Former NBA Stars Reveal Why Black Athletes Go Broke
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- čas přidán 31. 12. 2023
- Gilbert Arenas and Kenyon Martin discuss the reason that young black athletes can’t hold on to their generational wealth. Do Jason Whitlock and Delano Squires buy what the ballers are selling?
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Buying a house for parents is nowhere near what's driving them broke. How many have their entourages of leaches from back home hanging out at clubs, dropping $10k+ in one night on the party, buying fancy cars, clothes, jewelry, drugs, drink, vacations, and, of course, the mentioned baby momma outlet cribs.
Exactly that convo on Gil’s arena was avoiding placing accountability in the right place
Bingo!! This is nothing new under the sun. This topic has been talked about for over 40 years. On why black athletes loose all or most of their earnings. I disagree if a black athlete or any athlete purchases a house for their mother or parents they go broke. They go broke because of the foolish spending they partake in. Period!! Instead of investing for the future, they live in the presence.
@@davidnegron8571 Quite a few try to start a business, but don't know how to run a business or put every nickel they've got into one investment. All they have to do to be financially secure is spread their money around: blue-chip stocks, growth stocks, real estate, commodities, restaurants, and so on. Buy a house for Momma, sure. But yourself a house. Pay it all off, asap.
I think the main problem is being handed so much money when you're still immature. I would probably be dead of an overdose in 5 or 10 years if I had had enough money to indulge all my desires before I hit 25. Lucky for me, my success came in dribs and drabs, through a combination of self-improvement and hard work. I'm still not rich, but I'm pretty comfortable and pretty secure.
Ding, Ding!!! You hit the mark. It’s all the look at me I’m rich spending sprees with no thought of investment or saving for the future. That’s not to say that for some athletes there may be pressure to spread the wealth among family and friends. We’ve seen those relatives that think they’re the talent and flaunt all over the planet. But I don’t think that’s the primary cause.
I agree because I have family members who played professionally and bought their moms a house and they are not broke. These dudes spend money on chains, cars and shoes instead of investing it. As a black man, I do not need my son to buy me a house but once he has his family right and wants to buy me my dream car I would not tell him no. But I want him to know I do not need his money, I need him to succeed.
Having 8 to 10 baby mama's will tap those pockets faster than anything.
Ask Terrell Owns
@@johnhardman825 Antonio Cromartie is a better example.
Facts
That's for sure. .
You seen this on y.t. homeless guy. Has very very good voice was a radio guy
Some guy Record him. And he's been on all the talk shows
Now the Daughter he had ( not a good relationship)
Is now sueing. The father. O well🤷🤷
Rather be homeless. Or now being on all these talk shows and Sued by the Daughter. ???
Last I heard. He was the new ANNOUNCER FOR some NBA TEAM
not even bills gates could deal with 8 baby mamas xddd
he would be living on a tiny apartment probably xD
while the women take ALL his money
I am a middle class white man. My kids r studying engineering. If my kids make 100 million dollars, I don’t want a dollar. If my kids want to impress me, continue building a legacy through family
respect! 💪🏾
It's a generational curse that black American parents keep placing on their children. I understand parents that can no longer take care of themselves because of age but able parents pressing to live off their children has always been sickening.
Well said,, I'll pick up checks at restaurants for family, not buy them a car, because I've had 3,4 cars taken from me by my elders. Karma a batch on tha ratm tshirt..ughhh , injury in n
J punk shirt
......
....
You're a middle class White man. Even though you pointed that out before anything else, What you skipped over is that most Middle class WP benefit from Generational wealth. And most of it is based on not starting from the bottom like most of the black community. No pun intended, but you started from the (middle) of the pack. So please don't make comparisons, or use the pull yourself up by the bootstrap line. And by the way, Jason Fatlock doesn't speak for the entire black community. He is a guy who was never satisfied with what he sees in the mirror, physically and racially.
As a first son of a father I don't remember, I can't overlook the emptiness from his not being there. This led to my mother encountering another man raising me as well as my having to raise myself.
This led to my being excluded from any of my school teachers investing in me, where I literally had to teach myself. I called myself using sports to further my education, but had coaches snatched those aspirations from me while informing me that the person that I'm competing against, and out performing parents are booster of our school.
Then I decided to dive into individual performance sports, like boxing for the USMC Team Camp Lejeune where I was Robbed at the Ohio State Fair in a bout against Floyd Mayweather.
My mother having problems with life made contact with my command, and informed them that she needed me on the west coast, where I was transfered having to again relinquish my aspirations of making the Olympic team of 1984.
I'm now relegated to living in my car for the last 2 1/2 years after a false conviction where that KANGAROO COURT Trumpped-Up those charges against me. Thus making me a Social Pariah, and a Man made eunuch.
At the age of 62, I'd like to speak on the importance of having both parents in the kids' lives.
