Home Discord Chat
Go Back   ChiefsPlanet > Nzoner's Game Room
Reload this Page Home and Auto Adrian Peterson illustrates why some athletes quickly go broke.
Register FAQDonate Members List Calendar

Reply
Page 2 of 6 1 2 3456
 
Thread Tools Display Modes
Old 07-07-2019, 06:20 PM  
Rain Man Rain Man is offline
NFL's #1 Ermines Fan
 
Rain Man's Avatar
 
Join Date: Jul 2001
Location: My house
Adrian Peterson illustrates why some athletes quickly go broke.
I'll link to support journalism and spam ads, but the bottom line is that he took out a $4 million loan in 2016 at a 15 percent interest rate. He then missed the first payment which, according to the agreement, caused the interest rate to rise to 23 percent.

He paid some of it back, but the balance was due in 2018 and now he's been in court and has been ordered to pay $2.4 million.

So let's talk about everything that he did wrong here.

1. First off, you have career earnings of $99 million to date. Why do you need a loan in the first place?

2. Second, you got a loan at a 15 percent interest rate, which then rose to 23 percent? Really? Were you shopping for the highest rate you could find? Did you misunderstand that a lower rate is better?

3. Here's the web site of the company that loaned him the money. https://www.democracycapital.com/ It looks like a 14 year-old created the web site in ten minutes. If you do a whois on that site, you end up on this site http://jimplacknews.com/, where some guy is making an argument that he can help athletes manage their money, apparently by securing loans for them at outrageous interest rates.

4. If you're going to borrow a large amount of money at usury rates, don't miss a payment and pay it off as soon as possible.

What on earth was so valuable to Adrian Peterson that he would do something like this? This whole thing is pretty much the stupidest thing I've ever seen anyone do. If he borrowed $4 million at a 23 percent interest rate, that means that he's been paying about $1 million a year in interest over the past two years. He's grossing about $2.5 million per year with the Redskins https://www.spotrac.com/nfl/washingt...peterson-4753/, so by the time you take out agent fees and taxes and stuff, he's been paying roughly two-thirds of his annual take-home income in INTEREST payments on this single loan.

Is Adrian mentally challenged or something? It seems like someone ought to get sued or arrested over this.

https://www.espn.com/nfl/story/_/id/...d-pay-back-24m

It looks like it's not the first time he's done something like this, either. He borrowed $2.4 million in 2018 and defaulted on it. http://www.startribune.com/adrian-pe...000/473207503/ WTF are you doing, Adrian?
Posts: 142,507
Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.
   Reply With Quote
Old 07-07-2019, 06:58 PM   #16
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by Eleazar View Post
He somehow had to make all his child support payments, and all the payday loan places in D.C. couldn’t combine for enough cash
Not that AP is living a stereotype...but how many kids by how many different baby mamas he gots?
Posts: 32,189
rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 06:58 PM   #17
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by Cave Johnson View Post
Couldn’t happen to a nicer child beater.....

Posts: 32,189
rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 06:59 PM   #18
stumppy stumppy is offline
New and Improved
 
stumppy's Avatar
 
Join Date: Mar 2002
Location: Springfield, Mo.
Quote:
Originally Posted by Cave Johnson View Post
Couldn’t happen to a nicer child beater.....
Child beating therapy ain't cheap.
Posts: 21,714
stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.stumppy is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 07:03 PM   #19
Rain Man Rain Man is offline
NFL's #1 Ermines Fan
 
Rain Man's Avatar
 
Join Date: Jul 2001
Location: My house
Quote:
Originally Posted by RunKC View Post
Rain Man,

I found what Adrian Peterson bought with his loan.
That actually would be worth it. I'd love to have a skull like that.
Posts: 142,507
Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 07:05 PM   #20
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by stumppy View Post
Child beating therapy ain't cheap.
You'd think the NFL + Redskins would be willing to foot the bill on that.

I'll bet the 12 kids from 9 different women costs a helluva lot more than the therapy...
Posts: 32,189
rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 07:11 PM   #21
Rain Man Rain Man is offline
NFL's #1 Ermines Fan
 
Rain Man's Avatar
 
Join Date: Jul 2001
Location: My house
Quote:
Originally Posted by rabblerouser View Post
You'd think the NFL + Redskins would be willing to foot the bill on that.

I'll bet the 12 kids from 9 different women costs a helluva lot more than the therapy...
There are some pretty prolific athletes out there: https://www.complex.com/sports/2015/...tory/garrincha
Posts: 142,507
Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 07:11 PM   #22
displacedinMN displacedinMN is online now
It was not a fair catch
 
displacedinMN's Avatar
 
Join Date: Aug 2012
Location: Correcting papers
Quote:
Originally Posted by rabblerouser View Post
Not that AP is living a stereotype...but how many kids by how many different baby mamas he gots?
at least 3 maybe more
Posts: 37,654
displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 07:40 PM   #23
FloridaMan88 FloridaMan88 is online now
Mahomes: We Are All Witnesses
 
FloridaMan88's Avatar
 
Join Date: Mar 2003
Location: Miami, FL
Not as bad as Vince Young spending $5,000 a week at Cheesecake Factory.
Posts: 41,783
FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.FloridaMan88 is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 08:02 PM   #24
Flying High D Flying High D is offline
MVP
 
Flying High D's Avatar
 
Join Date: Feb 2017
CP pools some money together and make loan to AP for 22%. Win-win
Posts: 7,425
Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.Flying High D is too fat/Omaha.
     Reply With Quote
Old 07-07-2019, 08:03 PM   #25
MarkDavis'Haircut MarkDavis'Haircut is offline
MVP
 
MarkDavis'Haircut's Avatar
 
Join Date: Aug 2017
Unfortunately, personal finance is rarely taught and most of these athletes think the gravy train will never derail.
Posts: 14,645
MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.MarkDavis'Haircut is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 08:10 PM   #26
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by Flying High D View Post
CP pools some money together and make loan to AP for 22%. Win-win
****, I got $5 on it.
Posts: 32,189
rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 08:13 PM   #27
Why Not? Why Not? is online now
In Search of a Life
 
Why Not?'s Avatar
 
Join Date: Apr 2013
Location: Kansas
Quote:
Originally Posted by KCChiefsFan88 View Post
Not as bad as Vince Young spending $5,000 a week at Cheesecake Factory.
Man, I don’t know about that. Some of their cheesecake is ****ing delicious!
Posts: 22,423
Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.Why Not? is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 08:14 PM   #28
displacedinMN displacedinMN is online now
It was not a fair catch
 
displacedinMN's Avatar
 
Join Date: Aug 2012
Location: Correcting papers
Quote:
Originally Posted by Flying High D View Post
CP pools some money together and make loan to AP for 22%. Win-win
Even at 22%, he gets nothing from me.
Posts: 37,654
displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.displacedinMN is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 08:29 PM   #29
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by Why Not? View Post
Man, I don’t know about that. Some of their cheesecake is ****ing delicious!
It's pretty ****ing good...but not worth $5000.
Posts: 32,189
rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 08:29 PM   #30
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by displacedinMN View Post
Even at 22%, he gets nothing from me.
That's fair; sounds like we'd get nothing from him.
Posts: 32,189
rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.rabblerouser is obviously part of the inner Circle.
     Reply With Quote
Reply
Page 2 of 6 1 2 3456

« Previous Thread | > Nzoner's Game Room < | Next Thread »

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump




All times are GMT -6. The time now is 05:28 PM.

Contact Us - ChiefsPlanet - Archive - Top

Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2024, vBulletin Solutions, Inc.