You should do one on Chamillionaire. The rapper from the mid-2000's. He made some money from rap and then became an investor. It's fascinating to me to hear these stories. Both the good and the bad.
@@justncredible1473 i think it was episcopal high in jax … every time i pass a whataburger i think of mark we still love him in duuuuuvvvallll and always will
I would love to see you do one on Tim Duncan. He is an athlete who did it right. Even after getting screwed by a sketchy advisor out of $21m he was completely fine because he had invested so wisely.
@@noblealyo297 its self explanatory 😅 it means you *DONT* have to take unneccessary risk. In other words with that volume of cash- conservative investment will yield great returns
I know that it must always be tempting to leverage one's assets to make them work harder for you but honestly if I had 50 mill I'd be happy just having most of it sitting in cash / low-risk bonds and ringfencing a small amount, maybe 10%, for generating a more substantial, yet riskier, return. Going from 50m to bankrupt is madness.
He probably had ambitions to try and get into hundreds of millions in his lifetime so he went for the more aggressive, and higher risk, investments. Like you, I probably wouldn’t do that either, not without first being out of the sport so I could focus closely on what I was doing and what would work best.
@@shitmandood yeah, everyone wants to be the big dog. And I suspect that those who come from a highly competitive background such as professional sport are more susceptible to this.
Im actually happy you're also doing these ''had the right intentions and did it wrong'' kind of video. Because for so many NFL player video's you made, you've made it clear what not to do, as in dont even try. Now putting into light what not to do even if you go towards the path of success. But what I'll never understand about these players, even if they are set for life. Why not set aside like 5mil in a retirement account. Or Fuck it just a mil, and buy a house outright so you have minimal expenses. Then you could still yolo fuckup everything else and not care.
Makes me wonder why more athletes don't put 1 to 5 million in an off shore account like the Cayman Islands or Switzerland in case they do go broke and blow everything and have to file chapter 11 in the States. seems like a no brainer decision to me. Especially for those athletes gifted enough to get to the 2nd contract.
Liked this one because the last bit is HUGE. There's another bit to this that unless I'm wrong, thought was really nice. This guy went through it back then with this. It was embarrassing and difficult for him and his family. He was in over his head, hemorrhaging money and clearly got awful advice. I have sympathy for these guys. But anyways, what I think is interesting is that he's working... he sounds good - and you know something? His wife stuck by him through it. I don't know the details, sure it wasn't easy and probably friction, but at that low point it seems they came out of it together. I believe he bought a house maybe 6 years ago, so that's not too long after this, and it wasn't a cheap house (over 1.3 mill). He had some help. But the thing is... he got past his pride and got it.
Great post JayB. I also think he was trying to do the right thing with his money. Just trusted the wrong people and got bad advice. It could happen to anyone and even happens to those NBA players who are trying to improve their communities. Running a profitable business is not easy. He must have been well liked and respected to be in the league that long and probably made a ton of lasting friendships and connections with people who could help him out. Just bad timing. The expenses that Spencer points out seem to be really high compared to his income so I wonder if they should have had the kids in private schools or what shopping habbits his wife had. But they were not driving expensive sports cars. Maybe he had country club fees or memberships that ate up money as well. You never know.
Same for: Shaq, Kobe, Michael Jordan, Larry Fitzgerald, and Marshawn Lynch,@@SpencerCornelia . I'd love to hear of how smart those guys were with their earnings.
You'll be surprised how many countless athletes come to my bars and nightclubs and they have stories about how they tried to operate and own their own restaurants, bars and other hospitality sectors, some had no clue in understanding the business model and the pillars that drive a successful company. Example: Operating costs, Quality of service (Employees), the types of food the restaurant will be servicing, Innovation, how much money is being wasted on liquor waste, etc. It's mind-blowing🤯🤯🤯
@@nickodemusjohnson the problem is people with expertise and experience like you want to keep everything in-house instead of leveraging these athletes assets.
Man, quotes like this at 6:20 is why I feel your videos also teach real-life lessons for regularly people too. Don’t take on MORE than you can HANDLE immediately. You’re just building yourself up for a lifetime of debt
Lol I agree why deal with the stress of real estate investing when you made 50 million dollars in your career? At a certain point convienience and peace of mind should overtake what ever potential gains you could make running risky investments.
Wow thats wild... I feel sorry for that dude. There aren't always winners in business. He thought he was doing the right thing with his money. Thanks for the video Spencer!
This just shows the importance of risk tolerance and making sure that your investments have the right risk level for you. Sounds like Mark Brunell had 100% of his investment in high risk endeavors and they bust. He belongs on WSB.
Great Video! Very interesting story this one. Kind of feel bad for him. He seems different than the flashy lifestyle athlete and still got wrecked. Shows that it can happen to anyone.
good episode, it’s always good when they look out for people not being irresponsible, he did everything right, except for the not buying cash, but it was a trend and know way he could have known, but the government is to be blamed, they been tanking the economy throughout all history, which was another cycle in 2008. he didn’t gable it, drink it away or waste it on drugs, so i always feel bad when it happens to people like this, that are hard working and trying to do it the right way. i work hard, and i don’t get what i’m supposed to, i see people begging and most are drug addicts and alcoholics, i can’t afford to pay for anyone to party, but you see millionaires that are from the hood doing the same thing, partying away the money, on the same thing, and eventually it could be their at the same circumstance with the poor addicts. it’s crazy. those kinds of pitfalls don’t judge, and anyone can end up there: this show should spread like wild fire to at least provide some incite into what people can easily end up face.
