Ray Williams having a tough time

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How did he lose all of his money? This is why today's celebrities will hire financial advisers to help them invest their money for the long term. What did he expect to happen after he was out of the leauge?
 

The players didn't make the kind of money they do now. He only made 125,000 a year on his first contract. I think if he had been disciplined and saved 25,000 a year and invested it he would have been okay. He probably didn't have the mindset or knowledge to achieve that though.

The other thing is he basically reached close to middle age and never really held down a job. It is tough to flip burgers at that point when you never really had to do anything prior to that. Basketball is a job but it is a career where you start at the top. Not to many like that.
 

jovs said:
The players didn't make the kind of money they do now. He only made 125,000 a year on his first contract. I think if he had been disciplined and saved 25,000 a year and invested it he would have been okay. He probably didn't have the mindset or knowledge to achieve that though.

The other thing is he basically reached close to middle age and never really held down a job. It is tough to flip burgers at that point when you never really had to do anything prior to that. Basketball is a job but it is a career where you start at the top. Not to many like that.
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Granted nominally he made a lot less than they do today, and i'd imagine in "real" dollars he made less too, but the gap isn't probably as large when considering the cost of living, inflation, etc. that there is today.

He also recieved gifts / loans from people and was never able to turn it into anything or put it to good use.

It'd be comparable to seeing how well guys like Smush Parker have been managing there money ...
 

On the bright side, he didn't blow his money as fast as Latrell Sprewell or Antoine Walker.
 



Is there not a pension type program for NBA players who have played at least 5 years or something (where they pay in as players and get paid later per the number of years they played, etc)?
 

XMan said:
Is there not a pension type program for NBA players who have played at least 5 years or something (where they pay in as players and get paid later per the number of years they played, etc)?
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Yes but for players from back then (40 or 50 years ago), the pension is not much at all.
 

jovs said:
The players didn't make the kind of money they do now. He only made 125,000 a year on his first contract. I think if he had been disciplined and saved 25,000 a year and invested it he would have been okay. He probably didn't have the mindset or knowledge to achieve that though.

The other thing is he basically reached close to middle age and never really held down a job. It is tough to flip burgers at that point when you never really had to do anything prior to that. Basketball is a job but it is a career where you start at the top. Not to many like that.
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My stepdaughter's father played 8 years in NBA (1970's). First contract was $75K in 1971. NBA team cut him in 1979.

He worked 25 years as gasoline truck driver for Calif oil company before retiring a few years ago. His pension from that job far exceeds his NBA pension.

Basketball players have job options beyond flipping burgers if they want to choose other options.
 



XMan said:
Is there not a pension type program for NBA players who have played at least 5 years or something (where they pay in as players and get paid later per the number of years they played, etc)?
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True X, there is a pension, but Ray Is 55 years of age and will have to wait till he's 62 to start receiving it, I believe.
 


Friend Of Tubby said:
NBA pension can be taken at 55 - I think.
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Yeah, you could be right. According to this article, the guy puts it at 62, but I don't know for sure. http://msn.foxsports.com/nba/story/Pension-is-players-safety-net-03458965 There's an old article about pre 1965 players (Ray is in the post 1965) and within these guidelines he would receive $3,210 a month. $321 per year of service. Ray spent 10 years in the NBA. Here's the link. http://www.apbr.org/pension.html You have to read quite a bit to get to this info and it's old, so things probably changed for him as far as per year money.
 

fan of Ray Williams said:
Yeah, you could be right. According to this article, the guy puts it at 62, but I don't know for sure. http://msn.foxsports.com/nba/story/Pension-is-players-safety-net-03458965 There's an old article about pre 1965 players (Ray is in the post 1965) and within these guidelines he would receive $3,210 a month. $321 per year of service. Ray spent 10 years in the NBA. Here's the link. http://www.apbr.org/pension.html You have to read quite a bit to get to this info and it's old, so things probably changed for him as far as per year money.
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Natalie's Dad (Nate) is 60 but started taking his NBA pension (from 1971-79 playing years) a few years ago (about 2005).
 



Get in line Ray with the rest of the world. He seems to have a sense of entitlement. That is the kind of speak you get from union employees. Some of us have NO pension and we have to some how live on what we earn today and what we save for our retirement. If we could just get rid of unions and trial lawyers this country would be so much better off. Here is an idea Ray, go figure out how you are going to make more money and save it just like everyone else has to.
 


Golden Shower said:
Get in line Ray with the rest of the world. He seems to have a sense of entitlement. That is the kind of speak you get from union employees. Some of us have NO pension and we have to some how live on what we earn today and what we save for our retirement. If we could just get rid of unions and trial lawyers this country would be so much better off. Here is an idea Ray, go figure out how you are going to make more money and save it just like everyone else has to.
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:clap: +1
 

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