The Difference Between BLACK & WHITE Kids In The NBA 💸
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- čas přidán 20. 10. 2023
- Gilbert Arenas Speaks on How Culture Effects the Generational Wealth of Black vs White NBA Players as Gil's Arena Discusses the racial norms that encourage black players to move their money back while white players save it for themselves.
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My mom told me " No one will send you to the poorhouse quicker than your relatives, When they say borrow, they really mean GIVE"
💯
Why not say borrow if they dont mean borrow
@@user-cp4kc2zi9cu gonna give them ur money if they don’t say borrow?😂
Factsssss
And you need to put no in your vocabulary
Problem is you don't need to spend 2M on your parents to take care of them (especiallyin the beginning of your career). You can spend an awful lot less than that and still give them a great place to live and be safe.
The problem is when the supposedly "taking care of your parents/family" meets the flexing part so everyone has to get a villa, everyone has to get a Ferrari, etc. That s how you waste milions
Exactly what i was thinking.
$300,000 sounds good off the top of my head. Not 2m lol
Exactly, then when they buy a car it’s a $150,000 car instead of $20,000
That's why the biggest inequality here isn't ethnicity (even though culture has an influence on financial habits).
The biggest inequality is financial:
Being financially smart (having good habits with your money) is usually taught.
If you grew up with wealthy parents, chances are, they learned how to use their money to make more money, and gave you basic advice.
If you grew up with enough, you don't need to flash anything to anybody.
A person born wealthy does not care much, and has nothing to prove. It's normal for them.
But give a kid a grew up poor a million dollars, regardless of his skin color, he'll likely spend the money quickly and not invest much of it, unless he's well-advised and surrounded.
If he does not spend the money to help his family, he'll spend the money on dumb shit anyway.
And who can blame him?
He does whatever he wants with his money, he makes mistakes because he's young, and he enjoys it. Cool.
But he could do the same thing (albeit, a bit more slowly and lowkey) while never having to worry about money again, and nobody is there to teach him.
That's the difference between the young Athletes/Artists/Influencers, who acquired wealth relatively fast without any specific financial knowledge.
That's also how some of them are getting ripped off by their agents, or majors.
I think Tony Parker has founded an organization that helps young players with their money and investments for that specific reason.
Bro if your parents raised you, you just paying back don't be ungrateful, the first thing you NBA players do is go to the club and throw money to the strippers, I would take care of my mom within a budget that make sense, and eventually after the 3rd contract I will move her into a better situation. Don't be ungrateful!
I think the problem is less about taking care of parents/relatives and more about how you do so. Athletes can take care of your family without giving everyone top of the line accommodations. Give people a safe place to live and work, but spend in a way that allows you to save money for the future
A modest suburban home is definitely doable. No mortgage, no problem.
The blk community also doesn't respect academics but April will talk to the black nerd and be set for life. The black community also doesn't utilize life insurance, that's what actually gets moved forward. Not savings. That's for the parents retirement.
@@Marcus-kc9wc Nerds of all races complain about rejection. Teen movies were built around rejected white nerds. We don’t need the bitter Black nerd arguments.
You're right, but the issue is that most don't understand finances like that. Their agents have no incentive to guide them because they profit from loaning the money.
Theyre absolutely right. Black athletes are taught to push their money backwards
Thanks for acknowledging that most active players aren't from the hood. I don't know why that myth persists in some NBA circles. This isn't the 80s anymore. Many players are the children of former collegiate and professional athletes.
The early 2000s is when it REALLY started to transition from most players coming from good, stable environments.
It's to keep that narrative of "poor black players who had to struggle for bread" alive. it gets sympathy.
@@YouReallyDontKnowfacts because most players was still from the trenches in early 2000s
We exiting or transitioning from that. In the 2000s rookies were still from the hood. Hill n Bryant were called Rich kids. Melo n bron from hood. In the 2020, less from hood now.
@@YouReallyDontKnowyes. Maybe even the 2010. Cause 2000s had HOF coming from real hoods. Things better now
Hm. Kenyon got 15 million on his rookie deal - that is more than enough to take care of your parents and build something. A two income middle class household averages what, 80-100K a year. This is insane. There also are clips on line of Gilbert explaining the night he spent 50K in a bottle war, or about the night he threw a million dollar party at the all-star game. Hooray for anybody who makes it to the NBA. It is impossible to get there. But the salaries also are totally out of touch with regular life. If they blow it, who is that on? Come on.
Exactly its the lifestyle that they live is y they thinks its not alot of money. Like that money would last forever if u lived like a middle upper class salaried person. Use 99% of it to invest. But they dont, they buy shit to flex
Although athletes do tend to make silly purchases, there's also Healthcare cost after their playing years, divorce, corrupt financial managers, etc. Essentially, not everything is in their control. And most 19-year-olds, especially those from poverty, know how to manage money nor do their families.
@@ExposetheManosphere some athletes are buy multiple cars, multiple houses, they have no idea how to manage money
@@anilgopieyou broke nobodies be experts I swear😂😂😂
@@Louisianimal-225EBRtalking like you aint also a broke nobody😂😂
This is the perfect example of why some groups don't/can't build generational wealth. The priorities are skewed. Instead of spending 2mil on your parents house buy them a "nice" house in a good neighborhood if they didn't have one already, don't buy them a mansion. Learn the word no, explain to them I'll help you but I'm planning for the future as well as helping the past. Let them know there are three pots the fill, the past (parents), the present (themselves) and the future (their kids).
