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We have an AMERICAN CITIZEN ON AMERICAN SOIL accused of Terrorism : Swingers Discussion 22058110171
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TOPIC: We have an AMERICAN CITIZEN ON AMERICAN SOIL accused of Terrorism
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If only I mentioned that.......

T

Danville PA
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Don't forget they have to pay an agent.


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There's also legitimate expenses that can significantly eat into a player's fortune as well.

Union dues Insurance (life, medical, property) Clubhouse dues for baseball players Agent Accountant Charitable Donations Lawyers/Advisors/PR Specialist Moving mom/dad/grandma/aunt/other parental figure out of crummy neighborhood and into a nice house. Moving themselves into a nice neighborhood. Security etc, etc.

T

Danville PA
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"I think it's more like they get used to living on millions of dollars a year, and when their stardom fades, they continue living that way, but on a drastically reduced income."

There's a million reasons why this happens.

Many athletes were born into poverty/working poor/low middle-class, grew up with nothing and at a very young age received millions and millions of dollars. They didn't have money to manage growing up so they never learned. You're 20 years old and just signed a $50mil contract and less than 2 years ago your family was living on food stamps.

Sports culture is all about flash. Many athletes spend a small fortune on depreciating items like jewelry, cars, clothes and shoes.

Every poor athlete to come out of the ghetto or a trailer park seems to have about 10 or so hangers on who enjoy spending his money just as much, if not more than the athlete himself.

Poor investments. Athletes are the target of shady investors all the time. Even the seemingly "smart" guys get hoodwinked from time to time. Like this:

foxbusiness. com/investing/2013/03/07/finra-bans-broker-after-nfl-players-lost-40m-in-shady-casino-deal/

Or this:

thepostgame. com/blog/list/201110/bad-investments-star-athletes

And then there's the invincibility complex. Athletes that make it to the pro-level in their respective sport are much harder working than they're ever given credit for. And they're usually elite physical specimens as well. They're macho. They're tough. And as far as they're concerned, they're invincible and will play at an elite level for the next 15 years, will rake in over $100mil in salary and triple that in endorsements.

So they see no reason to save and plan for the future during the first few years of playing professionally despite the fact that the average NFL career is about 3.5 years (the shortest of the 4 major pro sports) and the average MLB career is 5.6 years (the longest of the 4). Most figure that they'll have some fun with their new found fortune and will put off their financial planning until they get their next contract.....but many of them don't last that long.

But the biggest financial gaffe made by pro-athletes would seem like the most insignificant. Athletes could save hundreds of thousands, if not millions of dollars throughout their careers and lives if they made a minor $5 investment in condoms.

Antonio Cromartie explains: youtube. com/watch?v=jDpWzK9c25c

Or, here's a list of some notable athletes with more kids and more baby mamas than they know what to do with:

complex. com/sports/2012/06/big-poppa-the-athletes-with-the-most-children-by-the-most-women/

T

Danville PA
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I thought he came out to work off all of the grilled burgers he was eating.

Land O Lakes FL
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George Foreman came out of retirement because, "It's easier to spend a million dollars than it is to spend a thousand".

Flat Rock NC
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And thus why businesses can't afford to pay their employees stated than minimum wage, health benefits, ect. The owners and investors live too high.

Hazle Township PA
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I think it's more like they get used to living on millions of dollars a year, and when their stardom fades, they continue living that way, but on a drastically reduced income.

Mike Tyson used to be worth more than $400 million. He's flat broke.

Land O Lakes FL
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I'm not retarded, I understand that.

I'm just wondering how it's possible to mismanage your finances when you have so much money. Like you and the Mrs. We too have seen days that weren't particularly comfortable. Yet we always understood the importance of managing our finances. It just seems to me, that if I had so much money, it wouldn't change from the way that I manage it today. Does one need any particular intelligence to understand such a basic concept?

Allenhurst NJ
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Well we've gone way the hell off topic, but OK....

It doesn't matter how much money you make... Bill Gates could mismanage himself into poverty if he did a "good" enough job of it.

Nicolas Cage is an awesome example. He's one of the highest paid actors in Hollywood, and is constantly in financial ruin, because he keeps spending all his money on stupid things like castles, and then selling them later at a loss when he can't afford them. He takes all these dumb parts in movies because he needs the money. He'd better get his act together before he loses the ability to command a big paycheck....

A 2009 Sports Illustrated investigation found that approximately 60 percent of NBA players enter bankruptcy within five years of exiting the league. Nearly 80 percent of players in the National Football League are hovering near or are in bankruptcy just two years after retiring from the game. Money does not keep one out of poverty. I know it sounds weird, but it's true.

Land O Lakes FL
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TOPIC: We have an AMERICAN CITIZEN ON AMERICAN SOIL accused of Terrorism