Clinton Portis Broke?

[Darrell Green Fan]

Apparently Iffy was not the only guy Portis stiffed. I had a major problem with that at the time and knew right then that this story was only a matter of time. I'll stop just short of saying I'm glad it happened because I'm not. But anyone who feels sorry for a guy who irresponsibly blew more money than all of us combined will ever seen in our lifetime by living as if the rules applied to others and not him is off base IMO. No sympathy from me what so ever. Live large if you want but pay your bills Clinton because that's what we all do.

Oh yeah, of course he denied the story as all broke athletes do for what it's worth.






It Appears Clinton Portis Owes A Lot Of People A Lot Of Money

 

[skinsdad62]

well lets see if its true , however what a shame that is . he was set up for life , his family was too and he blows it all , doesnt pay his taxes , and loses everything . i dont feel sorry for him because he was a fool and most likely didnt listen to anyone who would have really helped him . now he is done , doesnt have a job and most likely no education to fall back on

 

[Darrell Green Fan]

I don't mean to be cold but I'm not bothered by this at all. We all have rules to live by, when these clowns think they are above the rules and this happens screw them.

The only one of these stores that will make me happy is when it's Albert Haynesworth. I'm just counting the days, you know it's coming.

 

[Edonidd]

70% of all people who come into large sums (7 figures or more) of money suddenly go broke within 7 years. That includes lottery winners, athletes, winners of large lawsuits, etc. I believe, but am not 100% sure that the percentage is brought down significantly by the lawyers who get 7 figure chunks of those large settlements, and corporate executives who get large bonuses. On the other hand the percentage is brought up significantly by athletes, where I once heard that 90% of all NBA players file for bankruptcy within 3 years of retiring.

Doesn't really surprise me either. People seem to think they're making all the money they're making. They never stop to consider your agent takes his cut off the top. So does the government. By the time they're done you may only have half of what you thought "you made."

Then every year you hear about a rookie or somebody still driving his Honda and how much fun everyone makes of him because he "made" 5 million this year. It's really only 2.5 million, and if you're smart and trying to live off the interest of that money and actually make it last, you had better be driving a Honda. Probably a used one.

 

[skinsdad62]

half of what these guys make is more then what i will ever make . i dont know how hard it is to take a % of your earnings , bank it (off shore if needed ) and learn to live off the interest

instead they invest in casinos , drive outrageously high priced cars (sometimes multiple ) toys , and then when they are done they have nothing .

how do you not make sure you pay cash for your mothers home ?

 

[Stymietee]

70% of all people who come into large sums (7 figures or more) of money suddenly go broke within 7 years. That includes lottery winners, athletes, winners of large lawsuits, etc. I believe, but am not 100% sure that the percentage is brought down significantly by the lawyers who get 7 figure chunks of those large settlements, and corporate executives who get large bonuses. On the other hand the percentage is brought up significantly by athletes, where I once heard that 90% of all NBA players file for bankruptcy within 3 years of retiring.

Doesn't really surprise me either. People seem to think they're making all the money they're making. They never stop to consider your agent takes his cut off the top. So does the government. By the time they're done you may only have half of what you thought "you made."

Then every year you hear about a rookie or somebody still driving his Honda and how much fun everyone makes of him because he "made" 5 million this year. It's really only 2.5 million, and if you're smart and trying to live off the interest of that money and actually make it last, you had better be driving a Honda. Probably a used one.

I'll just add that most people don't know that professional athletes also must file and pay income taxes (where applicable) in every state where they play. They still make a very good living, unfortunately for most, whatever is earned in their short time playing must last well beyond those years. Clinton Portis being broke is also a relative perspective, because he still draws an NFL pension.

Although not a particular favorite of mine, for all of his good play on the field, nothing spoke more of his character than his Steppin' Fetchit like hucksterism off of the field. It is because he selected those difficult persona as a method to convey his truth, that I am not surprised (if true) he's squandered his future.

 

[Darrell Green Fan]

Yeah I feel the same way when I learn about lottery winners too. As Dad says just put it aside and don't get greedy or stupid. I mean look at Portis' situation. He owes a dealer $180,000 for an Audi. What Audi costs $180,000? Answer: the one that was financed instead of paid for in cash at an interest rate 10 points higher than market.