As a two time, Honorably Discharged Combat Marine I know that we can do better so that we can do for our parents, and our families.😢😢😢
500k worth of jewelry, 10 sports cars, making it rain in the club, 8 kids with 7 baby mama's, 10 million dollar house with no furniture in it, 300 pairs of sneakers, ZERO investments, ZERO land acquisitions, ZERO savings.
Quit capping with the excuses.
As the head of my own family, through the years there were times my Dad helped me out financially. When things got better I tried to repay the money he had loaned me and he refused it, saying, "You will repay me when you help your own children. " Now, I am a grandfather helping my adult children and I tell them the same thing. Thanks, Dad!
what a great post! I'm going to use that. Strong lesson for kids.
Your pops is a KING!
Yep
That's nice 2 know, the thing about $ to me ,? don't loan, give to those in the fam. who made... 97 elAMIn, R.I.P,,, who the hell is Miles Simon anyway.. jk. Change of story, not sure I'm a could a Wildcats fan at the point in PompHighlands?
❤
Making all that money and buying your mother a house shouldn't bankrupt you.
True but you don't owe your mom a new house
@@flyguy7825why gotta be a new or big house ? I don’t understand if you going to do that I mean you can get a cheap house or apartment for her if that’s even the case.
Nope she ain’t gotta have some huge house or anything “practicality”isn’t in their vocabulary
@@flyguy7825 owe your mother, who said that? My mother is no longer living. She was a great mom and I had a wonderful relationship with her. I would buy her 10 houses.
@@davemartino5997 why are you asking me that? I did say you don't owe your parents a new anything lol
The simple answer is POOR money management, and the thrill of being rich, even if it's ONLY temporary.
They care way more about the perception of making it. It's what they think they're supposed to do.
Live for today mindset
Poor money management is the big reason many pro black athletes go broke.
THIS! If you can't manage money well when you have little...adding a lot more of it doesn't make it better
@@mattm7798 that is TRUE, great point.
I grew up very poor, white, single mom, dad left when I was 4 never giving any support. Mom worked in a textile mill. When I graduated college with football, military service, and starting earning middle-class money, I helped my mom as much as she allowed, but she would shy away from excess. So many times she'd say, son, I am so happy you made it. That means I made it too. I don't need your money to be happy.
No way according to Jason only blk kids grow up fatherless
❤
Great Mom.
That’s probably rare. Most people would expect something.
The idea that you can earn $80 million in the career, and because you cut your parents a couple million over the decade, that you’re completely broke, is asinine. If you invest 20 million in a 5% return, you’ll be making 1 million a year. I’m guessing that 20 million went towards jewelry and cars and child support.
Half that 80 goes to Uncle Sam. 10% goes to agents. So now your 80m is down to ~35m. Still a lot of money but if you have 4 or 8 or 12 family members you’re supporting in different homes that money dries up fast
@@darbyoharastill no excuse.. Those family members should get a job and build off the modest house they receive.. Modest car... Key word Modest.. But no.. They live off.. Or siphon their own family members money by being entitled and doing nothing.. Thinking money is endless.. That's culture. Needs to change.. It won't cuz it takes discipline.. And thinking differently.
@@darbyohara sure but you turned my comment from “parents” to 12 family members. Also, nothing changes about being able to invest that money.
@@MrJpmoneypantsI totally agree…..
Totally agree with you. I think that buying a house for your parents or even single mom, is a must.
Buying your mother a reasonable house that she can afford the upkeep and taxes is different than buying her a million dollar home where she can even afford the utilities.
I'm a parent with three children and I wouldn't feel comfortable in a million dollar home. One car and a low end condo is fine with me.
A low end condom in Calif can cost a Million Dollar.
FACTS
agreed. A 3000 square feet house is a good size house at a reasonable price in a nice area.
You also should look at a duplex which means they will have nearly zero cost in terms of cost of living
I have a black friend who puts immense pressure on his 12-year-old son to get into the NFL. The odds of that happening are staggering, and he's delusional.
I attended Texas Tech. Even at a school like that, only a tiny fraction of players make the NFL.
@@theresa78201 I think that it's about 1.5 % of Division 1 players who make it to the NFL.
He's 12. He's not delusional he is stressed. Its common in households ran by single mothers from the ghetto.
Is your friend Mini Gronk's dad?
@@user-hp1ou3nb7t Yes.
I’m a black man. I give my mother money and I’ve refinanced my father’s home. But my kids come first and my parents wouldn’t have it any other way.
Nobody's talking about all the girlfriends and ex wives with kids professional athletes go through. I've never heard of their parents making them go broke.
The comments about family structure were on point. The whole 'buy your mother a house' after getting your first check is indicative of the single family household/absent father dynamic. That's a 'problem' in the Black community (IMO).
BTW...
Those athletes fathering multiple children by multiple women are perpetuating that issue. It's a vicious cycle.
The problem is not a "family problem" but a "money problem". Stop buying Nike shoes and Mercedes Benz.
