Why NBA Players Go Broke | Ben Simmons
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- čas přidán 14. 06. 2024
- Recent news stories reported that Ben Simmons may be going broke. We take a deep dive to make our best guess on if Ben Simmons is actually going broke.
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TIMESTAMPS
0:00 - Intro
0:47 - Ben Simmons Forced to Return?
1:34 - Ben's $17.5 Million LA Mansion
2:23 - Ben's Mortgage
2:59 - Selling His New Jersey House
4:27 - Selling His Philly Condo
5:53 - Gilbert Arenas Nearly Went Broke?
7:36 - Tristan Thompson Cheating Scandal
8:03 - Drake's Hot Sauce Lawsuit
8:24 - The NBA's Unexpected Real Estate Tycoon
“I found the house on Zillow because it was the only house in the neighborhood with a basketball hoop that only received dunks and layups” 😂😂😂
ROFLMFAO, I love his humor
Gotta love his dry humor lol
That's all he has to do obviously to gain 30 mil! 🤨 Don't really see the humor.
Best low key roast I’ve ever heard. Almost slipped right by me. Shits too funny
This really made me laugh m too
Luol Deng consistently makes me smile. I'm super happy to hear about the guy's success. He was a class act on and off the court.
That man was the definition of a grinder in the nba
Born poor as hell. He knows what real poverty looks like and isn't trying to go back to it.
Props to him!
@@aboy6974 lol nah he just smart.
A lot of guys are born poor as hell but they still going broke.
Kudos to Luol
@@yvans. he was literally a sudanese refugee. Living in a dirt hut. Most players haven't seen poverty like that.
When the man is buying a new car every month it's almost impossible for one to feel sorry for him going broke.
If you're rich and you want a bunch of fancy cars, just cycle through long term rentals or short-term leases. Buying these cars is easily the worst decision you could make
@@BoxOfOranges84 or buy collector cars that go up in value, drive them only once a month for the kicks, and drive a toyota otherwise
They're young and dumb when it comes to principles
That part like why would you buy that many cars
If I had the money I will have to fight my urges. I would probably buy a 1 or 2 Million Dollar home in Dallas, TX or in Las Vegas, NV and buy a Lexus IS 500. Don't need more than that. If I can drive one single car for multiple years why do I need more than 1. I know it’s easy for me to say because I’m not rich but due to my rough upbringing I know exactly what to do and not to do.
I’m here for the gossip but I love how you ended it in a high note with someone who did the right things… keep it up
And for the community too 👌🏼
I loved this ending as well. Great video.
Not really fair to be creating this video based on unverified stories but content is king I guess
Reminds me of any redemption story, by Flemlo Raps.
A lot of it is peer pressure. I watched the 30 For 30 “Broke” documentary and they talked about how players get pressured to flex by their fellow players. If you pull up to practice and park a Corolla next to a Bentley, you get clowned. If you wear a basic suit while they’re in Gucci and Tom Ford, you get clowned. You’re expected to overspend, to buy dinner for all the boys, to go to the club with them, and you will be alienated if you don’t. If that’s the example you have set for you, it’s not a surprise that you’re going broke.
Better be actually good at what you do then. Most of those types of players don’t last.
That was more true for football, not basketball.
That’s the poverty cycle trap.
Player financial culture sounds really bad.
John Stockton is one of,if not the best point guards in the history of the NBA and they said he used to pull up to the stadium for home games in a mini-van.Stockton has been retired for about 20 some years and still hasn't gone broke.Never seen him dress flashy or wear any jewelry but he has the respect of everyone he ever played with....All that flashy sh*t is just a bunch peacocking and the jewelry industry is a scam anyways....
Spencer you should look up former Detroit Lions safety Glover Quin, he invested 70% of his contract. What he made in 8 years in the NFL, he made close to the same in 5 years of investing.
Always invest so if you make it rich so you can make a ton back and actually buy that rari and lambo
I know a couple years ago there was a lot least one player who insisted on being payed partially in Bitcoin in the NFL. I cannot remember who it was, but that was a solid choice. This was when BTC was still below 10k.
