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Clinton Portis

Cognizantphotos said:
OriginalCanesCanesCanes said:
Canezum5 said:
Zbrod95 said:
Canezum5 said:
You say that; but half these players go broke from getting robbed by people and firms just like that.
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No they don't, they go broke trying to support everyone around them.

Places like Morgan Stanley would be out of business if half their clients lost money
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Dude, the research is out there. Big time financial firms get shut down all of the **** time for fraud, embezzlement, larceny, etc.

You should NEVER trust ANYONE but yourself with YOUR money. Period.
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You're not correct here about the big firms.

You just have a generalized suspicion of "big firms" like Fidelity, Morgan Stanley, etc., without even understanding what they do and how they run their Wealth Management departments. So just stop. You don't get it.

I'll state it again, had he gone to one of these firms, instead of giving his money to one of these hucksters, whatever amount he had on hand to invest, let's say $20 million, he'd still have every penny of it.

And assuming this was like ten years ago, if they had convinced him to approve a semi

If you read the article there are two different ways he lost his money. One was a Ponzi scheme which if he gave his money to Morgan he wouldn't have to worry about. The other is giving his advisor power of attorney and allowing him access to move money out of his accounts. Any advisor at any big firm could go rogue and take advantage of a client with this authority. Morgan has compliance in place to try and avoid this but it could be done if the advisor has the authority from the client and is sneaky enough.
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If you read the article there are two different ways he lost his money. One was a Ponzi scheme which if he gave his money to Morgan he wouldn't have to worry about. The other is giving his advisor power of attorney and allowing him access to move money out of his accounts. Any advisor at any big firm could go rogue and take advantage of a client with this authority. Morgan has compliance in place to try and avoid this but it could be done if the advisor has the authority from the client and is sneaky enough.
 
edge3241 said:
If you read the article there are two different ways he lost his money. One was a Ponzi scheme which if he gave his money to Morgan he wouldn't have to worry about. The other is giving his advisor power of attorney and allowing him access to move money out of his accounts. Any advisor at any big firm could go rogue and take advantage of a client with this authority. Morgan has compliance in place to try and avoid this but it could be done if the advisor has the authority from the client and is sneaky enough.
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Yes, but if a broker like say from Fidelity, or one of the other firms does that, you have recourse. It's also extremely rare, like one in 1 million rare. And it's likely you'll get at least your principal back. A broker going rogue one of the big firms is a rarity, and their safeguards in place to prevent that, in safeguards in place so that your money is protected from being defrauded. Again I've never even heard of that happening to anybody I know.
 
I'm guessing the "investment" loss was only a small part of the reason he went belly up. Just looking for someone to blame instead of the uncomfortable task of pointing the finger at himself.
 
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I'm a country boy and I don't believe in other ppl handling my money, I will put it in the bank and set up all my accounts to be paid straight from my account.. SO whenever I want to check my account, all I have to do is go to the bank and check it out.. Too many ppl want to invest while still pursuing their career, "THAT'S A NO NO".. I say enjoy your career and play as long as you can, get your money set up in a bank or credit union and live a regular life style, WHY live a lavish live style while you are still pursuing your career, it should be about making all the money you can now, then after it's over and the money has been made, then you go out and enjoy it!! It's like these folks don't learn from ppl before them, how many ppl in the different league's have got played by ppl trying to invest while they are still in the league, I understand they have to pay the IRS annually BUT guess what, if you don't have all these other ppl on your payroll Guess What "you don't have to pay them"..

I'm sorry I just think it's best to put your money up while you are pursuing your career and just basically save it, then once you are done "retired", NOW you can sit back and enjoy your earnings!! Live a regular life while playing, some of these players are just straight jackazzs, why you need a house in 3 or 4 states, why you need a fleet of 5 or 6 cars, why you need a boat in every state you visit, I'M JUST SAYING, and they wonder where all there money goes!! I say save it while you are playing then once you retire, you can spend it and see where every penny is being spent.. PPL that are investing while playing, to me is just donating money!!
 