And big gold chains
the blacks in America have a insane NARCISSIST problems and then you give them money.... America near gave them everything... they say they are oppressed but they get more handouts then anyone.... its discussing
And strippers
Bro, it's not just that it's other factors that factor in with that y'all just point to materialistic things. It's also being way too generous to people that don't matter in your life
@@flyguy7825ok like what ?
By in large, they lose it by spending money like drunken sailors! "A fool and his money will soon be parted."
I didn't surround myself with losers growing up so the idea that the the people around me would "get a piece" never crossed my mind. My father is married to my Mom. They saved for retirement and are doing fine. My brother has a great career. My friends are mostly all succesful. Surround yourself with worthwhile people and then that seems to solve the issue. So I would say to the black community, do better, Raise your kids, make sure they have good friends, stop pushing them towards sports or rap careers, learn a trade and make a good living,. It's crazy that in 2024 this conversation still has to be had.
Same here ! These guys should be making friends with the future investment bankers or hedge fund managers while in college. There is a huge alumni network at these colleges they can tap into with all the visibility have to seek mentorship . If you don’t know you must seek and surround yourself with those that have that knowledge. Also be a student yourself 🤷🏻♂️
Really really tone def comment. It’s that easy huh? So Tell me why most white lotto winners go broke after 3 years of winning the lotto? It’s not a “just surround yourself with good people” solution. Ever heard of Bernie Madoff? Not just cut and dry like youre making It out to be…esp for these kids that come from poverty. It’s not as easy as they can just magically become financially competent when millions are dumped in their laps.
@@alwayshappy6144 Maybe they do! I am a black man. In the mid-eighties my father took me to an event where some white republicans/conservatives were speaking on social issues. My dad wanted me to see other points of view besides what the democrats/liberals were saying. I remember a gentlemen was speaking and saying pretty much the same things that Kevin said in his post. He also added some specific items to do/not do in order to have a stable life in all aspects. I decided to follow the advice because it appeared sound to me. I went to college and got degrees in science and engineering, spent time in the army, established a good network supporters from the business world, became a partner in an engineering firm and I am married to my children's mother. Both my kids are in college studying science and engineering and my wife and I do not need them to take care of us financially in the future. It sucks that this still has to be said in 2024 (and in many respects we have backslid in our communities). White frat boy or not, he is correct. I repeat his advice to my own children and others.
Well the very issue is that these kids aren't being raised by parents, their being raised by "society". You want to fix this stop financially incentivizing single motherhood
@@alwayshappy6144: Neither do the opinions of folks who grew up in a Democrat Party created failed black nieghborhood.
These athletes don't go broke because they buy their mothers houses. They go broke because of the their overspending at the strip club, jewelry, mansions, luxury cars, baby mamas and child support, designer clothing, stupid investments, living too large etc
I always go back to Antoine Walker when we think of broke athletes. His mom was employed by the city of Chicago and far from broke. He purchased her a 4 million dollar,15,000 square foot home with an indoor basketball court. How about a $500,000 home outside of Chicago so mom could enjoy her pension and SS ? One of his many poor decisions.
He said that he was paying something like 32 peoples rents. people he didn't even know.
@@raularango3539he should have bought an apartment complex and give them first two months free. Otherwise they gotta pay😂
At least the $4M home is an asset that would appreciate in value. As one former MLB player answered after being asked where all his money went, "I spent half of it on women and booze and the other half I just pissed away".
STRAIGHT UP FOOL"!!@@raularango3539
@@frogger1952May be an asset but the taxes on your house every year will kill you!!
My grandmother wouldn’t even let me buy her a mattress. Her old mattress had pee stains and springs sticking out. I bought her a mattress and told her that she could throw the new mattress away if she didn’t want it. She demanded I not buy it and told me to return it after I bought it. She said she had too many kids in need for anyone to buy her a mattress. Thankfully, when the new mattress showed up, she didn’t protest.
I hate that it’s always black or white… people growing up in poverty no matter the color of their skin experience struggle and fantasize about being rich and having all the things they’ve always wanted. People that didn’t live in poverty more often than not grow up with a better handle on impulse control and the value of money.
I think a lot of the problem is the sheer amount of money they get. It's almost a kind of sensory overload. It's not just that a lot of these guys grew up poor, it's that they very quickly come into an insane amount of money. Like if you're an NBA lottery pick, with your rookie salary, and a shoe deal and and a few other endorsements (Gatorade, McDonald's, whatever) they can look to make 20-25 million dollars right out of the box. A top 15 NFL pick can make 10-15 out of the box depending on what endorsements they get. So it's really easy for that to overwhelm people and have them lose perspective on things. I figure it's almost euphoric and that can be very dangerous. I figure if I ever came into some money I'd pay off the last of my grandma's mortgage, by my dad a nice little Ford Ranger, get my mother a nice watch, and then use the rest to go to grad school.
