OT: Jack Johnson is Broke / Bankruptcy Filed

[apadilla]

I suppose this is one case where the "Players Emergency Fund" will set in for Jack.

 

[kingsfan28]

That story is just flat out crazy. The story reminded me of all the horror stories you hear from young actors who's parents spend all their money before reach 18 and have control of it. It could end up being a wake up call to all young players around the league who come into huge amounts of money and put their trust in the wrong people. Bottom line, don't let your parents run your career and have power of attorney.

I'm honestly surprised the NHL doesn't have in place the same rookie financial planning seminar that the NBA/NFL have after they sign. I've read about how they walk them through a basic money management 101 class to educate players about how to deal with money and what to look out for.

 

[damacles1156]

That story is just flat out crazy. It could end up being a wake up call to all young players around the league who come into huge amounts of money and put their trust in the wrong people. Bottom line, don't let your parents run your career and have power of attorney.

I'm honestly surprised the NHL doesn't have in place the same rookie financial planning seminar that the NBA/NFL have after they sign. I've read about how they walk them through a basic money management 101 class to educate players about how to deal with money and what to look out for.

The only reason the NFL/NBA do that is, they are tired of getting sued every year by their own players.

Some crazy stat like 50 or 60% of those NFL/NBA go broke four years after retirement.

Those same players turn around, and start suing the league(most likely motivated by financial hardship).

 

[kingsfan28]

The only reason the NFL/NBA do that is, they are tired of getting sued every year by their own players.

Some crazy stat like 50 or 60% of those NFL/NBA go broke four years after retirement.

Those same players turn around, and start suing the league(most likely motivated by financial hardship).

ESPN did a great series about this, one former NFL player who went bankrupt said at one time he had 4 different mortgages for family members.

 

[johnjm22]

Some crazy stat like 50 or 60% of those NFL/NBA go broke four years after retirement.

78% of NFL players are bankrupt, or having financial hardship within 5 years of retirement. It's 60% for NBA players.

ESPN did a great series about this, one former NFL player who went bankrupt said at one time he had 4 different mortgages for family members.

Are you talking about the 30 For 30 documentary "Broke" ?

 

[damacles1156]

Thank you Johnjm I knew it was some ridiculous number.

78/60, that's more than half folks heck the NFL is above 75%....My goodness.

 

[no name]

As much as I always gave JJ a free pass for mistakes on the Kings, I can't give him a free pass here. He had to had known. He should have had a better line on his well being. Chicken poop move by those he loved but Jack is a smart man. He was purposely being ignorant until he had no choice but to address it.

 

[Ziggy Stardust]

Is he really a smart man? This news makes me think otherwise.

 

[Reclamation Project]

I just can't believe how this happens. How do you put all your eggs in one basket? It's your money, WATCH IT!

 

[Ziggy Stardust]

Jack does resemble a dumb jock. He's Biff Tannen.

 

[lak4ever]

His dad always seemed like a dick.

 

[DoktorJeep]

I wonder if the parents shenanigans were something DL was aware of and saw trading JJ as a two birds with one stone type of situation?

 

[Butch 19]

That story is just flat out crazy. The story reminded me of all the horror stories you hear from young actors who's parents spend all their money before reach 18 and have control of it. It could end up being a wake up call to all young players around the league who come into huge amounts of money and put their trust in the wrong people. Bottom line, don't let your parents run your career and have power of attorney.

I'm honestly surprised the NHL doesn't have in place the same rookie financial planning seminar that the NBA/NFL have after they sign. I've read about how they walk them through a basic money management 101 class to educate players about how to deal with money and what to look out for.

I'm fairly cetrain the NHL does have this type of program, but after they sign a contract, eventually (like in about 2 weeks max), you just have to give them the money.

And I had always thought POA was for older folks, as they lose some of their capacity to function at 100%. Never heard of a young, healthy person just handing it over to anyone.

 

[DaAnimal]

so sad. He is my favorite player in the league...

 

[Buddy The Elf]

I wonder if the parents shenanigans were something DL was aware of and saw trading JJ as a two birds with one stone type of situation?

I was kinda making that connection yesterday in the light of the Voynov news. If in fact DL did decide to move Jack partly because of his looney parents, it is kinda ironic that the guy who replaced him gets charges with a felony on the same day Jack's bankruptcy was announced.

 

[no name]

Is he really a smart man? This news makes me think otherwise.

From everything I have heard he is a smart man. Good grades, debate team, etc. DL would say he would enjoy just having conversations with Jack.

 

[Brodeur]

Are you talking about the 30 For 30 documentary "Broke" ?

I happened to have this on the background on Tuesday night and then the JJ story broken Wednesday morning. Somewhere in the middle, there's a segment that leads off with Curt Schilling saying "Sometimes the worst thing you can do is keep the money in the family." Bernie Kosar has a story about his Dad wasting his money. They also mention how Arantxa Sánchez Vicario's parents lost all of her career earnings as well.

