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Thread: T.O. Squandered 80 mill.
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05-08-2012, 12:12 PM #13Legendary RSR Poster
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Re: T.O. Squandered 80 mill.
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Re: T.O. Squandered 80 mill.
I don't give a shit about anyone who made more than 1 million in their life that lost it all consider the degree of poverty around the world. If I ran into T.O. I would ask him to get the fuck out of my way.
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05-08-2012, 12:40 PM #16Legendary RSR Poster
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05-08-2012, 12:42 PM #17
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05-08-2012, 01:19 PM #19
Re: T.O. Squandered 80 mill.
I know the easy thing to say here is "Oh, T.O. is stupid...I'd never blow that kind of loot. They get paid to play a child's game...blah, blah." And yes, a number of times atheletes DO go broke by overspending, trying to keep up with other atheletes and rappers (case in point, Antoine Walker). However, there's a number of financial intracies at play that the average shmoe isn't affected by that does touch athletes and can contribute to their financial downfall. In T.O.s case, he didn't spend lavishly by athlete standards, but with baby mama drama, bad investments, and people that outright took advantage of him while he took care of the on field activities - he was left in a bad position. This GQ article sums up a lot of what atheletes go through finacially, and how it's easy for them to get in trouble, despite what they make.
http://www.gq.com/sports/guides/2012...#ixzz1quK2cmFh
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05-08-2012, 01:38 PM #20
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Re: T.O. Squandered 80 mill.
I don't feel bad for T.O. I think if some of these guys took full advantage of the FREE college education that they are given, we'd see a lot less of this non-sense.
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Re: T.O. Squandered 80 mill.
Does anyone believe that these athletes are really "broke", or have a little cash stashed somewhere on the side that no one knows about, and are just claiming to be broke to get out of debts they don't want to pay?
I would bet my life that in a lot of these situations these guys might be "bankrupt" on paper, but far from it in reality. Just like a lot of people with money who file for bankruptcy but in reality are nowhere near broke.
Now I do agree that a large majority are probably that stupid and wasted it all, but not all of them.
There are so many ways to structure things on paper to protect an individual, so many places to hide assets it isn't even funny. And these guys have the lawyers and accountants to do it.
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Re: T.O. Squandered 80 mill.
That's bullshit. Home, Cars and Other expenses aren't different from Lifestyle expenses. Bad investments don't have to be part of the pie. What the article calls 'traditional investments' have a return that add to the total. They aren't even expenses
To many of these guys just can't stop spending. They feel that as a professional athlete they shouldn't have to ever work again. I heard Ronnie Lott, who now manages a $2 billion private equity firm, point out that not nearly as many athletes in the past ended up bankrupt despite making a fraction of the money. That's because they knew that football would end eventually and they had to plan for their future. They respected money a lot more than the average athlete of today seem to. Lott is right as usual.
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