LIFE OF REILLY
Weighed down by too much cash? Don't worry, I'm here to help.


David Dow/NBAE via Getty Images


By Rick Reilly

Congrats, newly minted NBA rookie!

Now you've been drafted. Next comes the delicious multimillion-dollar contract. And that's when you must do what most NBA players do: start going through cash like Jack Black through the Keebler factory.

Filing for bankruptcy is a long-standing tradition for NBA players, 60% of whom, according to the Toronto Star, are broke five years after they retire. The other 40% deliver the Toronto Star.

It's not just NBA players who have the fiscal sense of the Taco Bell Chihuahua. All kinds of athletes wind up with nothing but lint in their pockets. And if everyone from Johnny Unitas to Sheryl Swoopes to Lawrence Taylor can do it, so can you! With my How to Go Bankrupt* DVD series, it's a layup to go belly-up!

Ten essentials, just to get you started:


Screw up, deny it, then fight by using every lawyer and dime you have. Roger Clemens just sold his Bentley, reportedly to pay legal bills. Marion Jones lawyered herself broke before she finally copped and went to prison. Paging Mr. Bonds, Mr. Barry Bonds.

Buy a house the size of Delaware. Evander Holyfield was in danger of losing his 54,000-square-foot pad outside Atlanta, and it's a shame. He had almost visited all 109 rooms! FROM $300M UP TO $27M DOWN? EASY.


Buy many, many cars. Baseball slugger Jack Clark had 18 cars and owed money on 17 when he went broke. And don't get just boring Porsches and Mercedes. Go for Maybachs. They sell for as much as $375,000—even though they look like Chrysler 300s—and nobody will ever know how to pronounce them, much less fix them.

Buy a jet. They burn money like the Pentagon. Do you realize it costs $50,000 just to fix the windshield on one? Scottie Pippen borrowed $4.375 million to buy some wings and spent God knows how much more for insurance, pilots and fuel. Finally, his wallet cried uncle. The courts say he still owes $5 million, including interest. See you in coach, Scottie! (For that matter, why not a yacht? Latrell Sprewell kept his 70-foot Italian-made yacht tied up in storage until the bank repossessed it, in August 2007. He probably sat at home and cried about that—until the bank foreclosed on his house, this past May.)

Spend stupid money on other really stupid stuff. In going from $300 million up to $27 million down, Mike Tyson once spent $9,180 in two months to care for his white tiger. That's why Iron Mike's picture is on our logo!

Hire an agent who sniffs a lot and/or is constantly checking the scores on his BlackBerry. Those are the kinds of guys who will suck up your dough like a street-sweeper. Ex-Knick Mark Jackson once had a business manager he thought he could trust. Turned out the guy was forging Jackson's signature on checks—an estimated $2.6 million worth—to feed a gambling jones. "And it wasn't like I was a rookie—I was a veteran," Jackson says. The only reason he says he's getting some money back is because he didn't …

Sign over power of attorney. What's it mean? Who cares? Just sign! The guy you're signing it over to knows. And while you play Xbox, he'll be buying large portions of Switzerland for himself. Kareem Abdul-Jabbar let an agent named Tom Collins have power of attorney once, and it cost Kareem $9 million before he figured it out.

Spend like the checks will never stop. Also known as the Darren McCarty method. Despite earning $2.1 million a year, Red Wing McCarty, who started a rock band called Grinder, went splat by investing in everything but fur socks ($490,000 in unlikely-to-be-repaid loans) and gambling large ($185,000 in casino markers). In other words, a Tuesday for John Daly.

Just ball. Don't write your own checks. Don't drive your own car. Don't raise your own kids. Just be a tall slab of skilled meat for others to feast on. Not to worry. It'll be over before you know it.

Most of all, set up a huge support system around you. It'll be years before you'll realize they call it a support system because you're the only one supporting it. They're all on full-ride scholarships at the University of You. "Guys go broke because they surround themselves with people who help them go broke," says ex-NBA center Danny Schayes, who now runs No Limits Investing in Phoenix. "I know all-time NBA, top-50 guys who sold their trophies to recover."

See, kid? You can be a top-50 guy!

So order my How to Go Bankrupt series now, and get this empty refrigerator box to sleep in, absolutely free!


*(Only $1,449 plus shipping, handling, service fee, dealer prep and undercoating. Per month.)


Love the column, hate the column, got a better idea? Go here.