Again I go back to the Iffy story. Portis gets a huge deal and decides not to honor an agreement he made with a marginal NFL player that really needed the money. That tells me he has always thought he was above the rules. I'm supposed to feel sorry for someone who acts like this? Sorry, not a chance.

 

[Sharkinva]

I don't mean to be cold but I'm not bothered by this at all. We all have rules to live by, when these clowns think they are above the rules and this happens screw them.

The only one of these stores that will make me happy is when it's Albert Haynesworth. I'm just counting the days, you know it's coming.

Sadly this is bound to happen to alot of pro athletes. Especially those that came from homes or upbringins where they didnt really have much and no one taught them how to manage money. It happens alot more to athletes from minority backgrounds as well. Edgrin James had a $5.2 million dollar spread built here in Orlando, 2 years after he was done playing, it was up for sale. Now I dont know if Edge is in the same boat, but I know that when he was with the Cards, he was spending it like it was painful to hold onto it.

ON the flip side Kenard Lang, who didnt make half what Portis did was raised by his single mom who was a elementary school math teacher. Kenard coaches at the local high school now, drives a modest car, and his mom retired 2 years ago. He bought the house next to his mom and I get the feeling he is coaching because he wants to do it, not because he needs the money.

 

[Darrell Green Fan]

Sadly this is bound to happen to alot of pro athletes. Especially those that came from homes or upbringins where they didnt really have much and no one taught them how to manage money. It happens alot more to athletes from minority backgrounds as well. Edgrin James had a $5.2 million dollar spread built here in Orlando, 2 years after he was done playing, it was up for sale. Now I dont know if Edge is in the same boat, but I know that when he was with the Cards, he was spending it like it was painful to hold onto it.

ON the flip side Kenard Lang, who didnt make half what Portis did was raised by his single mom who was a elementary school math teacher. Kenard coaches at the local high school now, drives a modest car, and his mom retired 2 years ago. He bought the house next to his mom and I get the feeling he is coaching because he wants to do it, not because he needs the money.

This is obviously true and yes it's very very sad. I also get it that those in that position have a lot of family with their hands out and you can't turn on family. But I guess I'll never understand how you can be so stupid not to understand that the money ends dramatically quickly at a very young age in sports.

When I look at Vince Young as he buys up virtually every seat on a plane just because he could it's kind of hard for me to feel badly for him now that he finds himself broke. Now we see Portis, a guy who very publicly blew off his responsibility to Iffy and it's not hard to conclude that this is a guy who simply lived as if the rules applied to everyone but him. So no, not an ounce of empathy from me.

 

[Sharkinva]

This is obviously true and yes it's very very sad. I also get it that those in that position have a lot of family with their hands out and you can't turn on family. But I guess I'll never understand how you can be so stupid not to understand that the money ends dramatically quickly at a very young age in sports.

When I look at Vince Young as he buys up virtually every seat on a plane just because he could it's kind of hard for me to feel badly for him now that he finds himself broke. Now we see Portis, a guy who very publicly blew off his responsibility to Iffy and it's not hard to conclude that this is a guy who simply lived as if the rules applied to everyone but him. So no, not an ounce of empathy from me.

Do I feel sorry for him that he is "Broke"?? NO, because he is what i like to call rich broke. Much like Warren Sapp who filed for bankruptcy and yet could still afford to spend what would equal to a month of my Sons paycheck on a hooker. That aint broke.

Where I do feel for most of these guys is the fact that they have had numerous men in their lives who taught them how to run faster, hit harder, throw or catch better... but very few take the time to teach them to be responsible men. And I dont mean just money responsible, I mean just in general. NO one is born with a sense of entitlement. That is not something you learn, its something that some one GIVES you, and generally more than one some one.

SO I could care less if he is broke, cause he wont starve. But I feel sorry for the fact that he is 30 something and is likely just getting to the point where he MIGHT actually have to grow up.

 

[Darrell Green Fan]

Do I feel sorry for him that he is "Broke"?? NO, because he is what i like to call rich broke. Much like Warren Sapp who filed for bankruptcy and yet could still afford to spend what would equal to a month of my Sons paycheck on a hooker. That aint broke.

