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  #31  
Old 02-13-2018, 10:20 AM
Foulke You Foulke You is offline
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Originally Posted by Bucky F. Dent View Post
Taxes, agents, divorce, extended family back home that is relying on the bank of Esteban, a bad legit investment or two.

No doubt, it is an obscene amount of money, but you can make it disappear in a heartbeat.
This is all true. Also, another thing people might need to consider is that Esteban was involved in the drug racket before his playing days or even during them. This might not have been a business venture he took up after hanging up the baseball spikes. We really have no way of knowing.
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  #32  
Old 02-13-2018, 03:21 PM
shes shes is offline
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Originally Posted by Noneck View Post
It just boggles my mind how someone can go through 43MM.
The average person will spend the majority of money they have access to, no matter the amount. It's easy to sit back from the sidelines and say HOW COULD HE DO THAT, but it's not easy fighting human nature.
  #33  
Old 02-13-2018, 03:52 PM
kittle42 kittle42 is offline
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Originally Posted by shes View Post
The average person will spend the majority of money they have access to, no matter the amount. It's easy to sit back from the sidelines and say HOW COULD HE DO THAT, but it's not easy fighting human nature.
Correct. One's lifestyle and spending habits change as one's income grows.
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  #34  
Old 02-13-2018, 06:06 PM
Harry Chappas Harry Chappas is offline
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Originally Posted by thomas35forever View Post
Was playing NBA 2K today, and the commentators mentioned how that league has set up a program to help older players transition into retirement. One of them (either Greg Anthony or Grant Hill) even mentioned that the smart thing to do would be to divide up your earnings, say over 40 years, and don't live on more than the allotted amount for each year. It's amazing how many professional athletes don't hire financial planners so that they won't join the Antoine Walkers of the world.
In fairness, there are plenty of wealthy people that have hired "financial planners" only to see their money disappear.

Generally speaking, these aren't super sophisticated people we're talking about. Oftentimes, they give their financial advisors carte blanche and don't even realize that they've sunk the bulk of their savings in volatile investments like restaurants and real estate development deals.

They go bankrupt probably at the same rate as lottery winners.
  #35  
Old 02-13-2018, 06:36 PM
Grzegorz Grzegorz is offline
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Originally Posted by kittle42 View Post
Correct. One's lifestyle and spending habits change as one's income grows.
As a rule?
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  #36  
Old 02-13-2018, 07:24 PM
kittle42 kittle42 is offline
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Originally Posted by Grzegorz View Post
As a rule?
I suppose I could have modified my statement with “generally” or “frequently” or “typically.”
  #37  
Old 02-13-2018, 07:25 PM
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voodoochile voodoochile is online now
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Originally Posted by Grzegorz View Post
As a rule?
Yes. It's a rule. In fact I think it's a law or at least a solid theory.

Are you honestly nitpicking such an innocuous statement as "when people make more money they tend to spend more money and live lifestyles that reflect that additional spending?" - which is basically what Kittle's statement comes down to.
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  #38  
Old 02-13-2018, 08:18 PM
kittle42 kittle42 is offline
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Originally Posted by voodoochile View Post
Yes. It's a rule. In fact I think it's a law or at least a solid theory.

Are you honestly nitpicking such an innocuous statement as "when people make more money they tend to spend more money and live lifestyles that reflect that additional spending?" - which is basically what Kittle's statement comes down to.
Some people just want to be difficult. I was that way in my 20s.
  #39  
Old 02-13-2018, 09:03 PM
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tstrike2000 tstrike2000 is offline
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Originally Posted by GoSox2K3 View Post
He was just at SoxFest a few weeks ago.
Sad, I rode down in the elevator with him and shook his hand on Friday of Soxfest. Unfortunate that things came to this.
  #40  
Old 02-13-2018, 10:50 PM
kittle42 kittle42 is offline
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Originally Posted by tstrike2000 View Post
Sad, I rode down in the elevator with him and shook his hand on Friday of Soxfest. Unfortunate that things came to this.
Check yourself for trace amounts.
  #41  
Old 02-14-2018, 04:04 AM
Grzegorz Grzegorz is offline
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Originally Posted by voodoochile View Post
Yes. It's a rule. In fact I think it's a law or at least a solid theory.

Are you honestly nitpicking such an innocuous statement as "when people make more money they tend to spend more money and live lifestyles that reflect that additional spending?" - which is basically what Kittle's statement comes down to.
I believe there are many people that make more money and try to do the right thing with it as opposed to buying material goods for their own consumption.

Everybody is different, every situation is different. Painting a picture that money corrupts everyone absolutely could not be more in error.
  #42  
Old 02-14-2018, 06:10 AM
Andrew C White Andrew C White is offline
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Originally Posted by Grzegorz View Post
I believe there are many people that make more money and try to do the right thing with it as opposed to buying material goods for their own consumption.

Everybody is different, every situation is different. Painting a picture that money corrupts everyone absolutely could not be more in error.
He didn't say corrupt. He said spend.
  #43  
Old 02-14-2018, 07:33 AM
kittle42 kittle42 is offline
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Originally Posted by Grzegorz View Post
Everybody is different, every situation is different. Painting a picture that money corrupts everyone absolutely could not be more in error.
I believe the statement was that if people make more, people tend to spend more. Was that not the discussion point? You read *a lot* into what was written.
  #44  
Old 02-14-2018, 07:50 AM
Railsplitter Railsplitter is offline
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Ted Turner once observed than money is a great intensifier: "if you nice, it makes you nicer, is you're an *******, it makes you a bigger *******"
The same principle would come into play here. Somebody makes $43,000 a year and blows it could just as easily $43 million
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  #45  
Old 02-14-2018, 08:18 AM
Hitmen77 Hitmen77 is offline
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We hear time and again about some former athlete who made millions or some lotto winner who blew their fortune and are now in financial trouble. So, this shouldn't be a surprise. Still, I do find it difficult to wrap my mind around someone's ability to blow that much money despite the facts. So, I don't blame people for finding stories like this a bit incredible.

Quote:
Originally Posted by Harry Chappas View Post
In fairness, there are plenty of wealthy people that have hired "financial planners" only to see their money disappear.

Generally speaking, these aren't super sophisticated people we're talking about. Oftentimes, they give their financial advisors carte blanche and don't even realize that they've sunk the bulk of their savings in volatile investments like restaurants and real estate development deals.

They go bankrupt probably at the same rate as lottery winners.
Good point. Many people who suddenly come into a large amount of money and only get it in a lump sum or over only a few years probably have shysters coming out of the wood work offering them financial management "services" who then blow that money on bad investments.
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