How and Why Athletes (Still) Go Broke | PTFO
82K views · Jul 23, 2024 · Sports
Comments · 216
@lowermichigan4437 · 11 months ago
30 for 30 Broke is the one I remember best
49
@nathanmamo3970 · 2 months ago
Brought to you by Draft Kings! <br>What is humanity without its contradictions?
11
@BCNeil · 11 months ago (edited)
I know an NFL player. His career lasted 4 years, he made about 4 million. After agent fees and taxes about half that. He once spent $100k for a weekend in Vegas including nightclubs. He had a $150K Mercedes, that he put an $80K stereo system in. Today he drives for UPS. He has 4 kids, from 2 women. I know the guy that bought his Mercedes too, got it for $40K
25
@JASONvsBOSCO · 2 years ago
Making over $100M and ending up over $8M in debt seems impossible. That is, until you realize how easy it actually is. Damn those Joneses.
123
@bobhope707 · 11 months ago
YouTube has been suggesting this specific video to me for like 3 years running now, today I’m going to cave, you win algorithm.
6
@Jm-Gonz · 1 year ago
The simplest solution would put 50% of their first net income from their first contract in an index fund and never touch it
9
@chrisweidner4768 · 2 years ago (edited)
The great reality check they need to inculcate is that “95% of new businesses fail.” Parasites are out there to take naive people’s money. Don’t let that be you. Be kind. Always. Always save first. Play later. Find joy in things that cost little to no money. All the best to everyone. Another awesome podcast. Todd seems like truly good people and is doing life changing/saving work. If I were president of the union I would demand that players put 20% of post tax income into savings that cannot be touched for; at a minimum 10 years.
72
@jpmnky · 11 months ago
With all the resources and everything out there to try and help these athletes today there’s just no excuse. All the rookie symposiums cover this very subject extensively. There’s just no excuses for this generation of athletes going broke in these percentages today.
5
@bagbroch9339 · 2 years ago
Another Pablo banger
38
@jessetheseal · 2 years ago
I declare BANKRUPTCY!!!
47
@g7924 · 1 year ago
I like how two of the athletes mentioned had former partners on Basketball Wives lol
5
@TimothyDevinney · 1 year ago
Probably the poster child for this is Kareem Abdul-Jabar. He had to play way past his real use-by date because of all the bad investments and bad 'agent' decisions.
31
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