Trent Richardson: A fool & his money .......

[Monello]

Friends and family contribute to financial ruin. $1.6 M in 10 months time. I have to wonder how many people are we talking about. 10, 20, 100? I bet they loved being on that gravy train.

[h=1]Trent Richardson says family, friends spent $1.6 million of his money in 10 months[/h]

Doh

 

[GURPS]

NFL player Trent Richardson’s family blew $1.6 million of his money in less than a year



When he signed a four-year $20.5 million contract with the Cleveland Browns, he bought a six-bedroom house in Cleveland for $825,000 and rented his mom a house there, too. “I had a chance to make sure my mom never had to work again,” he said on E:60. He also bought his grandmother a house in Pensacola for $350,000.

After a successful rookie season, he was then on four teams in four years. And he is now out of the league.

[clip]

“I looked at my bank statement and thought, ‘where did this come from?’ they took advantage of me,” he said of his friends and family members.
They had paid for 11 Netflix accounts and eight Hulu accounts in his name. They also made many purchases on Amazon and charged him for bottle service at bars.
“I don’t get on the internet much — and I don’t drink,” he said, adding that he only spends about $300 every two weeks on himself.
Between January 2015 and October 2015, his family and friends had spent $1.6 million of his money.
His college coach, Nick Saban, told E:60: “He wants to please everyone. That makes it difficult to disappoint people with the word ‘no.’”
But then he stopped paying for everyone except his immediate family. He even took his brother Terrell off his payroll; he had been paying him $100,000 a year to be a personal assistant.

2 things ...

... I don't know much about houses in Pensacola, so i expect someone to chime in, but how much house does $ 350,000 buy :shrug:



dude was handing out his back account info so all his 'friends' could live large off his Salary Um NO ....


1.6 out of $ 20 mil is a small percentage, but NO

 

[Monello]

Update - Arrested for DV

He's out of the NFL for now. I hope his degree from Alabama comes in handy for his next career.

Richardson tried to run from the scene, but was tackled after he had gained 2 yards.

Former NFL running back Trent Richardson is facing a misdemeanor domestic violence charge in Alabama.
Police in the Birmingham suburb of Hoover say the 26-year-old Richardson was jailed Friday in the Hoover City Jail, with bond set at $1,000.

smacking his bitch up

 

[Larry Gude]

1.6 out of $ 20 mil is a small percentage, but NO

It's the same as someone making $50k spending $4k on the family. :shrug:


Only he had how many million left?

 

[Monello]

It's the same as someone making $50k spending $4k on the family. :shrug:


Only he had how many million left?

On the original $20M there's the tax man to pay plus the agent's cut. So he's probably left with half the original amount. I hope he does well with his money as he seems to be somewhat frugal according to his own account. It does spend fast as we all know. There are no shortage of pro athletes that end up broke, often times blowing multiple millions of dollars.

 

[Larry Gude]

There are no shortage of people who end up broke...

:shrug:

Think through what would happen if EVERY pro athlete, or everyday Jane and John, chose a frugal, responsible path, day by day. Think of how much money does NOT circulate in the economy and just sits there in the savings account. Then what? What happens to all the frugal, responsible people who used to make their living off of the 'waste' of rich and poor people who used to be fools separated from their money? They no longer have a living or live on much less, then the value of a football star, and the greeter at WalMart collapses. Then what? No one is throwing $20 mil at Irresponsible Richard or even the minimum wage at Jane and John. So, then, we're all safe and sound in our caves, no waste, no frivolity, no rich, no poor. Just conservation, all the time.

I'm not advocating for people to just piss money away but I am advocating for money to FLOW in the economy. A lot.

 

[Monello]

:shrug:

Think through what would happen if EVERY pro athlete, or everyday Jane and John, chose a frugal, responsible path, day by day. Think of how much money does NOT circulate in the economy and just sits there in the savings account. Then what? What happens to all the frugal, responsible people who used to make their living off of the 'waste' of rich and poor people who used to be fools separated from their money? They no longer have a living or live on much less, then the value of a football star, and the greeter at WalMart collapses. Then what? No one is throwing $20 mil at Irresponsible Richard or even the minimum wage at Jane and John. So, then, we're all safe and sound in our caves, no waste, no frivolity, no rich, no poor. Just conservation, all the time.

I'm not advocating for people to just piss money away but I am advocating for money to FLOW in the economy. A lot.

Your example is a little severe. First off professional athletes are a tiny fraction of our population, so the impact on a macro level isn't noticeable. On the micro level, if 1 of those athletes frequently patronizes your establishment, then you may have a cash cow.

What would be better in the athletes interest is to structure the deal where they are paid over a 40 year period. This would be most prudent for NFL types as their average longevity is something like 3-4 years. They still have the same amount to spend, they just have it over a longer period of time. Trent is in his mid 20s and is already out of the game.

I'm sure if you asked those players that have squandered large sums if they could have a 40 year term do over, they'd jump at it.

On a personal level, I gave up the contractor life a bit early. I don't have any regrets. I learned to live on less. But the payoff is we get to go and do what we want when we want. Living within your means isn't overrated. YOLO

 

[GURPS]

:shrug:

Think of how much money does NOT circulate in the economy and just sits there in the savings account. Then what?

Apple has what :shrug: 600 Billion in CASH

what is it any of YOUR Concern what someone does with their MONEY