Home and Auto Adrian Peterson illustrates why some athletes quickly go broke. - Page 5

**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?

Chargem · 07-24-2019, 12:41 AM

Quote:

Originally Posted by big nasty kcnut

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

It happens all the time, it's just that it's not as interesting a story

https://www.theplayerstribune.com/en...l-60000-budget

displacedinMN · 07-24-2019, 06:24 AM

Quote:

Originally Posted by big nasty kcnut

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

I heard Adam Theilen is very frugal. He is not making the big money yet, but hates spending.

rabblerouser · 07-24-2019, 07:10 AM

Quote:

Originally Posted by big nasty kcnut

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

Gotta live life like a rap video, bruh.

58-4ever · 07-24-2019, 09:51 AM

I'm sure you all saw his 30th bday party, with camels, first class tickets for 300 guests..etc... what an idiot.

Skyy God · 07-24-2019, 10:06 AM

Quote:

Originally Posted by displacedinMN

I heard Adam Theilen is very frugal. He is not making the big money yet, but hates spending.

Thielen got paid, brah.

http://www.nfl.com/news/story/0ap300...-64m-extension

displacedinMN · 07-24-2019, 10:12 AM

Quote:

Originally Posted by Cave Johnson

Thielen got paid, brah.

http://www.nfl.com/news/story/0ap300...-64m-extension

Cool. I think he will still make his parents pay for supper when they come to town.

Skyy God · 07-24-2019, 10:25 AM

Quote:

Originally Posted by displacedinMN

Cool. I think he will still make his parents pay for supper when they come to town.

Then he’s an asshole.

**loochy** · 07-24-2019, 10:31 AM

Quote:

Originally Posted by big nasty kcnut

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

Kirk Cousins drove an old crappy dented van with 100k miles on it and lived in his parent's basement in the summer (even after he signed his first big contract).

Gronk never touched a dime of his actual salary and just lived off of endorsements and other monies.

Lots of guys are smart with their money...we just don't hear about them because it doesn't make interesting news.

JohnnyHammersticks · 07-24-2019, 12:21 PM

Can you imagine doing all that potential damage to your brain and coming out of it with absolutely nothing? Check that - less than nothing. His pension won't even cover the interest.

What a maroon.

Setsuna · 07-24-2019, 12:38 PM

This is wrong. If you come to TC in a Brinks truck then you will go broke. - CP probably

displacedinMN · 09-10-2024, 10:55 AM

Quote:

Former NFL running back Adrian Peterson has been ordered by a Houston judge to turn over numerous assets as a means toward paying a debt that is estimated at more than $12 million.

The court-appointed receiver, Robert Berleth, requested this order in July and said Peterson "is known to have numerous assets" at his home in Missouri City, Texas. The Houston judge on Monday ordered constables in Fort Bend County, Texas, to accompany Berleth to Peterson's residence to keep the peace.

Former NFL MVP Adrian Peterson has been ordered by a Texas judge to turn over assets to settle a $12 million debt. John Nacion/Getty Images
Peterson's debt issues began when he took out a loan for $5.2 million from a Pennsylvania lending company in 2016. The sum has grown because of interest and attorney's fees, leading to an $8.3 million judgment against him in 2021.

"No offsets have been made against this judgment to date," the receiver stated in the July court filing.

Peterson, 39, last played in the NFL during the 2021 season.

A 2012 NFL MVP, four-time All-Pro and seven-time Pro Bowl selection, Peterson led the league in rushing three times in his 15-year career. He ranks fifth all-time with 14,918 rushing yards to go along with 90 touchdowns during 184 career games (167 starts) with seven teams, most notably the Minnesota Vikings (2007-16).

The only time he will not be broke is when he is dead. Then his 8 kids will assume the debt.

**srvy** · 09-10-2024, 11:14 AM

Quote:

Originally Posted by -King-

There are a lot of people aside from gold diggers whose sole job and purpose is taking advantage of athletes who don't know shit about money.

They call them financial advisors.

Red Dawg · 09-10-2024, 11:22 AM

23% interest? That should be illegal. Even the mafia didn't charge that.

**notorious** · 09-10-2024, 11:25 AM

Quote:

Originally Posted by Red Dawg

23% interest? That should be illegal. Even the mafia didn't charge that.

Aren't credit cards legally capped at 17.9% APR now?

**ptlyon** · 09-10-2024, 11:28 AM

Quote:

Originally Posted by loochy

Kirk Cousins drove an old crappy dented van with 100k miles on it and lived in his parent's basement in the summer (even after he signed his first big contract).

Gronk never touched a dime of his actual salary and just lived off of endorsements and other monies.

Lots of guys are smart with their money...we just don't hear about them because it doesn't make interesting news.

A post that has both gronk and smart within - never want to see that again on CP

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

07-24-2019, 09:51 AM	#64
58-4ever The Collective Unconscious Join Date: Sep 2005 Location: The OP Casino cash: $9460422	I'm sure you all saw his 30th bday party, with camels, first class tickets for 300 guests..etc... what an idiot.
Posts: 10,433

07-24-2019, 12:21 PM	#69
JohnnyHammersticks MVP Join Date: Oct 2011 Location: Chandler AZ Casino cash: $1301004	Can you imagine doing all that potential damage to your brain and coming out of it with absolutely nothing? Check that - less than nothing. His pension won't even cover the interest. What a maroon.
Posts: 13,767

07-24-2019, 12:38 PM	#70
Setsuna Paladin Join Date: Sep 2011 Location: Gator Country Casino cash: $10008487	This is wrong. If you come to TC in a Brinks truck then you will go broke. - CP probably
Posts: 13,215

09-10-2024, 11:22 AM	#73
Red Dawg Going home eventually Join Date: Dec 2002 Casino cash: $3182858	23% interest? That should be illegal. Even the mafia didn't charge that. __________________ If you're not first you're last!
Posts: 31,700