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 3 of 6 12 3 456
 
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: 142,503
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, 08:40 PM   #31
displacedinMN displacedinMN is offline
It was not a fair catch
 
displacedinMN's Avatar
 
Join Date: Aug 2012
Location: Correcting papers
Quote:
Originally Posted by rabblerouser View Post
That's fair; sounds like we'd get nothing from him.
Neither did the Vikings for three seasons.
Posts: 37,652
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, 08:46 PM   #32
MahiMike MahiMike is offline
He's Mahomie!
 
MahiMike's Avatar
 
Join Date: Aug 2001
Location: Jax, FL
If it wasn't for football, we'd never have heard of him and he wouldn't be so broke now.
Posts: 17,387
MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.MahiMike is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 08:50 PM   #33
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by displacedinMN View Post
Neither did the Vikings for three seasons.
BOOM!
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, 09:32 PM   #34
ThaVirus ThaVirus is offline
Grand champ
 
ThaVirus's Avatar
 
Join Date: Sep 2007
This isn't strictly an athlete thing either.

I had an old coworker with a girlfriend who bought a used car with a loan sporting either 18 or 23% interest, I can't remember which exactly. I just remember being floored when he told me.
Posts: 45,220
ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.ThaVirus is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 09:35 PM   #35
Iowanian Iowanian is offline
Supporter
 
Iowanian's Avatar
 
Join Date: Aug 2000
Location: Utopia
It's almost like his employer doesn't offer training on finances and making your money work for you.

It's almost like these guys never took any economy, finance or basic mathematics classes at a university they were paid via scholarship to attend.
Posts: 61,842
Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.Iowanian is obviously part of the inner Circle.
 Thumbs Up 1 Thumbs Down 0     Reply With Quote
Old 07-07-2019, 09:49 PM   #36
Flying High D Flying High D is offline
MVP
 
Flying High D's Avatar
 
Join Date: Feb 2017
I tutored football players at college, oh my it was brutal.
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, 09:55 PM   #37
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by Iowanian View Post
It's almost like his employer doesn't offer training on finances and making your money work for you.

It's almost like these guys never took any economy, finance or basic mathematics classes at a university they were paid via scholarship to attend.
It's almost like they didn't pay attention when they were told about those things at their rookie orientation...
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, 10:08 PM   #38
Valiant Valiant is offline
Valiant 'The Thread Killer'
 
Valiant's Avatar
 
Join Date: Jun 2001
Location: Kansas City
Most athletes are dumb as **** with money, regardless of color.

They don't want to listen to the boring rules and living not like a rockstar.

The main problem is these guys think they have the full amount and it is not going away for a long while.

Take a average player. In the league 3 years might make 1.4 million.
Taxes from everywhere, lucky to get 700k. But he bought him a house, car, momma a house and knocked up a gold digger. 200k left hopefully after not being picked up. Maybe he can sign in Canada. But child support will sap that money. Effectively broke, have to sell his house, hopefully he paid it off.

Player that signs a good contract extension, plays 8 or 9 years and makes 65million. Hopefully receives 30mil after everything. Buys momma a house gets him a 6million dollar home and multiple cars. Multiple kids. Taxes on cars and properties eat away. Then he finds out his friends or company stole 15 million.

These guys do not listen. Teams should pay ex players who went broke and a firm to tell them how to spread their money out for their lifetime to live off of.
They need a yearly reminder what happens.

Honestly, the first person to start this would make a killing from pro teams.
Posts: 18,429
Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.Valiant threw an interception on a screen pass.
     Reply With Quote
Old 07-07-2019, 11:31 PM   #39
TinyEvel TinyEvel is offline
Just a li'l Evel
 
TinyEvel's Avatar
 
Join Date: Sep 2005
Location: Bald. Goatee. Jorts.
Proof that even the highest paid can fall victim to the payday loan cycle of doom.
Posts: 11,898
TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.TinyEvel is obviously part of the inner Circle.
     Reply With Quote
Old 07-07-2019, 11:55 PM   #40
Demonpenz Demonpenz is offline
Woman should only make babies
 
Demonpenz's Avatar
 
Join Date: Nov 2003
Location: Apartment "G UNIT!"
being broke is different for these guys as well. I see bankrupt broke athletes still rolling in g-wagons
Posts: 54,503
Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.Demonpenz is obviously part of the inner Circle.
     Reply With Quote
Old 07-08-2019, 03:53 AM   #41
BryanBusby BryanBusby is offline
In Search of a Life
 
BryanBusby's Avatar
 
Join Date: Mar 2006
I would imagine plenty of this has ate away his funds.

https://bleacherreport.com/articles/...birthday-party
Posts: 22,259
BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.BryanBusby has enough rep power to blowy ou to bits.
     Reply With Quote
Old 07-08-2019, 04:43 AM   #42
rabblerouser rabblerouser is offline
left blank intentionally
 
rabblerouser's Avatar
 
Join Date: Oct 2012
Location: Belize Nuts
Quote:
Originally Posted by Valiant View Post
These guys do not listen. Teams should pay ex players who went broke and a firm to tell them how to spread their money out for their lifetime to live off of.
They DO have that!
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 07-08-2019, 06:10 AM   #43
Young9Cothinho Young9Cothinho is offline
Banned
 
Join Date: Feb 2019
Location: New york
There are a lot of people aside from gold diggers whose sole job and purpose is taking advantage of athletes who don't know shit about money. Running backs usually aren't the brightest.
Posts: 10
Young9Cothinho is a favorite in the douche of the year contest.
     Reply With Quote
Old 07-08-2019, 06:16 AM   #44
smithandrew051 smithandrew051 is offline
I Like The Kansas City Chiefs
 
smithandrew051's Avatar
 
Join Date: Nov 2017
Location: Shawnee, KS
So many broke athletes. Millionaires attempting to live like billionaires is a recipe for disaster.
Posts: 26,914
smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.smithandrew051 is obviously part of the inner Circle.
     Reply With Quote
Old 07-08-2019, 07:22 AM   #45
FringeNC FringeNC is offline
MVP
 
Join Date: Sep 2001
Location: NC
Unfortunately, a personal finance class isn't going to do much good. These athletes have financial advisors. It's an impulse control problem, and those are much harder to solve, especially for young men.
Posts: 10,177
FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.FringeNC would the whole thing.
     Reply With Quote
Reply
Page 3 of 6 12 3 456

« 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 03:22 PM.

Contact Us - ChiefsPlanet - Archive - Top

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