This is why I have NO sympathy for athletes who go broke. Vol. Amare Stoudemire-----Warning = LONG

[wildmoodswings]

I don't think people who vilify athletes for going broke think the rich non-athletes are much more responsible; the vilification of athletes is just more prominent because people talk about what they're familiar with and interested in. The lifestyle is intriguing to most, and the public cares to follow their actions; from the contracts they sign, to the women they're with, to the purchases they make.
Factor in an athlete coming from a rough background, it's even more baffling to some as to why they wouldn't take better care of their money.

 

[ham city]

Originally Posted by DwyaneWadeOG

It is not that he made ONE bad investment but rather that he systematically bought and sold several high value pieces of property for significant losses.
And what is your point about the media's fascination with celebrities/athletes? Of course an athlete is going to get scrutinized for bad investments rather than that rich dude down the street.

Like I said I didn't read the article but I'm not commenting on Amare's situation, it's not even my business, I'm pointing towards the general attitude and perception of athletes with money.

Originally Posted by wildmoodswings

I don't think people who vilify athletes for going broke think the rich non-athletes are much more responsible; the vilification of athletes is just more prominent because people talk about what they're familiar with and interested in. The lifestyle is intriguing to most, and the public cares to follow their actions; from the contracts they sign, to the women they're with, to the purchases they make.
Factor in an athlete coming from a rough background, it's even more baffling to some as to why they wouldn't take better care of their money.

Is it really though? I definitely agree with you guys in that athletes are vilified because they're in the spotlight, that doesn't mean it makes sense to hold them to a higher standard of financial accountability than their professional counterparts who have actual experience and formal education in the field.

But what about the extent to which athletes are vilified compared to other celebrities in the entertainment business. When an actor goes and blows their fortune it's almost par for the course, yea it will be reported in the tabloids but there's not same venom and disdain you see with athletes. Do you guys feel that actors and musicians are held to the same standard with their money?

 

[|A-Man|]

I don't have sympathy for rich ppl going broke in general.

Also thought this thread was about A'mare going broke too. Not losing a measly (yes it is measly to a man making a 100 mil over 5 years) 3.5 mil in a year.

 

[ham city]

Originally Posted by ATGD7154xBBxMZ

I don't have sympathy for rich ppl going broke in general.

Which is how it should be for some strange reason there's a need for people to consistently single out athletes. It appears they deserve sympathy least of all.

 

[kramer]

He isn't broke, though. Some celebs are definitely dumb about stuff though

 

[hombrelobo]

The high end market is soft right now. It's easy to take a loss right now. I'm not trying to justify anything, I'm just saying he's not the only one to take a loss in the current real estate market.

http://www.zillow.com/blog/2011-10-20/donald-trumps-cali-estate-sells-for-a-loss/

 

[thejrob]

Horrible writing. Did not read...

 

[ooiron manoo]

Originally Posted by Mangudai954

Wow I really hate the writing style of this article.

It was a dreadful read, really stopped reading.

A lot of athletes lose their money in real estate because they don't invest it properly.  Mansions are usually already maxed out value wise and many took a tumble when the bubble burst.  Plus the customer base for these types of properties is really really small.

If I had the cash flow, I would purchase apartment complexes in high foot traffic areas and hire property management companies to run them.  Money is always flowing.

 

[miamib30514]

Article is a PITA to read but I love how they mock southwest ranches.

%## is like star island but 30 minutes away from Miami Beach. Super secluded basically surrounded by fields

and lesser suberbs, all the stars have a crib there.

Let that boy cook. (financially wisely)

 

[703 hwy]

He's paying his bills right? Nuff said

 

[foreveryoung]

Yall really think he's the one making all these financial decisions?

Dude plays basketball, not the real estate markets. Somebody else is making these decisions, tellin Amare how dope these houses are and how much he could make.

This is how A LOT of ppl go broke. Letting others handle their money in areas they dont fully understand

That bein said like^^said a lot of ppl have been losing money. From what I understand the higher end doesnt change as much. 3.5 Mil in losses sounds like a lot, but when your purchasing and selling multi million dollar homes its relatively not that much

Now nobody likes losing money, but if him and his team have it set up right, as im sure they do, when youre making money from multiple sources 3.5mil loss can have its tax advantages

All im saying is we're always looking for the story of how someone blew millions.I dunno Amares financial worksheet(and if i did i still prob wouldnt understand it

) but lets not jump the gun hes still young and VERY profitable

 

[cquan05]

Originally Posted by scshift

I have no sympathy for anyone with ridiculous money who goes broke.

 

[shogun]

Are you trying to be the most socially conscious member of general?  It seems all your threads are about serious stuff.  It's a similar role that member machiavelli had but he really annoyed everyone.

