Charles Barkley Talks 80% of Professional Athletes Going Broke | CLUB SHAY SHAY
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- Опубліковано 4 тра 2024
- Charles Barkley Talks 80% of Professional Athletes Going Broke
"When you 55, how much money are you going to have left? That's the key."
#clubshayshay #charlesbarkley #broke
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Charles Barkley On MJ vs Scottie Pippen, Marcus Jordan & Larsa Pippen, Shaq vs Kendrick Perkins | EP. 121
• Charles Barkley On MJ ...
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Fast money builds ego, slow money builds character. This is a underrated blessing we normal people have compared to athletes, entertainers etc. Its hard enough to maintain budgeting and financial discipline as a 9-5 now imagine as an "overnight" millionaire.
I went from really poor to fairly wealthy pretty much overnight a decade ago (not pro Athlete wealthy but top couple percent income) and holy heck it took me several years to stop spending every paycheck like it was the last dollar I'd ever get. And that's in a career where I can theoretically keep working for 40 years, if I had been on a sports salary where you're making most of your lifetime income in a few years I'd have ruined myself.
Fast money brings slow problems
@@maevethefox5912 actually pretty normal thing. just being able to do what you want. thing is steak becomes no more value than beans if you eat it every day.
You are absolutely correct.
Average iq of sports professionals is 85iq.
The key to this conversation is: stop wasting money trying to impress other people. Be it cars, watches, jewelry etc. Impress them with what you do for a living. Impress them with your accomplishments in life.
Great advice for anyone
"Impress them with what you do for a living"
Bad advice imo.
Or just simply stop caring about what others think of you, at all. Ez pz.
Impressing them is temporary. Always be grounded. One bad rumor or failure and everyone will turn on you so quick.
👍🇨🇦
Compound Interest is your BEST friend!
Exactly! Just went to an online compound interest calculator. Threw in an initial $100k and said no further money added and assuming an 8% return. After 40 years, that's over $2M!
Historically, the S&P has averaged 10%, so I went with 8%.
Now, that doesn't take into account inflation; $2M won't be what it is now in 4o years.
And an athlete is likely going to need money to live on well before 40 years, but it is just to show how important compound interest is... But you need to let it grow. Don't touch it. Don't pull money out of your retirement for emergencies, because your future is also an emergency...
FACTS!!!
Or your worst enemy when it’s compounding in debt like a high interest credit card. Why you have to pay more than the minimum
Albert Einstein said it’s the 8th Wonder of the World! 💪🏾🤑
OR YOUR WORST ENEMY
The first time you tell them NO! That is what they remember. My uncle helped so many people finish higher education, payed for school and housing but as soon as he retired and started telling people no! They all started talking beyond his back and saying he was a bad person.
Be true to yourself. People are always looking for other people to subsidize the pain of laziness, idleness or carelessness. Your uncle is better off without those people in his life. Flees Ticks and Leeches are blood sucker’s (some folks are the same)
Me i aint no bank
JUST had this happen to me. Been helping people in my retirement community for years, said no for the _first time_ a couple of days ago. Now I’m being shunned. F them.
Be nice to people deserve it.
You probably dont want to be associated with people with that attitude anyway so that should actually be a blessing in disguise.
Ulysses Lee "Junior" Bridgeman (born September 17, 1953) is an American businessman and former professional basketball player. Bridgeman played in the National Basketball Association (NBA) for twelve years from 1975 until 1987, beginning with the Milwaukee Bucks. Bridgeman is the current owner of Ebony and Jet magazines. Despite never making more than $350,000 a season during his NBA career, Bridgeman has a net worth of over $600 million, making him one of the wealthiest former athletes in the world. Source Wikipedia
That's up there with Roger Staubach. Most impressive!
FORMER PISTON AND DETROIT MAYOR DAVE BING IS A BILLIONAIRE!!
Louisville,Ky stand up!!!
Bot comment. Jerry Jones owns the Dallas cowboys . Started as a player. Billions
He invested in Wendy’s Franchises and owns over 160 Wendy’s restaurants among other investments.
