➡ Imane Schumpert and Shannon Sharp discussed the challenges athletes face with managing large sums of money. They highlighted the importance of understanding where your money is going and investing wisely to build and preserve wealth. They also emphasized the need for athletes to adapt to sudden wealth and resist the temptation to spend recklessly. The conversation underscored the reality that many athletes face financial difficulties after their careers end, often due to lack of financial literacy and poor money management.
➡ The speaker emphasizes the importance of financial literacy, particularly understanding the difference between assets and liabilities. They argue that everything you own can be considered an asset, even if it depreciates in value. They also stress the importance of paying off debts, building assets, and avoiding unnecessary expenses for a period of 10 years to secure a comfortable future. The speaker also highlights the dangers of not planning for expenses like child support and the benefits of investing in things like real estate and valuable watches that can increase in value over time.

conversation between Shannon Sharp and Imane Schumpert. Now I’m guessing that I didn’t watch it yet, so I’m gonna be reacting to it in real time, but the name of the episode or the name of this clip in particular is him asking Imane Schumpert about Odell Beckham saying that a hundred million dollars or losing a hundred million dollars is easy, and this is what he had to say. Did you see Odell Odell Beckham said a hundred million dollars, he went viral saying a hundred million dollars doesn’t last a lifetime. We know in professional sports that five years after person, 70 percent of the players before basketball, after they leave the sport, if they’re married they’re divorced.

Five years after they leave the sport, they’re bankrupt. What happens to the money? Why did money go down? They be spending it. Mogs be spending it. Like I done been around mogs that done had, now granted, I ain’t make 400 million like they make it now. You know what I’m saying? But it’s like I was broke. I remember broke. Yeah. Probably a month into when I first, my rookie year, a month in, probably two, three checks in, looking at my account, I can’t go broke. There’s no way I’m going broke. But the difference was one, my brother, always him and my financial advisor have been taking half my check the whole time.

So I never knew how much money I had. I just thought what I got in Bank of America. You know what I’m saying? That’s dangerous. I say this all the time and I had this conversation with people all the time. That is one of the most dangerous things that you can do is not know where your money is or where your money is going. Now I understand and I agree with the whole idea. Yep. Have the manager money. Yep. Have them take half or whatever so that you’ll never go broke or whatever.

But you need to know everything about what your money is doing because there’s so many people that’s getting finesse because they don’t know what to look for. They have no clue what to look for. You need to know who is managing your money. And as a matter of fact, you don’t have to have nobody taking your money, man. You can put your own money up into whatever asset that you want to put it into in order to preserve your wealth and build your net worth. But if he put up half of his money, that’s dope.

I told you that y’all scamming. Yeah, I’m going to switch banks right after this shit. I know it. Take every dollar out that account. Well, he don’t know. He got bored. But yeah, you just basically like, bro, if you don’t know, if I’m looking at my account and I don’t see nothing but a couple of honey bands, I’d never go spend a meal. So a couple of honey bands in here, like why am I going to spend a meal? And for my man, it’s like from going from overdraft and $20 in your account, if that, you know what I’m saying? From going from net to seeing, you know, just six figures period with just like, but then I noticed like all my teammates, everybody lifestyle was changing.

All my people I got drafted with, they all just like, it’s like they couldn’t wait to be rich. I’m like, nigga, I don’t even know how to be rich. That’s normal, y’all. I’m telling you that it’s so normal. Let’s normalize. Ain’t that what they say? But it’s always for something really bad. Let’s normalize, allowing for people to get used to money that has never had money. I had to get used to money and I hadn’t never had money before. I was spending it as fast as it was going because I was like, man, I’m young and it’s going to be here forever, forever, forever, forever.

2008 was like, nigga, what are you talking to? Let me show you something. I was like, Jesus. Because it’s one thing to be poor when you’re young. Like, I mean, like, because you don’t know you’re poor when you’re being raised a lot of times. Like, you know that you ain’t rich, but you don’t know that you don’t have money. You know what I’m saying? You think you’re middle class, you think you’re doing okay until you go around people that really have money. And that’s what blew my mind when I went to middle school.