Easier said than done. Remember these aren’t grown men making decision but 18-20 year olds. Their parents still have that hold on them like theyre kids and some people don’t want to let their parents down in any sense. I agree with you parents don’t need the big house but we need to take real life and real emotion into perspective before we demonize these guys for splurging on their parents.
@@BasicName02I agree, but again 99.9% of the 20 year olds have to go through their own mistakes without having millions of cash fully available to do them. Dumb is still better than being dumb and poor.
Great point Kenyon….don’t expect your kid to take care of you. YOU had your chance, if he or she does that, let it come from their heart and not be expected to👍🏾
To succeed in life as a man you need to be 100% selfish 0% generous. Once you succeed and comfortable then you can go 90% 10% or 80% 20% but never above 75% 25% EVER. To maintain yourself. No matter the outcome. You will lose friends family lovers in the process it’s inevitable. There are no easy way to make hard decisions. You got 1 life to live. Life got no empathy no sympathy no remorse no feelings no heart no soul no nothing it’s just a simple balance of natural selection through survival of the fittest throughout history with any living organisms on earth. So never make the mistake of morality. Morality means nothing at the end of the day. Your morality will comfort your feelings but not your purpose. Never ha e we seen a successful moral person EVER in history. It’s their lack of that got them to succeed in the first place .
Money conversations are always worth having. Regardless of who's having them. So this was a good topic for them to touch on.
A normal house costs like 500k. You ain't gotta buy your parents 5mill houses to take care of them. A nice car is 50k you aint gotta buy them 300-500k cars. You need to learn to be responsible with your money but you still have to take care of your family and parents. It's not about getting their respect or love but as a man you still have to take care of them but also draw a line between wasting money and providing for the family.
Your statement is so accurate. There is nothing wrong with sharing your wealth with your family in a smart way. I'm pretty sure Gil spent more money on strip clubs and prostitutes than the cost of a modest house.
Y’all have to put things into perspective. What’s a normal house? Location of where your family lives is also important. For an example if you’re from a big city. Houses are expensive, more than 500k.
I’m not saying there isn’t smart ways to go about it. But y’all in the comments make it seem as if it’s so easy to manage your money when you have multiple people you have to look out for. It isn’t easy.
I thought investing in real estate is how you create wealth since it appreciates with value. It doesn't matter if it's a house for your parents or for yourself. You can set it up to make sure your real estate investments stay within the family. Have you ever heard of a trust? These guys make millions, so purchasing a house shouldn't even be up for debate. Now, spending money frivolously on cars, clothes, hoes, and your homeboys will blow through money real quick. There's another video where Gill said he spent $50k on bottle service to compete with a club promoter. Now that is some silly shit, but he doesn't seem bothered by that.
Anonymous professional athlete here and I love this comment! I bought my mom a 450k house(that’s in my name). And I only have 1 car(2017 Mercedes). Been a pro for about 10 years now. The only thing I put a lot of money into are properties. I got investments in Canada , US, and overseas. When I was younger I used to always went to flex and show ppl that I had money. Thank god I grew up and realized. That can put a huge target on your back. Not only from your family , but random people. Living a lowkey life is the way to go.
Bro Im Nigerian and the mindset is so much diff between our various communities than one would think. If you Nigerian you for sure doing what you can for your family - but THEY would have also put in the same before you ever made It's not zero-sum like Gil is saying - of course, you don't sacrifice savings for splurging (for you or your folks). But if Zo is investing in the family business, that all comes back down to him under the will anyway. Nothing wrong with the approach of making sure your Grandma is not suffering, you just have to be balanced.
These conversations are pretty legit. I like the topics.
Should be:
1. Find a reputable financial advisor and accountant
2. Pay any outstanding debts, especially high interest payments
3. Finance family hardships, IE health issues, or severely financially punished
4. Invest a larger percentage
5. Go HAM
If Gordon Hayward grew up in a trailer park, he wouldn’t even think about leaving his parents there after he got drafted. He’d lift them up. He may not have that burden with the world being set up for his parents to already have it. His parents would definitely expect him to lift them up if they didn’t have it though.
Facts im taking my 10%
How come yall never ask the question what the hell were my parents doing with their life and finances before I was born before you make any obligations to giving large amounts of money to people who seem to not have an understanding of it
@@YoBankaccountformyparlayI am with you here. I didn't ask to be born. Thank you for keeping me alive, fed, and clothed because that was YOUR job as a parent after all. No one makes a person have kids. It's our jobs as parents to help our kids become better than us. Not to tax them on their success for raising them. We should encourage them to learn how to use their money to take care of their future kids not us.
But that's just my opinion.
It reminds me of kid actors. So many of them are used as cash cows to supplement their parents’ lack. But Mika Kunis’ parents refused to take a dime. They saved all of her money that she made as a minor and still don’t let her buy them extravagant gifts now. She talked about it in an interview.
Too many people are just greedy.
To succeed in life as a man you need to be 100% selfish 0% generous. Once you succeed and comfortable then you can go 90% 10% or 80% 20% but never above 75% 25% EVER. To maintain yourself. No matter the outcome. You will lose friends family lovers in the process it’s inevitable. There are no easy way to make hard decisions. You got 1 life to live. Life got no empathy no sympathy no remorse no feelings no heart no soul no nothing it’s just a simple balance of natural selection through survival of the fittest throughout history with any living organisms on earth. So never make the mistake of morality. Morality means nothing at the end of the day. Your morality will comfort your feelings but not your purpose. Never ha e we seen a successful moral person EVER in history. It’s their lack of that got them to succeed in the first place .
