Damn near dead broke ....

[rcooled]

Originally Posted by 911 Rod

Maybe it's an IQ thing

I'd imagine this is a significant part of the issue.....

[epbrown]

Originally Posted by 911 Rod

Maybe it's an IQ thing

I worked in banking most of my career, meaning I've met a lot of rich morons, often with top-flight educations. But they were good with money because kids pick up relationship patterns early on; how their parents relate to each other, and how they relate to money. Regardless of IQ or background, if you grow up in an environment where money is meant for spending, period, rather than saving or investing, it's tough fighting that early programming. It's why we have people with 6-figure salaries living paycheck-to-paycheck.

People are trying to debunk it now, but the Stanford Marshmallow Experiment still seems relevant to me.

[Tobra]

Originally Posted by 911 Rod

Maybe it's an IQ thing

That is not it

More nurture than nature

[john70t]

High tax bracket. No tax-deferred or strategic planning. An accountant and assistant and agent with access to the checkbook. Lots of new friends with demands for another yacht party. A SO into jewelry and clothes. Vacations and restaurants every week. Still leasing that third Lambo driven once off the lot and almost crashed twice. 10k sq ft in Miami is not nearly enough space for the dogs omg.

I'd think that money would be gone in a month.

[matthewb0051]

Originally Posted by gregpark

78% of NFL players are broke within 5 years of retirement. 60% of NBA retirees. The biggest bulbs on the tree aren't necessarily the brightest

Travis Henry of Tennessee Vols and several NFL teams comes to mind, from Wiki:

Henry was married once, at age 19, to a woman six years his senior; the marriage was later annulled. He was engaged in 2009, but no marriage has been reported as of January 2016.[74] Henry has fathered at least 11 children by 10 different women.[75] One of these women had twins, so she has 2 kids with him.[75]

Henry has had on-going problems making his child support payments to the mothers of nine of his children. He was arrested in Polk County, Florida, in March 2009 and charged with failing to pay $16,600 in child support.[76] His lawyer estimates that he is obligated to pay at least $170,000 per year in child support payments.[74]

On September 30, 2008, Henry was arrested by the DEA after allegedly being involved in a multi-kilogram cocaine transaction that occurred in Centennial, Colorado.[77] Henry, portrayed by court documents "as the ruthless 'money guy' in a cocaine trafficking ring", faces ten years to life on federal drug trafficking charges.[78] On March 31, 2009, Henry and prosecutors reached a plea agreement; a change-of-plea hearing was set for April 16 by the judge.[79] The plea deal consisted of Henry accepting a charge of conspiracy to possess cocaine with intent to distribute. The maximum penalties included serving ten years to life in prison, and a fines of up to $4 million.[80]

On July 15, 2009, Henry was sentenced to three years in federal prison for financing a cocaine trafficking operation. The fine was waived by the judge, who stated that the defendant (Henry) could not afford a fine. In addition, if Henry completed a drug program while in prison, his sentence could be reduced by one year.[81]

[epbrown]

Originally Posted by john70t

I'd think that money would be gone in a month.

This was pretty much Will Smith's experience. He was a teenager when his music career took off and he burned thru all of it. He was renting private jets to fly to Europe for shopping trips for him and his hangers-on.

He started acting after he went bankrupt, getting noticed in an indie film that led to Fresh Prince, and he took to heart the harsh lessons he learned the first time. (A lot of "friends" that disappeared when he went broke showed up again when the tv show took off - he didn't spare their feelings).

To bring this back around, he regularly advocates finance classes for rookie players on the 76ers (he's a minority owner). And acknowledges that many aren't interested.