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JordansBulls
03-11-2010, 10:10 PM
Link (http://sports.yahoo.com/top/news?slug=ys-investopediamoneyloss031010&prov=yhoo&type=lgns)




Scottie Pippen

Known more for his on court defense than his off court business sense, former Chicago Bulls star Scottie Pippen lost $120 million in career earnings due to poor financial planning and bad business ideas. Air Jordan’s sidekick blew $27 million on bad investments and spent $4.3 million on a Gulfstream II corporate jet.


Latrell Sprewell

Look up the word “shortsighted” in the dictionary and you will see a picture of Latrell Sprewell. He famously turned down a $21 million contract because he said it wasn’t enough money to feed his family. Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007. According to MSNBC, a U.S. marshal seized the yacht after Sprewell defaulted on his mortgage. His $5.4 million house went into foreclosure in May 2008. Don’t blame Sprewell for turning down the three-year, $21 million contract though. I mean really, who could live off a measly $7 million a year?

td0tsfinest
03-11-2010, 10:18 PM
$120 Million :speechless:

how much does he have left?

bigsams50
03-11-2010, 10:22 PM
Not Surprised. Most Pro atheletes lose the majority of their money to do poor spending

29$JerZ
03-11-2010, 10:28 PM
It's one reason I dislike players who don't either finish college or at least have a backup plan after their NBA career. 1 million could certainly last any family for years. Terrible ownership of money.

masalex1205
03-11-2010, 10:32 PM
Well what happened to the rest of it Scottie?

Bruno
03-11-2010, 10:33 PM
In a perfect world Pippen would get a cut of the MJ brand. 2-3%?

Evolution23
03-11-2010, 10:39 PM
Link (http://sports.yahoo.com/top/news?slug=ys-investopediamoneyloss031010&prov=yhoo&type=lgns)

I guess legends really do die and go broke

ldc62
03-11-2010, 10:43 PM
Edit: REMOVED

heatking
03-11-2010, 10:47 PM
these guys are jokes and dont deserve any respect... most of us could live with 1 million for the rest of our life.

Impaler
03-11-2010, 10:51 PM
$120 Million :speechless:

how much does he have left?

According to this he owes 11 million. OUCH! Link (http://www.basketball-reference.com/players/p/pippesc01.html)


Salaries
CSV ▪ PRE ▪ About
Season Team Lg Salary
1987-88 Chicago Bulls NBA $725,000
1988-89 Chicago Bulls NBA $575,000
1989-90 Chicago Bulls NBA *$670,000
1990-91 Chicago Bulls NBA $765,000
1991-92 Chicago Bulls NBA $2,770,000
1992-93 Chicago Bulls NBA $3,425,000
1993-94 Chicago Bulls NBA $3,075,000
1994-95 Chicago Bulls NBA $2,225,000
1995-96 Chicago Bulls NBA $2,925,000
1996-97 Chicago Bulls NBA $2,250,000
1997-98 Chicago Bulls NBA $2,775,000
1998-99 Houston Rockets NBA $11,000,000
1999-00 Portland Trail Blazers NBA $14,795,642
2000-01 Portland Trail Blazers NBA $13,750,000
2001-02 Portland Trail Blazers NBA $18,083,564
2002-03 Portland Trail Blazers NBA $19,727,524
2003-04 Chicago Bulls NBA $4,917,000
2004-05 Chicago Bulls NBA $5,408,700
Career (may be incomplete) $109,862,430

Ezekial
03-11-2010, 10:52 PM
I guess legends really do die and go broke

Go broke then die on the streets.

SteveNash
03-11-2010, 10:52 PM
It's one reason I dislike players who don't either finish college or at least have a backup plan after their NBA career. 1 million could certainly last any family for years. Terrible ownership of money.

Pippen and Spree both spent four years in college...


wow if I got 1% of that, It would last me a lifetime... or at least I would make sure it does. I would quit school for sure.