We had a 15 year MLB shortstop for the SF Giants living 5 houses from us. He was a 6 time All Star. We lived in a typical suburban neighborhood, nice homes but not gated or snooty. Met him walking his dog. Great guy. 3 nice kids, drove regular cars, talked regular talk. I think his last contract was in the multimillions. Smart man.
Keeps his head down and looks after his family. A real man
If they go broke after having millions and millions they are morons and get what they deserve. I could live rest of my life with 1.5 million.
Brandon Crawford?
Imagine if a criminal finds out who he is, lots of trouble. He has to live in a gated community. Being vulnerable like that is not smart.
@@baxakk7374lol what? Just cus someone rich don't mean they have a bunch of cash in their house
As a guy entering his 40’s I’m so thankful for podcasts like this. So much knowledge is being given if you just listen. 🙏🏽
I don’t mean to be insulting, but I find it very strange that you’re entering late middle life and don’t understand the idea of putting away money.
Nothing Charles Barkley is saying is very groundbreaking… I just have to conclude that athletes are kind of stupid.
@@igit_7296 Better now than never. Anyway, most Americans likely heard and understand it, but many never really take the time to think about it or go through and work on saving or investing. Even now, Millions of Americans who are 65+ and eligible to receive Social Security checks have no savings or investments.
Public schools need to start teaching this stuff. I didn't know anything about money and nobody in my family did either. I was fortunate that some older men that I worked with, took me under their wing and coached me up to speed on how to NOT be broke. It's never too late to turn it around. I did and you can too.
@@donaldcornwell1151 I think high school is too early for most, most kids don’t pay attention to anything in high school.
@@igit_7296instead of not trying to be insulting (i know u werent trying to) try being more open minded. U dont know what everyone goes through, or what they're taught during their upbringing.
So much practical wisdom in this clip. Especially the part when Chuck said no matter how much you took care some people the moment the first time you said "No" they will hate you for it. I saw this happen a lot in real life.
This is so true in my own life, and I’m not even close to being rich 😂
This is true and you dont have to be a millionaire for it either.
Same here. I was broke and it happened to me. Lol
only low class people would be that way.
Made me think of lottery winners or anyone who came into a large chunk of money. Suddenly cousins who didn't know you existed want to be your best friend.
"u still eat pig feet? I do" 😂
Pig feet is awesome and tender.
😂😂😂
Hey, Chinese people pay more for pig ears and pig feet. Them's delicacies. Why you complaining? 🤣
Scrap they used to give in slave people🤷🏾♂️🤦🏿♂️
Eh HE HEHEHEHEHEHE!!!
Barkley tells the same stories in every interview. I watch all of them so I can retell all of them. He is a national treasure.
Yes, it's wisdom that keeps giving and giving to those who listen and apply it.
Dr J. Pure class, gave Charles great advice.
"I can't see the rims when I'm in the car" You also can't see the car when you are in the car.
You can see the interior and Everytime you walk up to it lol
But the haters can 😂
You don't buy the car so you can see the car while driving. You buy the car to go from point A to point B... The rims are nothing more than a cosmetic accessory
The interior is part of the car. You are wrong sir.
lol even if you were blind and backseat-riding, you can sure feel and smell that leather and wood
It’s not about the money coming in,
it’s about the money going out 💸
Actually it's both bud
Whole facts, this Wisdom is priceless
You fall for this? These dudes living the life but talk like they're "humble" and "low key".
Please. lol
@@CinHalCedHerChance I don't think you even listened to what they said.
It's common sense
Wisdom from Charles Barkley? LOL. Shannon? Yep, but big mouth Barkley? Um, no.
And in another part of the interview he's talking about how he loves to gamble, but yeah, own one car and invest your money.
Dude dropping millions gambling. lol
Between Dr. J and Moses Malone, Chuck had some really strong, positive influences who made him the guy we all like today. You can tell, he deeply appreciates those two for the mentorship they gave him - the different perspectives he never had before that helped him right the ship and become the Hall of Famer he is.