Want more Life of Reilly? Then check out the archive.

Good piece as usual from him, but just remember that rich "broke" doesnt translate into the same definition as our "broke."

For them its all about funneling money into different accounts, selling off a couple of cars, and possibly downsizing homes. Doesn't mean they're moving back in with moms.

Posted by playa2:

If the NBA really cared they would funnel players to good investment people who could settle them down with the mutual funds and Senior citizen realestate in Florida like John Wallace did and has made the transition a success.

What former knick John Wallace did was this, he called up some old college buddies from the cuse that was serious about buying some can't miss realestate in Florida. So John hooked up with them and bought some property there and that is how he made himself a success in life financially after basketball.

they do.

Posted by playa2:

Who does that and where are they doing it.

Wallace had to go to his old college buddies, not the NBA.

Why are so many former players licingf on hard times then?

Dude they put the rookies through seminars before they become full acclimated with the NBA lifestyle. And the seminars cover many of the things you taking issue with. What rock did you crawl out of?

Posted by playa2:

Who does that and where are they doing it.

Wallace had to go to his old college buddies, not the NBA.

Why are so many former players licingf on hard times then?

They need a good college education.

Its a little bit of both, perhaps Stern should show even more interest in the financial well-being of his players but more importantly the players themselves should have more discipline.

If any one of us received the sort of checks that most NBA'ers see in a month, we'd be set for life. Give me a standard NBA rookie salary for a year, and you'd never hear from me again.

Posted by martin:

Posted by playa2:

Who does that and where are they doing it.

Wallace had to go to his old college buddies, not the NBA.

Why are so many former players licingf on hard times then?

cause they are dumbasses? they have posses who drain them? they spend too much cheetah on big cars and ladies? cause they support distant cousins and their friends like they were brothers and sisters?

Playa have a seat schools in session once more....

http://fans.blazers.com/blogs/mike_barrett/2006/09/rookie-orientation-underway-in-nba.html

With rookie orientation now underway, the number of players involved in the pre-training camp training at the Trail Blazers' practice facility was reduced by several. The pick-up games continue, but Blazer rookies Brandon Roy, Sergio Rodriguez, and LaMarcus Aldridge, will be gone for the next six days. There will be plenty of time for them to catch up on things when they return. Training camp, as you know, doesn't begin officially, until October 3rd.

I've mentioned rookie orientation several times this week, and it came to my attention, thanks to a couple of e-mail questions, that many of you don't know a whole lot about what this week entails for these rookies. I've asked some questions, and have done a little research, and will take a moment to try and explain what this is all about.

Let me first say, that in talking to veteran players, it's obvious this program is extremely valuable, and the NBA does a great job in getting these young guys ready for life in the big time. The NBA's rookie orientation is the most extensive, longest-running program of its kind in professional sports. It started in 1986, so this is the 20th annual rookie orientation in the NBA. Honestly, I had no idea it was as detailed and complete a program as it is.

Without boring you too much, let me just say it basically was developed to help young players make better decisions, and fully understand the challenges that are going to come with being a professional basketball player. It gives these rookies the tools and knowledge they need to deal with the pressures they're going to face. Afterall, no background prepares players for life in the NBA.

It's a very detailed six-day seminar, and sessions normally run from 9am to 9pm. The league addresses character, image, ethics, and relationships. Players union officials explain the support system that is currently in place for the players. Referees speak, and try and prepare the players for NBA basketball.

There are presentations, role-playing exercises, skits, interactive workshops, group breakout sessions, and interactive activities. The players are taught life skills, including advice on their finances. Other topics include driving safety, drugs and alcohol, anger and stress management, nurtition, professionalism, and how to deal with the media. All in all, it's about education and awareness.

The orientation doesn't get a lot of attention, because, obviously, it's not that sexy or interesting to people, but the NBA should get a lot of credit for its efforts to prepare its young people for this new world. I'm looking forward to talking to our rookies when they return to find out what they thought of the program.

