Donte Greene arrested

[DoubleDee]

Chicken Feed - buys u an average house in Miami where you then get a 40K per year tax bill - so yeah, chicken feed - he spent that within 90 days of receiving it

So move.

 

[OrlandoCuse]

I think the folks that would benefit from a personal finance 101 class and a guy like Donte are on different ends of the spectrum. He was 19, had his ass kissed nonstop by adults since puberty and in his mind was gonna make 100+ million by the time he was 30.

Young professional athletes need personal financial and business mentorship, especially those that are one and done/early draft entries. They’re never going to learn that type of guidance from a basic finance class.

All too often their agents and managers fall short in those categories because they look at the athletes as a product with an expiration date, not a human that needs to be developed to have a long career beyond the sport they are getting paid millions of dollars to play.

 

[Bayside44]

Young professional athletes need personal financial and business mentorship, especially those that are one and done/early draft entries. They’re never going to learn that type of guidance from a basic finance class.

All too often their agents and managers fall short in those categories because they look at the athletes as a product with an expiration date, not a human that needs to be developed to have a long career beyond the sport they are getting paid millions of dollars to play.

100%

 

[rocklloyd]

Did he do the dynasty symbol when he lunged at the cashier ?

Came here for this

 

[Gotothehole]

He made 6 million. This is why it’s mandatory for young people to have financial advice

 

[bozophobe]

I saw a news segment several years ago where the NBA had a program where rookies are given cautionary seminars on things like avoiding being taken advantage of by some of the women who seek them out. And other temptations for the newly flush. I don't recall whether much time was spent on straight up economics.

 

[Wrinkle]

He's obviously in a bad way. Donte is a good man

 

[OrlandoCuse]

He made 6 million. This is why it’s mandatory for young people to have financial advice

Oh, I’d say young, rich athletes get plenty of “financial” advice, but typically not the best financial advice. Buying mansions, Lamborghini’s, bottle service at the club…..not the best way to handle millions of dollars.

 

[Scooch]

Young professional athletes need personal financial and business mentorship, especially those that are one and done/early draft entries. They’re never going to learn that type of guidance from a basic finance class.

All too often their agents and managers fall short in those categories because they look at the athletes as a product with an expiration date, not a human that needs to be developed to have a long career beyond the sport they are getting paid millions of dollars to play.

Do we know that Donte didn't get this kind of mentorship? He spent a few years in the NBA, and they have a pretty robust program for young players when it comes to this sort of thing.

I mean, there's no shortage of guys who work *in the financial industry* who piss away their money and fall on hard times.

Sometimes all the education and guidance in the world doesn't help if someone is battling other demons.

 

[Bayside44]

Do we know that Donte didn't get this kind of mentorship? He spent a few years in the NBA, and they have a pretty robust program for young players when it comes to this sort of thing.

I mean, there's no shortage of guys who work *in the financial industry* who piss away their money and fall on hard times.

Sometimes all the education and guidance in the world doesn't help if someone is battling other demons.

He was, gulp, 14 years ago?

I don't want to get the name wrong, I do somewhat remember a draft pick, maybe ours, last guy in the first round, total flier, first purchase was 100K on a necklace. Just worrisome stuff. Save that for the second contract, the life-setting one.

 

[cliftonparksufan]

Do we know that Donte didn't get this kind of mentorship? He spent a few years in the NBA, and they have a pretty robust program for young players when it comes to this sort of thing.

I mean, there's no shortage of guys who work *in the financial industry* who piss away their money and fall on hard times.

Sometimes all the education and guidance in the world doesn't help if someone is battling other demons.

Of course, this wouldn't be something that the NBPA would be interesting in setting guidelines. The agents need to be certified by the NBPA, but after that it seems like they don't care what happens to the millions that these young, many of whom are urban kids, very impressionable, who many grew up in single lower income households and fortunately for basketball, at least had new sneakers and new clothes to wear to school.

The smart ones sock the money away and live off allowances. If the players had any sense, they would want their financial representatives to be certified as well.

