[OSL]

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Are you guys familiar with this site?

http://www.Celebritynetworth.com

How Russell Simmons Built A $300 Million Hip Hop Empire

How Sara Blakely Turned $5000 Into A Billion Dollar Spanx Fortune

Floyd Mayweather Keeps $123 Million Cash In His Checking Account

How Carlos Slim Built A $70 Billion Fortune And Global Empire

I keep running back into this site and snooping on data about famous people.

I'm more morbidly interested in stories about how people lost their fortunes (Allen Iverson) rather than how they made them.

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[Pacesetter20]

It didn't have any figures for RooshV or Gmanifesto.

[booshala]

On your point about AI and so many other athlete/celebrities that lost it all:

It's really sad how these people make so much money and then piss it all away. I did some research and it seems like there are a couple of contributing factors that keep this from happening over and over again. Basically, having no financial education, investing in traditionally risky/poor investments like clothing and restaurants, having to support all of the leeches that are "friends from back in the day", and sometimes a healthy dose of hubris thinking that because they excel in one arena (sports/music) they must be good at everything else.

I always thought that if a reputable financial advisor somehow broke in and got a Tier 1 star on his client roll, he could totally clean up by getting him safe 8% annual returns... then have the street cred to get more celebrities on his books.

[OSL]

(09-23-2013 03:51 PM)booshala Wrote:  

On your point about AI and so many other athlete/celebrities that lost it all:

It's really sad how these people make so much money and then piss it all away. I did some research and it seems like there are a couple of contributing factors that keep this from happening over and over again. Basically, having no financial education, investing in traditionally risky/poor investments like clothing and restaurants, having to support all of the leeches that are "friends from back in the day", and sometimes a healthy dose of hubris thinking that because they excel in one arena (sports/music) they must be good at everything else.

I always thought that if a reputable financial advisor somehow broke in and got a Tier 1 star on his client roll, he could totally clean up by getting him safe 8% annual returns... then have the street cred to get more celebrities on his books.

Is there such thing as "safe 8% annual returns" these days?

Don't get me wrong I'd love that.

[DVY]

McDonalds stock is pretty close to that. Dividend aristocrat, fairly stable price. Dividends alone is around 3%.

[paninaro]

(09-23-2013 03:51 PM)booshala Wrote:  

On your point about AI and so many other athlete/celebrities that lost it all:

It's really sad how these people make so much money and then piss it all away. I did some research and it seems like there are a couple of contributing factors that keep this from happening over and over again. Basically, having no financial education, investing in traditionally risky/poor investments like clothing and restaurants, having to support all of the leeches that are "friends from back in the day", and sometimes a healthy dose of hubris thinking that because they excel in one arena (sports/music) they must be good at everything else.

I always thought that if a reputable financial advisor somehow broke in and got a Tier 1 star on his client roll, he could totally clean up by getting him safe 8% annual returns... then have the street cred to get more celebrities on his books.

I was reading somewhere that a lot of the professional sports leagues are now requiring their rookie players to team up with a financial adviser. It makes sense -- some 19 year old who just signed a contract for $20 mill has no idea how to budget or manage such a large sum and is going to have friends coming out of the woodwork asking for money.

One of my shop teachers back in middle school was a former NFL player (not a famous one though). The other thing these guys forget is that a professional sports career will only last a few years, and then what? If you're one of the top players, you can get some type of coaching, promoter, or sports announcer deal out of it. But what about some average NFL linesman? Not many job prospects out there.

[booshala]

If you plunk down $10M+, there's a lot of things the average schlub with a $100k IRA can't do. At the very least, you can get 5% on a laddered structure of tax free muni bonds and still be relatively diversified. Nothing's guaranteed, but shit has to start getting really bad before communities start defaulting on their water and electricity plants.

[bacon]

Great documentary on sports stars going broke