Dane Collins #7

                                  

BROKE
(Question 7)

I feel like here in the United States, both hip hip artist and professional athletes live a very similar lifestyle of materialism and constant spending, the "make it rain" mentality. I don't know why this is, but I feel a lot of it has to do with glamor, arrogance and competition. Athletes along with hip hop artist feel the need to advertize their wealth because of the people and environment they surround themselves with.

BROKE (Question 2)

I Think that Michael Vick was one of the athletes that made bad financial decisions, but i think the cause of his financial problem was Ignorance because he was participating in a interstate dogfight ring, after that he was sent to a Federal prison, while he was in prison he had lost all his endorsements and was forced to file bankruptcy.

Nathan Williamson Broke #2

#2:   Keith Mccants biggest financial mistake to me would be him over spending and not saving for his retirement. Now he has problems with his brain that cause him to act agitated and he doesn't have the money to get the treatment he needs today.

Cole Rowland

#7] It is the american notion of throwing money away that sets the hip-hop artists and players apart from from the other people. In the club you are the only one throwing up money like is raining. Hip- hop artists want to be entertainers like the players, and players want to be artists like the hip-hop artists. I think that it's ok for the two sections of entertainment to influence each other because when you want something you try as had as you can to act and look like what you want to be.

Dane Collins response: Nice post dude. I did the same question, and I like how you made the comparison between the hip-hop artist and athletes in the way that both want to be one and other. How hip-hop artist want the attention the athletes have, and the athletes want the creativity the hip hop artist have.

Assan Taylor

2.Pick one of the athletes profiled in the film. Write down his name and explain what you think was his greatest finacial management mistake: ignorance, living beyond his means, trusting someone else to handle his finical health, not being able to handle the trappings of fame and fortune.

I think that Andre Rison made a lot of finical mistakes. One was when he bought a 2 million dollar house and then found out the team was moving to a different location. He also made bad mistakes by spending to much money in the off season which is when athletes do not get paid. I think that he should of had someone to tell him how much money he should of spent because it caused him to go bankrupt when he didn't play football anymore. I think his was living beyond his means because he didn't save much money he spent most of it on expensive things he didn't need. I also think he lost a lot of his money because he did not pay his child support.

Zan Wynia Broke Response

Question # 7:  The relationship between hip-hop and sports is a dangerous one financially.  Hip-hop's culture is all about having so much money that you can literally waste it by "making it rain."  Many athletes grew up listening to hip-hop and of course a lot of them aspired to live like the stars in the songs they love.  However growing up this was impossible for them because they didn't have the cash to make it rain, but once they reached the big leagues, and started getting big checks, they did have the capacity to live like the stars.  The problem is they think they can live like stars for the rest of their lives and that their cash flow is endless, when in reality their cash flow is extremely finite.  I believe that hip-hop should not influence sports because in the end it's damaging to the athletes that wish to live like their idols.  Athletics influencing hip-hop is fine, but when hip-hop begins to influence athletics then it becomes a problem.

Brandon Ruffin

#tbt to broadcast media 2012

Question 6

Tiger Woods and LeBron James are two athletes that both hold multiple endorsements. They share a common endorsement in Nike. I know for a fact that Tiger woods had problems holding on to money. These are two of the top twenty paid athletes in sports. They have a steady cash flow and will stay rich at the moment because of this incoming cash.  I do not agree with their lifestyles because I see no move being made for the future. Michael Jordan is the best basketball player of all time. He knew that his income wouldn’t keep coming after he retired. He made a series of financial decisions that will have him set for life. He bought an NBA team, established a clothing company, and still holds endorsements with companies like Hanes. Floyd Money Mayweather is an athlete who is not very smart financially. He is highly paid, but makes horrible decisions. Mayweather gets in a lot of trouble legally. He throws away too much money and I presume he will be poor one day.

Alana Pontarelli

7. The relationship between performers's message of living expensively and athletic lifestyles is that they both have lots of money to throw around ( or so athletes think). Athletes can influence performers, but not vice versa. This is because for the most part, performers usually stay in the spot light for a long period of time. Athletes only have that career for up to 10 years. After that, they have to rely on endorsements or find a different source of income. If an athlete were to associate his/her self with a band, part of their fame would come from them. They would get used to the money that goes along with it. Buying expensive things and not even questioning it. If the band were to break up, that money would no longer be available. If the athlete was retired and wasn't managing their money well, it would be much easier to go bankrupt.

