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NHL Player Jack Johnson files for bankruptcy.

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1nitestan

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Family and business should never ever mix. Your parents know which buttons to press and will lead you down a dark path. Same for the reverse where manipulative kids drain their parents dry. You hire pros to fix your plumbing. You go to real doctor when you're sick. Don't ever trust your family to money.
 
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rick hunter

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1nitestan said:
Family and business should never ever mix. Your parents know which buttons to press and will lead you down a dark path. Same for the reverse where manipulative kids drain their parents dry. You hire pros to fix your plumbing. You go to real doctor when you're sick. Don't ever trust your family to money.
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The problem is that your parents raised you and took you to all those practices and competitions. If you can't trust your parents then who are you supposed to trust? Most parent's want to do what is right for their children.

Young athletes are a lot like lotto winners, both instantly get a huge amount of money. Usually the leeches are people you haven't heard from in a long time. You don't expect your parents to be the people trying to screw you over.
 
badbadboy

badbadboy

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rick hunter said:
Jack Johnson of the Blue Jackets has filed for bankruptcy. The leeches in his case wasn't some corrupt lawyer or slimy player agent but his own parents! :eek:

I guess the moral of the story is that no matter how much or little you make that you have to watch where you spend your money.

http://bluejacketsxtra.dispatch.com/content/stories/2014/11/20/blind-sided.html
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That's a sad story and not the first time its happened. Whether an athlete, musician or actor; it's usually a case of parents thinking they know best when they are ill equipped to manage a large salary, taxation, trusts etc etc.

Now his family and him are not even speaking to one another.
 
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bcneil

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I think its more than trusting your parents. I trust my parents. But I know neither of them have any expertise managing millions of dollars.

People always think they know more than they do, and education is some sort of scam.
Why hire a company full of people with business degrees and years of experience..........Dad watches BNN market call, and always pays the phone bill on time.
 
Lo-ki

Lo-ki

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Jul 18, 2011
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Check your closet..:)
My dad always said..

WHEN IT COMES TO MONEY
YOU HAVE DON'T HAVE ANY FRIENDS OR FAMILY
 
L

Larry Storch

Lo-ki said:
My dad always said..

WHEN IT COMES TO MONEY
YOU HAVE DON'T HAVE ANY FRIENDS OR FAMILY
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Yup. Been burned by both in the $ dept.

"On Sept. 22, he sued Miller, National Mortgage Resources and Vo and his company, CYA Investments, for at least $1.5 million, including punitive damages."
A rather apt name.
 
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vantim

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More often then not, there are two sides to these stories. The parents may well paint an entirely different picture.
 
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1nitestan

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rick hunter said:
The problem is that your parents raised you and took you to all those practices and competitions. If you can't trust your parents then who are you supposed to trust? Most parent's want to do what is right for their children.

Young athletes are a lot like lotto winners, both instantly get a huge amount of money. Usually the leeches are people you haven't heard from in a long time. You don't expect your parents to be the people trying to screw you over.
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Yeah but parents abuse that trust, as is the case here. Or maybe they always knew that their investment would pay off and they could milk their little meal ticket dry. Either way, it's efff'd up.
 
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lonepooner69

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Dec 10, 2007
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If the person you're giving money to won't agree to 100% transparency and third-party monitoring, don't give them money.
 
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rick hunter

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lonepooner69 said:
If the person you're giving money to won't agree to 100% transparency and third-party monitoring, don't give them money.
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That wasn't the issue here. He signed a power of attorney to give his mother full financial access. She totally abused that trust and borrowed money using his salary as collateral.
 
G

grusse

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Feb 18, 2010
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I agree that hockey players are guided correctly on the importance of education in the Junior leagues,be it Major Junior, Junior A or B.

Where I think guidance is lacking,or ignored, is in many NCAA football and basketball programmes.

I read where something like 79% of NFL players were bankrupt within 2-3 yrs after retiring.

I may be accused of generalizing,but I believe Jr hockey players will usually come from a more stable environment than do the guys playing football/basketball
for NCAA schools.
Sadly,it is not a surprise that the latter group would have little if any experience with handling money.Add to that their "friends" from the hood who are only too happy
to help the athlete spend his money.

The universities might have financial counselling services available,but that doesn't mean the young men will seek advice on how to handle the sudden wealth
that comes with an NFL/NBA contract.

While the Jack Johnson case is sad,it is also rare for the NHL.
 
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grusse

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Feb 18, 2010
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I read both Sanderson's and Fleury's books, brutal honesty there, and saw the docu on Fleury.Things turned out well for them(I almost said their stories had a happy ending,but that phrase has come to mean only one thing,lol)

agree the rags-riches-rags can cross many segments of society,but not sure about the all-the-same part.I'm pretty damn sure the NHL,CFL,MLB do not have a 79% bankruptcy rate 2-3 yrs into retirement..
 
S

Sporting

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Feb 7, 2010
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Badge, thanks for your insight into the world near and dear to every sport fan's heart
 
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