337CaneNation said:
I'm a country boy and I don't believe in other ppl handling my money, I will put it in the bank and set up all my accounts to be paid straight from my account.. SO whenever I want to check my account, all I have to do is go to the bank and check it out.. Too many ppl want to invest while still pursuing their career, "THAT'S A NO NO".. I say enjoy your career and play as long as you can, get your money set up in a bank or credit union and live a regular life style, WHY live a lavish live style while you are still pursuing your career, it should be about making all the money you can now, then after it's over and the money has been made, then you go out and enjoy it!! It's like these folks don't learn from ppl before them, how many ppl in the different league's have got played by ppl trying to invest while they are still in the league, I understand they have to pay the IRS annually BUT guess what, if you don't have all these other ppl on your payroll Guess What "you don't have to pay them"..

I'm sorry I just think it's best to put your money up while you are pursuing your career and just basically save it, then once you are done "retired", NOW you can sit back and enjoy your earnings!! Live a regular life while playing, some of these players are just straight jackazzs, why you need a house in 3 or 4 states, why you need a fleet of 5 or 6 cars, why you need a boat in every state you visit, I'M JUST SAYING, and they wonder where all there money goes!! I say save it while you are playing then once you retire, you can spend it and see where every penny is being spent.. PPL that are investing while playing, to me is just donating money!!
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But while you're saving it, why not make your money work for you.

If you work for an employer that has savings and 401k, etc, set up to take as a high as a percentage as as you can and spread it out among the provided investment options, mutual funds, etc. Even if you are a making a modest salary, like say, 70k a year, if you bite the bullet and are able to deduct 12k a year, with a decent rate of return after 20 years you'd have 500,000 or more.

Putting your money in a bank and letting it sit there is safe, but if you don't invest, you're really missing out.
 
Best investment a lot of athletes should make is a vasectomy. Otherwise, they're just throwing money away on kids they hardly see.
 
The Franchise said:
I'm guessing the "investment" loss was only a small part of the reason he went belly up. Just looking for someone to blame instead of the uncomfortable task of pointing the finger at himself.
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Can't be. NFL players are known to be great with their finances.
 
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BeachCanes said:
Ghost666 said:
I'm pretty sure we would all contemplate murder in that situation. There is a huge difference between thinking it and acting on it, though.
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You'd be surprised. Court once ruled some cop guilty in NY because the dude would spend countless hours on the dark web fantasizing and having convos about torturing and killing people. Never acted on it.
I believe he was found not guilty on an appeal a little less than a year later.
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We live on post 1984 world where thoughts have indeed become crimes. Unless you are Moslem, then even actions are okay.
 
A couple of FACTS:

10-15% yearly return on money is simply inaccurate when the yearly return on the spx is 7% and about 3.5% for US treasuries
Vanguard index funds are cheapest passive alternative as someone noted in this thread.
There are plenty of Invetment banks that manage wealth for athletes and yes investing money with them will like keep your wealth growing.
Biggest issue is lack of education for many athletes. It should be mandatory that the NFL NBA etc educate their players about ways of protecting and investing their wealth.
 
bear said:
A couple of FACTS:

10-15% yearly return on money is simply inaccurate when the yearly return on the spx is 7% and about 3.5% for US treasuries
Vanguard index funds are cheapest passive alternative as someone noted in this thread.
There are plenty of Invetment banks that manage wealth for athletes and yes investing money with them will like keep your wealth growing.
Biggest issue is lack of education for many athletes. It should be mandatory that the NFL NBA etc educate their players about ways of protecting and investing their wealth.
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Over the last ten years I've averaged well over 15%, the last 3-4 years even much better than that. LOL - since November I'm up over 40%. Granted, I'm a little more aggressive than average.

The idea is to do better than the S&P, Dow, etc. You can find index funds to mirror that if you want. So saying averaging 10% over a period of time is innacurate is not correct. Happens all the time. Just depends on how risk averse you are.

Being aggressive pays off if you're smart.
 
I know niggaz that would kill over 5 bucks... It's not the money, its principalities in this **** smokey
 
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OriginalCanesCanesCanes said:
Canezum5 said:
Zbrod95 said:
Canezum5 said:
OriginalCanesCanesCanes said:
They just need to listen to common sense.