The NFL provides education on these matters for them when they come into the league. At some point all any players need to do is look around at all the players who have gone broke. It's not like winning the lottery and not having the resources to help you financially.
Culturally white people aren't as encouraged to use sports to get out of poverty
If you listen.... both races raise kids in single parent homes. The difference is black families have a much different structure and expectation than white families.
You're spot on. It is NOT a race driven phenomenon.
Let's be honest it's mostly taking care of their mothers. Cause there is an over infatuation with mothers being put up as saints or almost a god. Ignoring the chaotic upbringing they exposed their children to.
100 percent agree
um no. it's baby mamas...
@@fauxbro1983lots of them too
😂😂😂😂
You can take care of mom without spending all your money or even a huge portion of it.
I worked with a former MLB player when he was 38. He had lived a lifestyle most could never dream of but the thing that stuck out to me most was the money they would just throw away on gambling. He told me he saw a guy win $50k by throwing a battery through a hole in the wall. He had a teammate that was millions in debt because of addictive gambling and had to get the FBI involved when they asked him to rig games to pay off his debt.
My buddy knows Frankie Catalanato. I never thought he was as loaded as he was. He got one or two pretty good contracts. I guess he never got the gambling bug because from the looks of it he’s set.
The FBI asked him to rig games? The standards of literacy is shocking.
@@floxy20 oh I’m sorry, I was writing this for people with understanding and comprehension skills not dullards. Bet you’re fun at parties.
I lived im Miami, Florida, for many years and i remember many Dolphins players living in poverty after years of making millions in the NFL. All were Blacks. I remember a specific case where this ex-player, in a bankruptcy court stating that he need whatever left he had to keep his mom and a couple of uncles living in luxury homes. It was very sad to see his face when the judge, a woman, tell to his face he owned them nothing, that they had been robbing him all these years, and that now they had to get jobs as all of them where still young and able-bodied. Sad.
One story caught my eye. Former #1NHL pick , John Taveras , left the NY Islanders + signed with Toronto Maple Leafs . He was raised by single mom I Oskville , Ontario.
$11 million per yr for 10 yrs .
He asked his mom if he could buy her a new house . She said NO .
It's about a culture of happiness . Not opulence .
Being a grounded parent , proud of their own accomplishments is why these athletes excelled to begin with.
Hockey players are just better quality people for the most part. Cost barriers for youth play a part in that.
I'm an Islander season ticket holder (Tavares is not exactly a fan favorite after he left us) and I did not know that story. I know there are some guys who played for us who realized that they would never make this kind of money in other endeavors and saved every penny they made playing hockey. One guy lived in a basement apartment not far from the Nassau Coliseum paying like $500/m rent while making well in excess of $1M/yr.
An agent mentioned there is a similar problem with young hockey players who came from poor families or whose families were stretched to fund their child’s career until they hit Junior A or college. He cautioned players to go easy on buying things for their families while still on their rookie contract. He stresses that these young players need to take care of their money with an eye toward their own future because many will not get a second contract at a lucrative salary, maybe even a two-way contract, or even just get an AHL, ECHL, or European deal.
There is also the story of I believe Jack Johnson whose parents basically took all the money he earned and spent it on bad investments and other things to the point where he went bankrupt. I believe he's still playing in the NHL but it goes to show that greedy family members are everywhere.
People go broke because they don’t know the value of money. They think it will always come or that they have too much to fall on hard times. Not good.
They care about the instant gratification. Long term means nothing to them.
Some overestimate the length of their careers. The average running back, I believe, lasts only about three years.
It isn't just black athletes, it is athletes in general.
It's ones without intact family units. You can figure it the people that overwhelmingly tends to be.
@@dash4800 Mary Lou Retton, Lenny Dykstra, Robin Lehner, Tony Gwynn, and Brian Trottier all had intact family units. And they all went broke.
@@LadyJay114 yes, use a few examples to dismiss my exact words which were "overwhelmingly tends to be". You must think all statistics need to be 100% to be applicable.
I used to be a big blackjack player. In 2007 I watched a retired NFL running back who will remain nameless but believe me he was a pretty big name, well…I watched him stay in the high limit pit playing blackjack next to me at an adjacent table and in two days he lost just over $3 million. And he was doing this trying to impress a gorgeous cocktail waitress who worked in the high limit pit. He also sent her over $50K of gifts which she returned telling him over and over that she wasn’t interested. The last $2M was a line of credit which I later found out he defaulted on and the casino had to lien his assists to get the money. Trust me when I tell u he def was not financially able to lose that kind of money but it just goes to show u that so many of these really high earning athletes lack any impulse control so going broke for so many is just a matter of time!!
The dude sounds like an ultra simp.
@@adrianrodriguez8503 idk what he was but this woman was stunning!!! But what he really sounds like is an absolute moron!!