But you don’t really think about it when you’re younger, because it’s just normal. Everybody around you is the same. We all play football in the street. We all play basketball in the morning. We all go into the Johnson Center and order the hoop. You know what I’m saying? We go to the corner store. We didn’t really need money because we was all sad having a good time. When you’re hooping all day and you’re chasing holes all day, only one person needs a car. We got to ante up on gas. We all ante up on gas.

You know what I’m saying? We had enough money in order to get the car washed. We put our armor on the tires and we’re going to get numbers. Thinking we don’t need no money. All we need is enough to be able to get to where we got to go and back. And we’re going to eat when we get home because we know mama got that good food in the refrigerator. And it’s the first of the month. My homeboy’s mama, it’s the first of the month. So cash the checks and get on. That’s the thing.

We didn’t know that we was broke. So all of our ambitions, our ambitions was to get to the plant. I told you all this a thousand times. Get to the plant. If I can get to the plant, if I can get, if I can get hired by Ford, Chrysler, and GM, nigga, not only nigga, I’m getting me a caddy and I’m getting APA, APA papers and I’m good for the rest of my life. Nigga, all I got to do is hold on to this job and stand a union. 2008 said, nah, nigga. Let me talk to you for a minute, little homie.

Let me talk to you for a minute, little homie. I feel bad for the young people these days because y’all got so much pressure on y’all. We just had to wear our brothers’ hand-me-downs or our brothers’ car. Actually, it wasn’t even hand-me-downs. We was just sharing. Whenever my brothers left, we’d go to work. Whenever they left or whatever, I’d just go to their closet, get fresh, put on a Cool G. You know what I’m saying? Fresh as hell, fresh to death. And we good. We good. I’m going to answer that in a minute.

Elevate tonight, I know. I’m going to answer that in a minute. We good. Straight up. Wasn’t all of this pressure. You ain’t have to do all of this stuff. It wasn’t that deep, man. It had social media. Everybody was living their life and having a good time and in their own little bubble. So we got to normalize people getting money. We got to normalize what real money looks like because even when you get your first check at your job and do your first big boy job or your first big girl job, that’s not really having money.

You don’t really know what money looks like until you can have an account with at least six figures in it. And you can go and buy whatever you want, whenever you want to. When you look at your assets and say, man, that’s seven figures, man, that’s just it. And you just go and all out. You can do whatever you want. You don’t know what money feel like until you make a purchase that feels scary until it start feeling normal. That feels scary until it start feeling normal. I remember when I first bought my first Rolex, I was in Chicago because I had never spent that type of money outside of an asset like an income producing asset outside of a piece of real estate or a stock or something like that.

Right. But you don’t really see the money, but when you see the money leave your account and you spend in $10,000, that was my first watch. I think I spent like $9,000 and change or something like that. And I bought a Submariner, a date Submariner date. That was when you can go into the store and get them. And I was just like, wasn’t no financing, wasn’t no after pay, none of that. You just, you just buy it and just 10, 10, almost $10,000 just leave your account. It’s like, then you get used to it.

Then you get used to it. And then it’s not until it’s not until you get used to it that you start to understand the dynamics of what money is. And then you start making adjustments. The smart ones will start making adjustments, but y’all got to remember a lot of these guys is 18, 19, 20, 21, 22 years old. Most of them will not have any more than a three to five year career, especially if you’re a football player and you getting that money and it’s supposed to last you for the rest of your life is not.

So I can understand why they go broke. I can understand why they get divorced. I can understand why their lifestyle is up and down and then it’s a crash. That’s not abnormal because it’s not abnormal for young people that are in their early 20s to even know how to start this. I got a G. I had a gun metal Jeep. I never forget it. Rhino skin on it and everything. Like, like, Melo used to be mad at me. Like, something you come up here with this goddamn Jeep, bro. Like, like I’m embarrassing him or something.

He, his Jeep was like for like a day off. Yeah. Like, he like my Jeep for taking off the doors and acting crazy in the summer. He like, you got a Jeep on a day to day. Yeah. He like something, you know, you could buy a Benz, this, this, this, and I just like, gee, I barely even drive. Right. Somebody said a watch is not an asset. Well, tell me that you don’t know anything about life without telling me you don’t know nothing about life. And of course they gonna say, no, man, I do know about life.