Same type of things happen today. Rooks need vets, and all teams should have a seasoned, certified professional vet or two for the good of the team and younger players.
Man you are so right about that cause chuck really had some major influences in his life and even in his hall of fame speech he spoke on Moses Malone when he was like he taught him how to be a man and also showing him how to dress proper and also helping him get in shape as a chubby rookie and then he asked him why am I not getting the play and then Moses response was the reason why you not getting the play is because you fat and you lazy😂 then he spoke on Dr j as well during another moment I believe on tnt as a rookie being in the locker room nervous scared to approach him and he was like I don't know if I should called him Dr. J Mr. Erving or Julius and then as charles was sitting down In the locker he walks over to him felt his hand palm over his shoulder and then says how you doing big fella im doc and walks away and then Charles said that's it all that nervousness for nothing went all away😂
Sadly most vets think like Gilbert Arenas, good luck with that.
@@sellomashapo3595 errr Arenas retired 12 years ago. Vets now were rookies as he left the league.
No idea what you’re talking about actually, Arenas is a peak troll who will say anything for attention, who underperformed the potential of his career.
Name even 3 current vets in the league who fit that bill, the idiocy, and racism of Arenas 🤔
@@sellomashapo3595Gilbert Arenas? They said vets not people that been retired for decades 🤦♂️
The vets today trying to stunt harder than the rooks. They aren’t passing on the knowledge like in the past.
Chuck would easily have been one of them if he was solely reliant on his basketball earnings. Losing 25m to gambling is not smart. That's more than his basketball earnings after taxes and fees.
If not for TNT and his charisma he'd be one of the 80%.
You are correct because Barkley owed a Casino money and they went public because he wouldn't pay. They threatened to ban him if he didn't pay his debt, so TNT definitely saved him.
He's a good dude
He has Nike too
And he learned from his mistake. He's dropping great knowledge.
I guess that's how he learned
Got a 2008 Cadillac DTS sedan brand spanking new. Still have it. Always up on maintenance and if dealer service representative says something may need to be replaced or kept an eye on ... I say, "Replace it now." Also do preventive maintenance and have it dealer detailed every year, inside and out including the engine well area.
Looks and runs so smooth it can barely be heard. Not a month goes by when I don't find notes with offers to buy it.
Nope. No need to replace this fine automobile with a new one and monthly payments. Bought this one new with savings and buy most things. (Refrigerator wadher/dryer, oven/stove) etc in cash.
I recommend to everyone to save, invest and be wise with your purchases. You'll be comfortable and happier in old age.
All these young professional athletes should be taught money management and finance by each professional league, as well as how to deal with women who might want to take advantage of them financially…and I say this as a woman!!!
They do
He's right, they do
Because of the athletes that went broke 40, 50 years ago
"Boys will be boys" spends some time talking about the lifestyle and how the guys who don't fall into it are better off in the long run.
They do but unfortunately the majority of them don’t listen. Its sad.
I always thought if I was a sports agent I would take my superstars to the sperm bank and then to get a vasectomy. 18 year sentence with a ball and chain for a few minutes of fun is poor math.
Word when these athletes first enter the league, they all gotta go thru the Rookie Emposium, they learn all about that stuff, it's just who chooses to listen and apply it
That is good advice, even for low to midde income people who are not athletes, and regardless of race. I made that same mistake when those first paychecks came in. A few years later, I learnt my lesson the HARD way. Buy what is REQUIRED, not to impress.
" I ate Vy-anna sausages" = Shannon sharpe
Bro, I thought I was the only one
What's the capital of Austria, Shay?
Everyone south of the North Carolina border pronounces it like that for some reason. 😂
I still eat them from time to time. Especially summeritme picnics.
Theyre great
What these athletes don't realize is once their careers are over with they're never going to make that kind of money again. If you want to retire at age 40(at most) and you want to live that high life its not going to last you the rest of your life you don't want to work again after your career ends.
