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Hawaii 5-0
03-19-2013, 02:04 AM
Joey Porter faces foreclosure on Miami home

Posted by Michael David Smith on March 18, 2013

http://nbcprofootballtalk.files.wordpress.com/2012/12/joey-porter.jpg?w=250

Joey Porter, a former NFL linebacker who made tens of millions of dollars in his career, is once again facing financial problems.

Porter is facing a foreclosure lawsuit on a home he bought in Broward County shortly after signing with the Dolphins in 2007, according to the South Florida Business Journal. Porter got a $12 million signing bonus when he joined the Dolphins and could have used the money to buy the home outright, but he instead took out a $2.8 million mortgage. Boca Raton-based 1st United Bank says Porter hasnít been making payments on that mortgage.

The home is in a gated community, and the homeownersí association says Porter hasnít been paying his dues. Itís the same gated community where former Dolphins quarterback Daunte Culpepper also bought a home that is now in foreclosure.

This is the second indication in the last few months that Porter is having financial difficulties. Just before Christmas he was arrested for writing bad checks to a Vegas casino, although he was released when he came up with the money he owed.

Porter played 13 seasons in the NFL, eight with the Steelers, three with the Dolphins and two with the Cardinals.

http://profootballtalk.nbcsports.com/2013/03/18/joey-porter-faces-foreclosure-on-miami-home/

ZoneBlitzer
03-19-2013, 03:21 AM
It's unbelievable as to how stupid these players can be. They make millions and they blow it all. Terrell Owens is in the same boat. Millions!....man.

SteelerEmpire
03-19-2013, 03:28 AM
With this current line-up of unmotivated losers... I would certainly welcome a Joey Porter in the mix. This current Steeler team lacks "heart"... JP... is a motivator !

Galax Steeler
03-19-2013, 04:29 AM
This thread is already posted in the nfl forum but I will leave it here as well unless another mod or administrator wants it moved.

wwhickok
03-19-2013, 06:26 AM
I do NOT want Joey Porter back. He wqs great while he was here but he is old as **** now.

Id like to believe if I was a Millionaire I would build a $400,000 on 15 acres od wide open, Fenced in land (nice fencing, not that chain link junk) and save a large portion of my money. I would definitely travel around the world with my wife and son.

I agree these players are very irresponsible with their money. They take it for granted.

TRH
03-19-2013, 09:37 AM
i can't even comprehend how dumb stories like this are. I just don't even know what to say.
They lose it - they deserve to lose it. There's no excuse - at all.

El-Gonzo Jackson
03-19-2013, 10:17 AM
Theres a good ESPN 30 for 30 documentary on how most athletes squander their wealth.

One of the smartest guys I saw a story on was former MLB catcher Ernie Witt. His financial advisor setup an annuity that he and his family got $100,000 a year to live on and the rest of his MLB salary went to his bank and investments. Probably doesnt need to work for the rest of his life....unless he got divorced.

jjpro11
03-19-2013, 10:18 AM
When you stop and think about it; it's not all that difficult to figure out why these athletes squander away their millions so often.

In the real world, to obtain the kind of wealth that star NFL players make, it takes intelligence. Dumbasses do not own multi-million dollar companies or hold executive positions. Yeah, sometimes they come off as dumbasses based on poor decision making in their private lives or in the workplace; but generally speaking, they are more often than not well-educated and intelligent people. They have the knowledge and education to handle their income in an intelligent manner.

With athletes, especially basketball and football, these guys lack the intelligence, education and upbringing that is necessary to obtain the kind of wealth they do. Most of them are brought up in shitty environments where common sense and intelligence is non-existent. Let's be honest, 99.9% of these players wouldn't be earning anywhere near what they are now without their athletic skills. They don't have the intelligence required to rise to that level in other workplace fields. You can hand them millions and millions of dollars, but they won't have any clue what to do with it. They think back to their roots, where the majority of their parents or parent never saved a dime and the attitude was spend, spend, spend without a care in the world. They are given more money than they ever dreamed of having, and now they don't know what to do with themselves. They also assume the monster paychecks will keep coming forever. They don't look far enough into the future at retirement until it's too late.