 

Cole Rowland
2] Leon Searcy: He was ignorant and living beyond his means. After he was cut he took his last check and went and bought the new hummer. He was ignorant because during his time as a professional football player he didn't save money for his retirement from football.

Will Hain -Broke

2. Pick one of the athletes profiled in the film. Write down his name and explain what you think was his greatest financial management mistake: ignorance, living beyond his means, trusting someone else to handle his financial health, not being able to handle the trappings of fame and fortune.

Andre Rison was a wide receiver for the Atlanta Falcons. His biggest mistake was how he carelessly spent money. He spent a lot in clubs and bought a huge mansion, which his girlfriend eventually burned down. He finally had to declare bankruptcy when he failed to pay child support.

Broke: Pharoah Sherod

6. Andre Rision went bankrupt after getting rich off his nfl career and endorsements because he had unpaid child support. Rision made: $8,284,000 playing and $10,840,000
 in signing bonouses not including endorsements.  He can be described as excissive. Michael Jordan made $90 million while playing, still does endorsements to this day he owns one of the worlds most sucessful shoe lines and can be genraly described as successful.

Sean Finn-Samuels Broke

2. One of the athletes featured in the film was Keith McCants, a former NFL linebacker. As a young player, McCants was like any other instantly rich athlete at the time, and spent his money on everything he could. However, his biggest mistake was ignorance, and more specifically, not purchasing health insurance. As a former football player, he experienced a multitude of injuries, and now that he's retired, he's a wreck. Concussion, broken bones, torn tendons, and no money to pay for all of the procedures he needs because of his excessive lifestyle earlier in his life. His greatest financial mistake will now haunt him for the rest of his life.

6. One athlete who is very wealthy due to a combination of endorsements and his contract is Derrick Rose, a basketball player for the Chicago Bulls. One adjective I'd choose for him is humble, because he worked his way to the top, and knows how valuable his assets are. He had to not play for a period of time due to injuries, and yet he never had to file for bankruptcy or run into financial trouble, showing how he was able to make sound financial decisions. One athlete who squandered money away was Dante Wesley, a former cornerback in the NFL. I would use the word excessive to describe him, because when he first started receiving his large paycheck, he just bought whatever he wanted whenever he wanted, and never thought about how it could harm him.

7. Hip-hop performers have a very common saying of "making it rain," which is in essence just spending incredibly large amounts of money on unnecessary items and basically wasting it. Athletes often follow this message and  spend incredible amounts of money on things like jewelry, cars, multiple houses, alcohol, drugs, etc. This should not be such a widely known association. Athletes should be able to control their spending and not be so influenced by hip-hop artists who are no more financially wise than the athletes. 

Julia Nordhem

7. In our society, most rappers rap about how much money they have and how rich they are and how they spend their money. They rap about all the luxury items they buy with their cash and how they "make it rain". Like most athletes, these rappers have little concept of the fact that their money could and will run out. Music is a big part of our lifestyle so it makes sense to assume that if you (ex. an athlete in this case) came into a great amount of money, and all you're hearing on the radio is "making bank' and having all this "ice", you would feel like since you now have all this money, you can attain these luxury items without having to worry about the cause or the aftermath. Music should not influence how people spend their money, yes it seems cool to be able to and its ok to buy nice things for yourself, but it is very crucial to have an understanding that you're money won't last forever. 

Ilana Baker

Two athletes who have become rich due to their endorsements and contract compensations are Tiger Woods and Michael Jordan. Michael Jordan is a sound financial decision maker and could be described as “conscientious”, while Tiger Woods has made many bad financial decisions and can be described as “reckless”. I agree with Michael Jordan’s decisions, because he saw the opportunity in Nike Air Jordans took part in it, which earns him $80 million a year. He saw an opportunity for something that would potentially benefit him, and decided to invest in it. I don’t agree with Tiger Woods’ financial decisions, because he lived beyond his means, which put him into debt. For example, he lost funding on a golf course that was an estimated $billion, and is paying off the $45 million mortgage on one of his mansions. Both of these athletes have been impacted by their financial actions-Michael Jordan has prospered, and Tiger Woods has suffered.