I’ve heard plenty of athletes say they’ve gone broke due to being conned by business partners and managers, gambling, addictions, vices, but I’ve never heard a player say they went broke from buying their parents a house.
Cause it doesnt happen. Kenyon is an ignorant old man. Kenyon was born in 1977 meaning his mom and dad were more than likely born somewhere between the 40s and 50s. By the time he made it to the league transversely his parents didnt have nearly as many opportunities as he had. Id rather not listen to any celebrity or athlete speak on money because 9 times out of ten they cant tell you anything but how to lose it
This whole conversation is ignorant
To succeed in life as a man you need to be 100% selfish 0% generous. Once you succeed and comfortable then you can go 90% 10% or 80% 20% but never above 75% 25% EVER. To maintain yourself. No matter the outcome. You will lose friends family lovers in the process it’s inevitable. There are no easy way to make hard decisions. You got 1 life to live. Life got no empathy no sympathy no remorse no feelings no heart no soul no nothing it’s just a simple balance of natural selection through survival of the fittest throughout history with any living organisms on earth. So never make the mistake of morality. Morality means nothing at the end of the day. Your morality will comfort your feelings but not your purpose. Never ha e we seen a successful moral person EVER in history. It’s their lack of that got them to succeed in the first place .
i think the nuance of the conversation is take care of yourself before you take care of others. make sure to set urself up and not live above ur means. most of these athletes think their money is limitless, and cash will keep coming in if they work. but an athletes career is so unstable and short. U need to set urself up for the rest of your life. But thats not the glamorous thing to put in social media, its not grabbing headlines. which is sad
Tyron Smith who is a O-lineman for the Cowboys had to cut his mother off because she was spending his money faster than he could make it (he was a first round draft pick). He had legal help because he was 20 when he got drafted.
Bro, NBA salary is more than enough to take care of your family and invest in your future. The only difference about black athletes (actually not really about race but coming from poor background which happens to be Black people most of the time) is that they also feel the need to bring everyone else with to their level. Too many groupies/entourage that would leech off your success. A white athletes friends are for the most part well off white dudes as well and there's no need to provide for them because they can do that to themselves already. When you're poor and suddenly becomes rich, you would like to try everything that you never experienced when you were poor so you tend to overspend while a guy from a well off background wouldn't feel compelled as much. Just my observation.
This is a good point 💯
Clear and clean ! 👊🏾😎👌🏾
And that's the real reason why athletes like AI and Tyson become broke. There is no reason to give your entourage houses, cars , personal chefs, jewelry, etc
GREAT CONVERSATION!
I love Kenyon Martin's wisdom right now. He speaks as a man who has truly walked both worlds and can really tell you what it's like. I appreciate his take as well as Gil and BJs.
Need more topics like this from you guys!
Parents should be rewarded for all of the work they did to get you there. Idk how anyone can have kids and think otherwise, it’s insanely hard. Cousins and friends? No
For friends and cousins, it depends on the circumstances. If it a Jimmy Butler type story where his friend and there family literally helped bring him, then yes, but other than that, you’re right
"should"?? NO, lol. It'd be nice if your kids took care of you but that shouldn't be their responsibility.
Being a parent most of the time is a choice and a normal parent should raise their kids right, it shouldnt even be a choice to either raise them right or wrong, you raise them right.
@@CartmanezPlays wait till you have kids. You’ll see.
@@dwoodstwin i dont have to though. I dont know how you have been raised but I know it is so wrong to put that burden to your children.
@@CartmanezPlays we’ll see kid
This is exactly why I’m trying to get into my profession where I’ll work with athletes and try to help them get set up for their future financially. Too many spend their money faster than it comes in and when their careers are over they are left with little to nothing or are taking care of so many people they will be broke within 5 years of being out of the league. In my opinion, I would tell an athlete not to buy a crazy expensive house until after they retire. You’re barely going to be there and if you get traded, you have to go through the hassle of trying to sell that house. Michael Jordan still has a house for sell in Chicago that no one is going to buy.
“A friend is always loyal, and a brother is born to help in time of need.”
Proverbs 17:17 NLT
Very important subject, well done guys. ✊🏿✊🏿✊🏿
The best convo I heard from these guys
Great convo
Really interesting convo that warrants a deeper dive…
When my children make they don’t owe me anything but to continue to do better.
I like these clips where they are less heated. It’s easier to listen to and everyone gets to speak their piece
There was an NBA player who played with Kyle Korver either in Atlanta or Cleveland. He told the story of all the guys being in the locker room talking about things they've bought for family members. Kyle was genuinely shocked to hear guys say they bought their parents a house! He never knew that, and had never heard of, nor thought of, such a thing, because he grew up middle class.
A main reason a lot of Black families look to their kids to "help them out" is because a lot of our culture is still poor, and a lot of them sacrificed tons of time and money on basketball, training, AAU, and traveling to get their athletes to where they are!
Bam Adebayo is an example of someone that did it responsibly. On his first contract (4 yrs, $14M) he had his mother move in with him. Once he got the max deal (5 yrs, $160M), then he bough his mother a house. He seems to be a smart guy, level headed, and willing to listen to people more experienced than he is. Most rookie deals aren't lucrative enough to "help your friends and family". That money should be allocated for you to set yourself up to be financially secure for life. The second contract is where you can start to do more for others.