It's the same kind of thing that happens to lottery winners who blow it all. Most don't have the intelligence to actually earn that kind of money, yet they are handed it all at once and don't know what to do. They fail to realize they will not be handed that kind of money every single year, and spend beyond their means until it runs out.

Vis
03-19-2013, 11:33 AM
Porter could have blown everything or he could just be deciding to let the bank have the house. We don't know if he owes more than it's worth.

LVSteelersfan
03-19-2013, 11:40 AM
Stupidity is rampant among high paid athletes. I could live very well off the interest of just one of their million dollars they have squandered. He could have bought the house outright but why the heck do they feel they have to live in a mansion with three or four $100K+ cars? You can live in a very nice home for much much less than that. Whatever. This will never change because these people don't have the brains to deal with it.

VaDave
03-19-2013, 12:17 PM
When you stop and think about it; it's not all that difficult to figure out why these athletes squander away their millions so often.

In the real world, to obtain the kind of wealth that star NFL players make, it takes intelligence. Dumbasses do not own multi-million dollar companies or hold executive positions. Yeah, sometimes they come off as dumbasses based on poor decision making in their private lives or in the workplace; but generally speaking, they are more often than not well-educated and intelligent people. They have the knowledge and education to handle their income in an intelligent manner.

With athletes, especially basketball and football, these guys lack the intelligence, education and upbringing that is necessary to obtain the kind of wealth they do. Most of them are brought up in shitty environments where common sense and intelligence is non-existent. Let's be honest, 99.9% of these players wouldn't be earning anywhere near what they are now without their athletic skills. They don't have the intelligence required to rise to that level in other workplace fields. You can hand them millions and millions of dollars, but they won't have any clue what to do with it. They think back to their roots, where the majority of their parents or parent never saved a dime and the attitude was spend, spend, spend without a care in the world. They are given more money than they ever dreamed of having, and now they don't know what to do with themselves. They also assume the monster paychecks will keep coming forever. They don't look far enough into the future at retirement until it's too late.

It's the same kind of thing that happens to lottery winners who blow it all. Most don't have the intelligence to actually earn that kind of money, yet they are handed it all at once and don't know what to do. They fail to realize they will not be handed that kind of money every single year, and spend beyond their means until it runs out.

Interesting point of view. A fair amount of these athletes came from nowhere where they had nothing. Most of them have extended family, and feel obligated in carrying the weight of a the whole clan financially, a clan that has stood by and supported him all his life. They are depending on it. How many times do you hear that "they" are going to buy "Mama" a house?

Just remember to keep that thought in mind the next time a "Wallace" chases the big bucks.

I work in the financial services industry as an investment adviser. I can't begin to tell you all the horror stories I've heard, and how many reclamation projects I've worked on. I've seen some highly intelligent and educated people make some of the dumbest moves, so it's not just athletes that are screwing it up.

The major problem is our educational system does not teach about money. Sure it tells us what a quarter is in relation to a dollar, but anything on how to work personal finance? Zippo. This is no joke, but I first learned about mutual funds on a street corner.

Let me ask a few basic questions before we get too smug about Porter's situation.

How much would you need to save a year to have a million dollars at age 65? IF you did manage save a million dollars, how much could you reasonably expect from it to pay you an reasonably annual income for the rest of your life?

OK, here's the last and final Bonus question, What do you think you could buy for a million dollars in say 30 years?

Any takers ( No pros please)?

If you are having trouble coming up for the answers, odds are your education on the subject was the same as mine, and Mr. Porter's by the time I got out of school. We need to start demanding our school systems teach kids financial responsibility.

jjpro11
03-19-2013, 02:12 PM
Interesting point of view. A fair amount of these athletes came from nowhere where they had nothing. Most of them have extended family, and feel obligated in carrying the weight of a the whole clan financially, a clan that has stood by and supported him all his life. They are depending on it. How many times do you hear that "they" are going to buy "Mama" a house?

