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Thread: Yahoo Sports: Warren Sapp files for bankruptcy

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    Default Yahoo Sports: Warren Sapp files for bankruptcy

    http://sports.yahoo.com/nfl/news?slu...app-bankruptcy


    FORT LAUDERDALE, Fla. (AP)—Former NFL star Warren Sapp owes more than $6.7 million to creditors and back child support and alimony, according to a Chapter 7 bankruptcy filing in South Florida.

    Sapp’s $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500, a $2,250 watch and a lion skin rug worth $1,200. He also reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami.

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    Member Sparhawk's Avatar
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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Some people know how to save, some people know how to blow through millions of dollars.
    Lance + Starting SG = Awesome

    Now really free Lance!

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Not one bit of sympathy for these guys that earn (?) millions and even at that, figure out a way to live beyond their means.

    Stupid, dumb, ignorant, irresponsible ........ feel free to add your own description.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    No sympathy at all. What a tool he is.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    I agree he's a major tool however he also could be saying this to avoid paying alimony and child support(yes some people do this)

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    i dont understand how ppl do this.....who in their right mind needs 240 pairs of Jordans?

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    George Hill Apologist mattie's Avatar
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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    People love to act like this is example of "dumb" pro athletes, but this happens every single to day to everyone in this country who gets a little money so young long before they've been taught how to save it.

    Every day poor kids join the military and they come out after 4 years and numerous deployments broke as a joke. This isn't new, this isn't unique to athletes.

    Both athletes and those who join the military are generally an example of people who didn't grow up with a lot of money who are targeted because of that money.

    The real problem in both cases is the organizations that pay them don't dedicate enough time helping them learn how to save their money so these kids can have a nice retirement.
    Last edited by mattie; 04-08-2012 at 12:44 PM.

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    Fat, Drunk and Stupid Lord Helmet's Avatar
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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Jeff Foster knows how to save $$
    Super Bowl XLI Champions
    2000 Eastern Conference Champions





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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by mattie View Post
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    The real problem in both cases is the organizations that pay them don't dedicate enough time helping them learn how to save their money so these kids can have a nice retirement.
    Not sure it's their responsibility to teach them common sense. You make X, just be sure that what you spend and commit yourself to is less than X.

    As for the military, there are plenty that fulfill their obligation and enter the 'real world' with no debt and some $$ in the bank. Again - stupid is as stupid does.

    Give me a million and i'll never work another day in my life. Give them a million and they just see a fun weekend for them and their entourage of 20.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by PacerPenguins View Post
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    i dont understand how ppl do this.....who in their right mind needs 240 pairs of Jordans?
    To be fair he was a Jordan brand athlete, he probably got many (most, all?) of those compd

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by mattie View Post
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    People love to act like this is example of "dumb" pro athletes, but this happens every single to day to everyone in this country who gets a little money so young long before they've been taught how to save it.

    Every day poor kids join the military and they come out after 4 years and numerous deployments broke as a joke. This isn't new, this isn't unique to athletes.

    Both athletes and those who join the military are generally an example of people who didn't grow up with a lot of money who are targeted because of that money.

    The real problem in both cases is the organizations that pay them don't dedicate enough time helping them learn how to save their money so these kids can have a nice retirement.
    Military kids get a lot of money? Never heard that. Is that because of the war tours, or is that because they don't have the overhead (because my friend is air force, and I know his salary is pretty low)

    I agree with your premise, though. People like to laugh and roll their eyes, but doesnt matter if you make 50K or 500 million. People in this country blow through money all the time, just in different ways and different shapes.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by PacerDude View Post
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    Not sure it's their responsibility to teach them common sense. You make X, just be sure that what you spend and commit yourself to is less than X.

    As for the military, there are plenty that fulfill their obligation and enter the 'real world' with no debt and some $$ in the bank. Again - stupid is as stupid does.

    Give me a million and i'll never work another day in my life. Give them a million and they just see a fun weekend for them and their entourage of 20.

    Having been around entertainer who made it big, there is a big misconception that they all go our and blow their money.

    People tend to forget, though.

    1. Taxes take a huge chunk of that money.

    2. Agents and managers typically take 10-20 % (actors I know normally give up 10%)

    That does not include the basic cost of living, plus houses (which can be argued good or bad investment) cars, and of course family and friends.

