Sad Story About Jack Johnson's Financial Situation

[puckhead]

Jack Johnson's parents suck

 

[pixburgher66]

People say "how can you not see this" happening, but I know that I wouldn't see it coming. My parents are my rock. I would be completely blindsided and heartbroken if they did this. That said, my parents aren't slime/predatory/dumb financially. But I can definitely tell you that if I were making multi-millions I'd probably still live within a lower pay-grade's means (which is sort of the impression I get from that article about JJ, other than the cars), so I'd simply not even think about money. But this just shows you how important it is to have a great agent/financial adviser.

 

[Darkstone42]

I found this part of the article interesting...

In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews.

With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.

As we know, the summer of 2008 is when the financial crisis really hit home (even though it had been brewing for quite some time before that). This is not to excuse Johnson's folks in any way, but perhaps they were hit hard by the financial downturn and looked to their son for help. Any son making good money would definitely be looking to help out his folks, but it appears it turned out quite ugly for all concerned.

Even, so, blowing through a multi-million dollar contract in a few years is a little bit beyond "getting some help" in a tough economic environment...

 

[element1286]

I found this part of the article interesting...

In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews.

With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.

As we know, the summer of 2008 is when the financial crisis really hit home (even though it had been brewing for quite some time before that). This is not to excuse Johnson's folks in any way, but perhaps they were hit hard by the financial downturn and looked to their son for help. Any son making good money would definitely be looking to help out his folks, but it appears it turned out quite ugly for all concerned.

Seemed more like JJ wanted to help, and his parents wanted to live the good life at his expense.

His parents also sounds unbelievably stupid.

 

[dash]

Even, so, blowing through a multi-million dollar contract in a few years is a little bit beyond "getting some help" in a tough economic environment...

When you're young and you think the money is going to keep on coming in forever and you're trusting the people closest to you to do the rght thing, it's very easy to blow through a substantial amount of cash in a short period of time.

/I highly recommend the "30 for 30 - Broke" ESPN film if you haven't seen it.

 

[Darkstone42]

When you're young and you think the money is going to keep on coming in forever and you're trusting the people closest to you to do the rght thing, it's very easy to blow through a substantial amount of cash in a short period of time.

/I highly recommend the "30 for 30 - Broke" ESPN film if you haven't seen it.

I'm talking about his parents, not him. They blew threw the money. He seemed to be, for the most part, living well within his means.

If he said he'd help and they could take what they needed, and they went through that much money, they did a heck of a lot more than take what they needed.

 

[jstewismybastardson]

he signed over power of attorney though right? This wasnt a thing where the parents would ask if they could have some money to deal with a bad financial issue ... he basically wrote them a blank cheque and thats on him ... even if they were his parents

he divorced himself from his own personal financial responsibilities when he should have been divorcing his parents

 

[dash]

I'm talking about his parents, not him. They blew threw the money. He seemed to be, for the most part, living well within his means.

If he said he'd help and they could take what they needed, and they went through that much money, they did a heck of a lot more than take what they needed.

Yes, that's true, however in the "30 for 30 - Broke" film, one of the main things stressed is to not have only one person or party responsible for all of your finances (diversify your holdings) as well as for the athlete to "get invested" so to speak in what is going on with your finances. So many of these guys just turn a blind eye and their finances over to one person or party with disasterous results.

Edit: Also, what jstew said above.

 

[jstewismybastardson]

a bit of a reach ... the obscene corsi may have mattered more

[ame="[MEDIA=twitter]535459879826513920[/MEDIA]"][/ame]

 

[Bloody Brian Burke]

a bit of a reach ... the obscene corsi may have mattered more

This doesn't even make sense lol. Was Brian Burke looking through investment portfolios? Did Bobby Ryan and Keith Yandle get swindled by Bernie Madoff?

 

[dash]

How broke was Theo Fleury when he played for Canada at the Salt Lake City Olympics?

 

[jstewismybastardson]

This doesn't even make sense lol. Was Brian Burke looking through investment portfolios? Did Bobby Ryan and Keith Yandle get swindled by Bernie Madoff?

yah just a lil bit of a reach lol

puckdaddy has a history of wanting to fellate Johnson (i said pardon???)

http://sports.yahoo.com/blogs/puck-daddy/why-jack-johnson-snubbed-team-usa-232410767--nhl.html



“There's something missing with Jack this year," Poile says. ... his money? *rimshot*

 

[jstewismybastardson]

How loaded was Theo Fleury when he played for Canada at the Salt Lake City Olympics?

