NBA Player Says The Dumbest Things About Money

In case you were unaware, last week was the huge $640 million Mega Money drawing.  There had been quite a bit of publicity surrounding the event since many experts postulated that if the drawing went without a winner, it would top the $1 billion mark.  People clamored to secure tickets–even those who lived in states that don’t participate in the drawing were sent to Twitter, Facebook, and their phones to contact friends and relatives in participating states hoping to have tickets purchased for them.  One particular person who who a significant vested interest in the drawing was Washington Wizards rookie Chris Singleton.

 

 

 

As you can see from the above tweets, Mr. Singleton decided to spend $10,000 on tickets, which he later went on to call an “investment”.  I would suggest heading back to Florida State for another few semesters of finance courses to learn what the meaning of “investment” is.

Then, we get this heart-warming line regarding his plans for those future winnings…

 

 

I’m sure there are plenty of people who think that he could have taken steps toward that dream simply by giving that wad to an organization that already is trying to change the world.  Or at least used that money to help kids who needs clothes and supplies for school, or food, or any of a number of better things.  

 

The most idiotic of all was a quote reported by Michael Lee of the Washington Post’s Wizards Insider section:

When asked about the purchase on Monday, Singleton said he had to buy tickets at different locations because they weren’t allowed to print his requested demand at once. He added that he felt he made a wise investment, even though he didn’t win. ‘Either that or blow it in the club,’ Singleton said.

Talk about an immature, asinine, pathetic [insert your adjective here] perspective to have!

 

Now, this is in no way an attack o the kid personally.  What it is, in reality, is yet another example of what happens when you give gives access to seemingly unlimited funds at such a young age, and with (apparently) no guidance.  What’s worse s that these are the people children look up to and try to imitate, even though many will shun that responsibility.  I just hope this young man doesn’t end up like player before him such as Julius Erving, Allen Iverson, Antoine Walker, and many more who ignored fiscal responsibility and ended up either broke, or being forced to sell their cherished memories to stay afloat.

  • http://www.modestmoney.com/ Modest Money

    Haha too funny.  I would feel sorry for him, but he is going to make far too much money for that.  With that kind of mentality he is well on his way to becoming yet another professional athlete that goes broke shortly after retiring.  With today’s pop culture,  no wonder young people who get a lot of money are often not responsible with it.  They are taught that it’s ‘cool’ to throw around your money and live the big lifestyle.

  • http://www.modestmoney.com/ Modest Money

    Haha too funny.  I would feel sorry for him, but he is going to make far too much money for that.  With that kind of mentality he is well on his way to becoming yet another professional athlete that goes broke shortly after retiring.  With today’s pop culture,  no wonder young people who get a lot of money are often not responsible with it.  They are taught that it’s ‘cool’ to throw around your money and live the big lifestyle.

  • http://www.modestmoney.com/ Modest Money

    Haha too funny.  I would feel sorry for him, but he is going to make far too much money for that.  With that kind of mentality he is well on his way to becoming yet another professional athlete that goes broke shortly after retiring.  With today’s pop culture,  no wonder young people who get a lot of money are often not responsible with it.  They are taught that it’s ‘cool’ to throw around your money and live the big lifestyle.

  • http://twitter.com/pinchthatpenny Bryan

    If the choice is *actually* between playing the lotto and spending $10,000 in “the club,” I guess I’d probably go for the lotto too.  That said, it was pretty obviously not an either/or situation.

  • http://www.thegeezergadgetguy.com/ Thad Puckett

    The saying “a fool and his money are soon parted” seems apropo.

  • http://investorzblog.com/ Andy Hough

    Hopefully he will get smarter with his money as his career continues.  Once he doesn’t have the huge income he won’t be able to shrug off mistakes like this. 

  • http://investorzblog.com/ Andy Hough

    Hopefully he will get smarter with his money as his career continues.  Once he doesn’t have the huge income he won’t be able to shrug off mistakes like this. 

  • http://www.smartwealth.org/ Evan @ Smart Wealth

     wow lol, I did not hear about this at all.  At least he would make the world a better place, he promised

  • http://fatguyskinnywallet.com/ Sherrian@Fat Guy Skinny Wallet

    That really is a shame. As you stated, I really hope he doesn’t follow in the footsteps of those before him that were given something they didn’t know how to handle.

  • http://fatguyskinnywallet.com/ Sherrian@Fat Guy Skinny Wallet

    That really is a shame. As you stated, I really hope he doesn’t follow in the footsteps of those before him that were given something they didn’t know how to handle.

  • http://fatguyskinnywallet.com/ Sherrian@Fat Guy Skinny Wallet

    That really is a shame. As you stated, I really hope he doesn’t follow in the footsteps of those before him that were given something they didn’t know how to handle.

  • http://twitter.com/thefrugaltoad thefrugaltoad

    What is the saying?  A fool and his money are soon parted?

  • http://twitter.com/thefrugaltoad thefrugaltoad

    What is the saying?  A fool and his money are soon parted?

  • http://www.nextpay.com/offshore_processing.php Offshore Processing

    That’s really sad. It’s definitely lack of financial knowledge. I’m not even sure if he has taken finance related courses. Currently there are only 15 states offering finance related courses. It’s now wonder why he called that an ‘investment’.