@@JayBigDadyCy so back in june 2020
@@JayBigDadyCy Haha dude wanted crypto but didnt know how to buy with a wallet so he pushed it into his contract. =p
@@JayBigDadyCy odell with his rams contract and an Offensive Lineman before that I believe
simple answer: they focus too much on shooting off the court than on the court
*scoring
@@carboy101 both. most are thug scum
Ben Simmons focusing on shooting ? I don't think so lol
@@chance2413 Racism because of jealousy. Pathetic.
I know some people who are friends with luol deng, he runs with a good group. I've never heard a bad thing about him. Nothing but generosity, Goodwill and activism from that man. He's a treasure to Chicago
He's in good enough shape to travel, date, propose to a woman and generally living it up, and yet he's trying to sell to the world that his mental health issues are preventing him from reporting duty or practice in the gym? Come on
I don't know ben to say whether he's being truthful but anyone can struggle with mental health
@@pepsusser dude is ready to have half his income stripped from him by a woman for any reason, but practice and extra effort? NO WAY MAN, MY MENTAL HEALTH BRO!!!!
It’s is mental issues . He couldn’t take the heat after he got called out during Achilles playoff exit for being crappy on offense
Half of the world are struggling with mental issues every single day and they are still working and fulfilling their contractual obligations. He won't win in a court case for damn sure
@@Saixjacket he's literally being self destructive, spending poorly and doing impulsive things. Doesn't seem like he's in the best state of mind. I don't agree with what he's doing but it would make sense as a lot of people try to cope with external gratification and avoidance. Dude needs help
Isn’t Ben Simmons also being constantly fined by the team for missing all of these games?
Yes he is
loses money from not holding up to his end of the contract
They recently put it on hold cause he got engaged lol
he was already fined at least 10m up to this time.
It’s more he is not being paid his contract, but they do it through fines. Technically hes not making or losing money. Just not getting any
"i found the house on zillow because it was the only house in the neighborhood with a basketball hoop that only receives dunks and layups" you a certified menace spencer🤣🤣
Oofff, Headshot !!
Dude you talked about athletes getting in financial trouble with child support, the biggest doozy I ever remember hearing was Travis Henry. Running back with a somewhat successful 6 year career but also had 11 children from 10 different women (and really those are just the ones we know about) leaving him to pay over 170 grand a year in child support even after he stopped playing.
This is where good parenting comes in. My parents made sure we could manage money from early in our lives. Commerce was studied at School, where we learned all about taxes, managing companies etc. I took finance related subjects as major at Uni. I have a healthy relationship with money.
You have Survivorship bias. Tons of stories out there with great parents and the kid ends up in prison anyways. Your experience is yours does not make it a guarantee in real life.
That's what's up. I didnt have any of that. My parents didn't do or teach me or my sisters anything. At all. If they gave me a dollar growing up I thought we were balling
@@lombardo141 facts
You don't even need to have had a financially sound upbringing when you come into wealth. You just need common sense to turn the money over to a financial advisor. I've always believed it to be a common-sense issue.
@@finishline6298 I took a finance course in US high school.
Why NBA players go broke : they date Kardashians !
Thots in general
Earning money is not enough. The ability to manage it is just as important.
More important
Management is important but I just wanted to point out that EARNINGS IS THE MOST IMPORTANT PART. Example shaq could spend 9 mill and invest 1 million. Just 2-4 years of doing this he will have made the equilateral of AVERAGE INCOME for almost 1/2 the entire population!!!!
*People may question how did Deng make so much money in the NBA, but you definitely can't question why he'll be one of a small group to make exponentially more outside of the NBA. Shoot, sports as a whole...* 👏
Yet it is not 'hard' to do what Deng has done. These athletes have access to smart guys like Deng's partner or Rich Paul. But they ignore these dudes as they would rather surround themselves with ratchet people who'll take them to the strip club & get IG chicks pregnant. When they do try to wisen up & 'invest' their cash, they'll be inevitably be drawn to the hustler or ex-con who'll obviously swindle or mismanage it.
Aren't the Lakers still paying him?
I had no idea deng made 150M.
Why would they question how he made as much as he did in the nba? He was a great nba player
Thanks for not just focusing on the negatives and sharing Luol Deng's story with us and not just focusing on the athletes that made bad mistakes. He's a great example of what people in his position should do with their money. You can do good and make some money at the same time. Everybody wins.
