is from jay-z and it is one of the most poignant and wise things he probably ever said. fame and fortune can disappear overnite, just like a real crackhead is skin and bones. at one time, damon dash, jay's original partner was flush with maybe $50mm net worth, now he is broke with 2 foreclosures already and he is the largest NY/NJ tax deadbeat collectively owing them over $25mm.
right now the NFLPA just had their rookie symposium and you know they brought in people to warn the players not to back crazy business ideas and wait a few years before buying that mansion they can showcase on MTV cribs. they will warn them that 80% of football and basketball players are basically BK within 5 years of retirement. many players will yawn and adamantly insist "that will never happen to me! i am way too smart for that!" (these are part of the 80% guys). we are all human and humans (especially Americans) do not save like the Germans or Chinese. we are more happy go lucky, live for today types.
i think it is a faustian bargain, large paychecks give you a false sense of security, it tends to distorts the value of money and artificially inflate your confidence. you begin to believe that it is easy to make money and you can always save or cut back spending later. (not unlike our national $14 trillion debt)
recently 3 major poker sites were seized by the FBI and now they are in the process of distributing back funds to the players. one site, full tilt poker is bankrupt and doesn't have the funds to repay $150mm in player's funds. there were thousands of players who were making a living playing "professionally" online and kept deposits in the $20k-$100k range. i saw this coming years ago, at one time the government indicted party poker so they stopped taking US customers. not to mention, without regulation, how can you trust an online website to hold $50k of your money? it can easily turn into a huge ponzi scheme with no reserves. many people don't trust banks in the US, how in the hell are you going to trust an online poker site to keep your money safe? i can see $500 but $50k, you absolutely deserve to lose your money. not to mention you know full-tilt is breaking US gambling laws by accepting your bets!
i want to slap people upside the head and tell them, this could easily happen to you. i know many people who thought the good times would never end (including myself) and could have made much better decisions. unfortunately, at the end of the day you have to learn the hard way that a fool and his money are soon parted. this is especially true of NFL, NBA or professional poker players. easy money rarely lasts and if you are smart you set it aside and invest it wisely. playing poker online and not having to go to an office seemed too good to be true, and it turned out to be just that. life is full of illusions and facades, you have to be able to separate them from reality.
it's like the most beautiful strippers, why is it that they all have no sheets on their beds, clothes strewn all over the place and a sink full of dirty dishes? not that i would know first hand, my friends tell me this:)