Ball Don't Lie: Scottie Pippen ALMOST broke

[Papatrichs]

With all of this offseason hoopla of dollars and cents, its ironic that one of the NBA's All-time Best is having a financial crisis.

http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Scottie-Pippen-is-a-little-less-broke-these-days;_ylt=An0gl2IXyEs_Auj_346LBNuLvLYF?urn=nba,252310

...there is also a story about Rick Mahorn filling for bankruptcy.

http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Rick-Mahorn-is-bankrupt-and-no-longer-has-his-ch?urn=nba,235999

[K.J.]

Times are bad.

[hpantazo]

Toine disease is spreading. The new CBA should set aside some $$ to develop a vaccine.

[misha]

Maybe MJ will get him some job in the Bobcats organization. Somebody of Pipen's stature can be always useful.

[Cman]

No matter how many of these articles I read, I just can't, repeat cannot, feel bad for any of these athletes.

Maybe the NBA needs to do a bit of a better job educating these guys on how to save up money.  That's one takeaway.

The other takeaway is that people are just plain greedy.

I mean, did Scottie really need a Gulfstream jet?

[Papatrichs]

Hopefully the next CBA will be "Organization Friendly" or rather "FAN Friendly" thus limiting the humongous salaries that today's ballers get. THUS actually making the athletes EARN their moneys. Mo' Money, Mo' Problems.

[rav123]

All these athletes hire agents, don't they have financial advisors as well?

I know some money guys are bad (e.g. Nicolas Cage's guy), but way too many NBA players are becoming bankrupt, which is especially bad considering its players are the highest-paid in the world.

This also seems to happen a bit in the NFL as well. Anyone have any idea as to why this phenomenon doesn't crossover to European sports leagues?

[Papatrichs]

 This is just my view on it and I'm not dissing anyone's race or anything in that sense but with the way the culture is brought up in the US is like living it BIG. Big cars, big houses, big jets even big burgers. BIG on everything.
 I'm from a country whose GNP is I guess a fraction of what the US makes but hey we know to tighten our belts (Before and Not when push comes to shove).
 And in Europe I guess it's FAME and PRESTIGE that they're after.

[Bahku]

This is just my view on it and I'm not dissing anyone's race or anything in that sense but with the way the culture is brought up in the US is like living it BIG. Big cars, big houses, big jets even big burgers. BIG on everything.
 I'm from a country whose GNP is I guess a fraction of what the US makes but hey we know to tighten our belts (Before and Not when push comes to shove).
 And in Europe I guess it's FAME and PRESTIGE that they're after.

You are absolutely correct (TP) ... the culture here in this U.S. is geared to, and even encourages, living beyond your means, and it's one of the biggest problems here. What you wear and an over-cooked cell account is more important than saving money for the future ... living for the present has taken on a new meaning. Debt is no longer seen as something very negative, but more as just a part of life. Not good. This problem of Scottie's just goes to show that mo matter how much money you make, living beyond your means ends up with the same result.

[guava_wrench]

Just like anyone else with a lot of investments, finances of professional athletes can get hammered when their businesses fail.

Who cares though? Pippen can easily get basketball related jobs that pay quite well.

[Papatrichs]

This is just my view on it and I'm not dissing anyone's race or anything in that sense but with the way the culture is brought up in the US is like living it BIG. Big cars, big houses, big jets even big burgers. BIG on everything.
 I'm from a country whose GNP is I guess a fraction of what the US makes but hey we know to tighten our belts (Before and Not when push comes to shove).
 And in Europe I guess it's FAME and PRESTIGE that they're after.

Debt is no longer seen as something very negative, but more as just a part of life.

Thanks. Sad and its true. And yes it's not just they're throwing their cash away but also their ability to finance properly their wealth with good, sound investments.

[Brendan]

Assuming he's typical - you buy a bunch of properties and cars - those things lose value (well property just in the last couple years) and then whatever is invested gets hammered in the market, and in the meantime you keep living the life on your AMEX black card... next thing you know broke city. Guess 100 million doesn't go as far as it used to.

[screwedupmaniac]

I'm looking forward to hearing Pippen's viewpoints and ideas on TNT next season with Charles and Kenny

[Kuberski33]

This is just my view on it and I'm not dissing anyone's race or anything in that sense but with the way the culture is brought up in the US is like living it BIG. Big cars, big houses, big jets even big burgers. BIG on everything.
 I'm from a country whose GNP is I guess a fraction of what the US makes but hey we know to tighten our belts (Before and Not when push comes to shove).
 And in Europe I guess it's FAME and PRESTIGE that they're after.

Couldn't agree more and (at the risk of moving off topic) I think that until (or unless) or culture adjusts, the US is in big trouble long term.  One of the reasons we don't have more manufacturing is labor costs and people simply won't work for what they will in Asia or Mexico.  The culture preaches excess and entitlement...and I suppose to its credit...the NBA is a big part of our pop culture.

[Global Celtic]

This is just my view on it and I'm not dissing anyone's race or anything in that sense but with the way the culture is brought up in the US is like living it BIG. Big cars, big houses, big jets even big burgers. BIG on everything.
 I'm from a country whose GNP is I guess a fraction of what the US makes but hey we know to tighten our belts (Before and Not when push comes to shove).
 And in Europe I guess it's FAME and PRESTIGE that they're after.

Debt is no longer seen as something very negative, but more as just a part of life.

Thanks. Sad and its true. And yes it's not just they're throwing their cash away but also their ability to finance properly their wealth with good, sound investments.

Very interesting posts. I'm from a small country (Portugal) and right now I'm reading a Zygmunt Bauman's book about this subject. The way we don't care about BEST (ethic) anymore in our lifes, only BIGGER (aesthetic). Consumption is the keyword of our times.