Home and Auto Adrian Peterson illustrates why some athletes quickly go broke. - Page 4

**Rain Man** · 07-07-2019, 06:20 PM

I'll link to support journalism and spam ads, but the bottom line is that he took out a $4 million loan in 2016 at a 15 percent interest rate. He then missed the first payment which, according to the agreement, caused the interest rate to rise to 23 percent.

He paid some of it back, but the balance was due in 2018 and now he's been in court and has been ordered to pay $2.4 million.

So let's talk about everything that he did wrong here.

1. First off, you have career earnings of $99 million to date. Why do you need a loan in the first place?

2. Second, you got a loan at a 15 percent interest rate, which then rose to 23 percent? Really? Were you shopping for the highest rate you could find? Did you misunderstand that a lower rate is better?

3. Here's the web site of the company that loaned him the money. https://www.democracycapital.com/ It looks like a 14 year-old created the web site in ten minutes. If you do a whois on that site, you end up on this site http://jimplacknews.com/, where some guy is making an argument that he can help athletes manage their money, apparently by securing loans for them at outrageous interest rates.

4. If you're going to borrow a large amount of money at usury rates, don't miss a payment and pay it off as soon as possible.

What on earth was so valuable to Adrian Peterson that he would do something like this? This whole thing is pretty much the stupidest thing I've ever seen anyone do. If he borrowed $4 million at a 23 percent interest rate, that means that he's been paying about $1 million a year in interest over the past two years. He's grossing about $2.5 million per year with the Redskins https://www.spotrac.com/nfl/washingt...peterson-4753/, so by the time you take out agent fees and taxes and stuff, he's been paying roughly two-thirds of his annual take-home income in INTEREST payments on this single loan.

Is Adrian mentally challenged or something? It seems like someone ought to get sued or arrested over this.

https://www.espn.com/nfl/story/_/id/...d-pay-back-24m

It looks like it's not the first time he's done something like this, either. He borrowed $2.4 million in 2018 and defaulted on it. http://www.startribune.com/adrian-pe...000/473207503/ WTF are you doing, Adrian?

**loochy** · 07-08-2019, 07:25 AM

Quote:

Originally Posted by Valiant

Most athletes are dumb as **** with money, regardless of color.

What does color have to do with anything? Does melanin somehow influence certain regions of the brain?

Quote:

Originally Posted by Valiant

These guys do not listen. Teams should pay ex players who went broke and a firm to tell them how to spread their money out for their lifetime to live off of.

They need a yearly reminder what happens.

If these guys don't listen, then what's the point in hiring the ex players and the firm?

Skyy God · 07-08-2019, 07:38 AM

Quote:

Originally Posted by BryanBusby

I would imagine plenty of this has ate away his funds.

https://bleacherreport.com/articles/...birthday-party

That’s right, the camel.

Pride of OU, that AD.

Red Dawg · 07-08-2019, 08:03 AM

Some of the bruthas in the NFL think they are more than they are. They think they can just do whatever they want. If you make 10 mil per year that's not enough to just do whatever you want. Have a 3 million dollar house is way to too much to spend.

BryanBusby · 07-08-2019, 08:07 AM

It's amazing how you manage to ****ing suck with every post.

Eleazar · 07-08-2019, 08:08 AM

Quote:

Originally Posted by rabblerouser

how many kids by how many different baby mamas he gots?

Around the time of his legal problems it was reported that there were 7, but he refused to say for himself how many there were.

cmh6476 · 07-08-2019, 08:26 AM

I could see taking a loan out on a mortgage, because if you are solid with your investments your earnings should be more than the interest you get on a shorter term mortgage

**loochy** · 07-08-2019, 09:31 AM

Quote:

Originally Posted by cmh6476

I could see taking a loan out on a mortgage, because if you are solid with your investments your earnings should be more than the interest you get on a shorter term mortgage

If you tried to explain that to these guys their heads would explode.

**Rain Man** · 07-08-2019, 09:39 AM

Quote:

Originally Posted by BryanBusby

I would imagine plenty of this has ate away his funds.

https://bleacherreport.com/articles/...birthday-party

Well, you only turn 30 once, so you might as well get the camel. I chose to enter atop a Galapagos turtle on my 30th, but that wasn't a good idea. I missed most of the party.

Flying High D · 07-08-2019, 09:58 AM

Quote:

Originally Posted by BryanBusby

I would imagine plenty of this has ate away his funds.

https://bleacherreport.com/articles/...birthday-party

He could got deployed to Iraq gotten paid to ride those. Win-win

displacedinMN · 07-23-2019, 08:40 PM

Update

Quote:

Former Vikings running back Adrian Peterson is returning for a 13th season in 2019 and it’s becoming clear why.

Peterson is apparently broke despite making more than a $100 million in salary and endorsements during his career.

Peterson, 34, who signed a two-year deal to return to the Washington Redskins for $8 million in March, rushed for 1,042 yards and seven touchdowns in 2018. It was his eighth 1,000-yard season. He ranks 8th all-time in rushing and needs less than 400 yards to pass LaDainian Tomlinson and Jerome Bettis for 6th all-time. With another 1,000-yard season he’d move ahead of Curtis Martin for 5th all-time.

“The truth behind Adrian Peterson’s current financial situation is more than is being reported at this time,” attorney Chase Carlson said in a statement reported by Pro Football Talk. “Because of ongoing legal matters, I am unable to go into detail, but I will say this is yet another situation of an athlete trusting the wrong people and being taken advantage of by those he trusted. Adrian and his family look forward to sharing further details when appropriate.”