The average NBA player lasts 5 seasons with a mean salary of $8 mil, median salary of $4 mil. Just because the stars make generational wealth, doesn't mean most will. These are the stats they should show these players at the combine.
8 million dollar invested well can go a long way. Certainly will buy your children the best training and education possible without having to work a day.
@@thunderb00m most athletes and musicians and movie stars are idiots and they are suddenly thrustsed into wealth
@@darryledxavier6392 You could broaden that to state most people are idiots. The fact is anyone can use hindsight to state what someone else could have or should have done. Many can use foresight to actually execute those things in real time, but FEW actually do give maximal, committed effort in a discerning way to prosper, regardless of wealth or education. Successful athletes and musicians utilized hard work to get where they are to the level most of us will never achieve. We all have vice and are all human. If they want to enjoy their youth, let them. Why do people get so butt-hurt about it?
@@thunderb00m To live the rest of your life with $8 mil pre-tax would require ridiculous investments, highly lucky returns, btw. The stock market for most is basically poker, just another form of high-end gambling. Long-term, sure, but you don't see that money for years in a 401k.
@@cameronno6039 never said they aren't hardworking or talented just stupid alot of people are really successful but are stupid when you look at their lives and lifestyle especially money
If players are still going broke with so many of them making $100m+ lifetime earnings, there's no saving them.
You saying I can't?
Yup, if I made $30mil in one year, 90% of that is going into properties and investments… never have to work another day in your life
rarely do players go broke anymore especially guys who have played 10+ seasons
@@marcelohendrix6139 mmm not really because many forget that retirement will come in a flash. If they earn a 1 million a month just as an example, many spend it all in a month. They forget taxes and all.
@@MB-nb7yq who is broke then
imagine being good at sports
imagine being good at anything lmfao
Lol
I grew up in a family where money was always a problem even though my father was in the top 20% of income earners in my country (six figures) but he always blew off his money on some of the most useless stuff. Cars, cars, more cars, watches, antiques. When he passed away, he left barely enough money to pay off his debts, and my family was left with nothing. My mother got nothing, and my other siblings sacrificed their inheritance to give it to my mom who then found out that my dad had left more debts on land that he bought and she had to use that money to pay it off. I had barely enough money to goto uni, thanks to some of my siblings willing to fork up and give me money, I could go. It was also a public university so It was subsidized which helped a ton. I watch your videos and learn about personal finance from my brother who works as an accountant so that I don't make the same mistakes my father made. Even though he left a lot of debts behind him, I always loved my dad, he always smiling you know, the dude was my dad, I would have never existed without him. R.I.P Dad.
ur dad was a worthless human being, very selfish
@@JohnDoe-kx1yt he wasn't perfect, but humans never are. But, when you lose someone, that's when you know what their worth to you. I would trade everything I have and will ever have just to see him for a second. Maybe one day you'll understand.
woow, thanks for sharing such a vulnerable story with us. ✨I’m sure we can all learn some beneficial tips about finances and saving from Spencer xx
Your dad taught you a lot. Obviously you’ve grown aware of that now.
@@JohnDoe-kx1yt most people are very selfish.
Great video Spencer, love that you bring up the smart and "lesser" know professionals with their success stories - as someone who does not know athletes beyond the BIG name players, it's cool to see that some actually don't squander and waste away their earnings from their talents. It feels insulting that an athlete will make 100x in a couple years to what I will make in my entire life of working only for them to blow it moronically.
junior bridgeman is a good one
@Samuel Fagbemi neither will you
@Samuel Fagbemi I guess many of those elite gifted players aren't very 'gifted' when it comes to money.
Crazy. Not to be judgemental, but what do people do with 10,000 sqft mansions? How many bedrooms and bathrooms do you need? That's very unpractical and tiring to keep up with. Plus he didn't buy it in a flamboyant or fancy city like LA, Miami or NY, where he could "easily" sell it when he gets tired of it or moves away. Regardless of how rich I was, I wouldn't go beyond 4,000 sqft.
However I still understand that the euphoria of having insane amounts of money at such young age could get the best of you.
