Former NBA Stars Reveal Why Black Athletes Go Broke
Former NBA Stars Reveal Why Black Athletes Go Broke
Gilbert Arenas and Kenyon Martin discuss the reason that young black athletes can’t hold on to their generational wealth. Do Jason Whitlock and Delano Squires buy what the ballers are selling?
#jasonwhitlock #fearless #blazetv #whitlock #nfl #nba #sports #money #broke #bankruptcy #athletes #race #sportspodcast #podcast
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Not all parents need a house because they already own one. Not all parents need money because they worked and saved for the future.
I drove a VW sadan that was paid for when I was making $300k a year and had a $610 mortgage payment. As my income increased, I maxed my 401(k), invested in the stock market, and invested in distressed properties. I didn't change my personal life. I had an 18-year run of amazing income but didn't go off the rails trying to live like a multi-millionaire. I retired at 55 a multi-millionaire and live off my passive income from my investments, and my primary and secondary residences are paid for. If I had lived the lifestyle that people expected me to live making over $300k a year, I'd still be working at 60 and miserable working alongside entitled Millenials. I'm so glad I made sacrifices, but still bought nice things that I wanted. All a man needs is a decent car, 2 tailored expensive suits, and a nice watch. You can get by with those 3 things if you need to pose.
I’m a 48yr old white middle class family. I purposely had one child. My parents moved in with me when my father came down with dementia. My Mother still lives here til she moves on to God. She has her own section of the house. I believe we owe our parents if they are good. I didn’t have to I wanted to.
My son is a professional soccer player, 19yrs old 4yr 1.7 million dollars contract. My wife and I taught our son to save and invest his money because this was only his first contract. Fortunately my wife and I made over six figures our son’s entire life. We are happy and don’t need his money, we want him to have a future and financial stability for his future family.
Buying expensive European sports cars and gaudy jewelry every year will drop a millionaire to flat broke real quick.
No kid owes their parents anything for raising them.
Kids didn't ask to be born, the parent decided to have a child and chose to take that responsibility.
You're very wrong Whitlock.
shaq once told a story when he first came into the nba and got his first check for 1 million, he went out and bought a 6-figure car. he then proceeded to purchase cars for 3 more of his family members before the bank called him and told him he was overdraft. he, jokingly, said he when he got his first check, he didn't account for taxes being taken out. i'm pretty sure buying your parents a house isn't bankrupting these athletes but you keep thinking that though.
B.S. blaming it on buying your parents a house is B.S. when you make 10s of millions of $$$$$
Black Athletes go broke? What about billionaires that go broke? You'd be surprised at that number. Research on Google or YouTube.
I think it’s probably comparable to someone hitting the lottery. The majority of people that win don’t have much and really have no idea how to deal with the amount of money that they just won. And before long it’s all gone. I think someone proposed that all athletes need to have a financial advisor so they make sound long lasting decisions. Really should be that way for a lottery winner as well.
From predator females and biases courts.
Most of these athletes that really make it, only make that top money for like 4-6 years. It's the very rare marquis athlete that makes a 15-20 year career. They get that first paycheck, and start spending like it's always gonna be that way. And, if your momma already has a house she is comfortable in, there is no need to buy her a dang mansion. On the social pressure side, when an athlete that comes from a poor background makes it, they have all those high school hangers-on each with the same angle: "we had your back growing up, now you get ours."
Any parent who says, you owe us, ….yeh, no. Be happy they made something of themselves.
I can't remember the player. But he bought his mom a 4 million dollar house near Memphis. None of her friends lived near her. So she would take a 45 minute bus-ride to go visit her friends, each way.
This isn't just a black thing. The Hispanic, Asian and Pac-Islanders all have this same mind set of " you must take care of the whole family". Filipinos are notorious for have kids and EXPECTING them to take care of the parents and even grandparents. It's totally paying money backwards not forwards.
Sticking your parents in a nursing home IS NOT western culture. It’s modern culture. My parents took in their parents into their home when the time came. I did the same. Our families did the this for generations.
Nothing!!! That is what parents should be looking for from their children. In the same way, children shouldn't be looking for anything when their parents pass away. Go out and make your own money and grab your fame. All Parents should be asking for and hoping for their children to do is to be better than them in life.
