Bar closed. House and possessions being auctioned off this Sat. 11 year MLB career earnings and broke. Bought house for 1.1 mill. Still owed bank 900k. Sad.
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Joba C...
- Thread starter HBK4life_rivals100467
- Start date
its hard to imagine that someone cant squirrel away a few hundred grand or for some, much more.
but, very sad.
I'm a broke mutha. I'm not better than anyone else. But... if I was given that kind of moolah, you can bet that I would set X amount aside for some residual income. Blow the rest if you want, but set yourself up for life first.
Pure stupidity to piss away that kind of cash. They have awareness seminars in NFL, MLB and NBA of stories like his and what not to do. But yet most of these boneheads still buy Mercedes and sports bars and end up bankrupt. No sympathy.
Look, many highly paid athletes cannot accept themselves as wealthy individuals. They find all kinds of ways to separate themselves from their money. They know poverty and gravitate back there. It’s really a shame.
Remember Bernie Kosar?
He lost all his money too didn’t know how to manage and invest responsively..
He lost all his money too didn’t know how to manage and invest responsively..
That's not how it typically works. Generally, if someone can't handle their money at their current income level, they can't handle money at a higher income level.
Well owning a bar then having it shut down by COVID is a good start on "pissing away" away your money. Remember also what city he was paid most of his baseball money in. He might have ended up with half of his earnings when it was all said and done. That doesn't end up going very far for very long. He should still have a baseball pension to fall back on which in his case should still be a pretty nice guaranteed check for life.
Could be part of the problem. When you know you have something like that to fall back on, it's a lot easier to take unreasonable financial risks.
He's not the first big bucks earner to piss it all away. Rags to riches and then back to rags.
Man, he made 13 million dollars. So even after agents and taxes say he cleared 6 million.
Take a million of that, but 5-6 duplexes in Lincoln (since he knows the area). Rent out each side for 1,000 a month.
Take a million of that, but 5-6 duplexes in Lincoln (since he knows the area). Rent out each side for 1,000 a month.
Mike Tyson blew a lot more than Jaba. Blows my mind and proof that no matter how much some people make, it's never enough.
He's still got his mlb pension. Pretty nice chunk of change every year too.
He will be fine after the dust settles on this.
He will be fine after the dust settles on this.
If he got in 10 years of actual MLB service time, the pension is around $200K per year.
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Owning a bar in the first place is a problem. Let's just say he oughta be in the meetings in the church basement, not running a bar.
When I read that Roby is out for health issues again...and is only guaranteed for 20/21....money is what I thought of. Hope he banked some of that initial money. Might be a good time to finish that degree!
I think the earliest pension starts is age 45. He has a few years yet. Never too late to go back to college
I got to know Joba a little bit back when he first got signed. He was just a kid when he became a millionaire overnight. He spent money, but didn't necessarily throw it away at first. He had people coming at him left and right for handouts. He put his sister in charge of the money, and she was ferocious, but it may have been too late by then.
He made a lot of mistakes for sure, combined with bad luck..
He made a lot of mistakes for sure, combined with bad luck..