Pistol Posted December 14, 2016 Share Posted December 14, 2016 Happening today, apparently. Darius Miles becomes yet another cautionary tale. Sad story. Quote Link to comment Share on other sites More sharing options...
CBFan Posted December 14, 2016 Share Posted December 14, 2016 Does the NBA have a retirement plan like the NFL has so Darius has something to fall back on? Quote Link to comment Share on other sites More sharing options...
Pistol Posted December 14, 2016 Author Share Posted December 14, 2016 3 minutes ago, CBFan said: Does the NBA have a retirement plan like the NFL has so Darius has something to fall back on? Per Investopedia in 2010: "NBA players have one of the most generous pension plans in all of professional sports. They are vested into their pension plans after playing at least three seasons in the league. The minimum benefit for a player that retires at the age of 62 is $56,988 per year - not a bad retirement for a three-year career. The maximum benefit for any player is $195,000, and it takes 11 years of NBA service to qualify for this benefit. But that's not all! NBA players are also eligible to participate in a league-sponsored 401(k). The NBA matches player's contributions up to 140%." So the answer is yes, but not enough to cover his expenses. I don't know how many kids he has overall, but if he had those kids while he was earning an NBA salary, that's bad news, depending on the state. He was drafted by the Clippers, and if any kids were born in California, I know that at the time of divorce and/or child support determination, you become responsible for a percentage of your current income, even if you lose employment, until the kid is 18. (I have no idea how it is in other states, but heard the horror story about Dave Foley's divorce and child support nightmare in an interview.) So the $20,000 he lists in current child support debt isn't bad at all, actually; those monthly hits can add up to a way, way bigger number in not much time if you're making millions. It also says he owns 12 properties in ESL, so he clearly spent a decent amount taking care of people. $1 million+ underwater right now - ouch. Quote Link to comment Share on other sites More sharing options...
brianstl Posted December 14, 2016 Share Posted December 14, 2016 6 minutes ago, CBFan said: Does the NBA have a retirement plan like the NFL has so Darius has something to fall back on? With his credited years of service, he will be looking at pension in excess of $100,000 a year when he turns 62. He has to wait 27 years but that is money his creditors can't touch Quote Link to comment Share on other sites More sharing options...
brianstl Posted December 14, 2016 Share Posted December 14, 2016 2 minutes ago, Pistol said: Per Investopedia in 2010: "NBA players have one of the most generous pension plans in all of professional sports. They are vested into their pension plans after playing at least three seasons in the league. The minimum benefit for a player that retires at the age of 62 is $56,988 per year - not a bad retirement for a three-year career. The maximum benefit for any player is $195,000, and it takes 11 years of NBA service to qualify for this benefit. But that's not all! NBA players are also eligible to participate in a league-sponsored 401(k). The NBA matches player's contributions up to 140%." So the answer is yes, but not enough to cover his expenses. I don't know how many kids he has overall, but if he had those kids while he was earning an NBA salary, that's bad news, depending on the state. He was drafted by the Clippers, and if any kids were born in California, I know that at the time of divorce and/or child support determination, you become responsible for a percentage of your current income, even if you lose employment, until the kid is 18. (I have no idea how it is in other states, but heard the horror story about Dave Foley's divorce and child support nightmare in an interview.) So the $20,000 he lists in current child support debt isn't bad at all, actually; those monthly hits can add up to a way, way bigger number in not much time if you're making millions. It also says he owns 12 properties in ESL, so he clearly spent a decent amount taking care of people. $1 million+ underwater right now - ouch. That child support number shocked me. That number usually sky high in cases like Miles. That means he kept paying his high child support amount as his money dried up. That isn't normal in cases like this. Good for Miles. Quote Link to comment Share on other sites More sharing options...
Pistol Posted December 14, 2016 Author Share Posted December 14, 2016 2 minutes ago, brianstl said: That child support number shocked me. That number usually sky high in cases like Miles. That means he kept paying his high child support amount as his money dried up. That isn't normal in cases like this. Good for Miles. Yeah, you normally see six (or sometimes seven) figures for guys out of the league this long. So I guess he's mostly taken care of business even as things have dried up for him. Quote Link to comment Share on other sites More sharing options...
cgeldmacher Posted December 14, 2016 Share Posted December 14, 2016 Any time someone has a pension that is allowed to be transferable, they can sell it to finance companies who pay them pennies on the dollar. If he was outspending his means, he may have already cashed in his pension. I don't know if the NBA makes its plan non-transferrable, but if not, they should. Quote Link to comment Share on other sites More sharing options...
SLURadioBoy Posted December 14, 2016 Share Posted December 14, 2016 If memory serves me correctly, didn't SLU (Romar) finish second to St. John's in the Miles recruitment? Not that it would have mattered if he signed here, obviously he was never going to play college ball. Quote Link to comment Share on other sites More sharing options...
