Adrian Peterson broke and auctioning most of his possessions
One of the greatest running backs, and the highest paid running back of all-time is broke less than three years after retirement. He made over $100 million in contract money during his career, not including any endorsement deals. College coaches may want to bring this up when recruits are only concerned with a few hundred thousand NIL dollars.
Learn how to handle your money or you’ll go broke no matter how much you’ve got. You can bid on his Player of the Year awards and much more here.
February 22nd, 2024 at 3:06 PM ^
I'm wondering if Draymond green ends up broke first or in prison first.
February 22nd, 2024 at 3:35 PM ^
Yeah, it'll probably be a one-two punch (pun intended).
February 22nd, 2024 at 11:57 PM ^
Posting here for visibility for the few that were saying this was just “clickbait” or that he’s not in any real financial trouble. There is still an outstanding debt of $8.3 million that he has yet to pay. He had been selling homes and now this auction where he seems to be selling everything inside them. He’s denying the trophies are for sale now, although I think it may be some PR spin from him once the story broke and started getting tons of press.
“Detroit Lions running back Adrian Peterson has been ordered to pay almost $8.3 million in summary judgment to a Pennsylvania loan company after a defaulted loan in 2016, New York State Supreme Court records show,” ESPN’s Michael Rothstein wrote in January 2021.
“DeAngelo Vehicle Sales LLC sued Peterson in 2018 after the running back failed to pay back an initial sum of $5.2 million, including interest, by March 1, 2017.” Peterson has sold or attempted to sell multiple homes in light of his financial obligations.
February 22nd, 2024 at 3:33 PM ^
It's hard to say. An otherwise mentally healthy person who looks like a perfectly well functioning adult could have a gambling addiction and go broke.
Another person who looks like a disaster, with documented mental illness, but if they just don't ever dip into their savings like theyre supposed to, they could stay wealthy their entire lives. 🤷♂️
February 22nd, 2024 at 3:34 PM ^
why can't they happen simultaneously?
February 22nd, 2024 at 4:18 PM ^
Both.... eventually.
February 22nd, 2024 at 5:03 PM ^
Green loves himself too much to go broke and/or end up in prison. He’s a fake tough guy, so there is a 0% chance he will step to anyone off of an NBA court, where many people are paid to keep order.
February 23rd, 2024 at 7:44 AM ^
Didn't hear about that bar kerfuffle in Michigan?
February 22nd, 2024 at 5:43 PM ^
Over under is on prison
February 22nd, 2024 at 6:13 PM ^
Draymond is probably gonna make 3x more than Peterson ever did
February 22nd, 2024 at 8:22 PM ^
Draymond Green donated $3.1m to MSU which was the highest donation from a professional athlete to their Alma Mater back in 2015.
I think Curtis Granderson since surpassed that when he donated over $5m to UIC to build a baseball stadium which was matched by MLB.
Point being, I don’t think financially irresponsible individuals donate millions of dollars.
February 22nd, 2024 at 11:03 PM ^
Depends on who they donate it to. MSU, not so much. Maybe a stripper scholarship fund might be money better spent.
February 23rd, 2024 at 1:38 PM ^
Draymond is actually pretty smart and will become one of the best analysts or commentators once he retires.
February 22nd, 2024 at 3:07 PM ^
He should probably tighten his belt...
too soon?
February 22nd, 2024 at 3:12 PM ^
Poor, AP. His career went south as quick as the flip of a switch.
February 22nd, 2024 at 3:10 PM ^
Awww, poor guy.
February 22nd, 2024 at 7:23 PM ^
Yes he is!
February 22nd, 2024 at 3:11 PM ^
This is why student athletes should be required to take courses on money management. The amounts they potentially get are huge and it's easy to lose sight of the responsibility part of being a multimillionaire, especially when you're young. I would be all over my kids if they suddenly found themselves with that kind of money, but a lot of students don't have parents or guardians with that kind of knowledge. $100 mil should provide you with a very nice life for the rest of your life.
