In a country where 4 million basically guarantees you carefree life, blowing 50 mil is a borderline stupidity.
Its called make a budget or use google dooodee.......btw you forgot to add in: -What percentage can I blow on parlays each week?? hahah :rofl:
Should you be filling out other peoples tax returns? or Counting Things? or Getting a new account so I can bet on the 49ers game?
I can understand the real estate investments coming around to bite him. Most americans got fucked hard there. Not sure about the rest of his investments though.
Same. It's not like he blew it all on exotic sports cars and several mansions. He invested his money, and it backfired. From what the article said, he didn't just lose his money, but wound up in loads of debt from those investments and lawsuits. Obviously in hindsight it's easy to say what he should have done. I still don't think he's off the hook responsibility wise, you'd think he'd have several million just tucked away to not touch.
Are you kidding, I lock you in a room with Don King for an hour, he would come out with you wife, your daughter, your dog, the deed to your house, all your business prospects and you would be thanking him for it.....lmao Mike Tyson was easy as pie for Don King. Don King is the one exception for athletes. He can sell ice to an eskimo. Edit: Serious, he is another perfect example.
It sounds like he leveraged the money, not a particularly smart thing to do. In other words, instead of just buying a 50 million dollar shopping center (and then getting klicked in the teeth as it is now worth, say 22 million), he probably went out and used the 50 million as a downstroke on a 150 million dollar real estate investment. Now the bottom drops out and the 150 million dollar shopping mall is worth 70 million, but he's still in debt for, say 100 million. Upside down. So instead of still being worth 28 million (50-22), he's now upside down for 30 million and that's why he was trying to cover the debt with his salary, thinking it will recover. When you can no longer cover the debt and the shopping mall never recovers from the 70 million dollar figure, you are fucked but good. Instead of still having a net worth 28 million (28 million of the 50 million), it sounds like he got greedy with it and he's upside down. But the thinking at the time was... can't lose. Real estate is going thru the roof. Will keep on going. Fuck the 50 million dollar Home Depot shopping center, I'll buy the 150 million dollar shopping mall and it'll be worth 200 before long. Trouble is, it went the other way, and will probably stay there for a very long time. The poor bastard is probably in a living hell. Really bad timing. Had he invested that 50 within his means (not leveraged the shit out of it), he'd still be worth SOMETHING, and even though he would have lost money, he'd still be in a position to pay his bills and ride it out. 10 years from now the 50 million dollar shopping center is worth the 50 million again. Instead, he's losing it all. Pretty fucking ugly man.
The big difference is that Tyson is marketable and can make more than most people a year just by doing appearances.
Sanchez is learning a very good lesson from all this if he's paying attention. Diversify and don't leverage. Most of all, be patient and don't get greedy. Mark will be set for life if he goes conservative with it. I'm not saying don't put some in the stock market, but spread it out. I actually think real estate right now is an ideal investment for him because unlike buying it 4-5 years ago at the height, most of it has already lost almost all of what it's going to lose.
1. If you have enough money, real estate is a very good choice now. 2. I don't know what I will do if I have, say $10M. I don't think I'd spend a penny in stock market. I'd go for federal treasury bond for 30 years. Sure, you get measly 5.xx% per year, but it's risk free at all times.
I never got the "he could sale ice to an eskimo thing" - All you have to do is build and sale igloos.
when you make that much money it's beyond me why you sink all your money into high risk investments. the amount of capital he had was so large even in low risk, low yield investments would have had him set for life because of the interest on interest. you want to play around in a couple of start ups? Fine, but allocate only a small portion of your total net worth into something like that. Simple diversification could have avoided all of this. and why is he on the hook for personal law suits? weren't these set up as LLCs or corporations?
