Clinton Portis is broke

[MonsterD]

So sad that he is the stereotype ex-NFL guy.

http://www.inquisitr.com/2644471/cl...de-40-million-but-even-owes-own-mother-money/

********went through court documents related to Portis’s Chapter 11 bankruptcy case, and including money owed to his mom, these are his “most notable” debts: $1,223,020 owed in mortgage deficiencies, $500,000 to an ET correspondent (Nischelle Turner), $412,000 to four different women for “domestic support”, and $457,178.56 combined owed to the MGM Grand in Las Vegas and Borgata Casino in Atlantic City.

$10 million of Clinton Portis’s money went down the drain with bad investments. The retired athlete sank $8 million into a “failed casino venture.” He also lost $2 million to Jade Private Wealth Management.

 

[jwitten82]

Never feel sorry for any athlete that goes broke. 10 million is enough for multiple lifetimes, so no sympathy here

 

[JohnnyTheFox]

 

[dreghorn2]

Never feel sorry for any athlete that goes broke. 10 million is enough for multiple lifetimes, so no sympathy here

I used to think exactly the same way, however i've had a couple of friends go through it and now i'm not too sure.

 

[BoysFan4ever]

Four women. My goodness.

 

[Tusan_Homichi]

Never feel sorry for any athlete that goes broke. 10 million is enough for multiple lifetimes, so no sympathy here

A lot of these guys come from nothing and have a lot of people who do nothing but take advantage of them when they actually come into some money. It's easy to sit here and say you'd turn down friends and family who probably legitimately need help. That's not saying you SHOULD help them, but it's hard to say no sometimes I'm sure.

I'm glad they're making it more of a focus in rookie symposiums these days to point that stuff out.

 

[jwitten82]

Four women. My goodness.

Thats weak. I could take more than more..

 

[NIBGoldenchild]

I see why he's working for ESPN 980 now.

 

[BAZ]

Four women. My goodness.

He had my sympathy until I read that. Disgraceful.

 

[Cover 2]

He had my sympathy until I read that. Disgraceful.

Agreed. That's too many. Two is the optimal amount of women you want to keep around.

 

[Don Corleone]

Nonsense. I thought he had a haram.

 

[DandyDon52]

A lot of these guys come from nothing and have a lot of people who do nothing but take advantage of them when they actually come into some money. It's easy to sit here and say you'd turn down friends and family who probably legitimately need help. That's not saying you SHOULD help them, but it's hard to say no sometimes I'm sure.

I'm glad they're making it more of a focus in rookie symposiums these days to point that stuff out.

I doubt much of his money went to helping friends or family.
most will be spent on himself and high lifestyle.
most NFL players never have to work a real job so they have no concept of reality.

I think Dez was making a million a year and was broke , he could not get by on what he made, much less save anything.
now I dont know that for sure , just read it.

 

[DanteEXT]

Never feel sorry for any athlete that goes broke. 10 million is enough for multiple lifetimes, so no sympathy here

Sure. After taxes and you never touch a dime of it and live only off of interest earned on investing it.

Depending on where you live you could put it all in a mattress too, pull out 50k a year, stick to the budget and make it last over a 100 years.

 

[Avery]

When you come from nothing and suddenly have treasure heaped upon you, it's difficult to see the forest through the trees for some people. Some lottery winners have been no different.

Most athletes don't buy the Invicta watch, they buy the Patek Philippe. Who wants an Accord when you can buy a Ferrari? That 1,200 square foot pad in the city won't do when the 8,000 sq. foot home with 9 bedrooms beckons.

Don't forget, many athletes have financial managers and are much more savvy, but you don't hear a word about them because they spent their money wisely (or more appropriately, didn't spend their money or did so on items that are assets that likely won't depreciate).

 

[plasticman]

I read that 70% of NFL players are broke two years after they leave the NFL, We tend to look at the group of players that start in the NFL an last about ten seasons but the reality is, the average career of an NFL player is only 3.5 years. Consider all those players that hang on as backups and then disappear shortly after teams finds someone else in a more recent draft.

All their lives they have been the best of their group in middle school, high school, college.....when they actually receive scholarships to play college ball far too few take advantage of the opportunity and get a degree. Few can comprehend a career that ends abruptly in only a few years. Even ten years will come quickly, no job in the NFL should be called a "career".

Naturally, when they are with family and friends, they are expected to pay for everything. They are expected to help out family and friends. Nobody considers the taxes, agent fees, lifestyle costs, etc. They lack the education and maturity to invest wisely and save for the future.

Of course, the circumstances woulld improve vastly if the NFL only drafted college graduates but then someone would "win" a lawsuit.

 

[John813]

Seems like I've read quite a few guys going bottoms up on bad investments.

Wonder if they know what they are investing in or are taking a "good friend" advice?

Even for me, who plays with stocks on the side, I'll spend weeks/months trying to research as much as I can before dumping $1XXX into a stock(s).

 

[dogberry]

Half of it will go to taxes, fees, and dues.

Most should let Buffet run their money.

 

[Don Corleone]

Seems like I've read quite a few guys going bottoms up on bad investments.

Wonder if they know what they are investing in or are taking a "good friend" advice?

Even for me, who plays with stocks on the side, I'll spend weeks/months trying to research as much as I can before dumping $1XXX into a stock(s).

I have a close friend that once played for the Miami Dolphins. His stories were priceless. Let's just say that some people aren't too bright with money. He told me stories of players taking signing bonuses in one lump sum instead of spreading it out and lowering the tax bite. Inexplicably.

Then there is also the story of one famous Dolphins player who thought he was buying an Arabian horse for a cool million dollars. He received photos of the horse, progress updates, etc. When he took a flight overseas to meet the horse he quickly learned it didn't exist. Someone made off with his money.

 

[JoeBoBBY]

When you never had money, never saw it growing up, never heard conversations about the stock marlet from friends and family, never educated about such things......well, you dont know about money.

Its amazing how quick money just ..........goes. The world is set up, to take your money...............its working non-stop to get every penny.

Time and time again I see it, I not only see it with Football players but others who "struck gold" too.....They just dont know how to handle it. And it disasppears. They did a study about lotto winners that stated something to the effect that most have spent/lost it all within 5 years........

 

[CowboyChris]

When you never had money, never saw it growing up, never heard conversations about the stock marlet from friends and family, never educated about such things......well, you dont know about money.

Its amazing how quick money just ..........goes. The world is set up, to take your money...............its working non-stop to get every penny.

Time and time again I see it, I not only see it with Football players but others who "struck gold" too.....They just dont know how to handle it. And it disasppears. They did a study about lotto winners that stated something to the effect that most have spent/lost it all within 5 years........

I've read that 38% of all millionaires go broke.