It's to show off. Most humans are fine with a few rooms for themselves and the rest of the mansion is to win pissing contests. Most personal rooms in a mansion are the square footage of duplex housing.
I always wonder about this? ..... Enough bedrooms for 3 guests and some amenities should be more than enough.
@@miffafia93 yeah right? I agee with you. That's so much more than necessary. He likely bought it to host big parties as well.
I’m sure Ben will see this. If he does, here’s a simple approach to growing wealth. If it doesn’t doesn’t bring money it’s not worth buying. I own a simple business, screen printing t-shirts. The income was okay but payments would come in late so I almost always had a cash flow problem so I bought sewing machines and expanded into full production. I then opened a shop where I sell one product...blank t-shirts. I sell them for $4 per unit and push bulk and now I’m okay on cash flow. Instead of relaxing and spending money from these two businesses I combined those two incomes and saved up for a large format sublimation machine which arrived last week so now I’m moving into my third stream of income...sportswear. I’m also about to build a warehouse to work from home, after that my next target is getting a weaving machine and actually make the fabric while outsourcing dyeing. I realized it’s easy to make more money if you invest in assets and ventures that bring in income on top of income. I will never drive an expensive car. I drive a Mazda 2 while my mates drive 160k usd Mercedes. I’m in Africa
Great example mate. You think long term and building sustainable income streams. Yes, the mercedes is the better car, but the mazda can get you anywhere too.
Excellent.
I drive the sister car, Ford Fiesta. They're great cars, and you don't have to worry if you get it scratched or dented because it's cheap anyway (unlike your friend's Mercedes).
Just remember that Jeff Bezos was still driving his Honda Accord when Amazon hit $1B market valuation.
ben simmons has a financial advisor, accountant and is managed by klutch people who are way more qualified and experienced than you.. if you believe the article of him blowing his money then you can’t be helped. he’s making better financial decisions than you
You’re right Spencer, we wouldnt mind if he went broke lmao
Keep up the great videos!
Worst fans in sports.
@@pigs6486 this is a dude that takes more than he gives, no sympathy.
@@jessecontreras447 well he got robbed of a DPOY award and shut down Trae from games 2-7. Philly hate is so blinding. Who's the idiot who guarded Trae in game 1? Who's the idiot who gave Tobias Harris $40 million a season? Who is the most overrated coach in the NBA? What's the excuse when you lose in the first round again?
@@pigs6486 Ben's a stone cold loser
@@TheKaijudist cool story.
I loved Loul in the NBA. I would say never a superstar but an integral part of the team, a difference maker for a championship team. To hear what he's doing now, that's amazing. My full respect compared to someone like Antone Walker or A.I.
Overseas mentality versus the typical Americans living the "American Dream".
This was a well done video. Great flow from start to finish. Ending on a high note was a nice touch!
Spence thanks for the hard work researching and putting these together I know it’s a grind. Love it
I enjoyed listening to the guys that are doing it right and are successful. Would love to see a couple more of these.
About Luol Deng, the guy is not American. American players are spoiled about flexing every dollar they earn.
yes. he is also very active and supportive of people in South Sudan and his Dinka tribe. His father was a politician and his mother a doctor, this is not the common background of most basketball players.
Ben is from Australia though
I love the way you break down numbers to find non-trivial insights by mixing publicly available data and domain expertise.
Looking forward to catching up soon! Need to give you an update on our 5 year business challenge. Hope you've had an awesome 2022 so far 😁🙏🏾
My favourite series! Keep up the great content Spencer
Been waiting on you to bring this series back for the longest! Please continue this in addition to he guru exposals.
I love hearing about athletes and money! My favorite content Spencer!
Glad this series is back @Spencer.
I missed this
love these types of videos and topics. thanks Spencer!
Loving the educational tone and the highlight at the end. Glad you're sharing your views and style, Spencer, it's needed in the world these days. (It's like no one realizes they need to learn budgeting skills, so odd. I went to an older friend, who happened to be a financial planner, immediately upon moving out on my own at 17, and showed him my budget and asked for any advice he was willing to give. He said I budgeted better than most of his adult clients and he wouldn't change a thing, but WHAT IF I Hadn't had a knack for budgeting?? I wouldn't have known without asking, yet people be growing up all over the place pretending to themselves budgeting wisely isn't one of the MOST IMPORTANT Choices in allllllll of LIFE!! Wild.) Keep it up, White Boi Spencer, you're of great value❣
Crazy how much talent Ben got but is unwilling to get a jumper. I still got mans in my IR spot for fantasy doe 💀
I've been dying for another video this one came in clutch for me.
