Ex NBA PLayer Uses Up $100 Million. Now Working At Starbucks

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WhatInThe

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An ex NBA all-star professional basketball player who made over 100 million dollars is now broke and working at Starbucks. Cites alcoholism and too many people who took a financial piece/advantage of him.

http://www.norcalsportsinsider.com/2015/07/ex-nba-star-vin-baker-conquers-demons.html

Good news he is working and is in a management training program.

But one must ask or ponder how the F does someone blow 100 MILLION dollars. Even if he had put just a million of that in something simple like mutual funds he'd be much better off.
 

Hmph ... not sure I know how to feel about this. Yes, he could have saved some for a rainy day, but we can't always judge someone by what happens to them in life.
 

I see a tragedy here. Kudos to him for picking himself up and swallowing his pride to take a less than stellar job. He is attempting to make a new life for himself. Many individuals would have been destroyed by his slide from riches to rags. I wish him all the best in his future endeavours.
 
All he had to do was save and conservatively invest a minimum of 1/100 of what he was making. I understand many are not "good" with money but you can't tell me someone doesn't realize a million dollars is a lot of money. I don't care if everyone of your friends and peers are millionaires. He had to sign some checks for a million dollars or close to it. He couldn't see the money going? Even if an alcoholic he couldn't remember last year he had 100 million in his bank account now he only has 50 million?

I will say the commission, fees and bills were probably excessive from the people he hired. His friends and family probably not only asked him for money but abused their privilege.

They say many broke lottery winners complain that family are the ones that drained their winnings the most because everyone now wants a favor/MONEY.
 
Some people never learn to say “No”. Just “No”. Period.

People like this guy and also lottery winners and those who come into large sums of money are obvious targets for hard luck stories from “friends” and families, and scams. Family and friends can't drain a person's money unless they are ALLOWED to (except if the person is incapicitated, and or course theft/embezzlemen).

Billionaires such as Warren Buffett and Kevin O’Leary (Shark Tank) have the right idea, imo. They completely pay for their kids’ educations and expenses, then the bank is closed. The answer is “No”.

A financial gift, if one is so inclined, is fine. But a “loan” or money to live on or to buy (whatever) or fritter away or for some “investment” – “No”. They will always want more.

No. No. NO.
 
What always puzzled me about a lot of people actually how the heck do people have the nerve to ask someone for 10s of thousands of dollars like they are borrowing a cup of sugar or pen. Especially without regular contact with them. I have relatives out of the state let alone in state and I wouldn't even think about asking either one for money. I think the problem is too many look at money as a tool or thing. It's simply a means to an end. They don't care it had to be earned even if it meant someone taking their time and money to play the lottery religiously for 10 ten years straight. I guess the people or scum that drained this basket player didn't even appreciate his hard work because raw talent only gets one so far, he was an ex all star for goodness sake. He was just a tool box to them.


It would be just too embarrassing for me to ask for a "loan" or gift worth 10s of thousands. Don't these people realize they are looked downed upon as a load or parasite if not a scammer/con. Maybe fate made one poor for a reason.
 
Of those millions he was paid for his earning years, a large piece was taken each year for our overspent governments taxes. For some one like me I would expect about 35% to over 50% gone to our government folks to waste for us.
 
BobF said:
Of those millions he was paid for his earning years, a large piece was taken each year for our overspent governments taxes. For some one like me I would expect about 35% to over 50% gone to our government folks to waste for us.
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Oh I'm sure there was or is tax trouble. But even if he paid 1/2 in taxes he had enough to set aside a million or two for investments/savings. Apparently a big chunk of change went to a failed restaurant venture. And his accountant screwed up if not a flat out thief. But still
 
WhatInThe said:
What always puzzled me about a lot of people actually how the heck do people have the nerve to ask someone for 10s of thousands of dollars like they are borrowing a cup of sugar or pen. Especially without regular contact with them. I have relatives out of the state let alone in state and I wouldn't even think about asking either one for money. I think the problem is too many look at money as a tool or thing. It's simply a means to an end. They don't care it had to be earned even if it ment someone taking their time and money to play the lottery religiously for 10 ten years straight. I guess the people or scum that drained this basket player didn't even appreciate his hard work because raw talent only gets one so far, he was an ex all star for goodness sake. He was just a tool box to them.


It would be just too embarrassing for me to ask for a "loan" or gift worth 10s of thousands. Don't these people realize they are looked downed upon as a load or parasite if not a scammer/con. Maybe fate made one poor for a reason.
Click to expand...


,it’s really not hard to understand. It’s called a sense of entitlement. I’m your sister/mother/cousin/brother/friend since third grade/pastor…therefore, I am entitled to $xxxxx because, you have it and I know you can afford it because after you give me $xxxxx you will STILL have millions.

I have no sympathy for the guy. Regardless of having managers, accountants, attorneys, etc. he should have maintained control of his own money and as far as the moochers he should have just said “No”. if they got angry or stopped speaking, good riddance.:mad:

There are reasons why people like Barbra Streisand, Madonna, Oprah, Diana Ross, etc. are still very rich: They control their own money, they don’t give anyone authority to sign their names on check/contracts, they scrutinize bank statements, restaurant, and hotel bills – they make the time to do these things. Sure, they live what can be called luxury lives (why not? :shrug: ), but they can be charitable and they don’t toss money to moochers and entitled friends/relatives.
 
applecruncher said:
,it’s really not hard to understand. It’s called a sense of entitlement. I’m your sister/mother/cousin/brother/friend since third grade/pastor…therefore, I am entitled to $xxxxx because, you have it and I know you can afford it because after you give me $xxxxx you will STILL have millions.

I have no sympathy for the guy. Regardless of having managers, accountants, attorneys, etc. he should have maintained control of his own money and as far as the moochers he should have just said “No”. if they got angry or stopped speaking, good riddance.:mad:

There are reasons why people like Barbra Streisand, Madonna, Oprah, Diana Ross, etc. are still very rich: They control their own money, they don’t give anyone authority to sign their names on check/contracts, they scrutinize bank statements, restaurant, and hotel bills – they make the time to do these things. Sure, they live what can be called luxury lives (why not? :shrug: ), but they can be charitable and they don’t toss money to moochers and entitled friends/relatives.
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Excellent points about sense of entitlement and the RESPONSIBILITY of the person with money. Moochers-ick, far too common. The celebs fluff up moochers as their 'entourage' like they are really important, their needs are 'special'. Sometimes I think people like to have an accountant to say they have an accountant as to impress others rather than efficiently manage THEIR money. Or they are nothing but delagators which is just as bad when it comes to PERSONAL matters. There is also thinking in all aspects of life that only a so called specialist can or should do it.
 
This isn't the first major sports millionaire who has gone broke. Many of the seem to need an "entourage" to pump up their ego's, and they go through their money quickly.

The comedian, Ron White, said it best...."You can't fix Stupid".
 

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