.  Jury is still out about whether that can correctly be considered a 'sport'.

What about golf? If the question were "if you could be a star" instead of "if you could be a pro" then a compelling case could be made for being a pro-golfer.  Careers that span decades, no contact/brain damage, and it doesn't even matter if you put on a few pounds.  Then again, I don't really like playing golf....