:facepalm:

ldc62
03-11-2010, 10:54 PM
Edit: REMOVED

jetsfan28
03-11-2010, 10:56 PM
According to this he owes 11 million. OUCH! Link (http://www.basketball-reference.com/players/p/pippesc01.html)


Salaries
CSV ▪ PRE ▪ About
Season Team Lg Salary
1987-88 Chicago Bulls NBA $725,000
1988-89 Chicago Bulls NBA $575,000
1989-90 Chicago Bulls NBA *$670,000
1990-91 Chicago Bulls NBA $765,000
1991-92 Chicago Bulls NBA $2,770,000
1992-93 Chicago Bulls NBA $3,425,000
1993-94 Chicago Bulls NBA $3,075,000
1994-95 Chicago Bulls NBA $2,225,000
1995-96 Chicago Bulls NBA $2,925,000
1996-97 Chicago Bulls NBA $2,250,000
1997-98 Chicago Bulls NBA $2,775,000
1998-99 Houston Rockets NBA $11,000,000
1999-00 Portland Trail Blazers NBA $14,795,642
2000-01 Portland Trail Blazers NBA $13,750,000
2001-02 Portland Trail Blazers NBA $18,083,564
2002-03 Portland Trail Blazers NBA $19,727,524
2003-04 Chicago Bulls NBA $4,917,000
2004-05 Chicago Bulls NBA $5,408,700
Career (may be incomplete) $109,862,430

No, he got endorsements, finals bonuses, some cash from playing briefly in Europe in 2008, money from the Olympics, and he's been a part time analyst, I'm sure he still has some money left.

SteveNash
03-11-2010, 10:56 PM
What was that for? Do you not agree that 1.2 million is a good amount of money to start of with?

So someone hands you $1.2 million, what are you going to do? I mean besides drop out of school to make sure it will last you a lifetime?

chickendinner11
03-11-2010, 10:58 PM
wow if I got 1% of that, It would last me a lifetime... or at least I would make sure it does. I would quit school for sure.

it's a damn good thing you don't have it then. 1.2 mil is nothing smart guy. if you were really frugal, which i'm guessing you wouldn't be, it might last you 5 years. being in school you'd blow it hiring van halen to do your birthday party. (let's see if anyone gets that).

Aussy4GM
03-11-2010, 11:00 PM
its not going to last you a lifetime though dude your gonna need to finish school and have a job still. and how dare anyone say scottie pippen deserves no respect. hes still got cash and i bet those reports are false. scottie pippen is one of the NBA's 50 greatest players of all time and thats a fact o your homework and dont **** on legends. i could care less about spreewell.

ldc62
03-11-2010, 11:10 PM
it's a damn good thing you don't have it then. 1.2 mil is nothing smart guy. if you were really frugal, which i'm guessing you wouldn't be, it might last you 5 years. being in school you'd blow it hiring van halen to do your birthday party. (let's see if anyone gets that).


So someone hands you $1.2 million, what are you going to do? I mean besides drop out of school to make sure it will last you a lifetime?

Scratch what I said. It was a stupid comment resulting from lack of sleep from uni. and wishing it was summer break.

IAmKira
03-11-2010, 11:18 PM
What was that for? Do you not agree that 1.2 million is a good amount of money to start of with?

i think his :facepalm: is toward ur remarks of dropping out of skool.
My :facepalm: is for not understanding the importance of education. Obviously u havnt learn anything through watever years u have been living..:facepalm:

GSW Hoops
03-11-2010, 11:27 PM
A fool and his money are soon parted.

SteveNash
03-11-2010, 11:42 PM
Scratch what I said. It was a stupid comment resulting from lack of sleep from uni. and wishing it was summer break.

Dropping out of school isn't necessarily that bad of a decision, I just really wanted to know what you'd do with the $1.2 mil to last you a lifetime.

ldc62
03-12-2010, 12:00 AM
Dropping out of school isn't necessarily that bad of a decision, I just really wanted to know what you'd do with the $1.2 mil to last you a lifetime.

Never thought about it. Heat of the moment remark

footballer2369
03-12-2010, 12:17 AM
If I was giving 1.2 million, I'd invest it in Scottie Pippen's companies.

Yankee Lifer
03-12-2010, 12:37 AM
Thats kind of sickening

Trouble87
03-12-2010, 01:09 AM
I can't even feel bad for Scottie... just thinking of 120 mill makes me sick

desertlakeshow
03-12-2010, 01:10 AM
The interest on 1.2 million dollars would be a minimum of $30,000.00 a year. I am guessing that there are plenty of people in this world getting by on less than that.

caddiemaster
03-12-2010, 01:16 AM
Thats a lot of $$$$$$$$$$$$$$$$$$......DANG!

knickerbockerny
03-12-2010, 01:23 AM
According to this he owes 11 million. OUCH! Link (http://www.basketball-reference.com/players/p/pippesc01.html)