 

[joeykadesh]

Silly Putty, this is OBVIOUSLY due to religion and god in general..Please post more youtube videos and various anti-religion cartoons/ praise spiderman jokes because they are NOT played out 

 

[cristobal]

God, whomever wrote this had to try extra hard to make it so unreadable and unbearable. I swear, everyone doesn't deserve a blog or website. . .

 

[airthompson]

He better hope they get Chris Paul and can win a NBA title.

 

[6 Rings G.O.A.T.]

I'm not going to read that..

 

[atlien seeko]

I like when people post LONG +@* articles about nothing important on a entertainment website and get mad when people ask for cliffs.

Life on the high horse.

 

[gllahone84]

Highly compensated professional dribbler...damn!

 

[troymcclure]

look at the dude, he is a ******. what do you expect?

all these dudes get millions upon millions before they have the chance to actually mature (although he probably wouldn't have if he wasn't in the NBA) and think they are Mr. Cool and Mr. Moneybags and they end up broke after retirement.

It's just funny. I respect the athlete who is also a man and not just an overpaid body. The one who realizes their fortunate situation, skill set, genetics, and athletic ability and strive to go and be the best they can be.

 

[wildmoodswings]

Originally Posted by HAM CITY

Originally Posted by DwyaneWadeOG

It is not that he made ONE bad investment but rather that he systematically bought and sold several high value pieces of property for significant losses.
And what is your point about the media's fascination with celebrities/athletes? Of course an athlete is going to get scrutinized for bad investments rather than that rich dude down the street.

Like I said I didn't read the article but I'm not commenting on Amare's situation, it's not even my business, I'm pointing towards the general attitude and perception of athletes with money.

Originally Posted by wildmoodswings

I don't think people who vilify athletes for going broke think the rich non-athletes are much more responsible; the vilification of athletes is just more prominent because people talk about what they're familiar with and interested in. The lifestyle is intriguing to most, and the public cares to follow their actions; from the contracts they sign, to the women they're with, to the purchases they make.
Factor in an athlete coming from a rough background, it's even more baffling to some as to why they wouldn't take better care of their money.

Is it really though? I definitely agree with you guys in that athletes are vilified because they're in the spotlight, that doesn't mean it makes sense to hold them to a higher standard of financial accountability than their professional counterparts who have actual experience and formal education in the field.

But what about the extent to which athletes are vilified compared to other celebrities in the entertainment business. When an actor goes and blows their fortune it's almost par for the course, yea it will be reported in the tabloids but there's not same venom and disdain you see with athletes. Do you guys feel that actors and musicians are held to the same standard with their money?

You're right; actors aren't put under a microscope the way athletes are when things go awry financially. Personally, I think it has to do with the figures of what athletes make normally being reported opposed to other entertainers. Salaries in other entertainment fields aren't discussed as much as salaries in sports. When a new contract is signed by a major athlete, it's reported on sports networks / sites, and in your daily newspaper. The public is given a general idea of how much they make, and can't help but to think how someone who once made fifty-million dollars within a five year period could spend such large sums of money to the point that they're driven into debt.

 

[916kid]

Originally Posted by Futuristic

I'm not reading + it doesn't matter.

He's still getting paid 20 Mil a year.

what if he has a career treating injury? dude has microfracture surgery on both his knees (or one i forgot) and got poked in his eye that have him required to wear eye wear at all times.
3 mill now, later more? he can lose it all, word to antione walker (dude made 100+ mill) and lost it all due to real-estate investments.

 

[sreggie101]

so is he flat out antoine walker broke? or he just lost a few milli? i dont want to read all that riff raff

id have a hard time believing he has no more money. but i've never felt sorry for athletes who waste money. w.e money amare is making id make it work for life. and it starts with not buying a ridiculous mansion if im the only person living in it, i figure people with families only do that. big families.








...i'd buy a GT-R tho

 

[hombrelobo]

Originally Posted by 916kid

Originally Posted by Futuristic

I'm not reading + it doesn't matter.

He's still getting paid 20 Mil a year.

what if he has a career treating injury? dude has microfracture surgery on both his knees (or one i forgot) and got poked in his eye that have him required to wear eye wear at all times.
3 mill now, later more? he can lose it all, word to antione walker (dude made 100+ mill) and lost it all due to real-estate investments.

Antoine Walker was a gambler. C'mon man.

http://www.onlinepoker.net/poker-ne...a-star-antoine-walker-gambles-bankruptcy/6064

Look at dude, he's a ******? Care to explain that one, Troy?

 

[elcubanodel510]

I run into him all the time. My mom had a nice convo with him at walmart the other day.

I remember he showed up at a bar me and my boys were chilling at and dude buying any chick that would approach him a drink.