Kevin Hambourger

2.Andre Rison was a very good wide receiver during his time in the NFL. But he made many stakes financially, he was being ignorant with his money and was living far beyond his means. He spent his money left and right without trying to save any of it. He had a mindset that he could never run out of the money he was receiving from the NFL. But truthfully by the next paycheck he had already spent the money he made from the last game. He would spend $10,000 at clubs, and would just hand his money to friends. If he didn’t live like this and had a stable mindset and bought what was needed he might not be bankrupt.

6. Lebron James is an athlete who is rich, he is a star player and has lots of endorsements with Nike, Gatorade and more companies. He has a huge contract that ends at the end of this season, but multiple teams will try to pick him up right away. One athlete who squandered their money away was Mike Tyson, he spent his money with no care in the world. He bought 3 Tigers which makes no sense at all. Mike Tyson lived way beyond his needs and is now broke.

7.Hip-hop performers saying “making it rain” means just spending your money like crazy, you’re basically throwing it everywhere. It is like the athletic lifestyle because these athletes see their checks and all they want to do is buy whatever they want. It doesn’t matter if one influences the other or not because they both spend their money without care. And kids growing up listening to these hip hop artists, all they want to do is be like them. So if the get these big checks they will just spend it.

Nadia Goldberg

2.) I think that Andre Rison made many financial mistakes, but his main mistake was living beyond his means. Rison states that at times, he would travel with an entourage of 40-50 people. He would spend thousands of dollars at clubs in one sitting. He never paid attention to how much money he was spending, saying that people would ask him, “Do you know how much money you just spent?” and he would reply, “Nope.” If Rison would have lived within his means, he would have a lot more money to spend later on in life.

Zoe Solomon Broke

1.The athletes need to understand a want versus a need.  They talk about buying all these nice cars that they barely even use.  If they don’t buy all the cars they want, they could save a lot of money.  They need one car.  And it doesn’t have to be that expensive.  They need to realize that they don’t need all that extra stuff just because it looks nice.
2. Andre Rison lost his money due to a mixture of ignorance and not being able to handle the trappings of fame and fortune.  He wanted to keep up with the spending of his teammates, but some of them made much more than him.  His income couldn't keep up with his spending.  He went crazy trying to live up to the lifestyles of those around him and lost most of his money.
3. 1) Put some money in bank for savings

    2) Get insurance on everything important (house, car, health, life)
    3) Prioritize needs over wants
    4) Set up a spending budget
    5) Don’t buy everything
4. The athletes weren’t the only ones suddenly making lots of money.  The financial industry was booming.  They believed they would be able to spend their money on anything because they would just get more when the next paycheck came in.  They didn’t expect the economy to go down.  They lived in the moment, forgetting that they were spending more money than they should have.
5. Age isn’t as big a factor as background.  When you’re young versus old, you could still have the same instincts.  If you grew up poor, and suddenly can buy anything you set your eyes on, you are going to want to get what you couldn’t have before.  Or maybe, you will have learned how to keep a spending budget and will keep using that.  It depends on what type of person you are that will impact how you handle money.
6. I think that Mike Tyson is not a sound financial athlete.  He spent huge amounts of money on everyone around him that he knew for no reason.  If he hadn't been so ignorant, he would've been able to avoid his financial struggles after his career ended.  I think Serena Williams is good with her money. She gives it away to good causes and helps others.  She invests her time and energy into many causes to give to the world around her.

7. In the video they said that performers want to be athletes and athletes want to be performers.  When they “make it rain” they are talking about just throwing away money to get whatever they want.  Some of the athletes said that they would wake up with money just lying around and would be giving hundreds of dollars away.  All the famous people influence others in one way or another.  They do influence each other, and whether they should or not doesn’t matter.  Each athlete grew up listening to all these performers, and believing them.  They are going to make an impact on their future decisions.