FanPost

Going Broke NBA style

Ever wonder how we continue to hear stories about athletes going broke while earning / who earned $10 mil plus / year? Our old pal Eddie has provided us a five step program to show us how:

Step One: Live like Dre; and be seven-foot Santa Clause to homeys. 

[Curry's] lifestyle...included a $17,000-a-month suburban New York home, a $6,000-a-month personal chef and a dozen cars he'd bought for himself and relatives, a judge said. 

AND

his existing bills... include $30,000 a month in household expenses at his family's White Plains, N.Y., home, nearly $17,000 a month in payments to various other relatives and more than $1,000 a month in cable and satellite TV service

Step 2: after realizing 50% of income actually goes to government, take out big loan with impressive APR to maintain integrity: you can either cut-back or you can keep it real.

He took out the $570,000 personal loan in February 2008, promising to pay it back in five months at a nearly 85 percent annual interest rate 

Step 3: don't pay back big loan with impressive APR...or any other loans.

[the $570,000] debt... swelled to $1.2 million with interest

 

AND

Curry also sued his former agent and business manager after a bank moved to foreclose on Curry's $3.7 million home near Chicago.

AND

his wages already are garnished for more than $207,000

Step 4: Pay lawyer $450/hour to argue you shouldn't have to pay back loans...because you can't afford it [note: Curry earned $10.5 mil this year and will earn $11.3 mil next year]
Curry [aka, his lawyer] argued he couldn't pay off the debt at $75,000 a month because of his existing bills ... The 7-foot center [aka, his lawyer] also suggested the vagaries of his basketball career should keep him from paying, noting his ending contract

 

Step 5: Impress Judge... or not.

State Supreme Court Justice Jane S. Solomon pronounced [Curry's financial] concerns "irrelevant."


Link: http://sports.espn.go.com/new-york/nba/news/story?id=5216481 

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