I blew $35k in bad investments because I wanted to turn $35k into $100k... If I had $50 million, I WOULDN'T BUY ANY RISK-ON ASSETS!!! Low risk, 8 - 15% apy in returns on the investments, and you and your kids and grandkids are set for life.
Even though Private Wealth Management fees are expensive, it is probably worth it for many of these athletes to give their money to Goldman Sachs, JP Morgan etc. to handle their financial affairs and aim for a low to moderate return. Or, just park the money in CDIs.
He was also part of a weird religious group too. They love to get their hooks into people with money. I've seen it with people involved in church groups who've sold businesses, suddenly there are people appearing with great investment ideas and they use the god shield to try and wave away due diligence on things that are clearly scammy.
100% untrue about quarterbacks, where do most of the kids in the NFL come from? That's the deciding factor of them going broke. Thumbs up for the video though.
I know it's just the poor in me talking but I can never understand someone who makes this much money needing to invest any money at all. That's way more then I would ever expect to make in my life, don't buy stupid crap and live somewhat modestly
So stupid. Never understood real estate development unless it’s something that you’re going to do it for steady flow of income like building a apartment building for yourself and get income out of that.
I feel like having a normal income compared to having millions and going broke is a lot worse, you feel like failure because you had such a lavish lifestyle before. When you never had that, you just live very modesty.
If this comment is serious, take Spencer’s advice. One you get rich, you don’t have to get rich again. Don’t look for high yielding guarantees. They generally don’t exist.
Attempting to see how I can use this same sentence but using my Cleveland Browns instead of your Jags! With your permission of course! Interesting fact- I was at the game between the Browns and the visiting Jaguars back in 2001 when due to some questionable officiating began to rain beer bottles on the field! Of course sitting in the front row 50 yd seats on Jaguars sideline did not help me. Poor arm throw strength from the higher deck essentially meant that most of the bottles thrown missed the field and landed in and around rows 1-5! Yikes! As an Ohio State football fan all I can say is I hope your next coach will lead to more success. Good luck this season.
You should do the MIKE TYSON/50 CENT home. Tyson bought this massive house redid it. Went broke sold it 50 cent at .75 cents on dollar. Every said 50 was a smart. 10 years later 50 cent sold it .75 cents on dollar. Both lost a truck load.
My dad retired his cement pouring company last year but we were doing bank of america's in the sf bay...basically every location was six figures pay check but the bank waited almost a whole year to pay after each job
@@GoldenGod69 dang i feel you, i used to deal with these bigger "brands, banks, entities". Straight nightmare. "we don't have a credit card to pay with" LOL
@@Thiiink yup they can be as late as they want. But god forbid you don’t pay the bank back for almost year because “you don’t have the funds” see how that one goes😂
A lot of it is peer pressure. All of your coworkers are driving Bentleys and living in mansions. You don’t want to be the one pulling up to practice in a Corolla. The guys push each other to flex, and it has disastrous consequences.
This is educational but sad... I like when you break down the fakes/scammers but if you didn't have his permission I think this is pretty disrespectful actually 🤷♂️ (Have to stop watching 👀)
I like to take a moment, thank you Spencer for all that you've done. You're helping alot us see the fakes for what they are, saving people time and money.👍❤
Everything that’s really worthwhile in life came to us free; our mind, our soul, our body, our hopes, our dreams, our ambitions, our intelligence, our love of family and children and friends. All these priceless possessions are free, but the things that cost us money are actually very cheap and can be replaced at any time.
Crazy when he can lose more money than me just getting escorts and cocaine. 1 million to spend on that for a few years, would be way too much. He literally lost more faster than that. Wtf....
Thank you for still making this series, I've watched many of your Go Broke series and realized how reckless my spendings are in the past and I'm not even an athlete. I'm scared of my own future so I'm currently trying to control the urge to spend money and slowly investing in Mutual Funds.
It is interesting to think about what larger than life people or businesses are currently involved in a Ponzi like scheme. Follow the money. Which ones are yet to be found out as of now?
dude, these days when I show up, I like the video before even watching it because I know it will be solid! Been watching you grow for a minute bro, you are KILLING IT!!
Real estate only appreciates 2% per annum u got have a high income in order to get in for everyone else a trades, bonds and SIPs are way better to hold long term and liquidate
Never understood why these guys don't start by putting half their money in an SP500 index fund. Automatically doubles about every 7 years, then you can risk away and play with the balance. And invest cash, instead of borrowing - that way when it's lost/stolen, it doesn't put you in a hole.
Professional sports with this kind of money need to do a yearly pay check for life so that they cannot go broke even with poor management. A life time monthly or yearly check out of the total contract this would stop them from going broke
Would it though? I think they'd still get into trouble with annuities, loans, child support, spousal support, etc. NFL needs to set them up with financial advisors
This comment said everything right until… don’t work hard! That’s a new age scam living theory” u must work hard to achieve big things and it’s ok to work hard don’t ever believe that kids! I have businesses and I will pay someone more that works harder!