I'd like the NBA and NFL to set this as a narrative moreso than it is now. It needs to be ingrained in the general public so that parents can be familiar with the concept when/if the time comes. There will still be some people won't heed the advice, but the more education is out there the better the chances of people making the correct decisions.
The main reason your culture is poor
Jewelry
Cars
Flash
Suddenly no cash
It depends on what type of parents you have. Some parents become leeches soon as the son/daughter starts to earn great money and all the more they can't cut the cord to the point that he/she can't start a family of his/her own cause mom and dad became more controlling... Greedy. We grew up in a poor household and I remember at the breakfast table my mom would tell me and my brothers and sister. Finish school, get a job, be smart with money, start a family if you like. You don't have to worry about me, I won't ask you for anything, all that I ask of you is - STAND ON YOUR OWN TWO FEET and don't make me take care of your kids full time. You are my obligation, it's not the other way around. I'll live off my pension, you all be self-reliant, take care of your kids. That's all I ask. I deserve to be stress free when I'm 60, 70." She never did ask for anything, and all the more we want to give her.
To succeed in life as a man you need to be 100% selfish 0% generous. Once you succeed and comfortable then you can go 90% 10% or 80% 20% but never above 75% 25% EVER. To maintain yourself. No matter the outcome. You will lose friends family lovers in the process it’s inevitable. There are no easy way to make hard decisions. You got 1 life to live. Life got no empathy no sympathy no remorse no feelings no heart no soul no nothing it’s just a simple balance of natural selection through survival of the fittest throughout history with any living organisms on earth. So never make the mistake of morality. Morality means nothing at the end of the day. Your morality will comfort your feelings but not your purpose. Never ha e we seen a successful moral person EVER in history. It’s their lack of that got them to succeed in the first place .
There’s a way to do it. It isn’t so black n white. U can help your parents and take care of them without overspending. U just have to say no. Best to put it off for a year. Pay up some bills. And say I’ll upgrade u on the second contract
There’s people making 300k-500k a year that fully take care of their parents. There’s no way someone who makes millions in one year can’t effectively help their parents out without spending 2 million. A quarter of that would be more than enough.
Exactly some of these comments are bonkers smh
YOU GUYS NEVER HEARD SHAQ ON HOW HE HANDLE HIS WEALTH.. HE KEEPS HIS WEALTH FORWARD BUT ALSO TAKING CARE OF HIS MOM AND DAD
His dad was one of the best taught him so many lessons. His dad & mom deserve it. But he saved a lot & was the highest paid so easier a role player or mid guy this be difficult.
At last some truthful conversations about what’s really going on in every industry regarding most of us all
The vast majority of the cultures of the world teaches children to take care of their parents. Nothing wrong with buying your parents or siblings houses, the problem is doing it with your principal income rather than the capital gains of your investments or investing your salary, but helping your family with endorsement money. Brandon Jennings is just in his feelings over his own parents.
I just said the same thing ESPECIALLY Mexican/"spanish", African, and Asain people around the world
I think the culture should be send wealth down not up meaning don’t give money to your parents they are grown and have lived life instead invest in your kids and future generations not saying never give to your parents but invest down not up
@@natea3638 but what if your parents paid for your tutoring/private lessons and taught you everything they knew
@@natea3638my dad said if I ever made it professional, then I could pay him back for all the hours he spent driving to games & trainings by letting him throw prawns at waiters in high class restaurants, yelling "you call this a fking prawn!?" I have not paid him back yet unfortunately
@@natea3638this is stupid. A lot of parents made hella sacrifices for your ass to get to the position you are in life. Nothing is wrong with rewarding/repaying them especially if u are rich rich, the commenter above is right though, you should give family money that u are getting back like investment money etc
Financial literacy is important. Wealth should be shared between generations. What you make is yours but if your parents did what they need to all they may need is a little help here and there. If your kids make the right choice they just need a little help here and there. Every generation needs to put in the work to help one another to avoid derailing the future generations.
Set yourself up first, then you can help others. The athletes need to realize that a few million dollars isn't enough for you to be hooking up other members of your family. You want to help mom and dad? They can live at your spot until you are set.
The level of financial illiteracy in this country is astounding, and its not a race thing. Kids aren't taught to manage money.
To succeed in life as a man you need to be 100% selfish 0% generous. Once you succeed and comfortable then you can go 90% 10% or 80% 20% but never above 75% 25% EVER. To maintain yourself. No matter the outcome. You will lose friends family lovers in the process it’s inevitable. There are no easy way to make hard decisions. You got 1 life to live. Life got no empathy no sympathy no remorse no feelings no heart no soul no nothing it’s just a simple balance of natural selection through survival of the fittest throughout history with any living organisms on earth. So never make the mistake of morality. Morality means nothing at the end of the day. Your morality will comfort your feelings but not your purpose. Never ha e we seen a successful moral person EVER in history. It’s their lack of that got them to succeed in the first place .
I think Gil’s summation is quite extreme. Why do you have to buy an expensive one, no responsible parent will make you do that. You can buy and furnish a under $500k
Also, lots of parents dedicated their time, efforts and career to get their kids to the NBA. The reasonable thing you can do is to take care of them. And it's a great culture to take or parents.same for other cultures like Africans, Indians…
Everything in moderation!
Dope conversation- #EarnYourLiesure.