February 22nd, 2024 at 3:14 PM ^
$100 mil should provide you with a very nice life for the rest of your life.
quite an understatement lol. Can make 5 mill/year just letting it sit in a HYSA.
February 22nd, 2024 at 3:18 PM ^
Exactly. It's very hard for me to understand how someone can blow that amount of money -- I guess just huge overconsumption and really bad investments.
February 22nd, 2024 at 3:38 PM ^
I have a relative who works on the player education side for young players at an MLB team.
I asked her the same question, and she explained that many of these young players, especially from the caribbean, have too many people in their lives offering to "help" them with their finances. Players will ask for $50k+ checks to be handed to them because they've never had a bank account, or even worse, mailed to someone who may or may not be an agent.
They'll have a bunch of people who they trust, and those people will "manage" their finances, and as long as there's a checking account with enough money to pay for their day to day, they're not looking at savings or how much money is going in/out of various accounts and investments.
That said, AP should have a had a little more common sense as a 20-something college educated player versus a 17 year old kid from Cuba, but clearly not.
February 22nd, 2024 at 4:06 PM ^
I can somewhat attest to this. I have a hispanic immigrant wife and its definitely a cultural thing that any "extra" money is to be given to family members less fortunate, no questions asked. This was definitely a sticking point when I started to get serious with my now wife. I have no problem trying to help family members in need, but the "no questions asked" thing was too much for me. It has lead to a couple arguments within the family
February 22nd, 2024 at 3:40 PM ^
Easy. He made $100 million on paper. After taxes, agents, managers etc, cut that figure in half. Then start adding up all of his stupid spending, alimony, child care, entourage leeches, etc and that will get eating up quickly. We have seen this before many times so it shouldn't be surprising to anyone.
On a side note, he has a pretty good chance of having one of his multitude of children becoming an NFL star, and I'm turn, they can let him sponge of them.
February 22nd, 2024 at 4:05 PM ^
Something else to consider: Aside from needy family members and friends, there's an entire ecosystem of parasites that's dedicated to draining those fortunes. They work with lottery winners, too.
February 22nd, 2024 at 7:02 PM ^
Maybe the kid won't give him a dime unless he gets to beat the shit outta Peterson.
February 22nd, 2024 at 7:26 PM ^
You are saying he would like to switch it up???
February 22nd, 2024 at 3:44 PM ^
We live in America. It's the land of millionaires who think they're middle class, Millionaire who think they're billionaires and 40% of the population is within one paycheck of poverty.
$100M is easy to spend when you think you're entited to a $50M mansion.
February 22nd, 2024 at 3:54 PM ^
Unfortunately many young athletes may not share the same values/principals to personal financial management as most people who have the access to financial advising or learned from family and friends in the same socio-economic environment.
Chances are, if you came from underserved or underprivileged communities, the terms "financial advising" were never on your radar because you never had any funds to advise about. And while AP eventually retired very late into his career, he obviously had a litany of legal and personal troubles (self-inflicted troubles, mind you) he had to take care of and those cost $$ along with whatever lifestyle he and his family were used to. Hire a financial advisor, you say? You better know them well and trust them down to every penny or they will turn your assets into liabilities real quick.
So yes, blowing $100 million seems hard to do for the average person and throwing $5 million away into a rainy-day investment fund might be a formality to you or me but there are plenty of cases of folks coming into money who have absolutely no idea how to manage it and often end up worse than where they started. I'm sure AP made some piss-poor decisions financially to add to his situation buy it's not as hard to conceive as one might think.
It's why you never hear about the people who win the lottery and make sound financial decisions to create wealth for their future generations. We only hear about the people who win the jackpots, only to be out on their asses 5 years later after squandering it all in a blink of an eye.
February 22nd, 2024 at 4:48 PM ^
Money management should be taught in high school. We had "economics" in my school but it wasn't really the same thing. One big complicating factor is wealth disparity. When [1/3rd] of the country is in poverty and [60%] are living paycheck to pay check it is hard to tell everyone to max out their 401k, or not to eat out every meal.