It’s not just buy momma a house, it’s buy auntie a car, uncle a restaurant, cousin Ray Ray a gold chain, girlfriends child support, and the entourage trips to Vegas, resorts in the Bahamas, and clubs in NYC. Watch 30 on 30, it breaks it down perfectly.
There are now too many well documented situations to stop making these same mistakes by the athletes. At some point you just have to throw your hands up.
Many of these players have the emotional maturity of 15-16 year olds. They have people hanging around that have been waiting for years to spend their cash. They then are thrust into the limelight where universities are literally established for women to get pregnant by millionaires. Most of us are drunk and having fun in college. At 19-20. These kids have 50 year old agents, adult film stars, IG models, and everyone else trying to get their cash. Before the end of their first contract they are paying $40k per month in child support. Everyone is right with their criticism, but the weight of 80 people being laid on a 15 year old child is not easy to overcome
It’s a iq issue… the majority are illiterate and couldn’t balance $1000 checkbook
Maturity or intelligence?
Discipline is key. My 20 year old self would be easily talked into buying my parents houses & cars right away. My 38 year old self is highly critical of their poor discipline and wouldnt be compensating them for that
Bingo!
I agree! Our parents have a responsibility to plan for their future as well . This is not 1930 40 50 60 70 America. All of us have to plan
The difference is whether you had a single mother raised you vs a 2-parent household. A single mom is gonna say what are you going to do for me, where a dad would say what can I do for my children
It's not just a black/white thing. I'm Caucasian with an intact family and my dad is financially incompetent despite my attempts to help him. It's all mindset, beliefs, and training. My grandfather was foolish with money and for whatever reason my dad has refused to learn from me. Because of it my dad would be homeless in his 80s if I didn't help him every month.
The same in my family and I'm European American too like you.
It’s more prevalent in the black community though
Much much much more prevalent in the black community. It is why they struggle with generational wealth
@@alexhoffee1865yea because most of those black athletes come from poverty , it’s not rocket Science.
@@alexhoffee1865. You had to make sure we know that Blacks are the worst. Right?
I’m a black middle class man. My kids seem to be ready to be successful in basketball. I don’t want a dime from them. My joy is seeing them and bragging about my babies.
There is an interview with Matthew Stafford I say it was about 10 to 12 years ago. He was talking about how he wears rubber band on his left wrist. The woman who was doing the interview asked him but you can afford $100,000 bracelet he said yeah but that's not me. just because people have the money doesn't mean they have to spend the money.
Notice they gotta take care of momma….no mention of father.
It's always the mother with her hand out. She drained her husband dry, now onto the kids. Once they're broken, onto the grandkids and so on
Stephen A. Smith and his 28 burner accounts thumbs-downed this video. The rest of us love what Delano and Jason had to say here.
I saw that interview with those guys, and they were saying some real things. But no one is listening in the Black Community! Many within our ethnic group are Tone Deaf! And just want to be rappers or an athlete! I totally agree with Jason. Parents, especially Mama, should be taken care of, keyword, Parents, not family! And they are unreasonable expectations, because the $500+K home and 560 Mercedes Benz, must be maintained, especially the home, well beyond the athletic career of the son.
“Honor your parents”has nothing to do with money. Kids don’t owe parents anything because no kid asked to be here. If anything kids owe the respect to family name.
Exactly. The same generation that stuffed their grandparents in retirement homes and never looked back are now handing out bills to their kids they expect to get paid back for
Aint that a bitch?
Antonio Cromartie comes to mind. Man has so many Kids/Baby Mama’s that it’s impossible to take care of all those homes.
there's an old video of him being asked to name all his kids and he has trouble doing it and remembering their ages. 14 kids i think.
Parents that invest in their child's athletic future and potential play a dangerous game that could end up ruining themselves and their children.
The movie Hoop Dreams (1994) showcased this to a degree.
Having a lot of kids with several different women is the biggest problem. The women have a plan. Get knocked up, then get a lawyer for child support. That gets expensive quick. Not to mention most likely not having a close relationship and family together. I feel for the kids in those circumstances. I'm surprised after seeing years of examples of what not to do that today's athletes don't see that and avoid it. Just wear a rubber and go to town lol. Get the fun and not a bill for 18 years.
Check that, 26 years now!
Absolutely Jason. A new Ford Taurus is the perfect example. Where the Athletes go broke is going way beyond that and getting their parents a new Mercedes that’s an AMG series which costs 2 or 3 times the Ford car. And that’s just the start of it.
Thank you, gentlemen, for explicitly saying this is not a skin color thing. But a family structure thing I applaud you gentlemen thank you.
So why is it black athletes here in the topic, 70-80% of all pro athletes are black, so how is it not about them?
Kids don’t owe their parents anything but respect. My job is to raise my kids and take care of them. I brought them into the world.
Honor your father and mother is proper. Fulfilling their champagne dreams is not.
You DO NOT owe your parents for raising you, IT WAS THEIR JOB! Once you become an adult and they still help you, NOW YOU OWE THEM! You don't owe them but I think any decent person will help their parents if they come into money and their parents need help.
