Nalod
Posts: 71374
Alba Posts: 155
Joined: 12/24/2003
Member: #508 USA
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Posted by djsunyc:
they don't b/c if they do put money in something like that, they need to pay hella income tax every year. so they figure, why pay the government when i can put my money someplace else and have tax breaks.
i agree with you all though. with that much money, the safe route is the way to go. even if you pay income tax every year, you still know you got your money.
These guys are victims to preditor tactics by dirtbag investors and the players are under pressure to invest and make even more money.
They only see at best half their money due to taxes and paying agents.
The cash burn rate of these guys is very high, the cars, houses, maintenence, family members, bling, gifts, charity, donations, legal fee's (not all to stay our of trouble) for trusts, real estate,) tax attorneys, etc. some of these guys can barely read, yet alone make good decisions about money. Women can be costly, a few kids out of wedlock, etc. Even the best of intention players can run into big money problems.
They should live more modest life style and grow up with the money and responsability of it. To stay a top notch professional requires much dedication to keeping in shape and healthy.
You read about carmello not wanting, or able to give up his neighborhood gangstah friends. its hard to keep it real and not forget where they come from, but these guys are big business now and must be professional in many aspects.
Buying nite clubs and letting your friends run can't be a good idea, and it invites more trouble.
Money does not buy happiness, and there are many sad lessons to be learned for these guys.
I admire guys like Karl Malone as he bought and runs a few business' and is involved. Look at Kobe, his life is turning into a nightmare!
Other than being in some hard videos, whats Marbs doing with his money and time?
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