Dam agent 0 hit it on the spot I've always help my parents out ever since my first check but right now it's been a little rough for me I've thought of my kids right now next year I'm have to take risk start something
Why the answer became about Lavar so quick? Lavar had money, his kids drove Lambo's before the NBA. He has never dubbed a leaching parent, he always propelled them thru marketing. do you really think, they would be worth what they are. if it were not for Lavar's marketing?Your argument is flawed Gilbert!
His kids also dominated high school basketball like no other which helped alongside the marketing
@@deeznutz8320 no doubt my dude.
Jennings look like he fumbled the bag 😂😂😂
😂🤣🤣🤣 I like the brother but you can feel he hurts !
Yo the pivot better step up cause this show just made gill on the move this was a good topic
We need this financial conversations. Each one teach one
First NBA pay cheque should be % wise, 30 30 40.
30% if needed to help parents.
30% to set yourself up.
40% invested.
That is if the bag isn't a deep one like Wemby.
In Wemby's case, a 55mil after tax will be around the 30mil.
He can invest 20mil straight up.
And 7 mill between him and his parents. That 3mil contingency plan.
Good to go
Wemby str8....it's the guys who have a roster spot or is journeymen that got to wisely move. NBA got talent coming from everywhere and there are only 450 spots. Only a percentage of those players making life changing 💰 . Most out the league in 3 to 4 years and have the bread they got from the rookie deal to fall back on. Every draft class in 60 guys. Maybe 2 to 3 are all star guys. 5 or 6 remain in the L. Everyone else is gone usually before the second contract comes. It's levels to it.
@jman1562001
Very true the fragile way atheletes live, and how careers shape up.
Though, same situation with spending. If you get a mill, gota stretch it as if it is the last pay cheque you will see. As anything can happen.
Once you make it into a year 3 or there about, and secure a decent bag. Then how smart you are, will either make or break your future.
Each to their own when it comes to ways of spending. Being frugal now days is almost a rarity
@@MUSTAMOMO true but it's a lot of handlers around that get in their ear. Honestly I don't blame the players a ton because a lot don't know better. Not condoning bad spending habits but handlers and agents aren't your friends, but their selling pitches usually on some family thing. They looking to help you get a good deal so they get a cut. Sometimes it pans out other times it don't. Risk always going to be there but minimizing is best.
@jman1562001
Very true. And life is all about risk management. I think once young athletes understand how to steer away from peer pressure. Their spending habits will be more focused on future financial security. And those who are in their early to mid 20's, should have a clear idea of what they want from life. And a certain degree of how to get there. Especially if they made it into the top 60 to draft out of the whole world theoretically speaking.
If players feel like they really need financial guidance, then they should spend $10k on getting someone to sit down and talk to a handful of rookies at a time. And get all their questions attended to. As that is growth, and will add valuable value to their game in some ways. As well as their future development and life choices that will put them in a better spot.
Easier said than done, when young players think they know it all, and too much pride hinders their sense to ask...
Reminds me of the story that Jordan said about young Kobe calling him all the time. And on the other hand Nick Young being mentored by Gilbert Arenas. Two completely different guidance and outcomes
80% invested & set up loans & don’t be flashy but adults can’t help but blow money a millionaire 20 years old has almost no chance if parents taught them nothing.
yeah, i see that, alot of my black friends in the corps always helped their family and wanted to get money for their family. whereas generally like you said white people kinda just move it forward.
White folks who grow up in low income situations absolutely help their family and siblings when they make it big. Jack White (Rockstar) grew up in Detroit, and I'll bet you dollars to nickels his took care of his parents. Its not a race thing at all.
Those of us whom are Black and are successful are considered “anchors” in our families. Our 6 figures aren’t spent the same
Its insane how they feel so entitled to leech of YOUR money@@thelastghost9628
I spent over 9 years in the military, this facade that people believe that the military makes a huge amount of money is asinine. I fell out with my family about this, they thought I was a millionaire or some shit and didn’t know I was surviving on hot pockets and PB&J’s.
Gil, your podcast is dope! Bruh, also, where you get them jeans from? Dope.
Bro! That’s a very good and deep conversation…
If you're making NBA money putting you in the Top5% financially in the country I think it's imperative that you take care of your Mom & Dad, or whoever it was that raised you, took care of you. That doesn't mean give them enough money to ball out, it means put them in a position that's Safer (first) & where the pressure of bill paying isn't breaking their back so they can live modestly within their own means atleast.
Beyond that their lives are their own, you don't owe them anything. You didn't ask to be born.
kenyon damn near fell to his knees thinking bout that 55m against his 15
Really good segment
True, you can buy your parents a home if they live in a bad neighbourhood or pay off parents home, but there is no excuse to buy million dollar house with your first contract unless you're first round pick. These athletes need to have financial counselor right off the bat.
Even as a first round pick don’t tf? Wait until you’re established atleast, preferably till a big contract comes in a few years if you play well.
Depends on your family environment. If your parents sacrificed a lot to get you to where you are, you should absolutely give to them.
but how much to give is important. as an athlete, their career can be over in an instant. one wrong tweak and things may never be the same. so to start buying things above your means and cannot sustain is irrational. Does your mom and dad need 2-3 mill house? or a porsche and ferrari. not really. if u get injured whose gonna be able to pay for it? Most people dont set up their future and consider these things
@@Tommie22x the kinda of mansions or cars they buy for their parents are sometimes to satisfy their ego of being a millionaire athlete inasmuch as they want to help out
Well they have a point about money going forward , but I think it is only right to help your parents as well if they really need it. I mean people can go forward and not leave their parents behind.
