Tim Duncan has earned $220 million over his career. After taxes and agent fees lets say that left him with $110 million. I don't understand why these guys look to make exotic investments in businesses they know nothing about. Even if you put money is lousy treasury bonds you can earn 3% a year. You can also put the money in stock market in a plain vanilla S&P or total market fund. You might have some ups and downs but you'll still earn about 5-6% a year over the long haul. It's never enough for these players. They have to get involved with LLP's, restaurants, wineries, gyms, athletic equipment, sports drinks. The problem is for ever honest and hardworking financial advisor there is a thief or bungler. Roger Staubach had one of the most successful real investment businesses in the country. I guarantee that Roger learned and studied the business as much as he did when he was in the NFL. He was a real estate broker in the offseason. He sold his business in 2008 for $640 million dollars. Tim still has plenty of money left but he did get divorced so I'm sure this $20 million put a serious dent in his wealth. It's just mind boggling about how much athletes and celebrities get taken for. I think all sports leagues should employ ex-FBI and forensic accountants to clear any financial advisor before a player hires them. The player doesn't have to take the leagues advice but at least it gives these players a fighting chance. You can't expect kids with one year of college who never had dime in their life to make smart decisions.
There are a lot of shady characters looking to score with these athletes by conning them out of their money, & there are s lot of solid investors that can make them money........
If it looks too good to be true, it usually is.. ....Bernie Madoff was claiming absurd ROI with some of his clients, in fact the actorKevin Bacon got screwed by Bernie for quite a lot of money, so did the Dodgers baseball organization.
Nothing wrong with making 5-6% a year on $20 million .........5% is $1 million interest a year, WTF is wring with that?
I thought Duncan was intelligent, live & learn......you just don't hand someone $20 million w/o doing some serious hone work.
Someone telling you they can give you a ROI of 20% or higher consistently over a decade or so is lying or doing something illegal.
Mutual funds over 10 years can return between 5-7% a year on avg........
If it looks too good to be true, it usually is.. ....Bernie Madoff was claiming absurd ROI with some of his clients, in fact the actorKevin Bacon got screwed by Bernie for quite a lot of money, so did the Dodgers baseball organization.
Nothing wrong with making 5-6% a year on $20 million .........5% is $1 million interest a year, WTF is wring with that?
I thought Duncan was intelligent, live & learn......you just don't hand someone $20 million w/o doing some serious hone work.
Someone telling you they can give you a ROI of 20% or higher consistently over a decade or so is lying or doing something illegal.
Mutual funds over 10 years can return between 5-7% a year on avg........
Guys like him who have money fully trust these financial advisors with their money and give them free reign. Inturn the financial advisor will do anything they can to keep their clients and make them happy. The signature forging is because he wants the client who is earning him 5 figures a month to think that he makes things easy for him.
I agree, but what males a guy like Gates that's worth $80 billion to keep wanting to male more money?
The interest alone on his money could feed an entire country.......its sick how less than 5% of the worlds population have most of the money, gold & diamonds.
Someone like Duncan is trying to make more than 5% ROI ......& it ends up bad.
For someone that has 100's of millions, they shouldn't be investing in restaurants, the closest they should get to restaurant is to eat the food.
What Stabauch did is very rare, he was very intelligent in the business world since he was in it during the off season, he got lucky as well, right place at the right time.......he wasn't hanging out with an entourage smoking weed all summer by the pool.
To make the money Stabauch did after his retirement, you gotta put in a lot of work in yourself.....
