Going for Broke


In recent news NBA center Eddy Curry is the latest b-ball players going for broke. Curry made a little over 10 mill playing with the Knicks despite being more of a spectator than an athlete. The big man appeared in 7 games last season and still made a ridiculous amount of money. He spent just as much, if not more, than he made. Yahoo Sports broke his spending down and the most confusing was the $350,000 he owes to Juwan Howard, but I digress.  Curry dished out 17 Gs a month to family members $207,000 a month to unspecified wages and the list goes on.

 Sadly he’s not the first or only NBA player to get in a ridiculous amount of debt. Antoine Walker, Derrick Coleman, and Rick Mahorn are all going through their own personal recession this year.  How can people making millions upon millions dollars go broke shortly after they gain wealth? An older issue of Sports Illustrated has some answers.

                S.I.  states that 5 years after retiring a staggering 60% of NBA players go broke because they no longer have a job and many are going through divorce.  I’ve paraphrased what S.I. list as the top four reasons current players losing money. They are as follows:

  1. Bad investments-many athletes are suckered into going in on businesses that go nowhere fast
  2. Letting unqualified individuals handle their money- your best friend’s cousin who went to business school is not legit. Sadly even letting your own parents handle funds can get you in the red
  3. Paying off wives/girlfriends/baby mommas etc-this includes divorces, child support and infidelity
  4. Taking care of EVERYONE-with new fame and fortune comes a whole lot of new family members/friends that suddenly need help  

 

 My younger brother stated that “they’re all young, fly and flashy till they meet Uncle Sam.” I’m gonna have to agree with that one. And that’s just how I’m feelin…

To read the full S.I. article check out http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm

To see a full list of Curry’s expenses click on

http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Eddy-Curry-makes-a-lot-spends-a-lot-and-owes-a-?urn=nba,243600

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1 Comment (+add yours?)

  1. Trackback: Going For Broke the Great Chaunteezy’s Blog

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