Smartest thing to do is put every cent into an investment fund from day one and never touch the principal. If you do that you’ll never run out of money. Whatever you make on interest is your budget.
THIS video, along with the Junior Bridgeman, should be required for ALL athletes. Good job guys!!!
About 50 years ago I read the following little pearl of wisdom in Mike Mailway's trivia column,
"It is far less expensive if you learn while you are young, that all in life is vanity, it is people buying things they don't need, with money they don't have, to impress people they don't even like."
Words to live by.
Financial acumen is key!
gotta stop buying Jordans so he can spend the community's money on Becky and her friends. Jordan is a piece of trash.
We all know it but why isn't it a class in high school? High School is supposed to prepare us for life but it feels economics is deliberately left out of the curriculum. Credit card companies have a vested interest in young people not understanding credit. Banks and corporate America are invested in young people being in debt. So, why hasn't school adjusted?
America wants us to stay dumb while young. We have a problem with an easy solution.
When does the average American learn and truly understand what credit is or how compound interest works? Everyone should of known it before graduating high school and the fact that we don't know it is on purpose.
Barkley was well on his way to being in that 80%. In 2008 a Las Vegas casino was about to file charges against him for not paying his $400,000 debt. If it wasn't for TNT he would be broke from his gambling addiction.
So he's lived and learned a few things, some times those are the best people to listen to ... they know for a fact what the pitfalls are. Having experience with financial issues doesn't mean he isn't worth listening to.
The advice is still valid and his net worth far exceeds your net worth but thanks for playing.
You have to give credit to Barkley. He made lots of mistakes with money, but Barkley learned from his mistakes. He saw others like Magic, M. Jordan, Shaq, Kobe, Jr. Bridgeman, etc. making so much money from other income sources, and realized before it was too late that he wanted to do the same. He was fortunate that he was a well known athlete, but he earned that with his fabulous athletic career. The many other athletes that went totally broke and blew all their money on frivolous things never learned, and, unfortunately, will probably never, ever be able to afford the lifestyle they had when they were playing.
You don’t have to bring up someone’s faults to make a point.
And now gambling companies sponsor him…how the turn-tables😎🫡
Sir Charles always spittin' facts.
You can only drive one car at a time, and a car is a depreciating asset.
I would call it a depreciating liability. It’s only an asset unless it’s making you money.
For most people that is true. Nowadays I guess it would be an asset to people who do Uber/Lyft, or like a DoorDash type service?
@@kikivon3501 True. Only if the income generated from the car still is able to bring in income after car repairs, maintenance, tag/taxes,car note etc.
@@Gman2002 sounds like you are some type of account or financial advisor? Way more knowledgeable than I am on this stuff.
I think having a 2 car garage is fine. A daily beater, and a weekend supercar.
We will always love Sir Charles here in Arizona.
And big fat women. 😂
Junior Bridgeman, drafted in the first round by the LA Lakers (1975 NBA, 8th pick). He never played for the Lakers. Bridgeman was part of the multi-player trade that brought Kareem Abdul-Jabaar from Milwaukee to LA. The Lakers also traded Brian Winters (their best rookie from the year before), starting center Elmore Smith (who held a record 17 blocks in one game), and Dave Meyers (Ann's "little" brother). Bridgeman played in LA for the Clippers for two seasons near the end of his NBA career.
I'm so glad you are talking about this problem. It's a very important topic. When we're young and there's no tomorrow and everything is today, we generally don't think about retirement or just getting older and not being able to take care of ourselves financially. And, once you are older, have no savings, perhaps have health issues, it's hard to come back. I hope a lot of young people, it whatever profession, listen and understand this message.
Vinnie "The Microwave" Johnson is also doing very well these days in business.
👏🏾👏🏾👏🏾
I'm happy to hear that. I always respected his game growing up, even though I hated the Pistons.
construction and automotive...500m the microwave still has some heat 😅
“I can’t see the rims while I’m in the car” was hilarious.
Jamaican Oxtails ... the best!
Glad to see you guys educating the young persons.