Great content agent 0
Or you could just buy your parents a $300-500k house fully paid off in a cheaper area, move them out of LA/NY.
Btw Gill really think white nba players don't buy anything for their parents? No way these guys making millions and not taking care of their family.
That's almost average range in the entire United States now. Meaning access to your parents would be easy.
@@geronimopratt7976 Access to your parents? Wtf you talking bout, these are safe areas, nobody going to hold them hostage or some shit, wtf?
Who pays to furnish this house? Insurance? Utilities? When you buy someone something they can't afford it's a burden. And when thr player stops playing they have this burden to pay for.
@@Quan1992 If you own a home outright a job at Walmart would easily pay for the upkeep + have tonnes left over for savings/investments.
The issue that Brandon Jennings and others ran into is that they bought too much house and expensive things for their family.
White players are helping out their friends, so you know they are helping out their families.
Gilbert is not just a basketball savant... dude is a straight up, in general, genius. The insights he gives are always, always jawdropping.
Relax
@@willyromney😂😂
Gil looking down & Smiling knowing full well i ain't the one for this question 😂
I love Gilbert’s takes!
My oldest son always tells me dad if I make it pro in sports imma give you whatever you want. And I always tell him that you don’t owe me anything. Save your money and enjoy what you worked for, I tell him if you give me money I’ll work for it meaning be you assistant, chef, house manager when you away playing or training etc. I teach him just because I’m your dad my job is to make sure you ok no matter what and I don’t get paid for that it’s what I’m supposed to do. To many parents put way to much pressure on they kids And it’s sad.
That was a profound message by Gil 💯💎
Profound? How much backpadding whining do you need? Grow a spine.
0:35 That's real. Basketball used to be a way to get out the hood, but things are different today. Most of the kids going to the league are not only genetically gifted, but a lot of them are second or third generation NBA players. They had fathers or grandfathers in the league, and they've been groomed for the league since they could hold a ball. They've had access to the best nutrition, programs, coaches, equipment, etc. that money can buy on top up having the best athletic genes and talent, and they have parents that have done it, and they know what it takes. If they don't have family, they're well off, and they've still been groomed since they could hold a ball.
Some random kid from the projects can't compete with that unless he's genetically gifted, and he gets lucky to find someone to train him. When you also throw in all the international players that are coming into the league now you can see how much harder it is to play your way out of the hood these days. Being talented and athletic is the bare minimum and only gets a slim chance. Everyone in the league is talented, athletic, and groomed.
There are even more kids that come from parents that played collegiate sports but did not make it pro. Those kids have great genes , live in middle or upper middle class and first hand access to knowledge and resources to jump start a sports career.
More segments on money handling, please 🙏! Nobody teaches inner city kids about money..
That hit different. The life we should afford for our children we pay to our parents. That's gold
Hahahahah yea right. As ja marant just blew what 300k in a strip club in 1 night out last year get fking real man. These guys blow there money on whatever they want and blame it all on the house there mom wanted LOL. Than he tries to say whites don't take care of there parents because that's not the first thing they bought with there money was a 2 m dollar house? Lol this dude is a fking clown
This the MOST SOLID CONVERSATION I’ve heard from any Pro Athlete. Thanks Gilbert!! 👏🏿👏🏿👏🏿
💯
I’m surprised these guys haven’t even scratched the real issue. Anyone can sound like they’re making sense and actually be so far from the real problem. It seems more so that the problem is spending big money for a house, car, living lavishly right out the gate. You don’t need a 2 million dollar house and you don’t need a hundred thousand dollar car. You definitely don’t need two of them. You also don’t need to be blowing money on high end clothes when that’s not even you. People end up broke because they think that because they get paid more, they have to spend more and that psychological perspective is what destroys these families. Move out the hood for sure, but don’t move to a place where you have to buy a house that’ll leave you a millionaire in debt.
I see your jewelry Gil! Nice.
Anyone commenting that these guys are out of line discussing this because they're millionaires must not have seen the ESPN 30 for 30: BROKE.... These conversations between athletes will always be relevant and appropriate!
Asian here. I think it is more about your current financial status. My parents were ok financially so i could save money for myself. My other asian frds whose parents were not rich, and assuming they have a decent relationship, they also always get their parents a house first (or at least live together with a new house). This is basically just trying to give the parents a comfort that they never had before. Of course, if the parents sucks at first place, i don’t think it is going to happen.
What should you do with your paycheck 1st?
Save. Invest. Create charities. Change the world. Baller life won't bring you fulfillment, but a good life might. NBA culture is partially broken because at some point we fused a broken hip hop culture into it. Understand that Lambo is leased, not owned. Play superficial games, you'll get superficial results. Forget a front. Try to change the world. Try to be great. Try to break the incessant conditioning that's convinced many great men to settle for less.
Like he even said, it’s the situation. But caption says color. Example, I’m 30 and from Indy, and know someone that wound up with Hayward first car before he got drafted, it was like a 93 sunflre. Every white pro athlete I’ve personally known has came from a family that struggled besides 1. I went to school with someone in the MLB and his dad is in prison right now actually.
It's a cool conversation but I'm not feeling sorry for the 1%ers and there "money problems"
The way gil is talking is making it seem like there in a bad position. Sure pal!! Just because it's not a ideal situation doesn't mean it's a bad situation.
