It wouldn't surprise me if Melo went belly up someday

[Orangeyes]

In Denver he overpaid for his house, he took close to a 6 million dollar bath on that deal. Now La La has her hooks into him and together they have 4 apartments in Manhattan alone. It wouldn't be so bad if they were renting three and living in one.

Melo, bless his heart, may be genorous to a fault, he has made many gifts to charity and his alma mater. His ditzy wife's ditzy friend Kim is seeking a divorce after 72 days of marriage & spending millions on a lavish wedding. I hope Melo has a solid pre-nup but I'm guessing he never bothered getting one.

Four Apartments

 

[StopCoolio]

I think it's something like 60% of NBA players go broke within 5 years of when they retire. Hopefully Melo doesn't fall into that group.

 

[RF2044]

I hope that's not the case.

His rookie year [or second year], I remember seeing an article about how Magic Johnson had actively worked with Carmelo to stress the importance of / get him involved in all sorts of business ventures and investments in order to build wealth for when he eventually wasn't earning income playing a game. I have no idea what those ventures are, whether they are successful, what the revenue is that he's accrued from them, etc. -- but between those and endorsements, I would hope that the figures you describe above are only a drop in the bucket for Carmelo the brand.

 

[Garbs]

lala makes her own money too

 

[AZOrange]

In Denver he overpaid for his house, he took close to a 6 million dollar bath on that deal. Now La La has her hooks into him and together they have 4 apartments in Manhattan alone. It wouldn't be so bad if they were renting three and living in one.

Melo, bless his heart, may be genorous to a fault, he has made many gifts to charity and his alma mater. His ditzy wife's ditzy friend Kim is seeking a divorce after 72 days of marriage & spending millions on a lavish wedding. I hope Melo has a solid pre-nup but I'm guessing he never bothered getting one.

Four Apartments

No way. Even 4 apartments would be $100k a month max. That is $1.2MM a year. they probably make that from their show alone, much less his $16MM a year salary and his endorsement deals. I would "guess" between the 2 of them, they bring in $30-40MM a year.

 

[NKR1978]

lala makes her own money too

Exactly. She isn't exactly poor. The celebrity lifestyle could lead them to even more earnings. They were Kim and Kris first, and they actually seem to like each other.

 

[OrangeAl]

So that's how the 1% lives.

 

[AZOrange]

So that's how the 1% lives.

that is how the .01% lives!

 

[Garbs]

No way. Even 4 apartments would be $100k a month max. That is $1.2MM a year. they probably make that from their show alone, much less his $16MM a year salary and his endorsement deals. I would "guess" between the 2 of them, they bring in $30-40MM a year.

yea he makes 40 a year alone

 

[PoppyHart]

Mike Tyson probably pulled down similar amounts, when adjusted to 2011 dollars.

By and large, athletes are just dumb.

 

[STEVEHOLT]

I hope that's not the case.

His rookie year [or second year], I remember seeing an article about how Magic Johnson had actively worked with Carmelo to stress the importance of / get him involved in all sorts of business ventures and investments in order to build wealth for when he eventually wasn't earning income playing a game. I have no idea what those ventures are, whether they are successful, what the revenue is that he's accrued from them, etc. -- but between those and endorsements, I would hope that the figures you describe above are only a drop in the bucket for Carmelo the brand.

And that, I would guess, is the quickest way for an athlete to lose a significant portion of their net worth. I would bet more athletes lose their fortunes through crappy investments than by simply buying too much stuff .

When you make those huge sums of money, with alot of it upfront, their is NO NEED to take risk. The sheer volume of cash would allow these athletes to make signficant dollars by simply going the CD/BOND route. its a joke

 

[AZOrange]

By and large, athletes are just dumb.

Carmelo is not dumb, I can assure you that. He is not your typical athlete in that regard.

 

[alibrat66]

If they're buying those apartments right, they're dumb like a fox. As an old guy once told me, "It's not how you sell; it's how you buy".

 

[RF2044]

And that, I would guess, is the quickest way for an athlete to lose a significant portion of their net worth. I would bet more athletes lose their fortunes through crappy investments than by simply buying too much stuff .

When you make those huge sums of money, with alot of it upfront, their is NO NEED to take risk. The sheer volume of cash would allow these athletes to make signficant dollars by simply going the CD/BOND route. its a joke

I suppose your right, if it is a bunch of risky / crappy investments, or shaky business ventures. But I think you're making an assumption that that's what these were.

 

[PoppyHart]

And that, I would guess, is the quickest way for an athlete to lose a significant portion of their net worth. I would bet more athletes lose their fortunes through crappy investments than by simply buying too much stuff .

When you make those huge sums of money, with alot of it upfront, their is NO NEED to take risk. The sheer volume of cash would allow these athletes to make signficant dollars by simply going the CD/BOND route. its a joke

I would surmise the reasons for financial loss are, in order,
1. Divorce
1a. Stupid business investments
3. Entourages (including extended family)
4. Legitimate investments that turned out to be fraudulent (e.g. Madoff style)

 

[MyMeloMyMan]

Carmelo is not dumb, I can assure you that. He is not your typical athlete in that regard.

I imagine people were saying the same thing about Mark Brunell and other athletes during their career...

 

[AZOrange]

I imagine people were saying the same thing about Mark Brunell and other athletes during their career...

Poppy said pro athletes are dumb. I responded that Melo (the subject of this thread) is not. I have no idea if Mark Brunell is intelligent or not. Losing your money and intelligence are not always correlated.

 

[CaliCuse]

In Denver he overpaid for his house, he took close to a 6 million dollar bath on that deal. Now La La has her hooks into him and together they have 4 apartments in Manhattan alone. It wouldn't be so bad if they were renting three and living in one.

Melo, bless his heart, may be genorous to a fault, he has made many gifts to charity and his alma mater. His ditzy wife's ditzy friend Kim is seeking a divorce after 72 days of marriage & spending millions on a lavish wedding. I hope Melo has a solid pre-nup but I'm guessing he never bothered getting one.

Four Apartments

Taking a hit in realestate isn't exactly an isolated problem these days. He might want to put some of this cash in an a safe bank collecting whatever low interest rate he can. Or in the hands aof a quality conservative management corp.At least to keep pace with inflation which may be poised to blow up soon.couchburn

 

[PoppyHart]

Poppy said pro athletes are dumb. I responded that Melo (the subject of this thread) is not. I have no idea if Mark Brunell is intelligent or not. Losing your money and intelligence are not always correlated.

Here's the article that asserts that 78% of NFL athletes are essentially broke 2 years after their playing days are over.

http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364