The two of you were simply a pleasure to listen to.
Thank you
What a great clip. This should be shown to every rookie in every sport !! very sound advice
This was solid 🙏🏽💪🏽
Such a real interview....Barkley said a lot of important shhh in this clip!
Sharing wisdom. That's one of the best things you can give anyone.
What a great conversation. So important for people to hear.
I always enjoy listening to Charles.
Shannon, wonderful, Interview!❤️❤️❤️❤️🙏🙏🙏
Tremendous advice and conversation, not just pertinent for athlete's, but for all of us
This is a great conversation. How lucky he is that he got the advice when he did (and he knows it!). I watched the documentary on the Kelce’s on Amazon as well and there was a lot of discussion on post-career finances and what an athlete does after that part of their life is over.
Knowledge and facts 💯 👏
Real Talk
Deep talk right here and straight up advice to young brothers making it big on how to manage wealth the rich mans way.Antother Club Shay Shay specials👏👏👏
best interview on Club shay shay!! just good advice not talking about people!!
Recommend everyone to watch Lou Williams and the way he explains it. He explained it better than anyone else.
Lemon Pepper 😂???
Those that do not have endorsements should not be even spending heavy to be honest. Not guaranteed a contract after your first. They way he explains it is really exactly like it is portrayed.
Barkley is awesome!!!! Always much respect for him…
I really enjoyed this interview. Well said.
This is fantastic advice for all. Thanks guys.
Whether you are rich or just scrapping by, cars are the #1 factor that keeps people from building generational wealth.
Just human nature if you think about it. Most people try to impress or try to act better than others. You see it everyday with classism, racism, sexism, and lookism. Everyone no matter what hypothetical level they are at always tries to step on others they perceive below them to get ahead.
Great conversation guys.
Wish Charles could talk this sort of sense on other platforms too. I enjoyed the take on managing money 💰
Club Shay Shay is just amazing. I ain't got no other words to explain.
Nah....his private life is disgraceful
Those New Balance are 🔥
what model are those?
@@dertfert745 I have to find out myself
Always enjoy listening to Charles.
This was a great interview ❤
He is right of course. ironic though that in the same interview he talks about losing 25 mil gambling
Charles, talk to them about not going broke because of gambling habits and gambling debts. Speak on that, please. 💯🤔
and strip clubs...
Charles himself said in this full interview he gambles about $20,000 per hand and has lost $1 million in one night…so I don’t think he’s the guy for that message 😂
@@Beep.Boop.Bop. I was just being facetious about Charles's bad behaviors
If chuck didn't have such a lucrative media career after basketball, I wonder if he'd be in a tough situation...
@@kevizzzle He absolutely would be 🤭🤫
What a nice conversation. Congratulations!
Wow, I'm impressed. So much wisdom.
Not a sock in sight on this one.
They dont need any socks. They are in hot azz Atlanta.
You have a foot fetish or something?
But 4 sweaty shoes lol
yes they do @@irissanders7487
ever heard of low cut socks
Love Shannon!! Love Charles !!!! Love your show Shannon!!! Stay Sharpe Shannon!!! 💪💪💪.. 🏈🏈🏈... 🏀🏀🏀.....
Great message.
great convo & game about maintaining your money...
When they started share pigs part preferences it was priceless
Great topic and interview...👍🏾
If athletes invest their 💵 in (stocks, bonds, real estate, affiliate marketing, & youtube) they will NOT be part of the BROKE club...💯
i don’t see any lies on what chuck said! Very well said!!! 💯✅👏🏻👏🏻👏🏻🙌🏻🙌🏻🙌🏻
Wonderful information
Love the shoes Sharpe! Represent! 🧡💙
He’s really a Bronco for life
College athletes should major in either finance or accounting. If they pursue a career in STEM or the social sciences, combine it with an accounting/finance degree. Financial literacy is key in succeeding in the private sector.
Even just a couple classes in it, and a financial mentor provided by the team they get drafted by would be helpful.
Good video with an important message....