Just remember to keep that thought in mind the next time a "Wallace" chases the big bucks.

I work in the financial services industry as an investment adviser. I can't begin to tell you all the horror stories I've heard, and how many reclamation projects I've worked on. I've seen some highly intelligent and educated people make some of the dumbest moves, so it's not just athletes that are screwing it up.

The major problem is our educational system does not teach about money. Sure it tells us what a quarter is in relation to a dollar, but anything on how to work personal finance? Zippo. This is no joke, but I first learned about mutual funds on a street corner.

Let me ask a few basic questions before we get too smug about Porter's situation.

How much would you need to save a year to have a million dollars at age 65? IF you did manage save a million dollars, how much could you reasonably expect from it to pay you an reasonably annual income for the rest of your life?

OK, here's the last and final Bonus question, What do you think you could buy for a million dollars in say 30 years?

Any takers ( No pros please)?

If you are having trouble coming up for the answers, odds are your education on the subject was the same as mine, and Mr. Porter's by the time I got out of school. We need to start demanding our school systems teach kids financial responsibility.

True. People of all walks of life and intelligent levels can go broke. Many times because of failed investments, including many athletes. Athletes though tend to enjoy the night life and live a faster lifestyle. You should see the way these guys blow money in clubs and at casinos on a nightly basis. They always have to have the newest and flashiest cars, clothing, jewelry, etc. It's definitely a culture thing. You don't hear about golfers, hockey players, race car drivers, and baseball players going broke nearly as often as you do basketball and football. It definitely happens, but not as often. A lot of the guys in those sports were raised differently and brought up in different cultures.

Cajun steeler
03-20-2013, 09:39 PM
Until u walk in that mans shoes we don't know. I agree with a lot of it.

zcoop
03-20-2013, 11:25 PM
True. People of all walks of life and intelligent levels can go broke. Many times because of failed investments, including many athletes. Athletes though tend to enjoy the night life and live a faster lifestyle. You should see the way these guys blow money in clubs and at casinos on a nightly basis. They always have to have the newest and flashiest cars, clothing, jewelry, etc. It's definitely a culture thing. You don't hear about golfers, hockey players, race car drivers, and baseball players going broke nearly as often as you do basketball and football. It definitely happens, but not as often. A lot of the guys in those sports were raised differently and brought up in different cultures.

Some of them get shitted out of their money too. Crooked agents, financial advisors and fake azz friends too. I just hope that Porter is just letting the thing go because it maybe under water. If not, then damn.

Blackout
03-21-2013, 12:22 AM
Joey Porter is the shit.

Hope he doesn't lose his home.

OX1947
03-21-2013, 01:15 AM
Maybe he just didnt want to pay for it anymore. Half of Californians who owned homes after the housing market bomb did. And half of them werent broke. They just said eff it.

SoCalFan
03-21-2013, 02:56 AM
Mortgages? Aint nobody got time for that!

luca123
05-11-2013, 01:48 PM
Hello everyone!
I had recently found a -link removed- company that provides really good services for mancbrupcy, and I think that Joey isn't so broken as it looks.
Hope this helps.
Luca

Bane
05-11-2013, 02:13 PM
If you're a spam bot, you're a really clever one.

Minus the spelling errors.

austinfrench76
05-11-2013, 07:09 PM
JP always struck me as someone who would make sound sound financial decisions and set up annuities TK ensure that both he and his family were secure for his current and post career years. Who the f#@k am I kidding??? Not surprised at all. Agree with El Gonzo too about the 30 for 30, its pretty amazing.

Lady Steel
05-11-2013, 10:30 PM
This thread is already posted in the nfl forum.

This. Where it belongs.