I dont think it is a black white thing….I do know many POOR white athletes/celebrities who also splurged on their mothers
It is a poor/rich divide. Any poor man that makes it big is going to take care of their parents…hell, asian men I consider the ones that really have to take care of their family.
The idea of taking care of your parents after the child is grown is also cultural.
Black people cant have anything nice because they don’t know how to have anything nice.
Same reason every Black person in California will be broke after they get $5,000,000.00 in reparations.
Same reason why lotto winners go broke. Don't know how to handle money. Like all skills it takes time to learn it.
John Madden said football players need to have their mothers around the first couple years of their professional career, I guess that would apply to basketball players as well.
Jason Whitlock is a very wise man.
Nobody said they are smart , they bounce a ball and jump up and throw it down a basket. They are still street.
Kids that come from fatherless households are more likely to be in this situation if they turn out to be pro athletes. The sad truth is that 70% of black children grow up in single parent households.
Having multiple kids with multiple women and supporting a posse as well eats through the money. Also, buying your mom a house or a car is one thing. But you don’t have to pay for everything all the time for multiple relatives.
Obligations? They have their blinders on and don’t recognize how long the gravy train is going to roll.
The only thing you didn't mention is taxes. Most athletes grow up never having a real job of any kind so they don't ever file taxes up until that big payday let alone that they are going to be a 1099 self employed. Shaq talked about being in the hole on his first check because he spent it not realizing the government on net after expenses grabs 15.3% for Social Security and Medicare and then wherever your marginal tax bracket is which is probably up to 24% rate. And that is on 1 check not the whole contract. By the end of year one you are easily the highest tax bracket of 37% if you are making 1 million on a contract. Then you have to factor in your state taxes not just from the state you live in to work but the states you go to play in that get a piece. It gets very complicated and you need a good CPA. These kids don't understand making 1040 estimated tax payments early on and when they are broke all of a sudden need a company to loan them money against their contract at absurd rates. It won't be as detrimental with NIL exposing these athletes earlier allowing them to screw up before the pros, but it still will exist. We know that a starting quarterback in college NIL will be paid around 1-1.5 million in a power 5. Basketball is no different. Allows them to see it early and learn from dumb decisions, but not all will.
Athletic but dumb passed from grade to grade because of it
Dont care
The video is DEFINITELY true. There's no way that cars, bling, entourages, or mansions have anything to do with athletes running out of money.
I doubt the parents are the big problem. I am leaning towards getting into too much luxury too fast, plus you need to maintain that loyal growing posse of "friends". That house should be a good investment.
its not the job of the child to take care of the parents no matter what
they spend it on instathot white girls and latinas
03:50 what do you mean you need clarity, if you didn’t understand what he said, you need to do a better job in doing research my friend. 💯
Anyone ever see the Fat Joe interview where he told the story about lying to the homies in his entourage, said he couldn’t afford the vacation they were on and asked to see who would step up. Lots of people got permanently cut out real quick.
none of them belong anywhere near the totally corrupt US college systems, they a too often complete dumbassess
Spending money you dont have, to buy stuff you dont really want or need, in order to impress people you dont even like.
yeah, DONT do that.
If your mom needs a place to live, offer her a room in your house rent free. if she isn't desperate enough for that, then she doesn't NEED a new house she just WANTS a new house. you should say NO. No is going to save your butt. learn to love that word.
I know why. It gets down to two reasons: poor money management and trivial values.
Delano hit the nail on the head. The single moms who rely on government welfare are the same ones who expect their sons to give up their paychecks to them.
THEY DONT HAVE WEALTH THEY HAVE SOME MONEY. THE PERSON WHO CAN PAY THEM THAT AMOUNT OF MONEY HAS WEALTH!!
Moderation, then stop!
buy a mansion, expensive vehicle, some bling instead of investing to provide income once they are cut at the age of 30
High paid professional athletes going broke has nothing to do with helping mom. It is not having the discipline to plan for the future, setting budgets and sticking to them. Being a professional athlete is a very short career that can end at anytime. You need to save the money for the future and be preparing yourself for your next career or you end up driving a truck or a gate guard somewhere. It is about discipline and training. Parents need to be instilling this in their kids.
They can not read and wright after 4 years of college that's pretty bad