Great references to Calvin Hill, Junior Bridgeman, Dave Bing, & Herm Edwards. Very informative interview. 👏
You can put your money into something where it grows and appreciates but not in a bank we need to learn and understand that quick
Neck bones and oxtails are good but these restaurants are charging $30 -$40 for 2-3 oxtails which is crazy. And yes we as blacks always think we have to take care of everyone that gave us $50 one or two times. Give them a solid check for $1500 and move on. Mom and dad and that's it. I'm not even taking care of my siblings.
I've a few family members in the millionaire club. I'd rather sleep in a homeless shelter hungry than ask them for a dollar. 😂
@@Goffe909my cousin used to own the biggest car dealership in my state - one of the richest people in the state - we ain’t even bought a car from em in at least 3 decades 😂😂
I asked my dad when i was a kid “how come we never get our cars from Ray? He won’t hook us up?” And my dad said “he ain’t make all that money by giving it away!”
But he let us borrow a dodge viper once to go to a big Supercross event when I was like 12, so that’s cool.
I always thought, if I make it, I'll pay for your college, I'll help with your business, whatever.
I'm not buying you a car, or a watch or something you're going to sell or waste.
Chuck's point was "Don't put them on the payroll!", meaning don't be giving them money on the regular, even your parents. They aren't dependents. You wanna do something nice for your parents, pay off their car note or their mortgage. Do you want do something nice for the whole family and got a bunch of a cash to spare, take everybody on a vacation. Put money in an educational fund for your nieces and nephews. But don't let them ever feel like they are entitled to your money. That's what poisons relationships.
Great conversation
Sir Charles coming with the wisdom. Also, nice plug for the RedMont vodka.
The man said “Some Collads” 💀😭😂
Collard greens lol
You gotta live like you're broke
Me. 63. No car. I ride a bicycle only.
I’m retired and have my home paid off
And large money in the bank. Life is good.
Wonderful advice
Chuck keep dropping facts
Trying to impress women and people they don’t know is why athletes go broke.
That one NFL athlete wanting to brag how rich he was at a table in Vegas.
Not realizing he was sitting at the table for people that have oil money
Definitely, seems like everyone is doing it nowadays. Which is sad I’m so many ways.
Any 19 -22 year old gonna go crazy with millions of dollars
No..
The problem is some try to bring everyone they know with them and even women they just met. You can definitely go broke trying save everyone you know with money.
@@sanderkonto297 80% of them ? How many ?
With that mind set yes. Each person is there own.
@@rolandocedillo5685 most people are idiots..
Good advice
Great advice.
Baby’s mommas are killing today’s athletes.
Problem solved by not getting anybody pregnant in the first place.
Keep that personal appendage in your pocket or wear a condom.
It blows my mind that the various professional sports player organizations don't mandate financial planning for new rookies
Love this chat
Hard truths, gems and financial literacy.
A lot of it is mass spending with little to no regard on how to save or properly invest money. Entourages can be expensive but when you own 5 or 6 homes in different states, 20+ cars and have muliple kids with different women who expecting child support and alimony because by law you have to continue giving them the life they had while they are with you and raising your kids. All that money goes real quick even with sponsors.
Vinny Johnson as well is a great businessman he should be mentioned more. Piston motor group
I could listen to these guys every day of the week... ❤✌
I love Shay's laugh here.
It's always good to save your money.
Get a financial planner to help you. Save your money and know where to put your money. Put your money up so you'll have some money left over. You should have a lot of money left over. To take care of your family to take care of yourself. How do I learn to save my microphone? My Grandpa told me to take a little bit. Take what you need and everything. You don't need put in the bank. So I paid my bills and I put everything else in the bank. That's how it helped me save. Hope everybody's having a good day. That's just my take on it. And I love Charles Barkley and I love Shannon sharp. My name is cedric nash
I came from nothing, but I had no desire to throw my money away when I finally started making some.
My man, Charles, speaking the truth right here 👍
Important conversation guys. Sound advice for everyone, not just athletes!