Thread: "Big Mac" owes $4.3m..

Originally Posted by jmcdon00

The loan was 4 million, he nows owes 4.3million. That's atleast $300,000.00 wasted, plus any payments he made towards it.

The $300K is pretty much chump change to what he apparently wasted to get him in this position.

It doesn't matter how much money you make, if you don't pay attention to what you spend. Especially easy money, it's the hardest to keep.

Amazing how these high earners can spend cash faster then they enhale it...

Originally Posted by tastywaves

The $300K is pretty much chump change to what he apparently wasted to get him in this position.

It doesn't matter how much money you make, if you don't pay attention to what you spend. Especially easy money, it's the hardest to keep.

Money spent on hookers and blow is hardly money wasted.
The 300K could have botten more hookers and blow. That's my only point.

Originally Posted by singersp

Hard to feel sorry for a guy who made $44 million prior to the 2011 loan.

There shouldn't have ever even have been a need for a loan to get by in the first place.

Talk about blowing your wad on bling & strippers.

I don't think this is simply a case of bling and strippers. The guy started a record company and there are expenses that go towards doing so. Give him a lil more credit than the Travis Henry's of the world.

Everyone assumes that he blew all of his money on wasteful things but we truly don't know. Some of the assumptions being made make my skin crawl.

Originally Posted by kevoncox

I don't think this is simply a case of bling and strippers. The guy started a record company and there are expenses that go towards doing so. Give him a lil more credit than the Travis Henry's of the world.

Everyone assumes that he blew all of his money on wasteful things but we truly don't know. Some of the assumptions being made make my skin crawl.

I think your helping support Jmc's point now. If your just going to throw it away at least get something for it.

I'm sure a large number of "multimillion dollar athletes that go broke" is due to a series of poor investments and not simply spending it on themselves. Problem is, only a few of them seem to actually make good investments. Easy come easy go. What fun is it to make conservative investments that ensure you have a long fulfilling financial future. When your in your 20's it's no fun at all. The next contract will only be bigger right? I'll worry about my future then.

Originally Posted by tastywaves

I think your helping support Jmc's point now. If your just going to throw it away at least get something for it.

I'm sure a large number of "multimillion dollar athletes that go broke" is due to a series of poor investments and not simply spending it on themselves. Problem is, only a few of them seem to actually make good investments. Easy come easy go. What fun is it to make conservative investments that ensure you have a long fulfilling financial future. When your in your 20's it's no fun at all. The next contract will only be bigger right? I'll worry about my future then.

Hindsight is 20/20. However, I remember that most saying purchasing a home was one of the safest investments one can make. A lot of these guy lost millions on Home construction deals that crashed. People want to hold these players up to a higher pedalstal when the average American is 80K in debt. We like to say if I had a Million I wouldn't be struggling but in reality, most of us would be in the similar issues we have now. I don't expect anything out of someone I would wouldn't expect of myself. Few of us are educated in long term fiscal investing, even fewer would ignore the advice of someone that is educated in long term fiscal investing telling them that they have a can't miss prospect investment (not those words). Hell Trump has filed for bankruptcy multiple times(not because he is poor but because it was the smart thing to do). These guys are a subsection of America. Americans love debt.

Originally Posted by kevoncox

Hindsight is 20/20. However, I remember that most saying purchasing a home was one of the safest investments one can make. A lot of these guy lost millions on Home construction deals that crashed. People want to hold these players up to a higher pedalstal when the average American is 80K in debt. We like to say if I had a Million I wouldn't be struggling but in reality, most of us would be in the similar issues we have now. I don't expect anything out of someone I would wouldn't expect of myself. Few of us are educated in long term fiscal investing, even fewer would ignore the advice of someone that is educated in long term fiscal investing telling them that they have a can't miss prospect investment (not those words). Hell Trump has filed for bankruptcy multiple times(not because he is poor but because it was the smart thing to do). These guys are a subsection of America. Americans love debt.

I agree with you that we shouldn't isolate athletes as if they are the only dumb guys with money. The reason why they get highlighted is because they are high profile people that fall into this category far too often. The average American isn't much different, especially ones that come into a bunch of money quickly, we just don't put them in the media. It's much easier to take a gamble with money that you didn't have to work a majority of your life to earn. Because these guys come into big money at such a young age with often no family history of wealth, it puts them in a real high risk category for all the can't miss investments out there....many of these guys being close friends.

It's a shame that this country doesn't do a better job of educating people (high school level) on fiscal responsibility. Start by not putting all your eggs in one basket. It's not that hard to be smart with your money, what's hard is passing up on opportunities that can make you rich fast. These can't miss investments generally miss, but the few that don't, makes everyone else want a piece.

All that said, it is very hard for me to feel sorry for a guy making a multi-million dollar salary, filing for bankruptcy. I don't feel sorry for Trump either. They chose to roll the dice and lost.