Former NBA Star Latrell Sprewell Faces Foreclosure

When young inter-city high school kids graduate, the first thing their counselor needs to do is enroll them in a basic finance class in whichever college they’ll attend,then in their senior yr. if they show prospect to go high in the NBA draft make it manditory that they attend a rich dad poor dad or Susie Orman financial seminar. How can a player who made tens of millions in his career have that happen to him?

The reason this happens not to just inner city kids but to suburban kids as well when they grow up is that the US school system does NOTHING to prepare our youth for managing money at an early age, so if daddy and mommy are struggling to make ends meet so will little Janie and Johnny when they get older, because they are ill prepared to handle financial responsibility. the mentality is get some money go buy some rims get some more money go get that flat screen tv, instead of buying assets they purchase liabilities. Consequently the rich get richer and the poor go into foreclosure.

schools need to improve,…etc. But i did not pay attention to any professors/teacher in high school really. Its the responsibility of every parent to teach “real world” economics to their children and many fail miserably. As they say, Mo Money Mo problems.

Simply not making payments is ludicrous.

I would think he would be able to downsize or at least get out from under these homes before they reach foreclosure. He must be getting really bad advise.

Sounds awful, I feel sorry for him.Seems that he lost everything he founded. Hope to cope up soon.

I was a big Sprewell fan, loved him when he played w/the Knicks. Sorry to hear of this news. Wow.

Geejay you are entirely correct. American schools should teach financial management to kids and they should have to pass a comprehensive test in order to graduate. As it is now they can’t even balance a checkbook.

Man… “bob” got it right. All our wives are bombarded these days by shows on HGTV where people are getting these extravagant kitchens, and every other shi-shi upgrade for the home available under the sun. The “wrong” part of it is… as a culture… it’s like they use *that* as the image by which to judge one-another… and nobody wants to be that left-behind guy. Even though *HE* hasn’t racked-up the $1,000′s of Dollars of Debt. And to make it worse… then they change the channel and see these vacation destination shows… and they don’t put two-and-two together to realize it’s either one or the other… you can’t have both.

RE: Sprewell… dude must be a total idiot in the first place to go doin’ things to jeopardize his income. He was the one that choked a coach or someething, right?

Hear, hear Bob!!!!! I’m with you and Gary all the way gents! It’s all about personal responsibility and discipline:

No offense ‘Geejay/Tesuque’ but your bashing of the ‘School System’ is absolutely misdirected; A lot of the people falling off the financial train wreck these days are also ‘High priced Private Schooled’ and highly educated Americans who turned out to make just as dumb decisions that even an inner-city Public schooled individual would not have made!

Lets just focus on the real facts, a dumb decision is a dumb decision regardless of what school system you came out of! On face value, this story is simply a man making stupid financial decisions and definitely needs some unbiased professional help!

Cheers Guys!

If only he could have tightened up his wallet to match those cornrows!

This has nothing to do with Education or classes not taught in high school or college. A guy who makes millions and then wastes it all away is an idiot – finance has nothing to do with it. I could give 10 million dollars to a guy living in a hut in somalia with no education and he would probably have 20 million in fifteen years not zero.

He needs a very good financial adviser. He should mange his money well or he will be a beggar in the future.

He should attend to different seminars with the topic about financial aspects.

There are some very good points here but they never all come together, because a lot of you focus on bickering. Those of you who call Sprewell, a “moron,” or “idiot,” or anything negative imagine this: Imagine this happened to your son, or a type of beloved family member (“try”), you wouldn’t wish him/her misfortune would you? If you’re still fell the same, you’re angry at someone, or something else in your life.
It’s AWESOME to hear the people who feel for this guy in his time of need. Even if it was his own doing, be it lack of financial education, materialism, a hybrid of sorts, this is not good for anyone. No matter HOW YOU DECIDE to make money in this world, it never feels good to work for something, make mistakes, and watch what you worked for taken back.
Lack of a classes may not be the exact reason but THERE DOES NEED TO BE a financial management course mandatory throughout a child’s entire school life (not just some elective, or 1 sex ed type class). I mean can we really afford to not teach our young Americans how to spend money? There are classes of “wood shop,” how many of us put that to use? Computers needs to be a course, life planning, how to be productive (all in stages and when appropriate to a humans ability to absorb certain information).
It’s not enough to say that a parent should teach this to a child, parents are too busy working and being tired, NOT TO MENTION they may not know how to “teach” it. Sprewell’s situation is a small part of the bigger picture.

Very good point Ivan.