You can check out Sports By Brooks for all the gory details, but the gist of the story is Derrick Coleman – who made around 87 million dollars during his NBA career – is now filling for bankruptcy.
Here is what his lawyer had to say:
“Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities. Due to the state of the economy, including the decline in the real estate market, Mr. Coleman’s investments could not be sustained.”
So in essence Coleman is blaming Detroit and George Bush for going broke. I am sure “Tigerstylings,” 30-inch rims, and making it sprinkle had nothing to do with it, or as Brooks points out:
Not the two chinchilla and three mink fur coats now worth (only) a total of $15,000 that he listed as assets in his bankruptcy court filing. Or his 1997 Bentley convertible now worth just $50,000.
Here is what I never understand about athletes; if you are making 5-10 million dollars a year why don’t you think to put 10-15% of that away in an interest-bearing account that you don’t touch? Then they can go and do whatever they want, but they always have a nest egg generating money.
Are they not disciplined enough to do that?
I forgot who the athlete was, but they had the greatest quote of all time in regards to how athletes go broke. I am paraphrasing, but it went like this:
“If you have $20 in your pocket and you go to McDonald’s, you spend $15 on you, your girl and your kid. When you got $200 in your pocket and you go to McDonald’s you paying for you, your girl, your kid, your girl’s friend kids, your boys, your boys homie, just some random person who you might see and just buy some extra just in case and spend $195. When it is all said in done you both are left with $5”.
These athletes better start ordering off the dollar menu.