Staggering amount of NFL players file bankrupt

[policyvote]

I was totally misquoted!!!

 

My bad. Feel free to change "Jrick35" to "MTSuper7" as appropriate in the above post.

 

Another example: former Lion and Patriot Luther Elliss. Despite a career of careful money management, active charity work, and being one of the better guys in sports, he lost just about everything in real estate and had to file bankruptcy. It's not just Antonie Walker-style easy-come, easy-go here.

 

Peace

policy

[Jrick35]

My bad. Feel free to change "Jrick35" to "MTSuper7" as appropriate in the above post.

 

Another example: former Lion and Patriot Luther Elliss. Despite a career of careful money management, active charity work, and being one of the better guys in sports, he lost just about everything in real estate and had to file bankruptcy. It's not just Antonie Walker-style easy-come, easy-go here.

 

Peace

policy

 

I realize that not every time a person goes bankrupt is it due to a party lifestyle. However for that to have happened to Luther Ellliss means, most likely, that he was mortgaged to the hilt, because if you OWN Real Estate when the market goes south or you lose income then you can avoid bankruptcy because you are not having to make large monthly mortgage payments at a time when your cash flow may not allow it. And even in worst case scenarios where you have to liquidate to generate a cash flow, selling a 'paid for' asset for less than it is worth, while not a favorable option, is definitely a preferable option to filing bankruptcy when you can't make a payment, resulting in the loss of the property with NOTHING to show for it.

 

Even "The Donald" has gone Bankrupt due to being over-leveraged at a bad cash flow time. There is a big difference between owning assets outright and buying on time. The biggest difference being that when you own the asset outright you hold the leverage, when you buy it on time the bank holds the leverage.