Ball Don't Lie: Scottie Pippen ALMOST broke

[libermaniac]

Not that they are the best investments in the world, but these guys just need to buy some tax sheltered annuities or something that guarantees their income for the rest of their lives.  For instance, if they have a $20MM nut when they retire, invest in something that pays them $1MM per year for the rest of their lives.  That way, if they blow their $1MM one year, they get another the next.  Is this THAT hard of a concept?  These guys get no sympathy from me.

[EmilioBonilla]

Not that they are the best investments in the world, but these guys just need to buy some tax sheltered annuities or something that guarantees their income for the rest of their lives.  For instance, if they have a $20MM nut when they retire, invest in something that pays them $1MM per year for the rest of their lives.  That way, if they blow their $1MM one year, they get another the next.  Is this THAT hard of a concept?  These guys get no sympathy from me.

me neither. now let's think, mid class people live off of 100 k a year? would it really hurt to cut back on some of their splurging? do you really need a private jet? come on old ppl you dont neeed that, in a few years how are you gunna buy dentures? my my my, get it together

[Papatrichs]

 In general sense is what you WANT is really what you DON'T NEED.

[hardlyyardley]

I guess  when uneducated to reality, one doesn't ralize that the golden goose eventually stops laying golden eggs and one will not always have them to maintain one's current lifestyle

[twinbree]

Even if they put away a million dollars out of their paycheck each season, that'd be enough after retirement. I just don't understand the careless attitude about money knowing how relatively short the career of an athlete is.

[Eja117]

I guess he'll have to figure out a way to get by on his $80,000 annual NBA pension and his Central Arkansas education. Drive a cab like Dave Cowens.

[rav123]

I guess he'll have to figure out a way to get by on his $80,000 annual NBA pension and his Central Arkansas education. Drive a cab like Dave Cowens.

They get that much as a pension? Ridiculous.

I swear, just make sure you don't get into debt when you buy your house and jet - even if your balance sheet reads $0 you can still have 80 grand a year to buy food.

[action781]

Maybe the new CBA can make a mandatory % of salaries go towards retirement?  As a MA public school teacher, 11% of my paycheck is taken and put into retirement for me.  I don't think there's any way the players agree with 11%, but what about 4 or 5%?  


Wow, $195,000 pension.  Scratch all said above.  http://msn.foxsports.com/nba/story/Pension-is-players-safety-net-03458965

The NBA should have some hired full time financial advisors (it would only take 1 or 2) to meet with players by appointment who are on the verge of going broke.  They can look at the assets and money they player still has and is receiving and work out a manageable means of living going forward for the player and make a plan.