I don’t agree if u have a 9 million contact ion think no mother or dad asking for 2 million dollar home, I’m gonna get my mom a house and a car but just because I have 9 million don’t mean I have to get my mom the newest car or house I live in a ugly apartment anything would be better than that this just my opinion
right lol, im sure some ignorant parents will, but most of them wont.
You can get a brand new pool home in Orlando Florida suburbs for $300k, they don't need no $2mill home when you not on a second contract.
You should 100% take care of your parents, just don't spend every last dime on them.
@@4evahodlingdoge226not in 2023 per Zillow, Trulia, Remax, etc. Where TF are you getting that information?
@@geronimopratt7976You can live in Texas get a very nice house and area 500K then just a decent car.
You still have 5.5 million after taxes if you can't live on that something is wrong tbh.
This conversation is deeper than basketball.
WOW……STR8 Facts!!!
Damn Gil broke that down perfectly. We start from behind the 8 ball
some do some dont. black people even when coming from wealthy backgrounds tend to want to keep that hood image and waste money on stupid stuff like ja morant. T.I's son & michael irvins son is another good example of people that grew up with money and a father yet still are on a path of destruction and will blame others for their failures.
lol they make more than enough money to take care of family
That sentence is what you took from ALL of that?? 😔
I love this conversation. The convo is deep and a GREAT one.. Biggest answers is it depends... But nowadays they coming from a better upbringing to where they dont have to buy they folks a crib. That was largely the difference between the white and black athlete. the white athlete had a good home, training (in their sport) and was able to get to that stage developing talent as opposed to having raw talent that is grown.. The other difference in that is that the white parents tend to have a home and ard Home OWNERS. Black families tend to go BACK before forward. Buy the past generations houses, and pay for their debt, THEN the player gets to spend on themselves, the white athlete tends to not have to worry about the family with regard to finances. Which allows to build and go forward as opposed to going back, and by the time you are at your parents' age you can't live
Well said
A very good analysis.
That Lonzo and Lamelo Ball reference was perfect. Zo built their whole empire even that Basketball League his dad ran. That’s why the younger two kids had to leave high school and college to go get paid in Europe and Australia.
Yes, BUT those Boys are Not Who they are WITHOUT the DAD, that made them who they are..... There is No Business if Dad Didnt Put them into and on the Basketball Path. RESPECT THE HARD WORK OF PARENTS.
@Drtist1 exactly and lavar planned this path from marrying a tall woman, that family had money. And Lavar didn't build ot buy in Los Angeles he went to Chino Hills
What are u talking about he sent them to Europe so they could get paid instead of doing a 1 and done in college and it was smart look at the contract lamelo just signed. Also that big house belongs to the entire family
No one mentioned they got money from Facebook for their show.
To succeed in life as a man you need to be 100% selfish 0% generous. Once you succeed and comfortable then you can go 90% 10% or 80% 20% but never above 75% 25% EVER. To maintain yourself. No matter the outcome. You will lose friends family lovers in the process it’s inevitable. There are no easy way to make hard decisions. You got 1 life to live. Life got no empathy no sympathy no remorse no feelings no heart no soul no nothing it’s just a simple balance of natural selection through survival of the fittest throughout history with any living organisms on earth. So never make the mistake of morality. Morality means nothing at the end of the day. Your morality will comfort your feelings but not your purpose. Never ha e we seen a successful moral person EVER in history. It’s their lack of that got them to succeed in the first place .
I respectfully hold a different perspective. Many parents had to postpone their dreams when they had children. If these parents had prioritized their aspirations over spending time with their kids, society might label them as 'bad parents.' Therefore, I believe that when one achieves success, it's meaningful to give back to their parents in a special way, such as providing a home. Raising a child costs nearly a million dollars, so is it too much to ask to support your parents in this manner?
This a goofy comment. A child owes a parent nothing but respect and love. A parent chose to be a parent, chose to bring a child into this world . That’s your job now. Your responsibility. What you should’ve said that it would be nice for a child to finally get straight enough to gift the parent nice things…. AFTER the child is set up in his or her own life. Payback to the parent is not necessary but if wanted it should definitely be AFTER said child is straight first.
@@Louisianimal-225EBRI said it was “meaningful.” I grew up in “the hood” and when I made it out and start making crazy money in tech I bought my mom a house, not because I had to, I needed to, it’s respect. You wouldn’t even be able to open your mouth and speak to me if it wasn’t for your parents, so the fact you think you don’t owe them anything is crazy. You owe them your life, bruh
@@Louisianimal-225EBRhow is what he’s saying goofy? If you hate your parents and didn’t understand what he said just say that.
Kenyon “NamSayin” Martin
We out here
This is stupid, BJ is scorn from past dealings with his family and I understand that. That being said you certainly can’t compare the two groups in regards to quality of life unless you speak from ignorance. Considering history, most Black Americans come from a reality much different than a lot of their white counterparts, there’s 2 America’s. I don’t think it’s all that asinine that a millionaire son buy his family a home. Nxgga.. immigrants come from all over this world and flee into America and send money back home, proudly. No one is saying go broke, that’s your fault, learn financial literacy.
Yeah the focus of most immigrants when they come to America is to lift their families up. They take in relatives, help them build and buy homes. They are sending money back home. There isn’t a single group on the planet that is strictly about pushing the money “forward”. White folks promote a whole system to pushes other white folks forward.
😂im laughing but you didn't say a damn thing wrong.