If you have no clue what to do with your money, take that money to a big house like Morgan Stanley or the like, they have wealth management for clients, let them know what your risk tolerance is, and let them take it from there.

Had he done that he would have whatever he had at the time plus probably at least a 10 to 15% return over that time per year
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You say that; but half these players go broke from getting robbed by people and firms just like that.
Click to expand...

No they don't, they go broke trying to support everyone around them.

Places like Morgan Stanley would be out of business if half their clients lost money
Click to expand...

Dude, the research is out there. Big time financial firms get shut down all of the **** time for fraud, embezzlement, larceny, etc.

You should NEVER trust ANYONE but yourself with YOUR money. Period.
Click to expand...

You're not correct here about the big firms.

You just have a generalized suspicion of "big firms" like Fidelity, Morgan Stanley, etc., without even understanding what they do and how they run their Wealth Management departments. So just stop. You don't get it.

I'll state it again, had he gone to one of these firms, instead of giving his money to one of these hucksters, whatever amount he had on hand to invest, let's say $20 million, he'd still have every penny of it.

And assuming this was like ten years ago, if they had convinced him to approve a semi-aggressive portfolio allocation leaning more heavily to the market, his money would have at least doubled. Had he gone super conservative, he'd still have all his original investment, plus at least another 4-5 million.
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I've been working in the finance industry for almost 10 years. Im very familiar with the business.

I just dont trust any of them no matter how "reputable" they claim to be.

Just my opinion.
 
bear said:
A couple of FACTS:

10-15% yearly return on money is simply inaccurate when the yearly return on the spx is 7% and about 3.5% for US treasuries
Vanguard index funds are cheapest passive alternative as someone noted in this thread.
There are plenty of Invetment banks that manage wealth for athletes and yes investing money with them will like keep your wealth growing.
Biggest issue is lack of education for many athletes. It should be mandatory that the NFL NBA etc educate their players about ways of protecting and investing their wealth.
Click to expand...

Both leagues give their players tons of education on the matter, there are mandatory financial seminars during rookie orientation, and there are stories of guys falling asleep during the presentation. Invest your money with a large firm, don't give ANYONE power of attorney(have a detailed living will that allows for limited POA in case of emergency) and pay your own bills, from your own account like a normal person.
 
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OriginalCanesCanesCanes said:
bear said:
A couple of FACTS:

10-15% yearly return on money is simply inaccurate when the yearly return on the spx is 7% and about 3.5% for US treasuries
Vanguard index funds are cheapest passive alternative as someone noted in this thread.
There are plenty of Invetment banks that manage wealth for athletes and yes investing money with them will like keep your wealth growing.
Biggest issue is lack of education for many athletes. It should be mandatory that the NFL NBA etc educate their players about ways of protecting and investing their wealth.
Click to expand...

Over the last ten years I've averaged well over 15%, the last 3-4 years even much better than that. LOL - since November I'm up over 40%. Granted, I'm a little more aggressive than average.

The idea is to do better than the S&P, Dow, etc. You can find index funds to mirror that if you want. So saying averaging 10% over a period of time is innacurate is not correct. Happens all the time. Just depends on how risk averse you are.

Being aggressive pays off if you're smart.
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Those are pretty darn impressive returns. If you have averaged 15% returns over the last 10 years you have tripled your money easily (compounded) and probably taken so,e big risks (concentrated portfolio etc). Congrats! However the reality is that very few mangers manage to beat the SPX historically (les than 25% of them) so the odds that you can beat the spx are against you. Again congrats but it is inrealistic to expect that. This is akin to expecting our tailback at the U to average 250 yards a game for the next 10 years. Not hating at all. Just being realistic. Again congrats.
 
****, I'm broke by those standards.... all I got was about $60,000 and a bag of rocks!

I should have never bought that Lexus in the mid nineties, that house that cost me a arm and a leg for my family, and to top it all off,...

Pay child support for my ONLY Child, AT A PRICE that's equivalent to a 4 year degree at the U!! When I'm done.

Hey, it's all worth it, I'm living and having a great time!
 
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