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Evander Kane files for Bankruptcy

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If my nephew was a top notch athlete, earning millions a year. I'd be happy if he gave me free tickets when he visited Rogers Arena. If he bought me dinner bonus.

How uncles could try to exploit their own family, uhhh..wut? Mom/Dad/Grandma/Sister sure as dependants. But sounds like the family is taking advantage too. 

 

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1 hour ago, Squamfan said:

 

Jack Johnson (the hockey player) also went bankrupt but that was because cuz his parents screwed him over, but this would already be an example that it's not necessarily by race, but I would think upbringing has to be involved.  Kane gambles, some former athletes join business ventures without proper financial literacy, some get sued... many many reasons and backgrounds (think I read somewhere that one of the old-time Red Wings was living homeless after his playing days too). 

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1 minute ago, Phil_314 said:

Jack Johnson (the hockey player) also went bankrupt but that was because cuz his parents screwed him over, but this would already be an example that it's not necessarily by race, but I would think upbringing has to be involved.  Kane gambles, some former athletes join business ventures without proper financial literacy, some get sued... many many reasons and backgrounds (think I read somewhere that one of the old-time Red Wings was living homeless after his playing days too). 

the issue with johnson his that he didn't spend his money on cars, houses, jewellery, etc, his parent stole his money. Which i still can't believe because every parents wants their child to succeed 

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17 minutes ago, drummer4now said:

Please don't compare race in this matter it has nothing to do with it.. just bad personal decisions. 

Except it totally does......

Try being raised poor af,  never getting to see how to properly live with a steady paycheque. 
Watching your entire family struggle their entire lives.   
Then getting some money, trying to support your entire family (parents, siblings, uncles, grandparents). 
Never having a role model to teach you budgeting. 
It’s not hard to get carried away.  Especially when you don’t know better.   
 

There is a reason why you see this a lot more than white athletes.  
Most of these guys come from nothing. 

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30 grand a yr i make and ive saved  89k gonnabuy a few acres in kootneys  this guy makes more in 2 weeks than i make in a yr what a loser. How the hell do u go bankrupt when uhave made 50million in your career id be rich like trump if i had 50mill in assets guy should get a financial adviser  and not gamble 

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2 minutes ago, drummerboy said:

Except it totally does......

Try being raised poor af,  never getting to see how to properly live with a steady paycheque. 
Watching your entire family struggle their entire lives.   
Then getting some money, trying to support your entire family (parents, siblings, uncles, grandparents). 
Never having a role model to teach you budgeting. 
It’s not hard to get carried away.  Especially when you don’t know better.   
 

There is a reason why you see this a lot more than white athletes.  
Most of these guys come from nothing. 

i grew up poor doesnt  mean  he shouldnt be prudent with his money its called  being a adult 

obviously he doesnt have a clue how to budget and nhl  should have  financial cousellors to help young players not get in this situation  it seems very silly

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18 minutes ago, Squamfan said:

i don't want to be rude but why do alot of African athletics become bankrupt? I remember espn did a documentary on it and Marjory of the athletics they interviews were black. You see stuff like Alvin Kamara get his teeth diamonded and then you look around, you see white, brown, Asian athletics don't really do dumb stuff like that. So would i be surprised if Kamara files for bankruptcy in a few years nope. Its just sad that you see African athletics spend there money in really dumb ways, compared to white, brown, Asian athletics

I have discussed this over many a beer with some friends a while back. I don't know about Kane's situation but I think a lot of it has to do with upbringing. Many athletes (particularly or stereotypically African-American) didn't always get the best education and came from very low income families before they got rich and famous for being athletically gifted.

What do you do when suddenly you are lavished with millions of dollars overnight?

You don't know how to spend it properly, you suddenly have a hundred more "friends and relatives" come out of the woodwork looking for a handout.

You have no concept of savings because you had nothing to start with, you buy a 10 million dollar house along with a 500k car and don't realize with expensive assets comes high taxes, insurance and maintenance. Women are throwing themselves at you and suddenly you are paying child support for multiple families.

Managers and "Financial Advisors" start calling you out of the blue with investment ideas telling you they "got your back" with how to handle your money.