HES BACK!
Been missing these vids Spencer!
Love from FSU!
I enjoy watching your videos Spencer. Makes me take a step back and realize it don't matter how rich you are if you have bad money management skills you won't last long.
When someone says he’s “Cash Flow Broke” that doesn’t mean he’s out of money. His expenses are just much more than what he brings in on a monthly basis. With adjustments he can be extremely comfortable. That’s all the reporter was saying. He didn’t say he was “broke”.
missed these so much
Keep this series going!!
Spencer has any athlete ever come to you for advice yet? I feel like you could help a lot out
It still always amazes me that this still happens. Why can’t they learn from the past mistakes of other players.
Honestly glad I watched till the end. Thanks
Congrats to you for actually making a channel. When I heard you talk about Ben's mortgage reminded me you don't really have to know how things work... What you do me to do is make the videos and you did that so enjoy
Short Answer: Too much simping & lack of investments.
Long & More Detail Answer: This video.
FACTS. NBA players are the biggest SIMPS & High Value targets for the IG thots.
If i got that much money i would buy a house for around $1 mill, 2 or 3 sports car then invest the rest of my money
Love the vid man great explanation
Another great video, Spence.
You nailed it on this one Spencer! So many players could use a Spencer Bootcamp on building a Real Estate Portfolio
In my fin lit class a few years ago, we watched a documentary athletes, including a lot of NBA players going broke in their career or just after it. It’s crazy how stupid these players are. Instead of focusing on future opportunities and profit, like you said, they just buy material items that will give them pleasure for a short amount of time. These athletes need to be taught real-life skills
That joke is what got me hooked on you man. Good one. Great content. Very entertaining
Preach Spencer, fantastic video
I just don’t understand why he has so many houses in such a tight vicinity 😂
Because he cares what people think
You want to look like a god in your own city, simple
As a avid sixers fan, this made my day Spencer
Always love your videos. It should be on the NBA player induction
Great video as always 👍🏽
i'm glad my parents taught me to be financially literate, and not to spend money i don't have to buy things i don't need to please people i don't like...
A 6’11” basketball player owning a Porsche is hilarious. That’s a one-man clown car act.
It's a 918 and it's probably custom.
Very insightful
Excellent, once again.
I'm happy to see you doing again, "why athletes go broke".
Most MLB and NHL players don’t grow broke.
@@JHockeyFan I don't know about the MLB players but I can say NHL players from Canada were for sure taught the basics of money management in school and even as an International Student in NS they show us how to do basic money management during orientation!!!!
@@donaldlyons17 NHL players and MLB players make very little money until they become stars, which most don't. Almost all the North American MLB players, and basically every NHL player grows up upper middle to upper class, so they generally know to not give away their money.
Ben Simmons has as much passion for basketball as the kids who hid in the back in dodgeball.
Typed in NBA and u popped up lol sweeeeeet I'm always waiting for your vids anyway lol
Awesome advice 👏
Hey Spencer, Earned Income for Professional Athletes are taxed @ the rate of each individual city they play. Since they play about half the season @ home, only the home games would be taxed @ that rate. The away game varies depend on where they are.
So for Gilbert Arenas roughly half of his income was subject to California taxes. But the rest varies depending the city and state he would've played in.
Some say that athletes in Cali ultimately see less than 50% of their salary so the entirety of their situation balances out to an easy 50%. Whether it's 50% or 53% is inconsequential imo
The positive ending was amazing
Love hearing what Deng is doing!
i love how Spencer breaks down everything
First time on your channel I admire the fact that you don't come across as judgemental or that you're shaming people for bad choices... You seem to genuinely care and want people to be as financially literate as possible...