Peterson played for the Vikings from 2007-16, winning the NFL’s Most Valuable Player award in 2012.

The Athletic first reported Peterson was being sued in Pennsylvania lender for failing to pay back a $5.2 million loan. He’s also been ordered by a judge to pay back a $2.4 million loan in Maryland. Last year a Minnesota judge ordered him to pay back $600,000 on a different $2.4 million loan.

rabblerouser · 07-23-2019, 08:55 PM

Quote:

Originally Posted by Eleazar

Around the time of his legal problems it was reported that there were 7, but he refused to say for himself how many there were.

He probably doesn't even know, himself.

**Buehler445** · 07-23-2019, 08:56 PM

Holy ****ing **** ass balls. 100M and he's upside down. Wow.

**Rain Man** · 07-23-2019, 09:18 PM

Quote:

Originally Posted by Buehler445

Holy ****ing **** ass balls. 100M and he's upside down. Wow.

I really want to see a spreadsheet that shows his income year by year and his expenditures. I would pay $5 to any media outlet other than the Star or KCTV5 who did that.

**Buehler445** · 07-23-2019, 09:26 PM

Quote:

Originally Posted by Rain Man

I really want to see a spreadsheet that shows his income year by year and his expenditures. I would pay $5 to any media outlet other than the Star or KCTV5 who did that.

I'll pitch in. I used to do audit, and that would be a fascinating one.

big nasty kcnut · 07-23-2019, 10:15 PM

I would love to see a player not invest in anything big. lead a somewhat cheap life. Get stocks and invest in small things.

07-07-2019, 06:20 PM
Rain Man Seize life. Be an ermine. Join Date: Jul 2001 Location: My house Casino cash: $1358491 VARSITY	Adrian Peterson illustrates why some athletes quickly go broke. I'll link to support journalism and spam ads, but the bottom line is that he took out a $4 million loan in 2016 at a 15 percent interest rate. He then missed the first payment which, according to the agreement, caused the interest rate to rise to 23 percent. He paid some of it back, but the balance was due in 2018 and now he's been in court and has been ordered to pay $2.4 million. So let's talk about everything that he did wrong here. 1. First off, you have career earnings of $99 million to date. Why do you need a loan in the first place? 2. Second, you got a loan at a 15 percent interest rate, which then rose to 23 percent? Really? Were you shopping for the highest rate you could find? Did you misunderstand that a lower rate is better? 3. Here's the web site of the company that loaned him the money. https://www.democracycapital.com/ It looks like a 14 year-old created the web site in ten minutes. If you do a whois on that site, you end up on this site http://jimplacknews.com/, where some guy is making an argument that he can help athletes manage their money, apparently by securing loans for them at outrageous interest rates. 4. If you're going to borrow a large amount of money at usury rates, don't miss a payment and pay it off as soon as possible. What on earth was so valuable to Adrian Peterson that he would do something like this? This whole thing is pretty much the stupidest thing I've ever seen anyone do. If he borrowed $4 million at a 23 percent interest rate, that means that he's been paying about $1 million a year in interest over the past two years. He's grossing about $2.5 million per year with the Redskins https://www.spotrac.com/nfl/washingt...peterson-4753/, so by the time you take out agent fees and taxes and stuff, he's been paying roughly two-thirds of his annual take-home income in INTEREST payments on this single loan. Is Adrian mentally challenged or something? It seems like someone ought to get sued or arrested over this. https://www.espn.com/nfl/story/_/id/...d-pay-back-24m It looks like it's not the first time he's done something like this, either. He borrowed $2.4 million in 2018 and defaulted on it. http://www.startribune.com/adrian-pe...000/473207503/ WTF are you doing, Adrian?
Posts: 143,189

07-08-2019, 08:03 AM	#48
Red Dawg Going home eventually Join Date: Dec 2002 Casino cash: $3182858	Some of the bruthas in the NFL think they are more than they are. They think they can just do whatever they want. If you make 10 mil per year that's not enough to just do whatever you want. Have a 3 million dollar house is way to too much to spend. __________________ If you're not first you're last!
Posts: 31,700

07-08-2019, 08:07 AM	#49
BryanBusby In Search of a Life Join Date: Mar 2006 Casino cash: $3619900 VARSITY	It's amazing how you manage to ****ing suck with every post.
Posts: 22,293	2 0

07-08-2019, 08:26 AM	#51
cmh6476 Keep Camp Home! Join Date: Sep 2003 Location: St Joe MO Casino cash: $766277	I could see taking a loan out on a mortgage, because if you are solid with your investments your earnings should be more than the interest you get on a shorter term mortgage __________________ from September to February! from November to April! from April to October! 2024 Adopt-a-Chief: Xavier Worthy
Posts: 10,523

07-23-2019, 08:56 PM	#57
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $354734	Holy **ing ** ass balls. 100M and he's upside down. Wow.
Posts: 58,213

07-23-2019, 10:15 PM	#60
big nasty kcnut The pizza king of kansas Join Date: Sep 2001 Location: Somewhere in the u.s.a. Casino cash: $-289100	I would love to see a player not invest in anything big. lead a somewhat cheap life. Get stocks and invest in small things. __________________ When it's grim, be the grim reaper and go get it. Adopt a chiefs Travis Kelce. You woke up the wrong mother****er!
Posts: 19,116