NFL Players lining up for payday loans (30% interest)

Discussion in 'Wall St. News' started by KINGOFSHORTS, May 18, 2011.


    They have not a red cent so they are lining up to get ghetto loans so they can make ends meet. Man things are tough all over, no one gets a break it seems.

    As the NFL work stoppage continues with no end in sight, some cash-strapped players are taking out high-risk, high-interest loans to get them through the lean times — some as big as $250,000 with interest rates as high as 30 percent.
  2. olias


    This says something about our inability to plan for a rainy day. Especially when you're young, you just kinda fall into thinking the money will always be there. I hope these players can find better loan alternatives
  3. Though not a football player, Leon Sphinx (nothing to do with Egypt as far as I know) was crowned (well it wasn't a crown but a big belt you probably wouldn't wear in public) Heavyweight Champion of the WORRRRLLLLLLLLDDDDDDDD, in February 1978.

    In less than a decade he was homeless.

    Bodies of men, minds of children, and brief life expectancy of a career.

    Kinda like some day traders chasing chump then pounding their chest. Eh, Jokepie?
  4. A complete rookie (drafted this year) who has great skills, I can almost understand a bit, but these guys make so much money - if they have actually been in the NFL for any time at all, they should have it made.

    I could easily retire for life on what 90% of these guys make in 3 years. There is no excuse for them to have money issues if they have been in the league at least that time - and remember these guys at least 99% had 100% free rides to college so no student loans to repay.

  5. It is pretty ridiculous, yet we saw this very same thing happen during the 98-99 NBA lockout. I believe that many of these athletes are in such a hurry to spend whatever they make, that before long their overhead costs are bumping against whatever they take in each year. Multiple houses, supporting tons of family members and friends, businesses, etc, etc...The sad part is that nobody ever seems to talk sense into these guys that an NFL career is remarkably short, even compared to athletes in the NBA or MLB. Those sports also have guaranteed contracts, so it's a bit easier to spend alot of money without the serious repurcussions that an NFL player has. Instead, he can be cut and the only thing that matters is his guaranteed bonus. Another reason for this lockout, the rookies were getting much more guaranteed money than alot of these established veteran players.

    Just take a look at the very detailed accounting of Mike Vick and the substantial losses he took while in prison. He literally had so many side businesses, secondary properties, etc, etc that he was bled dry. Also didn't help that the entire fiasco occured leading up to the credit crunch. I'm sure there are plenty of players with similar financial strain to Vick (3-4 years ago).

  6. This is why you will never make what they make.
  7. clacy


    It doesn't matter. When he's 55, he'll have a higher net worth than 60% of these guys.
  8. Its kind of a silly to invest all your time as a youth into your body when it is a known fact that the body deteriorates steadily over time.

    A champion athlete will have his one year where he is the king.

    Chess champions last a lifetime. Invest in your mind.
  9. they gotta pop dem bottles n mack on da models
  10. NFL stands for "No Financial Leaverage"...
    #10     May 19, 2011