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Sunday, August 1st, 2010 at 10:30 am  |  19 responses

Detlef Schrempf Takes Soft Shot At Players’ Association

In this past week’s “Where Are They Now” issue of Sports Illustrated, retired NBA player Detlemf Schrempf talked about basketball players, the NBA and wealth management: “By day Schrempf is the director of business development at Coldstream Capital, a wealth-management firm in the Seattle area, where he has resided since 1980. ‘I always had an interest in other things [besides basketball] and in putting some money to work,’ he says. But, Schrempf urges young athletes, you don’t need to have a professional’s head for business to have a sense of your personal finances. ‘I always tell them to [realize that] the one contract they get might be their last,’ he says, adding that the league and the players’ association should bear more responsibility for educating its members. ‘[Players should] actually go online and see where their money is. Most of them don’t deal with it.’”

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  • Groves

    good on him, this is what everyone should know… its why 80% of the world is poor

  • http://slamonline.com Dave.

    No, Groves, that’s not even remotely related to it.

  • http://thekobebeef.wordpress.com LDR4

    If the league educated players about finances then stories like Allen Iverson’s and Antoine Walkers financial plight would never occur. These stories show that the NBA does not care about its players.

  • Mr. Robinson

    The league DOES educate players during the rookie program.
    These dumb ass players think they’re smart.

  • Mr. Robinson

    And the NBA also cares about its players as long as they’re “company guys”.

  • ConeyIslander

    Hmmmmm, let’s see. Take a poor kid from any of the worst places in the country, give him a free pass on school work because he can run fast and jump high and before their 21st birthday you hand them 15 million dollars and no one thinks problems will follow? Let’s be real it’s a kid in a candy store, cavities will happen.

  • lebrontoraptors

    I am sick of these arguements. Oh these players shouldn’t be held resposible for themselves, the players union or we as society or blah blah blah. Look do these guys think they will keep getting contracts until retirement age? The NBA is like winning the lottery once the money runs out its gone. Lay off the million dollars worth of jewelry that has your initials and owning 15 cars and 6 houses. Hard to feel sorry for millionairs.

  • Ronald

    Wtf? How is he taking shots at anything? He’s just stating the obvious. @lebrontoraptors: society is taking advantage of their athletic ability and throwing money at them without teaching them the repercussions.

  • http://sdfkjlf.com Jukai

    Ronald: The NBA nowadays does take a lot of repercussions. That’s simply no longer the case. No one thanks Stern for the education programs he’s created, they just continue to blame the system.

  • lebrontoraptors

    I pray to God someone will take advantage of me by giving me millions of dollars to play a game, work out on my off days, and maybe do some charity work. Those who don’t learn from the past are destined to repeat it. How many cautionary tales do these guys need?

  • total scrotal implosion

    when it comes to losing millions, players can only blame themselves. but, when you get the money and all your family and friends have their hand out, its hard to say no.

  • David

    or maybe we could re-examine the system that encourages kids with athletic ability, regardless of their progress of their mental and intellectual capacities? there’s surely a correlation between the irresponsible professional athlete and the inferior emphasis on education during their formative years

  • http://slamonline BossTerry

    I was just in Seattle a few weeks ago, U know Pike’s market doesnt throw the fish anymore.. Damn Peta, with their cruel treatment to an animal’s corpse ideas… No joke..

  • Ronald

    @Jukai: I really meant society as a whole. And how kids with athletic abilities are given a free pass in their education etc. without truly understanding that by letting them cruise through life actually does more harm than good. @Lebrontoraptors: Statistically, if you were in a similar situation you would be broke within 5-years. This phenomenen of people suddenly making relatively a lot of money and then going broke within a few years is not confined to the NBA or athletes. Lottery winners etc., are all good example of this. And, it’s not about buying “blind” etc., that harms them. It’s living paycheck to paycheck and living on loans and credit. Also, blame the banks for so readily lending them money without sound financial advise.

  • Ronald

    Urgh, i meant “bling” insead of blind

  • Jon

    There are people out there that dumb. Period. Then there are dumb people like me, who despite a top 5 college education and job at a big firm, continue to buy these dudes jerseys regardless.

  • The Philosopher

    My Friends:
    Money is human happiness in the abstract; and so the man who is no longer capable of enjoying such happiness in the concrete, sets his whole heart on money. (Arthur Schopenhaur)

  • http://www.triplejunearthed.com/dacre Dacre

    These guys need to treat their millions the way you and I treat our thousands. Budget, save and organise your expenses… we do that from our paid employment they should do that with theirs…My boss isn’t responsible for how I spend my pay. Why should David Stern be??????

  • WangChung

    lol @ Jon. Truer words have never been spoken.

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