Who would have known that Jose Canseco and Latrell Sprewell would have so much in common. Both overrated volatile sports figures who spent it a lot faster than they made it. Both facing financial ruin due to their “financial fiscal” theories on making and saving money. Jose Canseco being the latest to offer his take on the “pressures” of being a millionaire.
Jose Canseco’s home just recently went into foreclosure Canseco recently told the syndicated TV show “Inside Edition” that he walked away from his $2.5 million, 7,300-square foot home in suburban Encino because it didn’t make sense to continue making payments.
This in itself is not shocking. With the downturn in the housing market, many are finding upper end homes worth far less than the mortgage. They find it cheaper to walk away than throw bad money after bad. Not necessarily a bad financial move.
What was amusing and what brought back memories of Latrell Sprewell was the following quote from Canseco:
“You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, `OK, let’s assume it is $35 million.’ People have to understand that $35 million, you’re paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you’re taking care of your whole family.”
Ok, let as all have a financial pity party for Jose Canseco who was unable to take care of himself and his family on 18 million. Parties, cocaine, strippers and his steroids bill certainly put a dent in that sum…..
Who can also forget NBA has been Latrell Sprewell’s ramblings about how tough it is to support a family back in 2004 when he was demanding a trade if he did not receive a contract extension from the New York Knicks.
On Halloween 2004, Sprewell, who was in the final season of a $62-million, five-year deal he signed with the Knicks, said he was insulted by Minnesota’ s offer of a contract extension that was reportedly worth between $27 million and $30 million for three seasons. “I’ve got my family to feed,”
That quote become a national moniker for the public perception of athletes as greedy out of touch individuals.
Apparently Sprewell still cant feed his family because his yacht was recently repossessed and his multi million dollar mansion is about to be foreclosed on.
Maybe Canseco and Sprewell should get together to discuss getting their families fed. Canseco can give Sprewell tips on bulking up for his next career as a professional wrestler where he will practice his patented “choke hold’ and Sprewell can give Canseco tips on yacht upkeep for his next career cleaning them…..
Hey, they have to feed their families right?
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