I fify because i think his financial issues were under control while he was still playing and earning money

plus loaded is a good double entendre

 

[Comeds]

This story has me seeing red.

 

[Oldtom]

I've been an advocate of installing a dictator for years. Democracy has failed.

Butt Danny, we already have ONE - read Party of One, written by His ex-advisor. And use His Maple Laughs book for the toilet. He IS The Problem, and we"re all getting fleeced. He belongs in jail, along with Dylan M's daddy.

 

[KennyBanyeah]

Even, so, blowing through a multi-million dollar contract in a few years is a little bit beyond "getting some help" in a tough economic environment...

And if they had just been patient and planned ahead instead of borrowing against future income, they could have blown through plenty of his money in due time and still left him in OK financial shape.

These loans are big by our standards but not huge for a guy with $4+M coming in every year. The problem is the absurd interest on the loans and the conditions of the loans. There was no need to go to alternate lending sources with exorbitant interest rates. If these loans were at ~prime there likely would be no problem here. The fact that they wouldn't wait means they were either crooked as all hell (just pure scamming), really dumb, or most likely both.

These parents appear to have reached the rare status of Plaxico Burress levels of stupidity.

 

[Bloody Brian Burke]

Butt Danny, we already have ONE - read Party of One, written by His ex-advisor. And use His Maple Laughs book for the toilet. He IS The Problem, and we"re all getting fleeced. He belongs in jail, along with Dylan M's daddy.

I don't care much for Stephen Harper, but I sure as hell didn't want Jack Layton, Iggy, Bob Rae or that pussy Stephane Dion as a PM.

The world needs better politicians, but who the hell wants to be a politician anymore? Certainly nobody with half a brain.

 

[pixburgher66]

Another thing to consider here: a lot of these athletes have never really learned how to be adults. We're talking about guys who barely finished high school in a lot of cases. JJ is a bit different in that he played 2 years at UofM, but when you're an 18 year old (20 when he made it to the NHL) who has never had financial woes in their life, you don't really learn how to use your money. Then, as a 21 year old (which he was in '08) your parents tell you, I presume, to ditch your agent/advisers, and that they have your back. I wouldn't blink at that. Of course, this again is through my own lens and thinking about my parents, who are great humans. I feel nothing but sympathy for the guy. And now he's not only bankrupt, but he has a wrecked relationship with his family.

 

[jstewismybastardson]

Im surprised it doesnt happen more often especially with guys who played junior and have had everything done for them their entire life

learning hockey and thats about it during their teen years

i can remember a Ferraro anecdote about upon retiring (and divorce) he personally didnt even know how to go about booking a flight with an airline

Another thing to consider here: a lot of these athletes have never really learned how to be adults. We're talking about guys who barely finished high school in a lot of cases. JJ is a bit different in that he played 2 years at UofM, but when you're an 18 year old (20 when he made it to the NHL) who has never had financial woes in their life, you don't really learn how to use your money. Then, as a 21 year old (which he was in '08) your parents tell you, I presume, to ditch your agent/advisers, and that they have your back. I wouldn't blink at that. Of course, this again is through my own lens and thinking about my parents, who are great humans. I feel nothing but sympathy for the guy. And now he's not only bankrupt, but he has a wrecked relationship with his family.

I already considered it mattola

 

[KennyBanyeah]

Another thing to consider here: a lot of these athletes have never really learned how to be adults. We're talking about guys who barely finished high school in a lot of cases. JJ is a bit different in that he played 2 years at UofM, but when you're an 18 year old (20 when he made it to the NHL) who has never had financial woes in their life, you don't really learn how to use your money. Then, as a 21 year old (which he was in '08) your parents tell you, I presume, to ditch your agent/advisers, and that they have your back. I wouldn't blink at that. Of course, this again is through my own lens and thinking about my parents, who are great humans. I feel nothing but sympathy for the guy. And now he's not only bankrupt, but he has a wrecked relationship with his family.

I hear ya Pix. I feel the same way about my parents. I owe them all that I have.

The difference with my parents (and I'd bet yours) is that they'd tell me straight away "Do this yourself. Hire your own people. You're a grown up now. You want advice? You got it, but I'm not doing anything officially. Find a competent PROFESSIONAL to do this for you!!"

Apparently JJ's folks don't share that mentality.