Speaking of getting set for the season, off the court, more Trail Blazers will return to Portland this weekend. Joel Przybilla arrives on Sunday. Juan Dixon is headed back to town, and Jamaal Magloire is expected any day. Joel, and his wife, Noelle, will be moving into a brand-new home on Sunday, and they're going through the same things we all do when we move. I spoke to Joel today and he's handling all the details of the move himself. Not suprisingly, he sounds a little stressed. Raef LaFrentz recently purchased, and moved into a new home himself. He'll be living across the street from Dixon, and less than a mile away from Joel. Earlier this week, Sergio spent a full day searching for a place to live, and was successful. Now, he's got to furnish the place. Add that to his list of learning the language, the culture, and his new team's system.

and another more solid reference

http://www.nba.com/news/rtp_030919.html

For nearly 20 years, the National Basketball Association and the National Basketball Players Association have worked jointly to develop a series of programs to provide its players with the skills and information necessary for a successful transition to the NBA. The commitment to player development starts at the very beginning of a player’s career through the NBA Rookie Transition Program. Created in 1986, the Rookie Transition Program is the longest-running and most extensive support system in professional sports and features a comprehensive assortment of educational and developmental programs.


Each September, every Rookie takes part in this mandatory six-day seminar and workshop program that provides first-hand knowledge of what to expect as a player in the NBA and how to balance these pressures and demands. Sessions generally run from 9 a.m. to 9 p.m. and are conducted by league and player association personnel, current and former players and experts in each of the fields covered.

The program is designed to teach players techniques to cope with unique stresses inherent in their lives and how to utilize the various resources available to them throughout their careers. Leading professionals facilitate the program using presentations, role-playing, skits and interactive workshops, as well as group breakout sessions. At the end of each day, players participate in an interactive activity designed to highlight the day's lessons. The diverse offering of sessions include:

Professional and Life Skills
Computer Training
Education
Finance
Professionalism/Networking

Player Development
Coach's Huddle
NBA Legends Panel
Player to Player Panel with current NBA players
Players Association meeting
Rules of the Game
Special Sessions with Bill Russell and Bob Love

Personal Development and Education
Character, Image and Ethics Panel
Driving Safety
Drugs and Alcohol
Nutrition
Sexual Health
Stress and Anger Management

Media and Community Relations
Community Relations
Media Training
NBA Communications
NBA Entertainment

Legal Education
Felony Situations
Gambling
Gender Violence
Security
Sexual Harassment

Special Sessions
Focus on the unique challenges facing:
- International players (i.e. Cultural Adaptation; Overcoming the Language Barrier; Acclimating to the NBA-style of play)
- Players "20 and under" (i.e. Being on your own for the first time; Interacting with Veterans; How to deal with Peer Pressure situations)


The NBA Rookie Transition Program is administered by the Player Development Departments from the National Basketball Association and the National Basketball Players Association. Comprised of former players, social workers, educators and other experts, these professionals meet regularly with all NBA teams and collectively serve as a 24-hour support system for players. This full-time group of professionals is dedicated to helping NBA players manage a variety of life issues and proactively address their needs.

[Edited by - TrueBlue on 07-02-2008 2:35 PM]

Posted by sebstar:

Yeah, Trueblue but an issue of such vital importance, the financial health of NBA players especially susceptible rookies, should deserve more than a one day seminar that most players nap through.

There should be more tangible mechanisms set in place. Perhaps Stern should care about his players as much as he cared for dress codes.

It's a 6 day Seminar not a 1 day and it's mandatory.

There are other things they teach, and emphasize, so its more than likely they devote one day to financial matters and if they do teach it throughout then it probably averages out to about a one day seminar.

Posted by sebstar:

There are other things they teach, and emphasize, so its more than likely they devote one day to financial matters and if they do teach it throughout then it probably averages out to about a one day seminar.

ROTFLOL while SMH!

Posted by sebstar:

Posted by martin:

Posted by sebstar:

Yeah, Trueblue but an issue of such vital importance, the financial health of NBA players especially susceptible rookies, should deserve more than a one day seminar that most players nap through.

There should be more tangible mechanisms set in place. Perhaps Stern should care about his players as much as he cared for dress codes.

how much time does your employer put into making you goto a financial specialist?

Not the same. Being an NBA player is demanding, rigorous, pressure-filled, and laced with all kind of traps. Especially for a rookie that only receives one contract. For a young player that isnt mentally prepared it could lead to disaster. Since the NBA takes such a hands on approach with the things they deem important, I dont think its asking too much for them to take more of an interest in the well-being of their players outside of a week long seminar.

I'll give you that most of the onus falls on the players, but Stern and many NBA executives are savvier and should provide more.

maybe each team also needs to step up in the interest of it's own players. but at what point is the team/nba's guidance of an individual enough?