Amen.
If you can't buy your parents a $300K or so house not a mansion, then I disagree
@@alwayshappy6144 Every state except California and New York has 300k houses.
I agree that it’s more of a socioeconomic issue rather than a race issue but it just so happens that the majority of the NBA and the NFL are predominantly black and from single family homes. I also think that there is a racial component in terms of expectations. When white, Asian and other races talk about supporting their parents, it’s not predominantly a financial thing, unless they really need it, but a family support. Whereas it seems that these guys feel that help is given financially and the parent (usually the mother) has expectations of financial support.
Showing out as rich and flashing cash is sort of a hood behavior thing. Putting diamonds in your teeth and wearing 2lb gold chains is sort of a cultural issue. White guys blow their money on cocaine..lol
That's weird. I watched the NBA and NFL draft and most of the draftees fathers were there with their mothers. Heck, some of their parents are still married.
@@BryanC-kw1py fathers tend to suddenly appear again when their son gets drafted by the NFL...weird, huh.
@@quarantinetheater5612 . You sound stupid. Most of the fathers were there the entire time. Racist
@@quarantinetheater5612 Wrong again. Many of their fathers are in these players lives, whether its a biological parent or a step parent, married or not married. For most of these athletes, ts the male figure in their lives that keeps them in sports.
All NBA and NFL players are given a lot of financial advice, financial advisors, advice on sexual problems, women issues, legal issues, etc, etc, etc. Alan Iverson’s agent had his Nike sponsorship money spread out for some 20 years or more.
Reebok*
True story: I knew a black Jehovah's Witness. He and his wife ran a CPA firm with several accountants working for them. He also managed a few musical acts and athletes.
A very impressive individual. He would try to set up these young men coming out of college and manage their financial exceptions. Buy a domestic automobile for the mother or family instead of a high-end Mercedes Benz or BMW. Buy a nice home instead of a McMansion inside a gated community.
He would have the players for a year, losing them to another agent (and players /peer pressure), who would swoop in, telling the young man he could have it all and deserved only the best. I swear these agents have side deals going on with car dealerships, real estate agents, and jewelry stores.
Everyone gets a cut!
Baby Mamas
That's part of it
It's a mix between your last comment and what they said. And I do think that it's a black thing. Our value systems are crazy. We'll be living in the projects barely paying utility bills but making sure we are in the new Jordans and Gucci with a flat screen TV in every room.
It’s no just black athletes….Kozar is a perfect example. Sudden Wealth Syndrome is a real issue.
Kosar.
There’s nothing wrong with taking care of your parents. But there has to be limits. I remember Trent Richardson said that he basically blew all of his rookie contract on taking care of everyone who had their hands out for a piece.
Rare you see hockey players go broke. 2 Parent households and generally middle to upper class parents don’t want for nothing just the thrill that their son made the league. I understand coming from poor economic backgrounds w a mom raising them that you want to do the best for them. If they just bought them a normal safe car and a ranch or colonial home that’s not opulent that would suffice. I watched a group of black athletes talking about this. They knew nothing about taxes agent fees when they got their 1st check. They bought mom the house car and when they looked they hardly had any $$ left for the rest of the year. Shaq was one of the guys who commented on this. Bottom line I think the nba and nfl do a poor job helping 22 yr olds manage their money!
There is actually a hockey player named evander Kane who is in 20m debt and he is stil playing. Those guys go broke aswell but nobody gives af and ppl like you assume they don’t because the majority of the league is white.
Hockey players do go broke. The only difference is that you don't hear about it because their names aren't familiar in big media. Also worth noting that many hockey players aren't American. They're from other countries where bankruptcy court cases are not publicly available.
Any agent or advisor who doesn't tell their professional athlete client "put the first million dollars away, lock it up, don't touch it, and don't even think about it" isn't doing their job correctly, period. That should be the FIRST piece of advice that's given to all of them!
Like a Former 12 year NFL player told me."he worked at a gym with me as a trainer ".
He said" I'm 35 and this is the first job I ever had. I knew nothing about money my parents didn't know anything about money.
He'd get and spend it. Guess while we was bagging groceries and flipping burgers after school and during the summer he was at football camps.
That is an excuse, he is a grown ass man with resources to educate himself if he cared about it
I think that an athlete who has signed a contract that's worth millions of dollars should at least help their parents live a comfortable and secure life. That's exactly all that a parent is obligated to do for their children.
As we get older, not all of us can have the necessary financial security that life requires.
However, living in complete luxury isn't a childs obligation or needed by anyone in this life!
As a man that has worked all his life..starting at 14.. all I hope from my daughter is to take care of my wife… (her mom) if something happens to me…. Make sure she is comfortable..
I do know this from my days working as a tutor: many people cannot read numbers having five digits; they can be stumped with a number like 275,000, vs. 2,750,000.