NBPA Certified Agents

The NBPA is responsible for certifying and regulating player agents. The Association screens the backgrounds of agents and monitors all contracts to ensure players receive fair and quality representation.

nbpa.com

 

[FireballPhil]

Chicken Feed - buys u an average house in Miami where you then get a 40K per year tax bill - so yeah, chicken feed - he spent that within 90 days of receiving it

bawk bawk cluck cluck a doodle doo!

 

[Doc5120]

He probably took home just over 2 mil - that is literally chicken feed in the game of life - let alone for someone like Donte that had no plans - Rich Dad Poor Dad should be absolute mandatory reading by the 4th grade - then we re-read it in the 5th and 6th

This is an absurd thing to say. I don't have 2 million dollars. I'm married with 4 young kids. I don't need to go rob a gas station to put food on the table. He is clearly not well & either A) had zero guidance on how to spend/save/invest his money or B) didn't listen to that advice.

I have a difficult time feeling bad for someone who "only" made 2 million after taxes, which is actually not true since he also played overseas, and his career NBA earnings total over 5 mil. To call it "chicken feed" is just not right. 100k yr/20 years gets you 2 million BEFORE taxes. Either the system failed him, he made poor choices on his own, or both.

 

[CardiacCuse]

sounds like "substances" were involved

 

[tbonezone]

just a shame. great scorer here. one of the best. so so drummer...

 

[djcon57]

Do we know that Donte didn't get this kind of mentorship? He spent a few years in the NBA, and they have a pretty robust program for young players when it comes to this sort of thing.

I mean, there's no shortage of guys who work *in the financial industry* who piss away their money and fall on hard times.

Sometimes all the education and guidance in the world doesn't help if someone is battling other demons.

No, he DEFINATELY had none and if he stayed in school for 4 years, he would still be rich.

 

[M2MPrinciples]

Maybe we should've made tshirts that said "Don'te Break The Law." Too many of us took it as a given.

 

[ClamOtto]

I know a lot of people here have hard feelings toward him for leaving without even making the tournament, but he seemed like a personable and talented young man who was loyal to SU even after leaving. I certainly don't begrudge him wanting to get paid in the NBA. He made some hilarious videos for Portland as a rookie there and really came across well. it's incredibly sad this is what his life has come to. I hope he gets the help he needs and turns this around.

 

[OttoinGrotto]

He was, gulp, 14 years ago?

I don't want to get the name wrong, I do somewhat remember a draft pick, maybe ours, last guy in the first round, total flier, first purchase was 100K on a necklace. Just worrisome stuff. Save that for the second contract, the life-setting one.

It was McCullough.

 

[STEVEHOLT]

Oh, I’d say young, rich athletes get plenty of “financial” advice, but typically not the best financial advice. Buying mansions, Lamborghini’s, bottle service at the club…..not the best way to handle millions of dollars.

When you get that much of a lump sum that early in your life, you have to be willfully stupid to blow it. The course could be 5 minutes long and you’d be set. Making risky investments is something a lot of these guys lose their shirt on , even more than buying mansions (which you can sell and actually make money off by accident ).

My advice would be don’t get cute. Index the crap and reinvest the profit into more indexes. By 40 you’ll be set for life… even if you live a lavish lifestyle

 

[Millhouse]

Is this one of those times where someone who is clearly mentally ill wants to get arrested to get help?

 

[Bayside44]

It was McCullough.

Yeah thought so...

 

[OrlandoCuse]

When you get that much of a lump sum that early in your life, you have to be willfully stupid to blow it. The course could be 5 minutes long and you’d be set. Making risky investments is something a lot of these guys lose their shirt on , even more than buying mansions (which you can sell and actually make money off by accident ).

My advice would be don’t get cute. Index the crap and reinvest the profit into more indexes. By 40 you’ll be set for life… even if you live a lavish lifestyle

If you think those guys would "get it" within 5 minutes, you have more hope than I do

 

[tbonezone]

charge 50k for the 5 minute course.

 

[AlaskaSU]

We know he was high on drugs. We don't know if he is broke.