Bayz101
05-11-2013, 10:37 PM
This. Where it belongs.

This thread is actually pretty old. A spam bot bumped it. :chuckle:

Lady Steel
05-11-2013, 10:40 PM
Oh. I thought I had read it before. :laughing: Damn spambots!

But, but, but, it wasn't originally posted in the proper forum. So, there! :chuckle:

Hawaii 5-0
05-11-2013, 10:46 PM
Oh. I thought I had read it before. :laughing: Damn spambots!

But, but, but, it wasn't originally posted in the proper forum. So, there! :chuckle:

somebody needs to set the OP straight and teach him the proper damn forums to post things in...:chuckle:

Lady Steel
05-11-2013, 10:54 PM
I'm gonna sick Tico on you if you don't knock it off! :laughing: Love ya, Hawaii! :hug:

Riddle_Of_Steel
05-15-2013, 05:08 PM
Interesting point of view. A fair amount of these athletes came from nowhere where they had nothing. Most of them have extended family, and feel obligated in carrying the weight of a the whole clan financially, a clan that has stood by and supported him all his life. They are depending on it. How many times do you hear that "they" are going to buy "Mama" a house?

Honestly-- not very often. I hear about NFL players getting sued and arrested for assaulting their mothers (like Dez Bryant), beating up their wives/girlfriends, and "making it rain" in strip clubs a whole lot more.

Just remember to keep that thought in mind the next time a "Wallace" chases the big bucks.

We will. Just playing in the NFL is a privilege. Just being paid any money at all for playing what is basically a kid's game is a privilege. The ones who are not even happy with that, and have to go searching for increasingly larger and larger pots of gold should get no sympathy from the working class in America.\

I work in the financial services industry as an investment adviser. I can't begin to tell you all the horror stories I've heard, and how many reclamation projects I've worked on. I've seen some highly intelligent and educated people make some of the dumbest moves, so it's not just athletes that are screwing it up.

Nobody said athletes are the only ones, but a majority of professional athletes do have these problems-- for the reasons the last user already stated. A large majority of them lack any sort of skills or basic common sense to earn that kind of money by any means other than it being given to them for innate talents. As a result, many of them are exponentially worse at handling their money than some of us who have to live on tighter budgets and still manage to get by.

The major problem is our educational system does not teach about money. Sure it tells us what a quarter is in relation to a dollar, but anything on how to work personal finance? Zippo. This is no joke, but I first learned about mutual funds on a street corner.

True, but again, you are rationalizing. It does not take a genius or financial guru to realize that "making it rain" in strip clubs and buying a bunch of high-priced cars you don't even know how to drive will end in your bankruptcy.

Let me ask a few basic questions before we get too smug about Porter's situation.

Neither one of them has any relevance to the discussion.

How much would you need to save a year to have a million dollars at age 65? IF you did manage save a million dollars, how much could you reasonably expect from it to pay you an reasonably annual income for the rest of your life?

Irrelevant. It was not a retirement plan that went tits up for Joey Porter-- it was a house he could not afford to pay for in the first place.

OK, here's the last and final Bonus question, What do you think you could buy for a million dollars in say 30 years?

Also irrelevant and off-topic. People not knowing the finer details of mutual funds is not on the same level of "stupid" as making it rain in a strip club or professional athletes blowing their money on hookers, SUVs, and coke.

Any takers ( No pros please)?

If you are having trouble coming up for the answers, odds are your education on the subject was the same as mine, and Mr. Porter's by the time I got out of school. We need to start demanding our school systems teach kids financial responsibility.

Our financial education may have been the same, but I still make better fiscal choices. There is no excuse for stupid (by "stupid", I am not referrring to mentally challenged or disabled people-- I am talking about when you should know better but choose not to).

Sorry, if that all sounds a bit preachy (you posts are normally pretty good ones, VaDAVE), but I honestly don;'t think there is much excuse for the financial binds most of these retards in the NFL put themselvbes into.