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o/t - scottie pippen "will work for food"
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djsunyc
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12/27/2004  10:42 AM
INDIANAPOLIS -- Retirement isn't working out so well for Scottie Pippen.

He has lost more than $18 million in bad investments, cutting deep into his retirement plan.

"It's very stressful," Pippen said. "It's hard not to take it home with you. All your mail and phone calls involve that. I retired from basketball and now I have to deal with chasing my own future, and I wonder how long I can chase it. There isn't any job out there like the NBA where I can just go out there and recoup my money."

Of course, he wasn't getting a whole lot of sympathy from the good folks in Chicago, for whom he helped win six NBA championships. A local radio station ran a poll and 88 percent of their listeners said they shed no tears for him, given that he made well over $100 million in his career.

"It has happened before (losing money); why not again?" Pippen said. "You can wake up one day, and someone can decide to take everything you have. It could be your best friend."

Pippen's money was lost in some shaky real estate investments, as well as in some failing small businesses. He is suing one of his former financial advisers for apparently not telling him about a deal that had him becoming a majority owner of a Gulfstream airplane. According to the lawsuit, Pippen lost $1.7 million and is liable for an additional $5 million because of that deal.

"I tried getting my assets away from this guy for a couple years," Pippen said, "and he's still walking around a free man, able to do whatever he's doing to others. I expect this to go on for the next four to five years. In the meantime I'm paying attorney fees trying to get it back. Good money chasing bad."

Things have gotten so bad that Pippen is considering taking a media job (horrors!). He said was going to take some broadcasting classes.

"I'm not looking for a job yet," Pippen said. "But I've done it before and I want to be well-polished if I'm going to put myself on a national stage."

Pippen, who attended the Pistons' game in New York recently, was offered an audition by ESPN radio but has not accepted.

"It's not that taxing," he said of broadcasting. "I can still have a life, still have a family. I know it's a little bit of work, but it's the kind of work I'm ready to go into after being a professional athlete."
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Vmart
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12/27/2004  12:12 PM
I never understood why the players just don't put their money in government bonds that yeild interest. They can live on the interest alone for their entire life and their 3-4 generations and so on. Lets just face it if someone can talk you into a deal without you being unable to understand the pitfalls then walk the F away from the deal. These chumps can keep their sob azzed stories to themselves.
teslawlo
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12/27/2004  12:35 PM
Posted by Vmart:

I never understood why the players just don't put their money in government bonds that yeild interest. They can live on the interest alone for their entire life and their 3-4 generations and so on. Lets just face it if someone can talk you into a deal without you being unable to understand the pitfalls then walk the F away from the deal. These chumps can keep their sob azzed stories to themselves.
lmao I know right? If I had $100 million to play around with I could manage to not go bankrupt for several generations at least
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djsunyc
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12/27/2004  3:11 PM
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.

Nalod
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12/27/2004  3:32 PM
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?
o/t - scottie pippen "will work for food"

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