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| By Steve Czaban Special to OnMilwaukee.com E-mail author | Author bio More articles by Steve Czaban |
| Published Feb. 28, 2007 at 5:29 a.m. |
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During the NBA lockout of 1999, Patrick Ewing attempted to defend the stance of the players union with the following gem of a quote:
"Sure we make a lot, but we also spend a lot."
To this day, a more brilliant summary of how pro athletes think has never been authored.
You see, their world, is quite simply not our world. Just as they have never really had a day of "real work" in their lives, we have never walked inside their bubble of splendor and riches.
It's nobody's fault. I'm not pointing fingers. I'm just stating the obvious. Sort of like Patrick Ewing did back then.
He's right. Pro athletes do spend a LOT of money. Why? Primarily because they can.
Should they spend less? Could they be more fiscally responsible? Isn't $18 million a year enough to live on?
Yes, yes, and, of course, yes.
That's not the point. We are importing the values and concepts of our world into theirs. And, as I said, we don't live in their world.
Deal with it.
I've long since gotten over being jealous or angry at pro athletes' bloated salaries their ability to exceed them. Instead, I find myself more interested these days trying to see things as they do.
It's my own little personal psychological case study.
Here's one recent example. Scottie Pippen announced he's available for an NBA comeback, some two years out of the game, and well past age 40. Unstated (by him at the time) was that he was more broke than MC Hammer and Mike Tyson after a long weekend in Vegas. A bank was still waiting for the make-good on a $5 million loan Scottie secured to launch "Air Pippen" with a leased Learjet.
Now, here's a little factoid that may interest you. Pippen was making $18 million a year for the Portland Trailblazers in his final season there. I'm guessing he thought that it's EASY to make $18 million a year in the "real world."
This just in: it's not.
Pippen was apparently taking so many charter flights (you know, expensive ones with very few other people on board) that a pilot convinced Scottie (whose expertise is in dunking a basketball, not private aviation) to go ahead and buy his own plane.
Well, to Scottie, I'm sure this made PERFECT sense. Even though he was not a shrewd businessman flying around the country closing deals, he probably felt like one. So he looked at his salary, ignored the fact that those days would someday end, and said: I'll buy my own!
Genius! Brilliant! *Clink!*
The rest of Scottie's sobering financial picture is that he believes his former agent / attorney swindled him out of nearly $27 million via "bad investments" and "questionable accounting."
Scottie decided to sue this law firm, and I bet you know how that went.
Suing a law firm is like getting into a squirt gun fight with the local fire department.
Now, I can't say what Scottie was thinking when he let $27 million flitter away on investments that made no sense (Alpaca farming?) or accounting he didn't understand (complicated spreadsheets). Remember, I am still trying to study and LEARN how the modern pro athlete sees his world.
I do know how people in MY world -- the regular working world -- would have treated $27 million dollars. We would have put it in the bank. Or if we were feeling "risky", perhaps a mutual fund.
Once there, our $27 million would have sat happily, kicking off interest that most people in OUR world could live on fabulously. Plus, I wouldn't have to worry about any fancy accounting. The good folks at Janus Fund would send me a statement, showing me how that $27 million was looking.
Bank accounts and securities are nicer investments than restaurants and car washes, because you never have to worry about the cops shutting down your stock fund because somebody is selling cocaine out the back door.
But again, I'm not pointing any fingers. I'm just explaining the world view that I understand best. The athlete's world remains a mystery.
It reminds me of the great Steve Martin joke about what he did when he got rich and famous, and ended up going through a fortune like General Sherman through Atlanta.
Martin said that his new wealth had allowed him to buy "some pretty good stuff. Got me a $300 pair of socks, got a fur sink ... let's see ... an electric dog-polisher, a gasoline-powered turtleneck sweater ... and of course I bought some dumb stuff, too."
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4 comments about this article. Post a comment / write a review. |
Posted by MarkD on March 2, 2007 at 2:49 p.m. (report)
Anybody who blows 27 million should be dropped on their head, in this case they ought to let Barkley do it.
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Posted by Jon D. on March 2, 2007 at 1:51 p.m. (report)
Chester, first off Kwame went straight from high school to the pros. Secondly, there are many post athletic success stories out there. Lombardi's Packers has something like 15 players go on to become millionaires through business investments and carefull financial planning. The point of the post was that it not mutually exclusive to athletes to blow such mind numbingly large amounts of money, because just about everybody adjusts their spending to how much they make. If I had continued to eat Ramen noodles two meals a day, live in a $300 a month studio apartment, drive some old beater (or forgo a car for public transportation), watch over the air TV on a black and white set, I could probably retire by 40 on my salary. But I decided to buy a new house, new car, cable, good mattresses and a nice vacation every couple of years. And now I'll be lucky to retire at 65.
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Posted by chester79 on March 1, 2007 at 4:31 p.m. (report)
Jon D - pro athletes attending college level course's - who you crappin'? When Kwame Brown entered the leauge he threw his suits away every day cause he didn't know he could wash them - i bet he made some sound financial decisions. The list could go on and on and on - and while i admit some of my financial decisions have been poor (racking up a $1200 tab at Club Paradise in Vegas) it still wasn't enough to land me in bankruptcy court.
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Posted by Jon D. on Feb. 28, 2007 at 1:48 p.m. (report)
You give people in the "real world" WAAAAY too much credit in showing fiscal restraint. When I was in college I survived on $800 for every three months (not including school bills). Could I do that now? Hell no! With increased income came a better car, a better apartment (and then a house) better clothing, better dining out, etc. Professional athletes do the same thing, except on a much grander scale. I also believe the amount of fiscally responsible athletes runs at about the same percentage or better than the "real world" due to the amount of pro athletes that have attended college and may have stumbled into an economics class.
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