Where I do feel for most of these guys is the fact that they have had numerous men in their lives who taught them how to run faster, hit harder, throw or catch better... but very few take the time to teach them to be responsible men. And I dont mean just money responsible, I mean just in general. NO one is born with a sense of entitlement. That is not something you learn, its something that some one GIVES you, and generally more than one some one.

SO I could care less if he is broke, cause he wont starve. But I feel sorry for the fact that he is 30 something and is likely just getting to the point where he MIGHT actually have to grow up.

Agree with every word here Shark

 

[Lonewate44]

Do I feel sorry for him that he is "Broke"?? NO, because he is what i like to call rich broke. Much like Warren Sapp who filed for bankruptcy and yet could still afford to spend what would equal to a month of my Sons paycheck on a hooker. That aint broke.

Where I do feel for most of these guys is the fact that they have had numerous men in their lives who taught them how to run faster, hit harder, throw or catch better... but very few take the time to teach them to be responsible men. And I dont mean just money responsible, I mean just in general. NO one is born with a sense of entitlement. That is not something you learn, its something that some one GIVES you, and generally more than one some one.

SO I could care less if he is broke, cause he wont starve. But I feel sorry for the fact that he is 30 something and is likely just getting to the point where he MIGHT actually have to grow up.

I know where you were going with the men teaching them to be responsible.....So most grew up without a dad in their life....I get it, but that is no excuse for not being responsible....I grew up without a dad.....and I watched (like they probably did too) my mom struggle to keep her 4 kids clothed, feed, and warm...and if anything that taught me, and alot of other kids responsibility......Having a dad in your life is not going to ensure anything.....

Sure the entitlement part is an aspect, but you can't say that they didnt learn it because the men (coachs) in their life didnt teach it to them..... Im pretty sure they all went to the rookie symposium that talked about handeling their money.....im sure the teams have people available to the players to help them...They have agents that are supposed to help them as well......It is all on the players.....Not their parents...not their coachs.....they are grown men, and if they cant handle the responsibility of their money.....maybe they need to give the money to someone to take care of for them and get an allowance!!!

 

[Sharkinva]

I know where you were going with the men teaching them to be responsible.....So most grew up without a dad in their life....I get it, but that is no excuse for not being responsible....I grew up without a dad.....and I watched (like they probably did too) my mom struggle to keep her 4 kids clothed, feed, and warm...and if anything that taught me, and alot of other kids responsibility......Having a dad in your life is not going to ensure anything.....

Sure the entitlement part is an aspect, but you can't say that they didnt learn it because the men (coachs) in their life didnt teach it to them..... Im pretty sure they all went to the rookie symposium that talked about handeling their money.....im sure the teams have people available to the players to help them...They have agents that are supposed to help them as well......It is all on the players.....Not their parents...not their coachs.....they are grown men, and if they cant handle the responsibility of their money.....maybe they need to give the money to someone to take care of for them and get an allowance!!!

Actually the whole dad in one's life thing is NOT where I was going. My parents separated when I was 5 years old. And it was rather bitter. So while I know my father and we have a strong relationship NOW, as a young man growing up, I learned responsibility from others in my life. And that is actually my point. These guys HAD other grownups in their life that should have taught them responsibility. As a youth coach, my biggest stress point to these young boys wasnt so much that the rules didnt apply to them. But more so that because they had this talent to play a game that might translate into an actual job, the rules applied to them MORE. If one of my kids bouth me a report card that wasnt up to standard, he didnt play period. If they got into trouble off the field, they lost time on the field. One non practice day a week was dedicated to school studies. And yes I did stress money management to the 12-15 year olds I coached. Now guyts like Portis and Sapp might have been adults technically when they were handed millions, but 23-25 is NOT in most cases a "grown man" as you put it. Adult yes, responsible maybe. But apparently many of them are still acting like teenagers with Daddys credit card.