    Not making an excuse, but someone can make 10 million from a movie and easily walk away with 3-4.5 million after taxes, agents, etc.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by vapacersfan View Post
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    Not making an excuse, but someone can make 10 million from a movie and easily walk away with 3-4.5 million after taxes, agents, etc.
    If they spend less than 3-4.5 million - good for them.

    If they spend more - well ...........

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    Member Moses's Avatar
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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Hard to believe these guys can blow through that much cash.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by vapacersfan View Post
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    Not making an excuse, but someone can make 10 million from a movie and easily walk away with 3-4.5 million after taxes, agents, etc.
    Or, put another way, roughly 80 years of my salary...BEFORE taxes. Yeah....I don't feel sorry at all. Ever.
    Last edited by travmil; 04-08-2012 at 09:59 PM.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    To each their own. I have no sympathy for people who blow through their money, but I feel that way for people whether they make 10K a year or 100M a year.

    People are quick to bash the rich for blowing through money, yet I have met/seen people who make pennies and live a lavish lifestyle, often ending up in massive credit card debt and barely being able to live. Always funny to see/hear those folks bash the wealthy for blowing through money

    If you are able to live within your means and have no debt, then more power to you. I know I am young, but I am still learning and have made some [extremely] stupid mistakes along the way.

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    Headband and Rec Specs rexnom's Avatar
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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Another good example are kids that go on scholarship to college and, as the come into adulthood, go into debt because they don't understand how credit cards or student loans work. The problem isn't the people--it is the people and organizations around them that take advantage of their "wealth," however large or small.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    The crazy thing about this is that Warren has been making good money after football with NFL network.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Reminds me of the dolt, Patrick Ewing....

    "Sure, we make a lot of money, but we spend a lot, too."

  25. #20

    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by vapacersfan View Post
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    I agree with your premise, though. People like to laugh and roll their eyes, but doesnt matter if you make 50K or 500 million. People in this country blow through money all the time, just in different ways and different shapes.
    It does matter. You can blow through money trying to better yourself or you can blow through money by living a fantasy. Each step of the way though you got guys trying to take advantage of you and that I can relate to and feel for someone like Sapp if that indeed happened in his case.

    A decent education cost way too much in this country IMO and if you factor in a old car breaking or a AC unit going out then 10k is easy to burn through in a weekend. Atleast it was in my case.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by Gamble1 View Post
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    It does matter. You can blow through money trying to better yourself or you can blow through money by living a fantasy. Each step of the way though you got guys trying to take advantage of you and that I can relate to and feel for someone like Sapp if that indeed happened in his case.

    A decent education cost way too much in this country IMO and if you factor in a old car breaking or a AC unit going out then 10k is easy to burn through in a weekend. Atleast it was in my case.
    I agree with that.

    Of course a financial analyst would argue you should have an emergency found and should be saving up for that emergency, no matter how much or little you make

    Regardless, my point was people blow through money (and I didnt mean bettering themselves, though the cost of a college education in this country is a thread for another day) doing all kinds of crazy things, ranging from buying houses and cars out of their price range to going to the bar and hitting the club 4 nights a week.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by PacerPenguins View Post
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    i dont understand how ppl do this.....who in their right mind needs 240 pairs of Jordans?
    Basketball players with 480 legs.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by vapacersfan View Post
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    I agree with that.

    Of course a financial analyst would argue you should have an emergency found and should be saving up for that emergency, no matter how much or little you make

    Regardless, my point was people blow through money (and I didnt mean bettering themselves, though the cost of a college education in this country is a thread for another day) doing all kinds of crazy things, ranging from buying houses and cars out of their price range to going to the bar and hitting the club 4 nights a week.
    I don't even own a credit card. Never had one and the emergency fund got used up for other reasons. When the crap hits the fan repeatedly it can put people in situations that even the best of us can not prepare for. I doubt that happened in sapps case but you never know.

    I know what your talking about though but a person making 50 k gets into finacial touble even doing the right things.
    Last edited by Gamble1; 04-10-2012 at 10:04 AM.

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    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Who the **** needs 24 pairs of shoes? Really?
    "What you do is so loud, I can't hear what you say" -Andrew Luck
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  31. #25

    Default Re: Yahoo Sports: Warren Sapp files for bankruptcy

    Quote Originally Posted by ilive4sports View Post
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    The crazy thing about this is that Warren has been making good money after football with NFL network.
    Sapp’s average monthly income is $115,881.

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