13 thoughts on “Former Chesapeake Bay Region Indigenous Persons Running Back Owes His Mom $0.5M”
It's really kind of sad. These kids spend some time on college campuses but don't really learn anything.
He has a current monthly income of $7,500 and average monthly expenses of $12,800. Portis lists only $150 in his checking account. According to the filing, Portis lists $13.29 million in assets, but $10 million of that should have an asterisk. He lists claims against Pro Sports Financial ($8 million) — an outfit he sued in federal court over a failed casino venture – and a $2 million claim against Jade Private Wealth Management…(a) now-defunct Virginia-based firm….led by Jinesh "Hodge" Brahmbhatt. Brahmbhatt was banned by the NFLPA from serving as an approved financial advisor to players after Portis and pro athletes lost millions in what the Financial Industry Regulatory Authority (FINRA) called a "Ponzi Scheme."
A couple of my clients – although not in sports – have no idea when it comes to income and expenditure. They never needed to learn, so they never bothered. IMO most of this is down to peer pressure, when you see your team mates/fellow entertainers spending money hand over fist on lavish shit you don't need.
Some of the behaviour is to make them feel better, I think.
I do wonder, why earn all that money, if it's just going to disappear? I guess solid, boring investments with a healthy but unspectacular yield, aren't fun. Oh well.
BTW Another client died of a heart attack earlier this year – try as hard as I could to help him, etc… but the "big deal" was just around the corner, it's all going to be great. In the end I just stepped back, for my own sanity, more than anything. Literally two months later, I found out he'd had a massive heart attack on holiday – leaving his girlfriend with no will, a mountain of debts and mortgages and defaulted credit cards.
But he had a great time for 10-15 years, living off the capital of his properties and he never had to pay the piper when the music ended.
His poor, poor girlfriend tho. I felt really bad for her, I simply should not have believed him when he'd told me he'd written a will…
My CPA buddy used to do taxes for some professional sportsballers and says they typically have two problems:
(1) Their taxes are very complicated. They apparently have to pay file returns in every jurisdiction where they regularly play, if that state or city has income taxes.
(2) They can't believe they have to make quarterly estimated tax payments, and that someone else isn't taking care of that for them.
I saw him do this live shortly after his son Eddy died of an overdose. Powerful shit.
Here's a song his friend Todd Snider wrote about it, who sang it on the same stage:
[Waco Moon.]
(3) Many of them grew up poor or very low income, where you learn to manage money on a feast or famine principle, and having savings can actually end up being a disadvantage, or even a punishment (since you end up disqualifying your family for programs worth more than any amount you could ever save).
plus the enormous pressure to prove "you've made it" to your homies- a recipe for ostentatious spending
Not just proving you've made it to your new and old friends — you are likely to have family members and friends you grew up with expecting you to share your good fortune with them, much like when someone wins the lottery, so you may be essentially supporting a large group of people (while making the rookie minimum), tempting you to get into get rich quick schemes to try and increase your income (plus your friends/family with crazy business schemes that "just need $10K to take off!"), and bam, now you're way in the hole.
Oh yeah, the State taxes thing would be a total pain. Also the estimates (quarterly? wow! only every six months, if you can't worm your way out of it, which a good bookkeeper, let alone an accountant, can do pretty easily) – but given the number of times I've been asked (and they've chickened-out, or simply buried their heads back in the sand when push comes to shove) these guys have difficulty with annual tax returns, let alone anything more complex.
"But I charged them a thousand! Why don't I get a thousand?"
Good news is: NFL has found another class of suckers people to exploit: if they're selling game data to betting sites, how long until they start manipulating games to favor this "gaming" interest or that?
It's really kind of sad. These kids spend some time on college campuses but don't really learn anything.
Some things never change…
A couple of my clients – although not in sports – have no idea when it comes to income and expenditure. They never needed to learn, so they never bothered. IMO most of this is down to peer pressure, when you see your team mates/fellow entertainers spending money hand over fist on lavish shit you don't need.
Some of the behaviour is to make them feel better, I think.
I do wonder, why earn all that money, if it's just going to disappear? I guess solid, boring investments with a healthy but unspectacular yield, aren't fun. Oh well.
BTW Another client died of a heart attack earlier this year – try as hard as I could to help him, etc… but the "big deal" was just around the corner, it's all going to be great. In the end I just stepped back, for my own sanity, more than anything. Literally two months later, I found out he'd had a massive heart attack on holiday – leaving his girlfriend with no will, a mountain of debts and mortgages and defaulted credit cards.
But he had a great time for 10-15 years, living off the capital of his properties and he never had to pay the piper when the music ended.
His poor, poor girlfriend tho. I felt really bad for her, I simply should not have believed him when he'd told me he'd written a will…
My CPA buddy used to do taxes for some professional sportsballers and says they typically have two problems:
(1) Their taxes are very complicated. They apparently have to pay file returns in every jurisdiction where they regularly play, if that state or city has income taxes.
(2) They can't believe they have to make quarterly estimated tax payments, and that someone else isn't taking care of that for them.
[ The song remains the same. ] Gonna live forev.
I'ma [Live Forever,] too.
sweet
I saw him do this live shortly after his son Eddy died of an overdose. Powerful shit.
Here's a song his friend Todd Snider wrote about it, who sang it on the same stage:
[Waco Moon.]
(3) Many of them grew up poor or very low income, where you learn to manage money on a feast or famine principle, and having savings can actually end up being a disadvantage, or even a punishment (since you end up disqualifying your family for programs worth more than any amount you could ever save).
plus the enormous pressure to prove "you've made it" to your homies- a recipe for ostentatious spending
Not just proving you've made it to your new and old friends — you are likely to have family members and friends you grew up with expecting you to share your good fortune with them, much like when someone wins the lottery, so you may be essentially supporting a large group of people (while making the rookie minimum), tempting you to get into get rich quick schemes to try and increase your income (plus your friends/family with crazy business schemes that "just need $10K to take off!"), and bam, now you're way in the hole.
Oh yeah, the State taxes thing would be a total pain. Also the estimates (quarterly? wow! only every six months, if you can't worm your way out of it, which a good bookkeeper, let alone an accountant, can do pretty easily) – but given the number of times I've been asked (and they've chickened-out, or simply buried their heads back in the sand when push comes to shove) these guys have difficulty with annual tax returns, let alone anything more complex.
"But I charged them a thousand! Why don't I get a thousand?"
Good news is: NFL has found another class of
suckerspeople to exploit: if they're selling game data to betting sites, how long until they start manipulating games to favor this "gaming" interest or that?http://www.nytimes.com/2015/12/19/sports/sportrad…
Most of the team owners are big-time gamblers anyway, so it just makes sense.
I think OJ Simpson is still "earning" $200K/yr in pension…