Salaries
CSV ▪ PRE ▪ About
Season Team Lg Salary
1987-88 Chicago Bulls NBA $725,000
1988-89 Chicago Bulls NBA $575,000
1989-90 Chicago Bulls NBA *$670,000
1990-91 Chicago Bulls NBA $765,000
1991-92 Chicago Bulls NBA $2,770,000
1992-93 Chicago Bulls NBA $3,425,000
1993-94 Chicago Bulls NBA $3,075,000
1994-95 Chicago Bulls NBA $2,225,000
1995-96 Chicago Bulls NBA $2,925,000
1996-97 Chicago Bulls NBA $2,250,000
1997-98 Chicago Bulls NBA $2,775,000
1998-99 Houston Rockets NBA $11,000,000
1999-00 Portland Trail Blazers NBA $14,795,642
2000-01 Portland Trail Blazers NBA $13,750,000
2001-02 Portland Trail Blazers NBA $18,083,564
2002-03 Portland Trail Blazers NBA $19,727,524
2003-04 Chicago Bulls NBA $4,917,000
2004-05 Chicago Bulls NBA $5,408,700
Career (may be incomplete) $109,862,430

According to this list, the Bulls had him for a bargain price.

ElMarroAfamado
03-12-2010, 01:59 AM
it's a damn good thing you don't have it then. 1.2 mil is nothing smart guy. if you were really frugal, which i'm guessing you wouldn't be, it might last you 5 years. being in school you'd blow it hiring van halen to do your birthday party. (let's see if anyone gets that).

what middle class citizen spends 1.5 in 5 years?
:facepalm:

Big Quett
03-12-2010, 05:08 AM
Link (http://sports.yahoo.com/top/news?slug=ys-investopediamoneyloss031010&prov=yhoo&type=lgns)

Does anybody else besides me sees something wrong with Spree and Pip almost making the same amount of money throughout their career?

I mean its says Pip made 120 and Spree made 96. If Spree would have accepted the 21 mil offer from Minny that would put him at 117.

Am i the only person that finds that disturbing? :speechless:

Lakersfanla24
03-12-2010, 06:33 AM
Season Team Lg Salary
1984-85 Chicago Bulls NBA $550,000
1985-86 Chicago Bulls NBA $630,000
1986-87 Chicago Bulls NBA *$737,500
1987-88 Chicago Bulls NBA $845,000
1988-89 Chicago Bulls NBA $2,000,000
1989-90 Chicago Bulls NBA *$2,250,000
1990-91 Chicago Bulls NBA $2,500,000
1991-92 Chicago Bulls NBA $3,250,000
1992-93 Chicago Bulls NBA $4,000,000
1993-94 Chicago Bulls NBA $4,000,000
1994-95 Chicago Bulls NBA $3,850,000
1995-96 Chicago Bulls NBA $3,850,000
1996-97 Chicago Bulls NBA $30,140,000
1997-98 Chicago Bulls NBA $33,140,000
2001-02 Washington Wizards NBA $1,000,000
2002-03 Washington Wizards NBA $1,030,000
Career (may be incomplete) $93,772,5

spree made more than MJ damn he was a steal for pretty much his whole career.

JordansBulls
03-12-2010, 09:02 AM
Dropping out of school isn't necessarily that bad of a decision, I just really wanted to know what you'd do with the $1.2 mil to last you a lifetime.

Well if you only make 50k a year and you work 20 years that is 1 million.

bringinwood
03-12-2010, 09:48 AM
This happens to many of the greats...

Tyson was used by Rory Holliday and co...
Ali was used by Muslim nation...

This day, it's the everyday person that has the next big idea and knows how to sell it that gets into these athletes heads... This and the party scene that will inevitably either kill you or make you stronger for going the other direction...

This is why these athletes need good support systems around them...


Seriously though, we have no idea what it is like to have 50 or 60MM in cash.... ( After taxes, that's what Scottie ended up with in his career, if not less)...

That's rich, but not wealthy... He strived to be wealthy and he failed like so many others before him...

SirCalvin81
03-12-2010, 09:59 AM
wow thats ****in crazy, i couldnt even imagine spendin that much

chickendinner11
03-12-2010, 11:50 AM
what middle class citizen spends 1.5 in 5 years?
:facepalm:

1st off were talking about a kid in college. do you actually think someone like that will have the willpower to say invest money at that age? next, do you think the kid would buy a house? a car? other crap? that's what i thought. go :facepalm: to your own comment. look who posted the original comment first, then look at who i made a comment about. who said anything about any middle class citizen, moron.

thephoenixson28
03-12-2010, 12:06 PM
Either sprewells kids were really fat, or smoked a lot of weed. 7 million could feed almost half of africa.

king james
03-12-2010, 12:37 PM
If u all would read the whole article it
Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire, according to Sports Illustrated. NBA players aren’t faring much better. 60 percent of former National Basketball Association players end up broke within five years of retirement. Athletes squander millions of dollars due to bad decisions, lavish spending and poor financial planning. Here is a list of athletes that have lost their fortunes through some of the biggest financial blunders of all time.

