Ex-business manager indicted in $7M defrauding Cavs' Richard Jefferson
- Thread starter Diddly Drogba
- Start date
1.Never give your lawyer "Power of Attorney"
2.Never let other people handle you finances,Tax firm being the exception.
3.Learn how to file a tax return.
4.Setup an email/Phone Alert at your financial institution for every transaction.
Unfortunately,most professional athletes are gullible.trustworthy,simps,spineless,and financially illiterate.
2.Never let other people handle you finances,Tax firm being the exception.
3.Learn how to file a tax return.
4.Setup an email/Phone Alert at your financial institution for every transaction.
Unfortunately,most professional athletes are gullible.trustworthy,simps,spineless,and financially illiterate.
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He deserved it. Trust cacs.
tim Duncan and Richard Jefferson are two of the "smartest" players in the nba and both have been swindled out of a collective 27 million(that we know about)
BS. You can pay things in advance plus a lot of stuff is automated over the phone so it can be done anytime. It's a racket. Those cac agents put those useless and needless services in these brehs' ears to cross-promote those "services".It's tough though breh. You play basketball 24/7 basically. You're in a different state every 3 days...There's no way you have time to pay the rent, Credit Card bills, car payments, make investments, etc...
You could try to leave it up to your spouse...or your parents...but we know that's a bad idea
So you hire a finance guy...he has to have power of attorney because otherwise he has to have you on the phone for EVERYTHING. I mean he can't even check your bank balance without tying you in on 3 way...so if you don't sign that over then the whole thing is pointless
The real issue here is that it seems like basketball players appear to be easy targets for these snake ass con artists.
Maybe I've been on thecoli too long but that gives me seriousvibes.
Like they think brothers just won't notice
Did you copy and paste this from Facebook?
El Coupeacabra
Diamond Teeth Samurai
When you're dealing with several hundred thousand dollars a month it is NOT as simple as "let me check my bank....ok balance of 8.3 million, ok rent came out, car insurance, wifey got her hair done, ok looks good."
Accountants exist for a reason breh.
Jefferson probably has several bank accounts, several properties, etc... Not to mention his income is earned in 20+ different states, some of it in Canada...he's spending 90% of his time playing basketball and working out.
You want him to manage multiple millions of dollars on his own in his spare time?????
Nope. You're thinking ground level rent/car/utilities. His shyt is on a whole different level.
I work with/around/for a few different millionaires. If you don't have eyes on your assets at all times it will get out of control in a heartbeat.
Just the paperwork regarding his health insurance coverage (being that he is a professional athlete) for him and his family, the casualty insurance on all his propterites, and the coverage on his vehicles is a full time job. Think about if the laws change in his home state (they change a LOT)...how much of that needs to be gone through and re-written? You need somebody watching those policies because the insurance company is NOT going to fix any of that for you.
He earns hundreds of thousands of dollars in 20 something states. He has 20+ different amounts of state taxes to pay. You expect him to know the laws regarding income taxation in every state he plays a game in??? What about Canada???
Y'all are literally asking a man with the equivalent of 2 full time jobs to be a master's degree level financial manager on the side.
El Coupeacabra
Diamond Teeth Samurai
This is terrible, TERRIBLE advice.
Richard Jefferson should have a few million in safe investments, a few million in hard assets, a few million stashed in another currency, and maybe 1 to 2 million liquid (but spread out in different accounts).
There is absolutely zero chance he'd be able to keep up with all that while maintaining himself as an NBA player.
Y'all really out here asking this man to have 20 million in his savings and 5 million in his checking account at Bank of America
I think either the NBA or teams be funneling these clown ass business managers to these players knowing these mofos ain't about shyt and nothing but crooks.. but I mean come the fukk on if you as an NBA player is into the financial scene then you don't need to invest in anything these dudes pitch..
Just open up a money market account and have it direct deposited in there. Have your bills automated where it's paid every month and forget about it
Just open up a money market account and have it direct deposited in there. Have your bills automated where it's paid every month and forget about it
This is terrible, TERRIBLE advice.
Richard Jefferson should have a few million in safe investments, a few million in hard assets, a few million stashed in another currency, and maybe 1 to 2 million liquid (but spread out in different accounts).
There is absolutely zero chance he'd be able to keep up with all that while maintaining himself as an NBA player.
Y'all really out here asking this man to have 20 million in his savings and 5 million in his checking account at Bank of America
nikka shut up. Bruh stop acting like you a financial guru giving advice I'll bet a milly I'm in a better space financially than you and I'm self made. Shut the fukk up for real 99% percent of investments are bullshyt. Name these "great" investments that Jefferson should have embarked on?
If he sat on his money like Lebron James he'd have all of it. Micheal Jordan, Tiger Woods and Lebron don't invest in shyt and they have the most money of damn near every athlete. Investing is why 95% of all athletes go broke, watch any documentary on any athlete that spoke on this issue and it's the same reason over and over: Financial advisors, money managers, accounts, stupid business investments.
who_better_than_me
Time to go!!
Exactly. Most bank have online accounts where you could enter all your bills and expenses and have them come out your account through scheduled payment. I have 11 and I check my account every week at least twice. It's not hard to manage your own finances
Brandon M.
City of Angels
y notThis is terrible, TERRIBLE advice.
Richard Jefferson should have a few million in safe investments, a few million in hard assets, a few million stashed in another currency, and maybe 1 to 2 million liquid (but spread out in different accounts).
There is absolutely zero chance he'd be able to keep up with all that while maintaining himself as an NBA player.
Y'all really out here asking this man to have 20 million in his savings and 5 million in his checking account at Bank of America
?
El Coupeacabra
Diamond Teeth Samurai
Shut your sensitive ass the fukk up. If you were so "self made" then a random ass comment on the internet wouldn't have been worth your time. Your time is expensive right? And I got some for free? You already fukking up your value weauxdie.
Not all investments are gambles fukk face. There are a plethora of investments that gain slow and steady and are guaranteed and insured. You're self made, you should know this.
Now I know you're a fukking idiot.
You don't invest to get rich fukk face. These guys are ALREADY rich. You invest to fight inflation and economic swings.
If you made 10 million dollars in 1999 and just fukking sat there and looked at it until today...
You fukking wasted 2 million dollars.
And the longer you keep sitting there and looking at it, the more it shrinks.
But again, you're better with money than I am and are self made so surely you knew and understood all this before I replied right?