 

[Brodeur]

I'm honestly surprised the NHL doesn't have in place the same rookie financial planning seminar that the NBA/NFL have after they sign. I've read about how they walk them through a basic money management 101 class to educate players about how to deal with money and what to look out for.

Looks like the NHL has been doing a rookie seminar. Although in the ESPN doc, Darren Rovell notes how many players don't pay attention or outright fall asleep during the NFL/NBA presentations. In the article, Bryan Berard has been trying to help out but also laments that he wishes more guys would ask him questions.

From Elliotte Friedman: http://www.sportsnet.ca/hockey/nhl/30-thoughts-financial-woes-not-unique-to-johnson/

The NHL and NHLPA now do a pre-season rookie symposium. Berard’s been there the last two years, telling the young players his story, advising them how to keep track of their money.

“I tell them I made some mistakes at a young age, bad decisions,” he said. “Someone became a friend, I gave him my trust. Many hockey players come from blue-collar families. My parents had six kids, my father learned to make it work on $40,000 a year. I didn’t understand how to handle” NHL income.

“The biggest issue is that you have to educate yourself. When you’re young and you’re trying to make the NHL, the problem all of us have is that you don’t want to be bothered, because you’re focusing on playing. But the cheques are coming in. You need to take the time to understand.

“Can you read a bank statement? Do you understand a balance sheet?” he continues. “Stay liquid. Make sure you can get money when you need it. If everything is tied up in real estate deals, for example, it’s harder to access your money and easier to be defrauded.”

 

[Ziggy Stardust]

From everything I have heard he is a smart man. Good grades, debate team, etc. DL would say he would enjoy just having conversations with Jack.

Given the fact that he never monitored where his money was going and how he didn't put a stop to this after losing the first million (which I'm sure he had no clue about), I'm convinced that Jack has probably never paid a bill or balanced a checkbook in his life.

To me, this is a case of a kid who's attached at the umbilical cord and left all of his financial responsibility to his folks who were living vicariously through their son.

It's disgusting how his parents took advantage of their own child.

 

[HeadInjury]

At least he's young enough and healthy enough that he can continue to play for a good while and have some sort of nest egg by the end.

 

[no name]

Given the fact that he never monitored where his money was going and how he didn't put a stop to this after losing the first million (which I'm sure he had no clue about), I'm convinced that Jack has probably never paid a bill or balanced a checkbook in his life.

To me, this is a case of a kid who's attached at the umbilical cord and left all of his financial responsibility to his folks who were living vicariously through their son.

It's disgusting how his parents took advantage of their own child.

This was my first post:

((As much as I always gave JJ a free pass for mistakes on the Kings, I can't give him a free pass here. He had to have known. He should have had a better line on his well being. Chicken poop move by those he loved but Jack is a smart man. He was purposely being ignorant until he had no choice but to address it.))

I agree that he's one of those kids. Completely ignorant. Like my Grandmother who was coddled her whole life by my Grandpa until he died. She couldn't even pump her own gas. Or maybe he knew all along and was being purposely ignorant due to fear of alienating himself from his comfort zone (family). Battered wife syndrome. These parents make the kids feel like they owe them. In some ways the athletes do owe their family, but the athlete should not be a business asset.

 

[KBA4life]

*****es man, *****es

 

[Butch 19]

His dad always seemed like a dick.

His dad at least would wear a Kings jersey when the drw played in L.A.

When I first saw Jack's mom wear a wings jersey at her son's games at Staples (in the Kings box of course!), I thought "what a selfish little bitfdch. She can't even be the least bit respectful to her son's employer - you know, the organization that's providing them with this lavish lifestyle." Little did I know who she was really excited for.

Look, Montreal is my most hated team in all of sports, but if our son ever made the NHL and happened to play in Montreal, you couldn't pry that Canadiens jersey off of me.

Her actions make more sense to me now.

 

[The Tikkanen]

The only reason the NFL/NBA do that is, they are tired of getting sued every year by their own players.

Some crazy stat like 50 or 60% of those NFL/NBA go broke four years after retirement.

Those same players turn around, and start suing the league(most likely motivated by financial hardship).

The problem is the players spend as though those contracts will keep on coming. The reality is that money will need to last about 50 years, you're going to see a lot of pro athletes in all different sports go broke in the coming years because the spending heavily outweighs the potential income.

 

[MsMeow]

His dad at least would wear a Kings jersey when the drw played in L.A.

When I first saw Jack's mom wear a wings jersey at her son's games at Staples (in the Kings box of course!), I thought "what a selfish little bitfdch. She can't even be the least bit respectful to her son's employer - you know, the organization that's providing them with this lavish lifestyle." Little did I know who she was really excited for.

Look, Montreal is my most hated team in all of sports, but if our son ever made the NHL and happened to play in Montreal, you couldn't pry that Canadiens jersey off of me.

Her actions make more sense to me now.

That's just disgusting. I never much liked JJ but I feel really bad for him. He must be reeling having had to deal with two huge blows. I hope he has a support system out there but I wonder who he feels he can trust?