 

[skinsdad62]

that stats say that being raised by a single parent greatly enhances the chance that the kid/kids will grow up in poverty . you 2 guys beat the odds so congrats on that the break up of the nuclear family is a huge cause of poverty .

i dont feel sorry for these guys too much . geez i would have to try hard to spend all of what they made . how many cars /boats /planes /toys do i need ?

but alas kids dont look to the future and the chance to be set up for life couldnt out weigh the new toy they can have to impress people with

 

[Lonewate44]

Actually the whole dad in one's life thing is NOT where I was going. My parents separated when I was 5 years old. And it was rather bitter. So while I know my father and we have a strong relationship NOW, as a young man growing up, I learned responsibility from others in my life. And that is actually my point. These guys HAD other grownups in their life that should have taught them responsibility. As a youth coach, my biggest stress point to these young boys wasnt so much that the rules didnt apply to them. But more so that because they had this talent to play a game that might translate into an actual job, the rules applied to them MORE. If one of my kids bouth me a report card that wasnt up to standard, he didnt play period. If they got into trouble off the field, they lost time on the field. One non practice day a week was dedicated to school studies. And yes I did stress money management to the 12-15 year olds I coached. Now guyts like Portis and Sapp might have been adults technically when they were handed millions, but 23-25 is NOT in most cases a "grown man" as you put it. Adult yes, responsible maybe. But apparently many of them are still acting like teenagers with Daddys credit card.

Gotcha....and I agree with that....unfortunately, some coachs do what is best for themselves...IE winning games and these kids helped in that

 

[Darrell Green Fan]

I still put most of it on the player which is why I have little sympathy. Teams give them mentors, the league offers symposiums, ex-players come and talk to them about it, they have agents whom I strongly doubt go along with their plan to buy 10 sports cars. No they do this to themselves despite many people trying to help them so screw them.

 

[Sharkinva]

I still put most of it on the player which is why I have little sympathy. Teams give them mentors, the league offers symposiums, ex-players come and talk to them about it, they have agents whom I strongly doubt go along with their plan to buy 10 sports cars. No they do this to themselves despite many people trying to help them so screw them.

1. The team only cares about one thing.. can you help us win. Sure they might try and keep a guy out of trouble off the field. But I doubt Mike Shanahan or even Joe Gibbs, was sitting down with guys telling them... you should save something for when you cant play any more.

2. Agents... All they care about is if they get their cut. They are no better than lawyers in that respect, and since half of them are lawyers.. the extent of caring beyond their own payday is suspect.

Again Im not saying you should feel sorry for these guys in any way shape or form, I am saying that the failure is systemic and not entirely just on the players. Having lots of money when you grew up broke is kind of like handing a gun to a gorilla. Eventually the gorilla might figure out how to pull the trigger, but the odds of it killing itself or some one else is rather high.

 

[TCB]

How 20 Athletes Lost a Ton of Money With Bad Investments : Under30CEO

 

[SoCalWizFan]

I'll just add that most people don't know that professional athletes also must file and pay income taxes (where applicable) in every state where they play. They still make a very good living, unfortunately for most, whatever is earned in their short time playing must last well beyond those years. Clinton Portis being broke is also a relative perspective, because he still draws an NFL pension.

Although not a particular favorite of mine, for all of his good play on the field, nothing spoke more of his character than his Steppin' Fetchit like hucksterism off of the field. It is because he selected those difficult persona as a method to convey his truth, that I am not surprised (if true) he's squandered his future.

To elaborate on your pt about player's money needing to last their entire life - I have to disagree. Most players retire in their early 30s or younger. They should still have another 30+ years where they can earn income from other sources. Most NFL players have some type of connections not only in their NFL town(s) but also in their college & local communities. That generally provides networking opportunities that should be able to provide them with a halfway decent post-career job at the least.

Nobody is saying that they will get Michael Jordan or Magic Johnson type rich. However - this should allow most to be comfortable. The media will tell you otherwise because they like to hype everything & like to focus on the negative in everything.

Players are also flooded at this time with all type of info that can educate them being smart with their money & how to protect their body & mind long term to avoid situations which can lead to medical issues & substance abuse problems later in life that can be financially devastating. I equate this to smoking in that if they still choose to go down the wrong path then it is their fault since they have been warned numerous times.

Just like with the general population - if people are smart early on then it will most likely pay off well later in life.

 

[Edonidd]

How 20 Athletes Lost a Ton of Money With Bad Investments : Under30CEO

NBA star Tim Duncan sues his financial adviser

Not all of them do things wrong either. There are a lot of shitty predators in the world. And they don't only prey on the ones dumb enough to believe they won an international lottery.