Warren Sapp files for bankruptcy

[Cockholio]

I hate ill will, but what a POS this guy is..

http://espn.go.com/nfl/story/_/id/77...7-million-debt

[Kickerspl80]

Yeah that's pretty weak. He makes 115k a MONTH and is having troubles financially? The things i could do with that income

[I Bleed Garnet]

Good athletes that have their heads on straight and aren't dicks off the field/court are rare to come by.

[Stillwearingmyjoehat]

To paraphrase what my dad said about sailors, "athletes on payday are the richest MoFos on the planet but two days later have to hock their mother's wedding ring to buy food."

I got no sympathy for flat broke losers who just a few years ago were raking in millions. And don't give me any crap about "unscrupulous agents and financial planners." A few million earning 5% on a CD is more than enough to live comfortably forever. No, they won't live like a Rockerfeller but they would have no wants or needs.

So, all I can say is "fug 'em."

[I Bleed Garnet]

Originally Posted by Stillwearingmyjoehat

To paraphrase what my dad said about sailors, "athletes on payday are the richest MoFos on the planet but two days later have to hock their mother's wedding ring to buy food."

I got no sympathy for flat broke losers who just a few years ago were raking in millions. And don't give me any crap about "unscrupulous agents and financial planners." A few million earning 5% on a CD is more than enough to live comfortably forever. No, they won't live like a Rockerfeller but they would have no wants or needs.

So, all I can say is "fug 'em."

Agreed and sadly this is spreading into the college ranks (well for the big 2)

[stonecutter357]

Couldn't have happend to a nicer guy.

[ElectricCock]

They live like kings for 5 years and, reading a lot of athletes' twitter, all they talk about is "making that money $$$"...fast forward and they're broke

Sapp makes 160k a month!? F$%# THAT PIECE OF $%^

Typical Miami football player Sapp is... He also squeeked out of a domestic violence charge a few years ago and has some illegitimate children

[Gaichon]

Imagine that

[Spurrier_Superior_One]

Couldn't happen to a better guy. Warren Crapp...

[cockyjordan3]

Wasn't Marvin his cousin?

[DawginCola]

Big time athletes feel the need to have an entourage to go every where with them while they drop money paying for everything. You make $15 mil a year? Well, the government takes about half, then your agent will take about 10%, but that's still roughly 6 MILLION a YEAR that you take home. Get a good agent and land a few sponsorships and your looking at 10+ mil. If you cannot set yourself up for the rest of you life making 5-12 million a year (after taxes and other fees) then I have no sympathy for you because you are a freaking moron. You squandered more money in a decade than most people can ever dream of making in a life time. Athletes who whine about crap like this make me ill. Grow up.

[Kickerspl80]

Originally Posted by DawginCola

Big time athletes feel the need to have an entourage to go every where with them while they drop money paying for everything. You make $15 mil a year? Well, the government takes about half, then your agent will take about 10%, but that's still roughly 6 MILLION a YEAR that you take home. Get a good agent and land a few sponsorships and your looking at 10+ mil. If you cannot set yourself up for the rest of you life making 5-12 million a year (after taxes and other fees) then I have no sympathy for you because you are a freaking moron. You squandered more money in a decade than most people can ever dream of making in a life time. Athletes who whine about crap like this make me ill. Grow up.

[Metalrush24]

Yeah, his cousin played for Clemmy not too long ago

[b381l]

Maybe the worst all time is AA "the answer".......he made a ton more than Sapp.

[AstroCock]

Agree with everyone's comments. My question however is this:

Lets say you are bringing in 5 million a year after taxes and everything. What would you do differently? What would you invest in? How would you make sure that your family will be taken care of for life? I know what i would do even with a whole lot less but being that a lot of our players frequently visit this site what advice would you give them as well if they are fortunate enough to be millionaires?

[Kickerspl80]

Originally Posted by Gamecock_3968

Agree with everyone's comments. My question however is this:

Lets say you are bringing in 5 million a year after taxes and everything. What would you do differently? What would you invest in? How would you make sure that your family will be taken care of for life? I know what i would do even with a whole lot less but being that a lot of our players frequently visit this site what advice would you give them as well if they are fortunate enough to be millionaires?

If I brought in 5 million a year, I would buy a 250,000 dollar house in cash. Pay the property taxes off for 5 years and start two 25,000$ CD's for my children(dont have any now) for the future at a fixed rate/low risk until they reach an age to give it to them. Use my same truck i have now thats paid off, and just save save save. The only things i would spend on that werent complete needs would be for fishing and football. I would manage my accounts to where i ended with at least 1 mil at the end of every fiscal year

[AstroCock]

Originally Posted by Kickerspl80

If I brought in 5 million a year, I would buy a 250,000 dollar house in cash. Pay the property taxes off for 5 years and start two 25,000$ CD's for my children(dont have any now) for the future at a fixed rate/low risk until they reach an age to give it to them. Use my same truck i have now thats paid off, and just save save save. The only things i would spend on that werent complete needs would be for fishing and football. I would manage my accounts to where i ended with at least 1 mil at the end of every fiscal year

Smart man. If you ever become a millionaire I hope you remember that post. Millions make people do crazy things.

[sandstorm2001]

Originally Posted by Kickerspl80

If I brought in 5 million a year, I would buy a 250,000 dollar house in cash. Pay the property taxes off for 5 years and start two 25,000$ CD's for my children(dont have any now) for the future at a fixed rate/low risk until they reach an age to give it to them. Use my same truck i have now thats paid off, and just save save save. The only things i would spend on that werent complete needs would be for fishing and football. I would manage my accounts to where i ended with at least 1 mil at the end of every fiscal year

I think if you made 5 million a year you would quickly realize that you could lead a far more interesting lifestyle than the one described above and still put away a million in savings every year.

[mick66]

Originally Posted by Gamecock_3968

Agree with everyone's comments. My question however is this:

Lets say you are bringing in 5 million a year after taxes and everything. What would you do differently? What would you invest in? How would you make sure that your family will be taken care of for life? I know what i would do even with a whole lot less but being that a lot of our players frequently visit this site what advice would you give them as well if they are fortunate enough to be millionaires?

I should be a tax accountant by then, so just tell them to call me. :<)

I would say that having really good accountants would be step one, and have another accounting firm conduct frequent audits.
Step 2 is get rid of the hangers-on, and tell everyone but their mom that they get zippo.
Step 3 Don't hang out with hoochie-mommas and don't have any kids until they're old enough to be a real father.
Step 4 Invest cautiously and conservatively.
Oh, and never open a restaurant.

[Gamecock303]

Originally Posted by Gamecock_3968

Agree with everyone's comments. My question however is this:

Lets say you are bringing in 5 million a year after taxes and everything. What would you do differently? What would you invest in? How would you make sure that your family will be taken care of for life? I know what i would do even with a whole lot less but being that a lot of our players frequently visit this site what advice would you give them as well if they are fortunate enough to be millionaires?

lottery tickets...invest in lottery tickets.

seriously though if I was bringing in 5 million a year I pretty much wouldn't do anything other than play golf