We also live in a "Big hat no cattle" culture where many people think they should be living life like they see on social media. You see a different person's most expensive day every day and think every day should be that.
Cultural excuses aside AP must not be smart to blow that kind of money. Shame none of his smarter teammates ever pulled him aside.
February 22nd, 2024 at 6:10 PM ^
"throwing $5 million away into a rainy-day investment fund might be a formality to you or me"
That's the crazy part to me. He could have blown 95% of the $100M, or let's say 90% of his $50M net after taxes and agent. If he had a good pro managing that $5M, he could earn $250K a year in interest, possibly tax-free if uses municipal bonds. That is a very nice retirement wage.
February 22nd, 2024 at 4:09 PM ^
Arik Armstrong posted a picture of his 49ers paystub to Twitter/X. He showed 4.1m in YTD gross earnings but only 2m net. So basically, take literally 50% and give it straight to the tax man. Still a hell of a lot of money to blow through though.
February 22nd, 2024 at 5:05 PM ^
The thing to remember is... Withholding is not taxes.
Armstead will get enty of that back.
February 22nd, 2024 at 5:46 PM ^
Not likely in California with a 14.4% top rate and the fed rate near 40.
February 22nd, 2024 at 7:30 PM ^
JH, are you paying attention???
February 22nd, 2024 at 5:19 PM ^
Extended family and hanger-ons, and the inability to so no to both.
February 22nd, 2024 at 7:24 PM ^
Hookers & blow. Rinse and repeat.
February 23rd, 2024 at 12:58 AM ^
Well, in this case its the *hooker* who really has to rinse.
February 22nd, 2024 at 4:25 PM ^
Not when you have 100 mouths to feed. Ask Evander Holyfield.
February 23rd, 2024 at 12:34 AM ^
Ehhhh that's only true within the last-- what, 10 months? AP's professional career ironically coincided with the lowest interest rate window of all time. Granted, he could have made a killing in the stock market. His earnings would have opened the door for private equity which did even better. But he didn't come from money and I doubt he received much guidance on financial matters at Oklahoma.
At the end of the day, it doesn't matter how much you make if your lifestyle is unsustainable relative to your future cash flows.
February 22nd, 2024 at 3:25 PM ^
“The exact number of kids he has is disputed, with reports ranging from five to seven. Peterson has children from different relationships“
He needed a class alright, just not on finances.
February 22nd, 2024 at 6:57 PM ^
Lol, Elon Musk with his 11 kids calls them amateurs.
February 22nd, 2024 at 3:30 PM ^
Honestly, ALL students should be coming out of college with more financial knowledge.
Learning about how to calculate compound interest and financial planning is more important than many of the random classes i had to take to satisfy different requirements for graduating.
February 22nd, 2024 at 4:06 PM ^
Speaking of compound interest, I saw this article yesterday:
The gist:
1. Have an account with $1000 in it.
2. Contribute $100 a month for a year.
3. Claim your account "doubled because compound interest is magic"
February 22nd, 2024 at 5:28 PM ^
I don't think she understands compound interest.
February 23rd, 2024 at 12:42 AM ^
Idk, I thought it was fine. She didn't actually make any incorrect statements in there. She admits that only $70 or whatever is from interest. It's a little odd to not follow up with a more impressive example though. Like, at historical rates of return for the S&P500, investing $5,000/month for 40 years nets you ~$30,000,000, and over 90% of that is interest.
February 22nd, 2024 at 4:31 PM ^
They should learn the basics in high school.
February 22nd, 2024 at 5:08 PM ^
I mean they do teach about compound interest in high school. The problem is a lot of HSers have the attitude of "when will I ever need this".
February 22nd, 2024 at 3:41 PM ^
Yes! Beyond that, students in general (athlete or not) should take basic classes on money management as well. Many years ago, I was an avid volunteer teaching financial literacy to kids of all ages. We even went down the road of trying to make it requirement for Chicago high school kids to take a class around financial literacy. The city wasn't having it unfortunately.