People go broke because they have limited sources of income. They live beyond their means and have failed to aquire money making skillsets to keep money coming in from different directions. You must learn to trade and invest.
Ok. Financial wealth doesn't come from making more money, diversifying, etc. It comes from the spending side. Always. Very few can outrun their eternal wants with more & more money. But if they are disciplined spenders, they can retire in comfort, all while living a comfortable life along the way. But instead of staying at the Park Plaza for $800/night, they stay at holiday Inn for$125/night. The person making less doesn't stay at the holiday Inn, but the motel 6 for $69/night. It's all relative. There was a book called The Wealthy Barber, which was all about how much you spend. And this was when a barber made $5 per cut.
He’s not wrong about the money flow. But not only does black money flow backwards, it has to flow sideways as well. They have to take care of siblings, cousins, friends, neighbors, and people that come out of the woodwork, I’m quite sure. I don’t think white players get a tenth of the pressure that black players get from outside forces to spend their money.
I’m a single father that raised two successful kids. So let’s not just think that mothers are the only damn single parents raising good kids. The difference I see is black parents expect their kids to bring them along with their success. I only expect my kids to have success. Some Black parents seem to think their kids owe them something I never once thought my kids owed me anything but respect. I’m 1st gen Dominican./American just saying.
I heard a story about an NHL coach telling his recently drafted players to avoid becoming “nigga rich”. This was 30 years ago. Culture absolutely plays a role in most things.
My mom would be happy when I would send her Starbucks gift cards.
Because everyone in their families and those they know come out of the woodwork asking for money.
Maybe?
American black culture is a culture of graviational pull.
- Larry Elder
Middle class BM here. My wife and i always shake our heads in amazement at such stories. But key to this is that the majority of these athletes come from poor backgrounds and have no experience handling money or investments. They are surrounded by those that feed off them as well as stupid mistakes such as having children with multiple women. When you have no money, that expense is negligible. But when you DO, it is considerable and long lasting. Loose women target them accordingly. You'd think they'd learn from watching others around them, and some no doubt do. But many will always think they are different and so make the same mistakes.
Its the unreasonable expectations. The family members won't be happy when you buy them a pre-owned Toyota Camry when they aint even had a car when they call you. Plus, these athletes be getting taken advantage of by scamming financial agents who look the part.
As a Black American that went to Corcoran Prison called gladiator school in the 90’s all you have to do is look at our Black athletes on draft night the diamonds in there ears and the diamond watch! I took care of my dad and purchased many of my family nice used cars!!! Most do not talk to me and I guarantee most that they purchased things do not speak to them NOW!!!
I watched that documentary about gladiator school. They were throwing Northerners in the yard with Southerners and betting on them.
@@yankees29 that is correct I was raised in a Hispanic household as my mother had cancer my soccer coach I had from when I was 4 years old his son Gustavo was my best friend and I was raised as a Sureno and even to this day as my 2 kids are half Mexican they get on me for not liking Blacks! This is something that I have to pray on as in didn’t eat, play games or use a Black phone or even the Black iron on their side to iron my clothes for visits. By the way Yankees, Knicks, Rangers and the Jets are my teams I noticed your yankee handle 👍🏽
You can thank the agents for that. Its common practice for these agents and "managers" to dole out loans to athletes against their future contracts before draft night.
I don't feel sorry for none of them. Outside of the home, look at the money they waste on stupid stuff! Cars, jewelry, diamond grills, jewelry and other stupid stuff.
I usually agree with Jason, but if you are a parent and you are relying on your kids to support you while you are still in your working years then you are doing it wrong. Honor your mother and father, yes, but there is nothing honorable about looking to your children for support when you are still able to provide for yourself.
Great conversation gents!😉👍🏾👊🏾
It’s not just black athletes MC hammer had to declare bankruptcy after blowing millions of dollars
It's not just black folks in general. I mean this is just perpetuating the stereotype. It's athletes in general who go broke who don't pay attention to their money. They got to know when to say no
Nobody says it was just athletes
I saw a documentary about a WR drafted in the 2nd round. Getting his first check. In the first month he had racked up $ 300,000 in debt mostly on cars and jewlery and his girlfriend. He was not a top prospect. He made every bad decision you could make in 1 month. This was 10 years ago or more. I am sure he ended up Broke.
This problem isn't just experienced by Black athletes. Its experienced by all athletes who don't have financial education and people looking out for their best interests.
These players' parents are the least of their financial woes. The bigger problem is the players' reckless spending on cars, jewelry, women and the half dozen of so out of wedlock kids they are paying child support for. All rookies need to go to a week-long orientation where the host writes "100 million" on a board and then starts deducting taxes, agent fees, etc. to get to the net amount you will pocket from that 100 million dollar contract. Most players are clueless as about finances and would benefit from learning just how much they actually will pocket. This orientation should include talks from former players who have done well in retirement and players who went broke.