I got money. I’m rich with. You’re a liar. Listen, bro. Everything is either an asset or a liability. Everything that you have is an asset, regardless if it’s a depreciating asset or not. And most watches, especially the ones that I buy, either hold their value or they increase in value. And I can wear it and enjoy it. And I don’t have to worry about it ever depreciate. Right. Everything, even if it’s the, your car is an asset. The only liability is the thing that you have debt on. Debt is a liability and asset is an asset.

If you want to calculate your net worth, you take everything that you got and you add it up. Those are assets. You minus out the liabilities. That’s what your net worth is. Everything that you have is an asset. I don’t know what school y’all went to. I don’t know where y’all was taught this at. I don’t know what HBCU you went to, but I’m gonna need you to go relearn everything that they taught you because you’re wrong. You’re wrong. You know what I’m saying? I just never was one of them, uh, excessive kids.

Like even with shopping, I’m like, some of the assets you have, it may not be worth a whole lot, but it’s still an asset. Sax, but I’m like, three of y’all came in looking like twins. Yeah. Y’all mannequin, man. I can’t do that. People like, look, if you make, let’s just say for the sake of argument, you make a hundred million dollars. We’re going to take 50 away for taxes. And just let’s say for the sake of argument with your financial people and your agent, they take two to 3%. So that’s 5% total after that.

So that’s another two and a half million dollars. And let’s just say you took care of mom, dad, and your family, and that’s another 15. If you can’t survive off 35 million dollars shop after you’re done, you got a bigger issue. You could have made 200 million and you still would have been broke. And then another thing we all have in y’all kids, like Ma’s be having hella kids, but it’s like that it’s court system kids. Like you can’t have, excuse me, no court system kids where it’s like while you’re playing, that BM is just draining your account per month, but you’re not even seeing or feeling it because you’re playing the moment you stop, you’re going to start feeling it.

Yeah. Yeah. I mean, 20,000, 30,000 a month ain’t nothing. If you making 40 million, you not making 40 million and they taking 20,000, 30,000 a month, and you still got to pray private tuition, which is another 15, 20, 25 a month. And you got, I do numbers though. I do numbers really well. It’s always been. Listen, ultimately what it comes down to is for me personally, and you got to run your own race. Different, different, different people do different things that then lead to different results, right? You got to run your own race.

For me, um, I always say take, stay down for 10 years and you can live the rest of your life the way you want to. Stay down for 10 years and then you can live the rest of your life the way that you want to. That’s really all it comes down to. That’s the, that’s the hard part. The hard part is saying discipline for 10 years, plowing everything that you have in assets, paying off your debt, reducing the amount that you owe, paying off your house, getting rid of your student loans, not having a credit card balance.

Fuck, fuck credit for the first 10 years. You don’t need credit for the first 10 years. You need to be building assets, not credit. Credit don’t mean anything. You can get a trade line. You can become an authorized user. You can have a credit profile. That’s nothing. It’s to not put yourself in a hole behind an eight ball. That’s the goal. That’s really what it comes down to. And then once you stay down, you can live the rest of your life the way you want to. And it’s cruise control. Um, for me, it was making sure that everybody was taken care of before I started taking care of myself.

You know, I had to make sure that money was put up for my daughter, that her college was funded, that she had the houses that we built the real estate portfolio that, you know, everybody had everything that was paid off. My dudes was taken care of all of that stuff. Once all of that stuff is done, it’s up. Now what’s up from there? Now we doing everything we will ever wanted to do for the rest of our lives. And you really can enjoy it because you don’t have a worry. You don’t have a care in the world.

No matter what I still, all my stuff is, I don’t have any, I don’t have any thing that’s not paid off. I don’t have any debt. I don’t have any student loans. I don’t have any of that type of stuff. And that’s the life that you want to live is literally carefree. So the worries that you wind up having is based off of what is it that I want to accomplish it more and how fast can I get to there? I want to build three, four houses at a time. I want to do this.

I want to do that. I want to sell you. You’d be wanting to do more stuff. So then you’re the carrot that you dangle in front of your face is to work harder not to pull from your principle. So, so that you can continue to buy what you want and do what you want while still continuing to let that compound and letting your net worth grow. That’s, that’s the play. [tr:trw].

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