How and Why Athletes (Still) Go Broke

Pablo Torre Finds Out

Pablo Torre, Le Batard & Friends

Sports

4.8 • 1.6K Ratings

🗓️ 23 July 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

From a college dorm room to an 18-car garage, there is no "psychological mindf**k" quite like becoming a millionaire overnight. But a supermajority of athletes continue to squander their compressed window of lottery-like earnings. On the 15th anniversary of his seminal story for Sports Illustrated, "How (and Why) Athletes Go Broke," Pablo gets an honest re-appraisal from wealth-management advisor Todd Burach — and brave testimony from Justin Pugh and Antoine Walker — on where stars really are just like us when it comes to financial literacy, haves and have-nots... and pre-nups. Plus: Magic Johnson's one simple rule for staying rich, a heat-check on the entourage bullsh*t meter and the French Bulldog Cold War brewing in NFL locker rooms. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to Pablo Torrey finds out. I am Pablo Torrey and today we're going to find out what this sound is.
0:06.0	Keeping up with the Jones is real. You want everyone to know you have money. You see a guy in a locker room with a certain car, you want to have a better car than him.
0:13.8	Right after this ad.
0:16.6	You're listening to Draft Kings Network. So top Yurak, welcome. This is an odd episode for me because I know a lot about you and a little at the same time.
0:40.0	So how should I be introducing you here at the top?
0:43.0	So I currently lead the sports and family office banking team at City National.
0:48.0	Been in this athlete wealth management world for better part of a decade and a half at this point
0:53.6	former college basketball player but we'll leave the Syracuse part of this out of it
0:57.5	I'm not gonna pick my nose like you guys Jim Beheim although I might be tempted to
1:02.0	but the reason why I have brought you you guys Jim Beheim, although I might be tempted to.
1:02.8	But the reason why I have brought you in today
1:05.7	is because you, and correct me if I'm wrong,
1:09.8	you're familiar with my work, Todd.
1:12.0	Yes, I've been tracking your how and why athletes go broke
1:15.5	article from Sports Illustrated in 2009 waiting for this opportunity to reach
1:19.8	out and say I think I'm the only person in the world who knows that it's the 15 year anniversary.
1:24.4	Let's talk about this.
1:25.6	This is the story that most people come up to me still to talk about.
1:30.0	It was the most read article in the history of SI.com.
1:33.0	Wow.
1:34.0	Which is all to say, not that, you know, let's check out how good my shit is.
1:37.8	It was also that here was a topic at 5,000 words that I had reported on, motives and causes and stories about
	...

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