Thread: Oprah: Racists Have to Die for Racism to End

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  1. #31  
    LTC Member Odysseus's Avatar
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    Quote Originally Posted by Rockntractor View Post
    Easy money goes fast but with the athletes they often have to earn it, they surprise me, young and stupid I guess.
    The skills that it takes to earn money as an athlete are not necessarily the same skills that it takes to manage money. It's the same for entertainers and others who find themselves getting windfalls when they are suddenly in demand. If you haven't learned to manage your finances before you strike it rich, the odds are that you'll develop spending habits that are sustainable when you are at your peak earning years, but not when you are no longer viable as an athlete or in demand as an entertainer. Throw in unscrupulous managers and other entourage members who are skilled at milking someone else's earnings, and it's a formula for bankruptcy.
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  2. #32  
    Power CUer NJCardFan's Avatar
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    Quote Originally Posted by Odysseus View Post
    The skills that it takes to earn money as an athlete are not necessarily the same skills that it takes to manage money. It's the same for entertainers and others who find themselves getting windfalls when they are suddenly in demand. If you haven't learned to manage your finances before you strike it rich, the odds are that you'll develop spending habits that are sustainable when you are at your peak earning years, but not when you are no longer viable as an athlete or in demand as an entertainer. Throw in unscrupulous managers and other entourage members who are skilled at milking someone else's earnings, and it's a formula for bankruptcy.
    The latter happened to Steve Carlton and was why he hung on too long and nearly damaged his legacy. His financial adviser squandered a lot of his money on bad investments. But some athletes do get it right. Michael Jordan, Magic Johnson, Alan Page, Julius Erving, among others got it right. Allen Iverson and those like him didn't.
    "Inequality is a false notion propagated by those who are made to feel guilty for what they have by those who are jealous for what they don't"-Former MTV Host Kennedy
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