I think a lot of this comes down to these players being born poor, in housing projects or lower middle class areas (at least that's what they always tell you) and they see the local drug dealer or pimps riding around in Mercedes or Escalades and they see other players on TV and that becomes what they think they have to do to make it. They have to have all that stuff to let everyone know, they made it. The other issue is entourages. Most of them travel around with a posse of guys that do various things for them and get paid a lot of money. They themselves didn't grow up with any education about money so they don't know what to do with it once they get it but spend it. The entourage is just as bad if not worse. Using their friends name to get themselves things and then having the player pay for it. You see that too. Ego is also huge downfall of these guys. They can't get that ego in check and have to show off.
Cap
I'm pretty sure Ben simmons grew up with a good family
@@7Kibz bro grew up in Australia this dude is reaching to the max
I’m from Australia and Ben Simmons growing up would’ve been considered upper middle class due to his sporting connections from his dad.
@@longsma7319 What they’re talking about still applies to other players, so it’s not a lie.
Wow.. Great vid my man.
another great video!
It’s people like Ben that makes you wish you could switch lives and do it better lmao
But the reason why you know what you know it’s because you and Ben lived different lives. If all your life you where told you are the man and are given millions to confirm that fact chances are you would end up like him. Being good with money believe it or not is not normal. 🤷♂️
@@lombardo141 Yeah ben is a phenom at a young age and from what I remember he at worst is a middle class kid because his father use to play hoops in Australia,so his perspective maybe a little different to person who didn't grew up that way.
This video feeds into many stereotypes without addressing the opposite side of the story - Tim Duncan and Kevin Garnett were robbed by the same financial advisers, Micheal Vick was a victim of a ponzi scheme and many of these players come from extreme poverty. Gilbert Arenas was robbed by his financial adviser also - and he said it in the same interview you used a clip from.
Super glad you included Luol.
Jeez your videos are insanely good
This happens to NFL players too. You get surrounded by people serious money and feel the need to spend like they do. On a different level, you see this in the military as well. Both types are young men that have never had a good paycheck & dont know how to build wealth. Its promising though that it feels like this younger generation is starting to prioritize saving & investing - very promising!
Drake was not going to get Brittany Rennered.
Great video
love your commentary on sports figures..
Spencer please read The psychology of money and make a small review video. A lot of what you say is in the book and would definitely help spread the message of financial literacy and investing. love your content stay awesome.
Damn bruh you a rookie at this.....Just find the brickhouses with a basketball court that has no three or free point line 🤦🏽♂️
Spencer with another banger
Love these videos
Ben Simmons is a Beydah male! He needs to forgive his momma, wouldn’t you agree Jesse?
He’s not going broke, his contract is guaranteed, all he has to do is return to work or be traded. Also, as long as he avoids a career ending injury, a second max contract is certainly on the way. People forget how young he is.
Yes his contract is guaranteed. But the fines he accumulate he is not getting back.
He can’t shoot in a shooters game. Obviously the NBA is loaded with cash, but I wouldn’t give a max to a guy who’s scared to shoot and don’t seem to have the intent improving that part of his game.you’re right though he’s likely to get another max contract.
@@danlouie352 he can lose every dollar from this year and it still won’t matter. Go look up his contract
After the stunt hes pulling if you think he’ll get another max if philly cant move him; you got rocks in your head boy
@@nicholasfrancis2627 lol you must not know anything about basketball man. The guy is a generational talent at the PG position. He’s getting a max
Spencer.......these athletes need to hire you......It's sad to know they go broke so fast, they're not educated.
I miss these videos about athletes Spencer. Would love more but I'm watching ur content either way
Great vid
great content🔥
I've known Luol since we were both kids in Croydon UK. He was a solid guy back then. Him and his family were lovely down to earth people. Good to see he's still got his head screwed on even after the success
Spencer be roasting so casually and straight forward
When I worked at Met Life decades ago, we were in a seminar with one agent who worked with the NY Giants. He advised them to put large sums into annuities. When you no longer can play the game you have to have an income. That was a fundamental to insure that future income is a reality. The rest of it, do with as they wish. But at least when they cannot walk out onto that field anymore, they don't have to worry.
Philly native here, great vid Spence
I really.like your analyses of things, Spencer. You are a fair minded dude: not too harsh, not too soft.
This is a cool video concept! I had no idea that Simmons may be hurting for cash.
It's crazy how much I've learned and I haven't even watched the whole video yet