Also the article said that Holyfield lost over $250 million, John Daly gambled away more than 50-60 million. He lost $1.65 million in five hours playing the slot machines at a casino. If you think that’s impressive, there’s more. Daly blew $1.2 million in a mere two hours and 30 minutes at a casino in Las Vegas.

Then the worst of all Mike Tyson lost an incredible $350 million to $400 million dollar fortune.

What on God's green earth is wrong with these people?

JordansBulls
03-12-2010, 01:06 PM
If u all would read the whole article it

Also the article said that Holyfield lost over $250 million, John Daly gambled away more than 50-60 million. He lost $1.65 million in five hours playing the slot machines at a casino. If you think that’s impressive, there’s more. Daly blew $1.2 million in a mere two hours and 30 minutes at a casino in Las Vegas.

Then the worst of all Mike Tyson lost an incredible $350 million to $400 million dollar fortune.

What on God's green earth is wrong with these people?

They have no idea how to spend there money.

Draco
03-12-2010, 01:15 PM
The Latrell F. Sprewell Foundation.. providing money management education and support for indigent former professional athletes and their families.

pebloemer
03-12-2010, 01:20 PM
Not Surprised. Most Pro atheletes lose the majority of their money to do poor spending

I know it has happened in quite a few cases in the NBA and NFL but over all players in all pro sports, do you know that this is true?

pebloemer
03-12-2010, 01:25 PM
it's a damn good thing you don't have it then. 1.2 mil is nothing smart guy. if you were really frugal, which i'm guessing you wouldn't be, it might last you 5 years.

Being frugal, 1.2 million dollars would last someone 5 years? What is your definition of frugal? Spending about $250, 000 a year?

Here is a couple dictionary definitions:

1.economical in use or expenditure; prudently saving or sparing; not wasteful: a frugal manager.
2.entailing little expense; requiring few resources; meager; scanty: a frugal meal.



The interest on 1.2 million dollars would be a minimum of $30,000.00 a year. I am guessing that there are plenty of people in this world getting by on less than that.

Thank you.

CrazyCrackar
03-12-2010, 01:29 PM
Season Team Lg Salary
1984-85 Chicago Bulls NBA $550,000
1985-86 Chicago Bulls NBA $630,000
1986-87 Chicago Bulls NBA *$737,500
1987-88 Chicago Bulls NBA $845,000
1988-89 Chicago Bulls NBA $2,000,000
1989-90 Chicago Bulls NBA *$2,250,000
1990-91 Chicago Bulls NBA $2,500,000
1991-92 Chicago Bulls NBA $3,250,000
1992-93 Chicago Bulls NBA $4,000,000
1993-94 Chicago Bulls NBA $4,000,000
1994-95 Chicago Bulls NBA $3,850,000
1995-96 Chicago Bulls NBA $3,850,000
1996-97 Chicago Bulls NBA $30,140,000
1997-98 Chicago Bulls NBA $33,140,000
2001-02 Washington Wizards NBA $1,000,000
2002-03 Washington Wizards NBA $1,030,000
Career (may be incomplete) $93,772,5

spree made more than MJ damn he was a steal for pretty much his whole career.

Thats a crazy jump, why was his salary so low , he only really got paid great for two years

R_O_W_E
03-12-2010, 01:34 PM
these guys are jokes and dont deserve any respect... most of us could live with 1 million for the rest of our life.

Really? Taxes would be a *****. With the way the economy goes you'd be broke sooner than you think espescially if you're not working a job that pays you $1 Million per year.

R_O_W_E
03-12-2010, 01:35 PM
Thats a crazy jump, why was his salary so low , he only really got paid great for two years

Why was his salary so low? Its because the NBA didn't explode with crazy salary numbers until after the NBA Lockout.

R_O_W_E
03-12-2010, 01:37 PM
They have no idea how to spend there money.

Actually most people in the general population dont know how to spend their money, they just have more money to their name and it just looks even worse when they waste it on stupid crap.

Ask the millions of idiots who got their houses foreclosed on in the past few years.

vito don tito
03-12-2010, 01:47 PM
Yeah Im broke too

THE_FLASH_21
03-12-2010, 01:49 PM
JACKASSES!!!!!!!! They deserve it!!! hahhahahahahahhahahahahhahha ****en jerks!!