I don't care if my kids where a billionaire they will never owe me anything as there father they didn't ask to be here
Maybe they should get you some spelling and grammar tutoring.
Peep the Giannis rookie story how he had no money to get a taxi, freezing on the street in Milwaukee cuz he was giving all his money to his parents. Seems heartfelt but is a great example of probably why they were poor to begin with. Poor money management
Yeah well now he’s fucking rich as hell. But I do 100% get what you are saying. Don’t send everything to mama and papa you gotta take care of yourself as well. There is no way in hell that his first round rookie contract should have all gone to his family. It’s not like he got late round money he was a first round draft pick which means he’s got millions of dollars in a signing bonus. No way in hell you send all that to your family. Yes give them a little something but not everything to where you have nothing
It’s a disgusting level is narcissism on the parents to think they’re entitled to the fruits of their sons labor
Interesting conversation. Thanks.
Dont forget every distant relative coming out of the woodwork with their hand out
Why do they have to take care of their parents? I understand rewarding your parents, but it doesn’t have to be an ongoing process. I’d buy my ma a nice place too and a nice car, but I’m not giving her a 10k a month allowance! Or I’m not giving my homies gift after gift after gift.
Just say no. Help out those that truly assisted you through your development. But just because you’re related, GTFOH!
It's mostly extended family, homies and child support that do these guys in.
They don’t. But they’re families brainwash and guilt them into thinking they do
It depends on whether or not they are coming from Crisis or Comfort. People in Crisis tend to look for a savior. Someone to rescue them from whatever the Crisis is. When the athlete goes pro, there is a lottery effect which serves as the Savior from not only the monetary Crisis but from the emotional and psychological effects such as low self esteem and self worth which leads to extravagant spending.
Kids don't owe their parents, kid's never asked to be born, that was the parent's choice. If all these black kids are growing up thinking they have to pay back their parents for raising them, that's a reflection of their parents probably expecting it and reminding the kids of it every chance they get. Not good parenting.
This was a great episode. Very informative and needed to be heard 👍👍
So Dad dont get nothin. Wow. And for the record Delano youre describing what we call "son husbands"
Yuuuuup. These woman who didnt met a single OBLIGATION their entire life, not as a daughter, not as a mother, and not as a wife
These same people are going "remember son, we're family, you have obligations"
Ain't that a fucking bitch?
Did he stop the live stream? Where’s the hour show everyday
Probably took some time off for the holidays
Why should the son buy his mother a house if she didn't have one for him to grow up in?
Great vid. Informational and enlightening.
I remember when Philip Buchanon's mom sued him for the expenses of raising him.
I remember that too. He offered to buy her a 300K home, but her boyfriend wanted a 600K, like he was entitled to it or had a say in the matter for being her mate. His sisters were as bad as his mother.
I believe athletes hitting the sports lottery should also be coached on financial responsibility. No need to show off or give money away to everyone in the family. Help out but keep it simple. It’s sad there are athletes that made more money than I will ever make but are broke.
Lol all athletes have to go thought colleges and basically none of them taken any economics class is beyond me.
NBA and NFL have financial advisors for the players to help them. Sadly, many just want to out do their teammates with clothes, jewelry, cars, and don't see obvious gold digging women who are there to cash in.
Great program and very informative. I have known a couple of big time athletes through the years. I remember you from Pardon The Interruption when ESPN when they were great sports station.
Stop buying car washes, restaurants, and music studios.
Excellent information and discussion. If the athlete came from poverty at worst to modest means at best and the parent(s) are still in those circumstances, I think giving the parents a modest upgrade in lifestyle to a better house, a reliable vehicle (if they don't have already have one), and helping with medical expenses (if they need help) is all that is necessary. They are under no obligation to subsidize a lavish lifestyle for them and certainly not for able bodied siblings or extended family members.
Delano is the man. If you listen to him, he always makes you think about what he just said. I hope he is on more episodes in 2024 but due to scheduling, I know it is probably not possible. But I can hope. God bless Jason and Delano.
Loved the giggle when the clip ended. Very professional of him. Wtf
What is this nonsense. How many athletes go broke not because they pissed their money away on an exorbitant lifestyle, but because they were helping 'mom and dad'?
parent's house = 1 million. 299 million more = strippers.
Baby mamas
I don’t think it’s buying their mom a house it’s having a bunch of kids with different women. My friend has a daughter with a NFL player and she’s is one of 6 or 7 kids. One is rumored we don’t know for sure. Only one of those is with his ex wife. That’s a child support.
Delano hit the nail on the head regarding the critical importance of family structure. Jason’s correct about varying perceptions of need. Most two parent households above the poverty line feel “they’re good”. They don’t need or even want to be gifted material status symbols. They’ll encourage their wealthy adult child to invest their wealth, or as you say “put it forward”. The problem is most young black athletes signing big contracts are not blessed with these solid family histories and values.