Quote:
Originally Posted by CaptainCrunch
I mean I respect someone that takes care of his family. But when you have 5 million owing on loan guarantees for family businesses for example, then clearly your family is a big part of the problem.
Hey Evander I have this great idea for a ferrett grooming business, I need 5 million dollars to get it off of the ground.
I've read where some athletes have talked about having to learn to say no to family and friends and how to grow a thick skin with the "You've changed since you got rich retort". Having three houses doesn't help, and a million in a half in documented gambling debts usually makes me want to ask about un documented gambling debts.
I've hear that the NHL does a decent job with rookies in terms of teaching them about the trappings of becoming rich too fast. But shouldn't Kane's agent have done some work on making sure he had the resources to say "Stop draining my bank" or "I can't loan you money or guarantee your businesses" Or "I don't need three freaking homes"
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Many players need better agents/financial/accountants in their circle.There are way too many stories of athletes going broke because of the people they surround themselves with. It's especially tough for hockey players, since they don't make anywhere near the money that players in the other Big 4 sports make. The average NBA player made over 8.3 MM dollars last year. Only 29 NHL players will make more than that this year, with that number going down with the 75% reduction.
It must be really tough for guys who came from nothing, who finally make millions, to say no to their friends, family, and people acting like they are friends just for money. It also is required they learn to say no. Few of them learned financial management along the way since none of them are allowed to earn any money until they are a professional. Then they get $3MM and think that money is unlimited because their dad made $40,000 working at the mill and he survived. They also need to think of what happens after the career ends, because they hopefully have another 40-50 years to go.
It's a great idea to invest in some businesses, but odds are your 45 year old cousin, who has never run a business, will not be successful in his new venture for stealing air out of bike tires.