And so that's why you see athletes who made like, $60 million in their career are now working a normal day to day job, and they have none of that wealth to fall back on because it's gone. They bought houses, they bought cars, they bought jewelry. They paid for trips. They had all these kids. They paid for all these women
Robert Jenkins
@Guruball1 · 3:58
And now they have $150,000,000 or $200 million and $80 million sneaker contract and a lot of different other incentives and commercials and things where all of a sudden now they're dealing with money that they only dreamt about. So finances and finance courses should be mandatory, because right now, a lot of these guys are going broke. Why? Because, one, they're just not learning, and they're not looking at the signs that was placed in front of them
Gary Brown
@garyplaysbone · 2:26
And according to Ray Parker Jr. From what he told my friend, and from what my friend told me, a lot of musicians in the spent a lot of their money and lived a little more lavishly than they should have and are continuing to tour just to be able to earn enough money to live. So the fact that all of these seventy s and eighty s bands are still touring, it could be quite a number of them are doing it because they have to. They really do have to
Swell Team
@Swell · 0:15
Erica Jean
@HeyItsErica · 4:14
But they're going broke doing that, and it's not worth it. And it's so sad because a lot of these men do have wives. So these wives are having to hear and see these women say, hey, we're also pregnant by your man. That's really not good. And it goes back to what I've been swelling about. A lot of women are not interested in being baby mamas or getting married for that very reason
Angela Kaye
@AnngieKaye · 4:10
And because we push that so much, and they go looking for our strong black men to put them in these sports. But at the end of the day, who really benefits if the athletes are broke? Which, fortunately, happens more often than not, if their families are torn apart? Because people act funny when it comes to money, right? I mean, it's not enough to buy somebody a house. They want you to buy it, maintain it
Tanya Coles
@MsColes77 · 3:57
Well, in sports, forget that if you make it to 40, you're doing really good. But most people don't make it to 40. Most guys don't make it to 40. And so you don't picture yourself getting older. You get caught up in the here and now. You're young, you're in your prime, and you're making more money than you ever imagined in your life, and you get caught up in that moment instead of preparing for the future
Tanya Coles
@MsColes77 · 3:21
And it's great to get sound advice from people who have had lots of money passed through their hands. Sometimes we have a tendency to take financial advice from people who've never had to handle large amounts of wealth. And while that advice is still valuable, it's just that it's nice hearing it from people who've been on that other side, who know what it's like to have millions of dollars passing through your bank account and how to handle that and how to steward that
Tanya Coles
@MsColes77 · 2:30
I mean, heck, if I came into a lot of money, my parents already retired. But if my parents were still working age, I would gladly retire them. When my parents started getting older, I didn't want them continuing to work. I used to pray, lord, please open doors for them to retire. And they did. But if I could have retired them early, I would have done it for sure
Tanya Coles
@MsColes77 · 4:01
They are not athletic, they're not fast, they're not quick on their feet. They're not interested in athletics whatsoever. They don't watch sports, they don't participate in sports. But yet we feel like we got to push them in that direction because that's the expectation of a young, tall black man. He's got to go into sports
Erica Jean
@HeyItsErica · 0:38
Hey, Tanya. Exactly. I would do the same thing if I had riches like that. My family, particularly, you know, my mom, they would not work anymore. I wouldn't want them to, but that's just because of our heart. We want to do for people. But like you said, some families out there want you to reimburse them. So I definitely understand where you're coming from with that. So, yeah, definitely in agreement
T.D. McLaughlin
@TDMc · 4:50
But you also have to understand, a lot of times where these kids are coming from, these guys are signing these second contracts, which are the actual mega contracts in most sports, is the second contract. That contract is being signed at 22, 23 years old by people who are literally children who are not prepared to have that kind of money. And you can give them all the financial literacy courses
Maurice Lekea
@malekea · 4:14
And also there are people who went through this before and the young generation coming. They should learn from the previous guys who went through the hardship of losing the money after they are no longer active. And the young generation should learn from them. But no, some, they are still not learning. They go through the same thing even as we speak now, some are going broke now. So speak. I have some example that I don't want to name here, that they are going broke now