This is all nonsense. The reason your kids don't get any money left is YOU BLEW IT ALL. The incomes being made are so extreme to everyday life that buying your mom a house didn't make you broke (and she don't need a damn 2 million dollar house either). You're broke because of the cars, the clubs, the clothes, the vacations etc etc. Don't blow massive amounts of money on bullsh** and then claim victim, ie we doesn't have nothing when we started out.
yeah, i thought that was a load of nonsense coming out of their mouths.
@@theinktician Couldn't agree with you more. Crazy multi million dollar nba contracts and they're crying about not being born into generations wealth 😭😭😭
Kenyon Martin nba career earnings 113 mill, 169 mill inflation adjusted
Gilbert Arenas nba career earnings 163 million, 232 inflation adjusted
AND THIS DOESN'T EVEN INCLUDE SHOE DEALS ETC
😂😂😂😂😂😂
Man they couldn't be more FOS if they tried.
Kenyon "you know i'm saying" Martin
This conversation was broke down hella well
Imho the black athletes wasting away generational wealth is really a you problem.
This is an interesting conversation. White children have to take care of their parents as well as asians and others it's not just us. However our condition is worse because we over do everything. Why would one buy their parents a 2 million dollar house. They can't afford to care for that. Why not get them a $300k house and some education that will improve their ability to earn a living. As they one with the newly earned wealth you are the center business and your inner family (the ones with skills and work ethic) can be trained to further the business along without just sucking your resources dry.
300K for a house?? Stop it.
@@369pendulum stop it why? If the statement in this video is buying the parents a 2 million dollar house while struggling until the second check. Why not a $300k house in a great area? To each is their own .....
@@369pendulumare you dumb? 300k gets you a lot of house plenty places
@@brotharame6066 I think their opinion was based around the rising house prices. You aren't going to find too many 300k houses in "great areas" these days. Pending on your definition of great area.
@@andysauro1500 you can find them. It would be hard but it can be done. But if they are talking about today's prices man.... But my point was why put someone in a 2 million dollar house and they cannot even afford the one they had? It doesn't make sense. The wise thing would be a decent home that's affordable and easier to manage long term.
That's not all true. But I do hear you... an I agree upgrading not all the way spending.. but also create a real business
Maybe it's me, but how the title of the video related to the question
Gil made 100 million, talking about "we can't build generational wealth " 💀
theyre giving their generational wealth to the white luxury car & clothing brands and stupid jewelry that aint doing them shit. white people invest it and put it away (of course these are generalizations) but white people are def better with money. just the cold hard truth
ABSOLUTELY WORSE TAKE FROM THIS CREW EVER💀 🤦🏻 AN IM WHITE
Real Talk.
Most people if you grow up poor watching your parents work hard to raise you, and your now making millions of dollars I don't think they're saying you gotta do this or that. I think most kids would want to do that, and just do it off the rip
Disappointing conversation here.
It’s a real one.
They needed an expert to join the panel for this segment.
@@adgee5401 important but terrible takes
@@nathanbedfordforest They did miss on some important things, BUT remember this is only a clip of a longer conversation.
This conversation shouldn't end here though and I do expect them to expand on the topic b/c it isn't something to just discuss and brush over. Brandon has already spoken in a previous episode about regretting buying his mother a home before he bought one for himself and if he had it to do all over again he would spend his money differently.
A bunch of millionaires complaining about money. Really?
😂😅
You not speaking like someone in charge of anyone here. That’s the conversation
Stayed millionaires being smart tho
@@travislevario809But some of them lost money because they got suspended for doing dumb sh**
U mean financial advice
Let's be real a lot of athletes throw their money on bullshit too though?? I.E. strip clubs, exotic cars, luxury brands etc etc and this is on their rookie contracts a lot of the times. So they gotta take some some responsibilities on their spending habits as well SMH
Throw in baby mamas. Case in point Xavien Howard who has a big contract currently has 4 women pregnant at the same time 😩🤦♂️
K Mart without throwing any shade and clearly not realizing that he is talking about LaVar Ball, the father of the Ball brothers in some way.
This question burns tf outta me. If your parents are asking that you “pay them back” in a sense for raising you, then that’s problematic af! They’re not saying it that way, but that’s for damn sure what it is. We can NEVER choose our parents nor did we ask to be brought into this world. That money is YOURS. Now if you CHOOSE to do so and buy houses and give money etc that is your own doing and do so without resentment; but just know, as soon as you turn the spicket on, it’s difficult to turn off.
Obviously this isn't the same kind of background, but I can definitely relate to the issues of not being able to build generational wealth because of having to back-fill for problems of previous generations. My wife is from the Balkans, and after the fall of communism, her grandparents had nothing after the pensions collapsed. My mother-in-law has spent her entire adulthood trying to help keep them in housing and with medical care, and because of that she's not really been able to save for herself. That in turn means that my wife and I have had to help her (though thankfully to a much lesser extent). God willing, the generational debt will end with us, but it is insane that one bad break had the power to affect so many generations. I just hope that kids from bad backgrounds coming into the NBA have people that can support and advise them about how to hold on to their money and make a better life for themselves and their kids long-term.
All you have is the people you call family so whomever that is thats who you deal with how you deal with them is personal
Feel for the guys who were not lottery picks and dealing with those leaches. 5 million bucks should be enough of a start in life to not worry about money if you’re wise about it. But entitled parents can make that vanish fast.
This was a great segment learned something 🫡💯