Pistol Posted December 14, 2016 Author Share Posted December 14, 2016 11 minutes ago, SLURadioBoy said: If memory serves me correctly, didn't SLU (Romar) finish second to St. John's in the Miles recruitment? Not that it would have mattered if he signed here, obviously he was never going to play college ball. Yeah, but that may have been a symbolic gesture, like LeBron James "committing" to Ohio State. Miles liked and respected Romar; Romar was just late to the party by the time he got hired by SLU. Miles was in the bag for St. John's by then, not that he ended up there, anyway. Quote Link to comment Share on other sites More sharing options...
Old guy Posted December 14, 2016 Share Posted December 14, 2016 Feel sorry for the guy, from riches to bankrupt in a few years, and 27 years to wait before the pension kicks in! Not shocked by the child support he paid, if you divorce in certain states, the child support costs are very high. Quote Link to comment Share on other sites More sharing options...
Cowboy Posted December 14, 2016 Share Posted December 14, 2016 -there are too many stories about former players that end up this way, do they all think it won't happen to me? -Darius would be in the conversation of the best local hs players I have seen Quote Link to comment Share on other sites More sharing options...
JMM28 Posted December 14, 2016 Share Posted December 14, 2016 So...was there anything good to be purchased? Quote Link to comment Share on other sites More sharing options...
David King Posted December 15, 2016 Share Posted December 15, 2016 Luckily, this won't be the fate of Willie Reed. Quote Link to comment Share on other sites More sharing options...
Box and Won Posted December 16, 2016 Share Posted December 16, 2016 On 12/14/2016 at 0:50 PM, Pistol said: It also says he owns 12 properties in ESL In fairness to Darius, you and I could probably buy 12 ESL properties and not come close to maxing out our credit cards. Quote Link to comment Share on other sites More sharing options...
JMM28 Posted December 16, 2016 Share Posted December 16, 2016 4 hours ago, Box and Won said: In fairness to Darius, you and I could probably buy 12 ESL properties and not come close to maxing out our credit cards. East St Louis is really just the Baltic and Mediterranean Avenues of the St Louis area. Quote Link to comment Share on other sites More sharing options...
DeSmetBilliken Posted December 16, 2016 Share Posted December 16, 2016 On December 14, 2016 at 2:38 PM, JMM28 said: So...was there anything good to be purchased? I didn't go, but from what I read, it sounded like he had some pretty cool stuff. Quote Link to comment Share on other sites More sharing options...
slufanskip Posted December 16, 2016 Share Posted December 16, 2016 On 12/14/2016 at 2:00 PM, Old guy said: Feel sorry for the guy, from riches to bankrupt in a few years, and 27 years to wait before the pension kicks in! Not shocked by the child support he paid, if you divorce in certain states, the child support costs are very high. I don't understand how or why someone would feel sorry for him. He was afforded opportunities and salaries far beyond what 95%+ of people in the US make. I can't feel sorry for stupid. Quote Link to comment Share on other sites More sharing options...
Old guy Posted December 16, 2016 Share Posted December 16, 2016 A lot of people with situations like his do not have the capacity to put on the brakes on spending, they are aware of what is going on but they just cannot control it. They are not necessarily stupid, they are out of control. Quote Link to comment Share on other sites More sharing options...
willie Posted December 16, 2016 Share Posted December 16, 2016 2 hours ago, slufanskip said: I don't understand how or why someone would feel sorry for him. He was afforded opportunities and salaries far beyond what 95%+ of people in the US make. I can't feel sorry for stupid. 99%. According to SI 78% of NFL players are bankrupt or in financial distress 2 years after retirement. In the NBA 60% are bankrupt after 5 years. Obviously NBA players make more money. Quote Link to comment Share on other sites More sharing options...
almaman Posted December 17, 2016 Share Posted December 17, 2016 Entourages, similar to lottery winners in a way Quote Link to comment Share on other sites More sharing options...
slufanskip Posted December 17, 2016 Share Posted December 17, 2016 13 hours ago, willie said: 99%. According to SI 78% of NFL players are bankrupt or in financial distress 2 years after retirement. In the NBA 60% are bankrupt after 5 years. Obviously NBA players make more money. I'm a little surprised it's that high. For Old Guy you call it out of control, I'll stick with stupid. Quote Link to comment Share on other sites More sharing options...
Old guy Posted December 17, 2016 Share Posted December 17, 2016 Sulfan, I guess you can equate out of control with stupid, you might be right there. Quote Link to comment Share on other sites More sharing options...
Bobby Metzinger Posted December 19, 2016 Share Posted December 19, 2016 The 30-4-30 documentary "Broke" shines a light on the darkness of athletes and bankruptcy. Could also be a documentary on Antonio Cromartie's condom situation, speaking of child support. Quote Link to comment Share on other sites More sharing options...
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