Metal Sludge Gossip Board

Saw the link this morning, blew through a 55 million dollar contract and is living back at home with mom and dad. *FACE PALM*

ParaDime77 wrote:Saw the link this morning, blew through a 55 million dollar contract and is living back at home with mom and dad. *FACE PALM*

i don't know the guy or his contract, but i'll bet just about anything
his contract was NOT guaranteed for the full $55 million.

He was a CB for the Ravens, retired in '09. I guess he played through the whole contract in the mid 2000's.

McAlister, Chris CB 10,907,082

This is for 2008 season

Tommy wrote:

McAlister, Chris CB 10,907,082

This is for 2008 season

Dude is a moron.
Looking forward to learning about the various
ways/deals/investments that led to losing
all his money.

Where was TLC to school the kid on finances??

Machado wrote:

Tommy wrote:

McAlister, Chris CB 10,907,082

This is for 2008 season

Dude is a moron.
Looking forward to learning about the various
ways/deals/investments that led to losing
all his money.

Where was TLC to school the kid on finances??

There's a reason people are athletes or musicians.

Machado wrote:

ParaDime77 wrote:Saw the link this morning, blew through a 55 million dollar contract and is living back at home with mom and dad. *FACE PALM*

i don't know the guy or his contract, but i'll bet just about anything
his contract was NOT guaranteed for the full $55 million.

He completed 5 of the 7 years of the contract and the siging bonus alone should have set him up for years. Even if he 'only' went home with 30 of the 55 how the fuck do you blow 30 million? On top of what he earned from his rookie contract. Regardless he should have been set for years.

Dude doesn't strike me as an investor/stocks guy so either he has a gambling addiction..drug addiction or he bought every member of his posse a new car and house.

What's sick is for $100,000 I could make every possible dream I have come true and still have a good chunk of that money left years from now and this dick blew through hundreds of millions.

I wonder what he paid in taxes. Don't get me wrong, I mean, look after your fucking money, dipshit. But it's easy to say this is what his contract was worth and so he should be rolling in it. Yeah I know, even a million is a lot of coin, but alot of people live to what their income is, etc, etc, yada, yada.

MickeyG wrote:I wonder what he paid in taxes. Don't get me wrong, I mean, look after your fucking money, dipshit. But it's easy to say this is what his contract was worth and so he should be rolling in it. Yeah I know, even a million is a lot of coin, but alot of people live to what their income is, etc, etc, yada, yada.

Taxes + agent fee of 10% take a load off the top. Sadly, for as much money as these dudes make, a shit ton of them do have gambling issues.

ParaDime77 wrote:

MickeyG wrote:I wonder what he paid in taxes. Don't get me wrong, I mean, look after your fucking money, dipshit. But it's easy to say this is what his contract was worth and so he should be rolling in it. Yeah I know, even a million is a lot of coin, but alot of people live to what their income is, etc, etc, yada, yada.

Taxes + agent fee of 10% take a load off the top. Sadly, for as much money as these dudes make, a shit ton of them do have gambling issues.

I don't feel sorry from them one bit, unless of course mone was stolen from them by the people he might have trusted to manage
his millions.

Machado wrote:

ParaDime77 wrote:

MickeyG wrote:I wonder what he paid in taxes. Don't get me wrong, I mean, look after your fucking money, dipshit. But it's easy to say this is what his contract was worth and so he should be rolling in it. Yeah I know, even a million is a lot of coin, but alot of people live to what their income is, etc, etc, yada, yada.

Taxes + agent fee of 10% take a load off the top. Sadly, for as much money as these dudes make, a shit ton of them do have gambling issues.

I don't feel sorry from them one bit, unless of course mone was stolen from them by the people he might have trusted to manage
his millions.

your money ..other people ...and trust should not go hand in hand

SpecialSauce wrote:..and this dick blew through hundreds of millions.

I think you might want to check your math.

bane wrote:

SpecialSauce wrote:..and this dick blew through hundreds of millions.

I think you might want to check your math.

I was thinking the same thing!

Pro level athletes skate through high school, often don't take meaningful college classes, and are given no real training on how to handle the money they make. The NFL culture dictates that they must have $250,000 in diamonds in their ears and $2,000,000 in cars. Sounds silly, but if you are spending at a high level then $30,000,000 can go quickly. I'm sure there was a fair share of beggars and hangers on who walked away with some of that $$$ too.

$10,000 a month in child support, according to what I heard on ESPN radio. Still, he should have plenty of money.

LillianRoxyFA wrote:Pro level athletes skate through high school, often don't take meaningful college classes, and are given no real training on how to handle the money they make. The NFL culture dictates that they must have $250,000 in diamonds in their ears and $2,000,000 in cars. Sounds silly, but if you are spending at a high level then $30,000,000 can go quickly. I'm sure there was a fair share of beggars and hangers on who walked away with some of that $$$ too.

I disagree.
These days NFL rookies are required to attend a
Rookie Synposium for a few days.
The goal is to help prepare these college athletes for the NFL.
The majority if the rookies attending do NOT absorb the knowledge.
They fail to learn and apply what they were told to their daily life.
Finances is a subject that comes up-
How to save your $$
How to not waste your $$

Machado wrote:

LillianRoxyFA wrote:Pro level athletes skate through high school, often don't take meaningful college classes, and are given no real training on how to handle the money they make. The NFL culture dictates that they must have $250,000 in diamonds in their ears and $2,000,000 in cars. Sounds silly, but if you are spending at a high level then $30,000,000 can go quickly. I'm sure there was a fair share of beggars and hangers on who walked away with some of that $$$ too.

I disagree.
These days NFL rookies are required to attend a
Rookie Synposium for a few days.
The goal is to help prepare these college athletes for the NFL.
The majority if the rookies attending do NOT absorb the knowledge.
They fail to learn and apply what they were told to their daily life.
Finances is a subject that comes up-
How to save your $$
How to not waste your $$

It seems to me that we are actually agreeing with each other. Yes, despite the efforts of the NFL to help the players be aware of pitfalls, many players still blow through their money. I still say it's a pro athlete culture thing that dictates high profile spending instead of financial smarts.

This is required reading on this subject. Great article and it spells out why these guys go broke.

http://sportsillustrated.cnn.com/vault/ ... MAG1153364

Some stats-

• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

• Within five years of retirement, an estimated 60% of former NBA players are broke.

Divorce is one huge element. When these guys' careers end (along with most of their income) suddenly they are spending lots of time with wifey. And of course they find they can't stand each other.