Fedorov lost all his NHL money

[zar]

A lesson to everyone, the only one you can trust with your money is yourself. Educate yourself financially, and don't put all your eggs in one basket

Couldn't agree more.

Modano, johnson and now Federov... I wonder if the NHLPA has a program... or at least reputable investment firms for these guys to deal with?

Truly guys like Federov... who has made way more than the average player, should be investing is low risk guaranteed investments if they are investment illiterate.

It's too bad, but they still have more ability (connection wise and name recognition) to make way more money than the average person, so they will be better off than 99% of the individuals posting on this forum.

 

[Ziggy Stardust]

don't ever do business with your family or friends

Or Russians. And believe me, I grew up in a community with them and they'll even tell you that.

 

[Sergei DRW]

https://m.youtube.com/watch?v=fzLtF_PxbYw

This joke from the age of dinasauruses must be funny to you? hahaha

Well, the current events are not so funny to me

 

[TeddyBare]

I remember reading an article about him buying a $1.5 Ferrari Enzo back in the day.


Guys who are out there buying vehicles like that, I'll bet he was mostly to blame.

 

[dechire]

Couldn't agree more.

Modano, johnson and now Federov... I wonder if the NHLPA has a program... or at least reputable investment firms for these guys to deal with?

They are starting a program to assist players with post-retirement finances and life management and all rookies get a short intro to finances(I believe) but the league does not have a list of certified finacial advisors for players afaik.

On the other side of that, a few months ago on the BOH there was a post about NFL certified advisors defrauding their clients so the league making suggestions is not a guarantee either.

 

[Sens Rule]

I have the same impression of Bobby Orr -- would think twice before letting him be my agent.

Really? Bobby Orr himself was swindled out of a massive fortune by his agent Eagleson. Whom he trusted like a second father.

It sucks to have a trust betrayed by a friend or worse family. It must be even a bigger feeling of betrayal then even the loss of a fortune.

However as to whether players should trust Orr as an agent... Orr famously never cashed a cheque of his Chicago Blackhawk salary. Even getting paid plenty more then in Boston. Because he didn't feel he "earned" it because he was injured so often. That is a guy I trust with my money.

On the topic of athletes losing their fortunes to con artists... the thing that boggles my mind is that it lasts for years and years. Anyone can get conned for a short while. Getting conned for a half decade is quite the achievement.

 

[member 147413]

Remember being in Montreal for school during a National Tournament type thing, he was there for Russia and I ended up in an elevator with him... I did what any 11 year old kid would do and asked for an autograph. He looked at me stone cold, no words and looked away, didn't say anything.

Can't say I'm sorry, if you can't give 10 seconds to sign a mini stick for a kid.

 

[AlphaBravo]

It amazes me when star athletes decide to invest millions of dollars in such investment schemes. Even if these investments were legit, why would you even take such a risk? The biggest risk I would take in their position is buy and renting land or apartments.

 

[rh71]

It's funny (sad) how nonchalant most people are when it comes to their personal finances.

These guys were born and bred hockey players. They hardly had time for relationships, let alone appropriate handling of money they knew nothing about. They'd have to hire someone else to go after anyone stealing their money too.

 

[Don Corleone]

I for one would make damn sure that no one messed with my hard earned nickles.

 

[lawrence]

didn't mike Modanno lost all his money too? (that was more investment failure). I think Alan Iverson lost all his money too, but that was more him blowing it away.

 

[Atas2000]

Who knows what kind of "ties" his close friend had. Doing business in Russia is very different from the rest of the world. Or did this happen in the US? Sad situation.

Yeah, come on, spew your prejudice. You obviously have no idea about doing business in Russia.

And yes, it was in the US. hat kind of "ties" do you need in US?

 

[blankall]

Klychko brothers are Ukrainian.
Time and time again you lump us together with Russia, while it is Russia which is waging a war of aggression against Ukraine right now.

I apologized for the Klitchsko / Ukrainian gaff already.

And yes, I'm aware of the war, hence the joke about the Russian media attempting to turn their invasion of the Ukraine into anti-West propaganda.

 

[AINEC*]

Yeah, come on, spew your prejudice. You obviously have no idea about doing business in Russia.

And yes, it was in the US. hat kind of "ties" do you need in US?

A standard Windsor knot should suit most situations just fine.

 

[KaseMeOutside]

Why don't these guys just put their money into a mutual fund, they've made so much they really don't need a lot of growth out of it or anything...don't the unions have guys they verify as being good financial advisors?

 

[Tweed]

A lesson to everyone, the only one you can trust with your money is yourself. Educate yourself financially, and don't put all your eggs in one basket

Tells readers not to trust anybody on money matters. Proceeds to give financial advice.

 

[Frank Drebin]

Tells readers not to trust anybody on money matters. Proceeds to give financial advice.

You consider that financial advice? I feel bad for you if so.

 

[LeafFever]

Everyone should invest their money like Magic Johnson has.

 

[Nordic*]

People are so gullable!

This Nigerian prince and I are going to make billions together.

 

[Tweed]

You consider that financial advice? I feel bad for you if so.

Relax big guy, I was just making light of your comment. I didn't jump on the horn and have my broker consolidate all my assets, or anything.

 

[Snippit]

Can someone summarize what happened to Jack Johnson for me?

 

[ReginKarlssonLehner]

Yeah should have worded it better. By relative I meant that Johnson lost more percentage of his total income (more than 100%). It's like how poverty in Canada and United States can still mean a decent life in an expensive Chinese city, and a great life in a rural area that is not in a developed country lol.

Can someone summarize what happened to Jack Johnson for me?

Lol was just gonna ask. Or provide a link pls

 

[realgoodleafs]

Who knows what kind of "ties" his close friend had. Doing business in Russia is very different from the rest of the world. Or did this happen in the US? Sad situation.

Ever heard of Bernie Madoff? $18 billion lost in his ponzi scheme. There are scam artists everywhere.

 

[Frank Drebin]

Can someone summarize what happened to Jack Johnson for me?

http://deadspin.com/how-jack-johnsons-parents-screwed-him-and-left-him-mill-1663583325

 

[Creativero]

I wonder if the stress from this effected him on the ice. I always thought it was weird how his game really fell of pretty early in his 30s compared to other guys on his level.