Mark Brunell is bankrupt

[kingkilla56]

Well there's taxes on salary, then taxes on those giant mansions they own, they give back to there families and friends for better or worse. They go ape shot and buy useless things like 5+ luxury cars which come with a tax on them. Then they have annual taxes on all those frivolous things they have bought because well they are pro atheletes and isn't that what they learned how to throw footballs for? Money and riches. Unfortunately they don't think longterm. But for a guy like Brunell, you'd think he was mature enough to see this coming

[DukeC]

Quote: Originally Posted by GRUNT007

Few poor or working class people are ready to manage large amount of money. Just at the people who won the lottery. Many of them end up broke too and with the real estate bubble tons of people lost their wealth.

Too true. I know damn well I can't manage money. However...I don't even think I can find a way to blow 1 million dollars in my lifetime...much less 39 million....

[untrugby]

Quote: Originally Posted by Senator Palmer

I know he didn't bank the whole contract. Didn't feel like digging up the details from the bankruptcy filings. But he totaled a lot more than $39 from the Falcons. In 2004, the year the contract was signed, he made more than $37 Million in bonuses. In 2005 and 06, the bonuses were totaled at $29.5 million. That's not even taking into account the endorsements. And the Falcons did get a $20 million judgement, but they worked out an agreement in a settlement between $6.5 - $7.5 million pending the outcome of another case.

He got 37 in bonuses and 2 mil in salary for the 2 years he played on the contract.

[GRUNT007]

Quote: Originally Posted by DukeC

Too true. I know damn well I can't manage money. However...I don't even think I can find a way to blow 1 million dollars in my lifetime...much less 39 million....

Its kind of easy blowing money and big money too. Taxes, high risk investments,(burger joint..have he ever heard of McDonalds), low risk investment, (real estate) and living the life. ( cars, big house, trophy wives).

Sugar Ray Robinson ended up broke but he didn't have any regrets because he lived the life.

[Senator Palmer]

Quote: Originally Posted by GRUNT007

Few poor or working class people are ready to manage large amount of money. Just at the people who won the lottery. Many of them end up broke too and with the real estate bubble tons of people lost their wealth.

This is actually very solid reasoning. That type of financial windfall, especially one that comes all at once, is jarring, but I still have no sympathy. You HAVE to have enough sense to educate yourself on money. I know for a fact that a lot of these guys have reputable financial advisers that they just plain out do not listen to.

[GRUNT007]

Quote: Originally Posted by Senator Palmer

This is actually very solid reasoning. That type of financial windfall, especially one that comes all at once, is jarring, but I still have no sympathy. You HAVE to have enough sense to educate yourself on money. I know for a fact that a lot of these guys have reputable financial advisers that they just plain out do not listen to.

True, I don't feel sorry for folks who want to live like rock stars. I just want to hear an athlete say I blew my big contract but I had fun. Get a job like everyone else.

[DukeC]

Quote: Originally Posted by GRUNT007

Its kind of easy blowing money and big money too. Taxes, high risk investments,(burger joint..have he ever heard of McDonalds), low risk investment, (real estate) and living the life. ( cars, big house, trophy wives). Sugar Ray Robinson ended up broke but he didn't have any regrets because he lived the life.

Ah well...I'm fairly low maintenance really. The only thing I'd buy would be Video Games (throughout a lifetime), a Computer, a Car, a House...that's it. Even taking videogames into account...that's only about 200,000 dollars...mostly invested in the purchase of the house and car.

I've always been a stern advocate of marrying while you're broke. If you're rich...those women are most assuredly in it for the money.

[wwharton]

Quote: Originally Posted by DukeC

Too true. I know damn well I can't manage money. However...I don't even think I can find a way to blow 1 million dollars in my lifetime...much less 39 million....

1 million dollars isn't all that much over a lifetime. Also, there are definitely PLENTY of athletes that go overboard with unnecessary stuff. But if you can afford a nice house then you get it. If you can buy your mom a nice house, you do that too. Same with a car and even cars for your wife and kids isn't a stretch. When you think of maintaining all of these normal (relatively speaking) things, then you add in where the rest of the money goes. Investing in a business or two is normal for anyone, not just these guys. It's easier for them to get tied to riskier businesses because at the time they don't see taking a loss as hurting them like it would one of us. Also, if one of us were thinking of getting involved in a business that needs big funding we're going out to find investors... these guys are the ones we're looking to find.

It's easy to say they should've been smarter (and again, that's true for A LOT of them) but they're just playing with higher stakes and it's a double whammy when their income takes a big hit all of a sudden. Keep in mind Magic's starbucks chains and movie theaters, 50 Cent's investment in Vitamin Water, Jay Z, Russell Simmons, etc. starting clothing lines. At the beginning would any of those look like better investments than real estate? Definitely not. Knowing everything else about Brunell I give him the benefit of the doubt.