Those are common stories you see online from NFL/NBA leagues which coincidentally seem to be black-dominant sports. I hear it less from NHL... which is pre-dominantly Caucasian.

That's just my observations.

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1 minute ago, canuktravella said:

i grew up poor doesnt  mean  he shouldnt be prudent with his money its called  being a adult 

obviously he doesnt have a clue how to budget and nhl  should have  financial cousellors to help young players not get in this situation  it seems very silly

Yup.  Agreed.  
But that really take away from what I was talking about.  
There is a common theme when you see the stars that lost their money.  
 

In this one, yeah, it looks like he was just stupid and probably has a gambling problem. Lol. 
That and supporting 7 people a fancy lifestyle isn’t cheap.  

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To also add a small note: Most hockey players on average need to come FROM a slightly higher income household because hockey gear, skates, ice rinks require much more capital investment than say a guy with a ball and going to a free outdoor hoop in the park.

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4 minutes ago, drummerboy said:

It’s a shame to see all these hockey fans taking such joy in a young local mans mistakes and misfortune.  
I wish I had it as easy and was as perfect as you fellas.   

It is not that we are making fun of him, but the lack of personal responsibility on his part. 

Posting pictures of yourself with giant stacks of money is like the icing on the cake especially when something like this happens. 

 

Obviously he will rebound, but hopefully he learned a valuable lesson. 

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The “may opt out” part sounds like him playing hardball with the creditors. Basically saying, “You better accept this proposal, or else we’ll go with the nuclear option...”

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43 minutes ago, Ghostsof1915 said:

If my nephew was a top notch athlete, earning millions a year. I'd be happy if he gave me free tickets when he visited Rogers Arena. If he bought me dinner bonus.

How uncles could try to exploit their own family, uhhh..wut? Mom/Dad/Grandma/Sister sure as dependants. But sounds like the family is taking advantage too. 

 

I have seen sooooo much of this.    It is common, brutal and sad.   A lot of people think these kids and then young adults have the world at their door and no worries at all but they are basically an ATM for so many around them and without someone paying attention it can go surprisingly quickly.   

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17 minutes ago, Obsideon said:

I have discussed this over many a beer with some friends a while back. I don't know about Kane's situation but I think a lot of it has to do with upbringing. Many athletes (particularly or stereotypically African-American) didn't always get the best education and came from very low income families before they got rich and famous for being athletically gifted.

What do you do when suddenly you are lavished with millions of dollars overnight?

You don't know how to spend it properly, you suddenly have a hundred more "friends and relatives" come out of the woodwork looking for a handout.

You have no concept of savings because you had nothing to start with, you buy a 10 million dollar house along with a 500k car and don't realize with expensive assets comes high taxes, insurance and maintenance. Women are throwing themselves at you and suddenly you are paying child support for multiple families.

Managers and "Financial Advisors" start calling you out of the blue with investment ideas telling you they "got your back" with how to handle your money.

Those are common stories you see online from NFL/NBA leagues which coincidentally seem to be black-dominant sports. I hear it less from NHL... which is pre-dominantly Caucasian.

That's just my observations.

Thing is, compared with NFL players e.g. those raised in ghettoes or places like Atlanta or whatnot (btw, systemic poverty and educational disadvantaging in the southern US neighborhoods is another topic entirely), I would think that Vancouver would be a fine city to learn these things (John Oliver, to my understanding, isn't that bad of a school), and given how his family members have had pro or semi-pro athletic careers, you would think either they see how set they became or how much they floundered after retirement.  Then again, like others have said, it's based on the individual's own choice (maybe gambling was in his family, who knows, and the baller temptations will be there when the money comes), and looks like this is the path he took.   

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52.9m earned so far in his career and only has 10m worth of assets and 26m in debt.

 

I feel ZERO remorse for this athlete who should be wealthier than all of us on this forum...but yet he is broke as &^@#!!!

 

Cry some more mr. Kane...we don't care...and it has nothing to do with the colour of your skin either...so get that thru your thick, empty skull

Edited by debluvscanucks
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