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Clint Ports Bankruptcy

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Declaring bankruptcy is to get rid of debt, son you will not lose money. There is a difference between business bankruptcy and personal. Donald Trump was business not personal. Business bankruptcy means they cannot touch any personal wealth.
 
daddacane said:
Why should he worry about debt..The Fl. Bankruptcy laws will let him skate but somebody else will suffer over this, not Portis...There's a guy in the Republican Party, running for President, who declared bankruptcy four times to the tune of $3.4-$1.7-$1.8 billion and $550 million. Portis is much faster than him, so I would think he skates right through this matter....
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He did not declare bankruptcy. Four of his companies declared bankruptcy...out of a ton of companies that he owned. This is not uncommon...however you're acting like he declared bankruptcy himself which is completely false.
 
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Astcloud11 said:
Hurricane818 said:
SHOCKED .... uhhh, no I'm not. These guys are idiots when it comes to money. Mostly it boils down to the fact that they think that paycheck is going to keep on rolling in forever.
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Who is "These guys"? Because if you're referring to most of the cane alumnus, you're out of your mind to think the majority is bad with money.
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You mean like McKinney? Act like the guy cursed at you
 
This is the kind of thing Richt is trying to stop with his outreach program. They need to get the kids some education on how to handle finances, even if they don't make it to the NFL
 
Slow time for the CIS board, eh? No Golden to abuse, no Butchie to deify; nothing to talk about but Henderson's bowels and Portis' wallet. The bowl game and new DC can't get here fast enough.
 
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Juancane said:
Astcloud11 said:
Hurricane818 said:
SHOCKED .... uhhh, no I'm not. These guys are idiots when it comes to money. Mostly it boils down to the fact that they think that paycheck is going to keep on rolling in forever.
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Who is "These guys"? Because if you're referring to most of the cane alumnus, you're out of your mind to think the majority is bad with money.
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You mean like McKinney? Act like the guy cursed at you
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Reading is fundamental. His statement infers that this happens a lot, which isn't true.
 
Hurricane818 said:
SHOCKED .... uhhh, no I'm not. These guys are idiots when it comes to money. Mostly it boils down to the fact that they think that paycheck is going to keep on rolling in forever.
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He built a purple house for his mom just outside of Gville. The only thing missing was Soul Plane parked in the yard.
 
daddacane said:
Why should he worry about debt..The Fl. Bankruptcy laws will let him skate but somebody else will suffer over this, not Portis...There's a guy in the Republican Party, running for President, who declared bankruptcy four times to the tune of $3.4-$1.7-$1.8 billion and $550 million. Portis is much faster than him, so I would think he skates right through this matter....
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Nice try.
 
For a few years I was the banker for Sth Fla players and entertainers
- First thing you need to remember - either group has defied the odds in making it. Therefore they have a belief that they will always win and defy the odds bc they have for most of their early lives
- then someone, usually a friend or family member comes to them with an idea or an investment. And by an investment I dont mean a mutual fund.
- Most of these investments have significant payoffs if they work out however they are also very risky.
- If you have a ton of cash most advisors would tell you to not put more than 10% of your money into these kinds of "investments"
- Most of the players put 50% - 75% of their money into these programs. They dont work and they go into BK
Cant tell you how many times I have seen this .... with some really smart clients
 
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Considering all of the photos of him in custom outfits that most would call a clown suit, I'm not surprised.

I genuinely feel for anyone in his position, but the flipside is that you just think how silly it is they got to this spot. People always seem to want to try and outlive their means. So many people want more when all more means typically is bigger bills. ****, be happy you've got what you've got since there's many out there who would love to have what you have.
 
I recently read about an NFL player who was married (no children) who lived off $60,000. year and invested the remainder. He had 3 separate financial advisors. In addition, he was the only one who could sign a check or move around monies. Smart man.


Gatorhater said:
Actually most people are unaware of the risk of living too long. You buy annuities to protect yourself from that risk. I retired the first time at age 29. If I had just died at 40 everything would have been fine. Just my luck I didn't. Smart players with worthwhile advisers would take some income as deferred compensation of some sort with stream of payments starting later in life. Then again, it is a lot more fun to spend money when you are young than when you are old.
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daytonacane said:
I recently read about an NFL player who was married (no children) who lived off $60,000. year and invested the remainder. He had 3 separate financial advisors. In addition, he was the only one who could sign a check or move around monies. Smart man.


Gatorhater said:
Actually most people are unaware of the risk of living too long. You buy annuities to protect yourself from that risk. I retired the first time at age 29. If I had just died at 40 everything would have been fine. Just my luck I didn't. Smart players with worthwhile advisers would take some income as deferred compensation of some sort with stream of payments starting later in life. Then again, it is a lot more fun to spend money when you are young than when you are old.
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One thing players never seem to factor in when deciding if to leave school early is the value of perhaps spending a year studying courses covering finance matters and basic investments. They leave in 3 to make more money. Keeping that money is another way of making more money.
 
Gatorhater said:
daytonacane said:
I recently read about an NFL player who was married (no children) who lived off $60,000. year and invested the remainder. He had 3 separate financial advisors. In addition, he was the only one who could sign a check or move around monies. Smart man.


Gatorhater said:
Actually most people are unaware of the risk of living too long. You buy annuities to protect yourself from that risk. I retired the first time at age 29. If I had just died at 40 everything would have been fine. Just my luck I didn't. Smart players with worthwhile advisers would take some income as deferred compensation of some sort with stream of payments starting later in life. Then again, it is a lot more fun to spend money when you are young than when you are old.
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One thing players never seem to factor in when deciding if to leave school early is the value of perhaps spending a year studying courses covering finance matters and basic investments. They leave in 3 to make more money. Keeping that money is another way of making more money.
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They cover most of this in the NFL rookie intro, some don't listen and rely too much on family and get screwed. It's the same issue with people that win the lottery as well. Some invest well, and some are broke within a few years. Circle of life...
 
Yes they do cover this however if the NFL really wanted to help them they would do more.....but the NFL is too busy counting their money
 
Jack Lambert back in day with Steelers lived off endorsements and deferred entire salary to have 100,000 + yearly income for life.
 
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