SteveNash
03-12-2010, 05:14 PM
what middle class citizen spends 1.5 in 5 years?
:facepalm:

There's been plenty of stories of lottery winners being worse off than before they won the lottery.

JordansBulls
03-12-2010, 05:26 PM
what middle class citizen spends 1.5 in 5 years?
:facepalm:

Not sure, but a lot of people may do it.

chickendinner11
03-12-2010, 09:39 PM
Being frugal, 1.2 million dollars would last someone 5 years? What is your definition of frugal? Spending about $250, 000 a year?

Here is a couple dictionary definitions:

1.economical in use or expenditure; prudently saving or sparing; not wasteful: a frugal manager.
2.entailing little expense; requiring few resources; meager; scanty: a frugal meal.


for the second time. did you actually read my quote or did you stop reading after the first few words? you should feel like an *** if you didn't read the whole thing. it was aimed at a COLLEGE STUDENT!!! if a kid dropped out of school for 1.2, what are they going to do? BLOW THE $$$$. how many kids do you think would take the money and invest it, or whatever makes them more money? my guess is buy a car (auto depreciation), a house (which after making payment over 30 yrs. spends even more money), and general screw around money...leaves them with not too much. so don't give me the definition of frugal you moron. learn how to read first.

Kakaroach
03-12-2010, 11:32 PM
Thats pretty sad. Compulsive shopping or something.

JordansBulls
03-14-2010, 12:48 AM
Thats pretty sad. Compulsive shopping or something.

Yeah like Bentley's.

MaHaRaJaH
03-14-2010, 12:57 AM
Not Surprised. Most Pro atheletes lose the majority of their money to do poor spending

Exactly, it's hard to feel any sympathy.

MaHaRaJaH
03-14-2010, 12:59 AM
Yeah Im broke too

But I'm sure it feels far worse becoming broke after being dirt rich lol

Btw, really cool avatar

icon1914
03-14-2010, 01:07 AM
these guys are jokes and dont deserve any respect... most of us could live with 1 million for the rest of our life.

I'm not sure that is true... if we knew that 1 million was all we were going to get, maybe. Most people would figure out a way to stretch the hell out of it, but some people would still blow though it.

But in the case of people making millions every year its a bit different. We all have friends that spend their paychecks so fast they need a loan to make though to the next payday... They might go out to the club, buy some electronics, clothes, etc... they are just bad with money. Well that mentality does not stop just because you make more money. It probably gets worse.

Instead of going out to the club, you rent out the club for a night, you go to high priced clothing stores, and buy electronics you can not find at a best buy. The point is its easy to say we can live off of that money, but the reality is some of us could not. The temptation of being able to do so much is too much for many to handle, especially when its made so fast ( some athletes will make over a 100 million a little over 10 years).

If you are struggling while make 45 thousand a year, more than likely you will struggle making 4.5 million a year. The only difference is the you can do a lot more with the money until runs out.

icon1914
03-14-2010, 01:10 AM
There's been plenty of stories of lottery winners being worse off than before they won the lottery.

Easy come, easy go.... I bet the worse part is the family and friends asking for money. Its got to be hard to tell big mama "Hell No!!!"

JordansBulls
03-15-2010, 11:44 AM
Easy come, easy go.... I bet the worse part is the family and friends asking for money. Its got to be hard to tell big mama "Hell No!!!"

It's not the players mom that is the problem it is other family members like aunt's and uncles and stuff.

Jah king
03-15-2010, 12:05 PM
Link (http://sports.yahoo.com/top/news?slug=ys-investopediamoneyloss031010&prov=yhoo&type=lgns)

Spree does not suprize me..Hes a classic ****

JJ_JKidd
03-15-2010, 09:06 PM
They failed to invest their money properly, PERIOD.

albertc86
03-15-2010, 09:50 PM
Sprewell is an absolute idiot. There's no beating around the bush. However, I'm a little surprised that Pippen was as irresponsible as he was.

GspLAL
03-15-2010, 09:54 PM
Another thing is many athletes have advisers who screw them over too.

albertc86
03-15-2010, 09:56 PM
Another thing is many athletes have advisers who screw them over too.

Yeah, but supporting their entourages, extended families and making it rain in the clubs isn't any better.

Monstars
03-15-2010, 10:32 PM
Damn thats a lot of money. $120 million. WOW.

xabial
03-15-2010, 11:39 PM
He shouldve invested that money in google

JordansBulls
03-15-2010, 11:51 PM
He shouldve invested that money in google

Or yahoo.