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NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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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: 142,510
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#46 | |
Hey Loochy, I'm hooome!
Join Date: Oct 2008
Location: PooPooKaKaPeePeeShire
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What does color have to do with anything? Does melanin somehow influence certain regions of the brain? Quote:
Last edited by loochy; 07-08-2019 at 07:39 AM.. |
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Posts: 41,141
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#47 | |
11-5, baby
Join Date: Sep 2005
Location: Livin the dream
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Quote:
Pride of OU, that AD. |
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Posts: 22,416
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#48 |
Going home eventually
Join Date: Dec 2002
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Some of the bruthas in the NFL think they are more than they are. They think they can just do whatever they want. If you make 10 mil per year that's not enough to just do whatever you want. Have a 3 million dollar house is way to too much to spend.
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Posts: 30,947
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#49 |
In Search of a Life
Join Date: Mar 2006
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It's amazing how you manage to ****ing suck with every post.
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Posts: 22,259
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#50 |
Beyond the Rapids
Join Date: May 2003
Location: Langley, VA
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Posts: 80,659
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#51 |
Keep Camp Home!
Join Date: Sep 2003
Location: St Joe MO
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I could see taking a loan out on a mortgage, because if you are solid with your investments your earnings should be more than the interest you get on a shorter term mortgage
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Posts: 10,260
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#52 |
Hey Loochy, I'm hooome!
Join Date: Oct 2008
Location: PooPooKaKaPeePeeShire
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Posts: 41,141
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#53 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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Quote:
Well, you only turn 30 once, so you might as well get the camel. I chose to enter atop a Galapagos turtle on my 30th, but that wasn't a good idea. I missed most of the party. |
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Posts: 142,510
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#54 | |
MVP
Join Date: Feb 2017
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Quote:
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Posts: 7,425
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#55 | |
It was not a fair catch
Join Date: Aug 2012
Location: Correcting papers
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Update
Quote:
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Posts: 37,704
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#56 |
left blank intentionally
Join Date: Oct 2012
Location: Belize Nuts
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Posts: 32,189
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#57 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Holy ****ing **** ass balls. 100M and he's upside down. Wow.
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Posts: 57,604
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#58 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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Posts: 142,510
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#59 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,604
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#60 |
The pizza king of kansas
Join Date: Sep 2001
Location: Somewhere in the u.s.a.
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I would love to see a player not invest in anything big. lead a somewhat cheap life. Get stocks and invest in small things.
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Posts: 19,026
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