"$15M in your early 20's isn't change your life money." This is one of the dumbest statements I've seen on this site. $15M is absolutely life changing $. Those that choose to waste that life changing money are idiots. But make no mistake, if they are smart with that $15M, they will never have to work again 2nd NBA contract or not.
Romeo about to be out of the league?
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There’s a reason no one has ever seen Geronimo in a fine china shop.
"He DiDn'T AcTuAlLy POcKeT $15 MillON, So THerEForE iT's JUsT FuN MOneY"
-Bloom, probably
Are you close with Romeo? Based on the way you rip him, I would guess not.
Assuming you aren't close with Romeo, you have no way of knowing anything regarding his current financial situation. This is a dumb as Bloom's post.
He gives money to IU players so he knows how young athletes in their twenties spend money. Duh.
But he doesn't have $15M, never did, and 60% of players in the NBA are broke within five years after they retire.
It's fun money for a few years. I certainly hope he can find some traction in the NBA, but my secondary hope is that his parents' home is paid for and he continues to pursue his degree. That's enough for some.
Right now his NBA career is hanging by a thread, and given the numbers, most of these guys, who are uncommonly confident in themselves, spend like more money is on the way. You probably would be too if you were them at that age.
Bates recruiting ranking would have him at Terrance Shannon type expectations as a player. actually, turned out to be a pretty bad player. only skill he had was as a streaky spot up shooter. he will be bounced from Mizzou next year.
Thank goodness the Hoosiers had Keith Smart and Dean Garrett as juco transfers, otherwise the Hoosiers would not have won the 1987 championship. I would say they were pretty impactful.
you keep saying 60 percent are broke 5 years after retirement. where did that come from? will bet you a million to 1 60 percent of 1st round draft picks aren't broke in 5 years.
Backing up a dumb post with another dumb post is, well, dumb. $15M at any age is life changing $. Romeo may well waste the money as many NBA players do, but he also may be one of the smart ones and the $15M will last him a lifetime.
I would assume it's this tho I do not have a dog in this fight.
Personal finances of professional American athletes - Wikipedia
You're arguing semantics.
If you can blow $9 million you can blow $15 million just as you can easily blow $100 million.
There comes a threshold where you earn enough money that you no longer have to worry (assuming done in moderation and invested properly) about working every day to provide for you and your family and the roughly $8-10 million dollars that Romeo has netted certainly crosses that threshold.
The average American adult makes $70k a year which roughly translates to working for 142 years to earn the kind of money that Langford has made in just 4 short years. Think about that?
There's no argument that somebody could very easily blow $8-10 million dollars in a short period of time, but it's also a mathematically certainty, that done right, $8-10 million would ensure you'd never have to work another day in your life, thus changing the outlook of your life completely.
And if after all that you still can't comprehend, well hell.
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that was quoted from 2008, the money has grown wildly since then. and so has the players association getting involved with educating players. bet you Kirk Haston's rookie deal as a 1st round pick was less than 3 mil Romeos was over 17 mil. if Romeo Langford ever declares bankruptcy in his life, he should be considered a financial dumbass. also, that is factoring in players who may have 2-way contracts or maybe stick in the league for a very short time.I would assume it's this tho I do not have a dog in this fight.
Personal finances of professional American athletes - Wikipedia
en.wikipedia.org
Wasting would mean it didn't change his life. Wasting it would mean he's back to where he was.
I hope he was wise enough to save up because, again, 60% of them end up broke.
Yep.
60% of NBA athletes end up broke within five years after retirement.
You keep replying as if this notion I keep repeating is some sort of anomaly.
You also keep replying as if these young players are mature adults who think their careers could only 3-4 years long.
Keep replying. It won't change 60% of NBA players end up broke within five years after retirement. Based on your persistence, you'd be one of them.
He’s 80 and cannot fathom some kid blowing that kind of money. That brain of his would explode when he realizes they spend over 1k on a pair of shoes, and $500 on ripped up jeans, and might wear the outfit 2 or 3 times total.
I'm not, I'm just giving him credit for promoting IU, and also the fact that Harper credited CMW for getting MM, so he's obviously been watching the program and I feel was referencing in part JHS's comments about his experience here. Go Hoosiers!
The portal is still so new, prevalent and impactful, it's really impossible to compare current roster building to teams/seasons older than just a few years.
Every time I get out of the shower and look in the mirror 😍, I thank god he made me below average in some areas and above in others. 😬
Tamar would have piss running down his leg if he ever stepped onto an NBA court. Forget about putting up a jump shot.
I generally agree with this take.
Some people like to normalize dumb & crazy just because it’s the current trend.
60%… blah blah, “welp that’s what everyone else did so F it.” Silly then and silly now. Grow up
It’s life changing money if you don’t blow it. Then again, if you blow it, isn’t that also life changing? Think about it.
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Yet it keeps happening.
You think Lance Stephenson is playing in Puerto Rico because he likes to ball?
He grossed $37M.
Ex-NBA player who made $60 million explains what really happens to your money when you sign an 8-figure contract
Former NBA player Josh Childress made more than $60 million in his career and was able to avoid the financial problems others face.
www.insider.com
Yeah, but Fat Joe on the IU forum says it's not real.
How someone chooses to allocate life-changing money doesn’t negate the fact that it’s still life-changing money. That’s what’s lost here and something you still can’t grasp.Yet it keeps happening.
You think Lance Stephenson is playing in Puerto Rico because he likes to ball?
He grossed $37M.
Ex-NBA player who made $60 million explains what really happens to your money when you sign an 8-figure contract
Former NBA player Josh Childress made more than $60 million in his career and was able to avoid the financial problems others face.
Yeah, but Fat Joe on the IU forum says it's not real.
He could buy 5,000 pairs of $1000 shoes and still not have to worry about working if he invested the other half of his $10 million wisely.
Again, no single late 30’s male still living in his college hometown has any kind of real world perspective on anything. You’ll have to try harder Sean.
Do you remember when you use to call me Sean because you talked to “friends” in Bloomington about me, and found out who a message board poster was? That was always very cute, appreciate you taking such interest.
You must not have talked to them recently tho. See I just closed on a massive property in Greene county, about 30 minutes from the hall so I’ll still have season tickets and be courtside for the games don’t worry.
I am close to several large scale solar projects that I will be developing over the next 4 years. I got a huge promotion and raise because of it. No clue about young money tho!!!
Keep up geezer, doesn’t that dial up work???
What do you mean I closed on a massive property? For the company or you personally.
A modest return of 7% on 8 million is over half a million a year. That is if you spend the whole amount and never have any compound growth.
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