Ex Raptor Eric Williams is homeless
Old 04-22-2014, 09:25 AM   #1 (permalink)
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Former NBA player Eric Williams -- who spent 12 seasons in league -- says he is homeless and broke this according to legal docs obtained by TMZ Sports.Williams -- who also appeared on "Basketball Wives" -- made the shocking statements in a letter he wrote to a Colorado court recently explaining why he could not attend a child support hearing in CO earlier this month.

Among the reasons, Williams says a "court-ordered citation for me to appear was not delivered to my home address as I have no home."Williams -- who's on the hook for more than $24k in unpaid support to the mother of his 13-year-old son -- also says his financial situation is so dire, he can't afford airfare and has no money to pay a lawyer.In his letter, Williams says he is currently a volunteer at an unnamed non-profit organization -- and says, "I'm in the rebuilding stages of my life."We reached out to Williams for comment. So far, no word back.
Celebrity Gossip | Entertainment News | Celebrity News | TMZ.com
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Old 04-22-2014, 09:39 AM   #2 (permalink)
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Nba should implement some sort of Money Management course for players, and especially rookies coming into the league
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Old 04-22-2014, 09:43 AM   #3 (permalink)
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i remember how much he didn't want to be here when he got traded. It's was so obvious in his interviews, body language... everything he did. I don't wish ill will on him and i hope he gets his life in order, but i thought he was a dick when he was in toronto.
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Old 04-22-2014, 09:44 AM   #4 (permalink)
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Originally Posted by creative1mm View Post
Nba should implement some sort of Money Management course for players, and especially rookies coming into the league

Chapter 1: You're a millionaire athlete and the girls at the club want your babies
Chapter 2: Condoms and other birth control methods
Chapter 3: Investment basics
Chapter 4: Budgeting for posses and hanger-ons
Chapter 5: Retirements savings
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Old 04-22-2014, 09:54 AM   #5 (permalink)
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Chapter 1: You're a millionaire athlete and the girls at the club want your babies
Chapter 2: Condoms and other birth control methods
Chapter 3: Investment basics
Chapter 4: Budgeting for posses and hanger-ons
Chapter 5: Retirements savings
The title of the book should be "Hide That First Million"

I have a hard time feeling sorry for any of these guys. Especially since there are so many explayers that can step in and mentor. And so many examples of what can go wrong.

And they don't want a $250,000 house and a Toyota. They want to be the guy that makes it rain again.

I have so much respect for the players that retire by 30ish, get into something constructive to pass the time, and live their lives out in luxury.
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Old 04-22-2014, 10:01 AM   #6 (permalink)
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The title of the book should be "Hide That First Million"

I have a hard time feeling sorry for any of these guys. Especially since there are so many explayers that can step in and mentor. And so many examples of what can go wrong.

And they don't want a $250,000 house and a Toyota. They want to be the guy that makes it rain again.

I have so much respect for the players that retire by 30ish, get into something constructive to pass the time, and live their lives out in luxury.
I agree with everything you're saying. But in fairness, you can't even buy a $250,000 house in Keswick now. These guys need to find something downtown, rent or buy, and have another residence for the offseason. With housing prices in the states still low, maybe you could find something great for $250,000. I mean for a guy making 5 mill a season. If they bought and maintained one home for 1 mill, they would be fine. It's all the other things that makes their money disappear.

These players really need to find a way to lock up some funds, but I guess many of them don't have people in their family they can trust to hang onto their money. Nor will they accept the guidance of the financial advisors, who could help them lead a comfortable life after basketball.

Unfortunately, none of this surprises me. Players with far greater earnings, Antoine Walker, AI have gone broke sooner than this guy. AI is just lucky he has the Reebok cash in trust that matures when he's 50 or so.

Reading the link from TMZ however, it's hard to determine whether or not he's truly broke or evading child support. Time will tell.

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Old 04-22-2014, 10:14 AM   #7 (permalink)
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what another man does with their money is not my concern
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Old 04-22-2014, 10:28 AM   #8 (permalink)
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Originally Posted by creative1mm View Post
Nba should implement some sort of Money Management course for players, and especially rookies coming into the league
I'm pretty sure they do a day long conference on stuff like this right after the draft for rookies.
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Old 04-22-2014, 10:29 AM   #9 (permalink)
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what another man does with their money is not my concern
people being homeless and living in poverty should be all of our concern.
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Old 04-22-2014, 10:40 AM   #10 (permalink)
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people being homeless and living in poverty should be all of our concern.
When you blow millions of dollars I can't really care about that person regardless if they are homeless or not. Not saying I don't care about homeless people as I have gone out of my way to help many of them in my city, but when you have that much money and piss it away I have no time for you.
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Old 04-22-2014, 10:44 AM   #11 (permalink)
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When you blow millions of dollars I can't really care about that person regardless if they are homeless or not. N
How about his wife and kid then.
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Old 04-22-2014, 11:00 AM   #12 (permalink)
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I have a hard enough time limiting my own spending and I don't even make a tenth of what he would have made - so I can't say shit. You're talking about a lot of guys going from crippling poverty to literally the top 1% overnight. There isn't any sort of real life scenario, aside from winning the lottery, that can put that sort of situation into perspective. Even the world's most successful businessmen experienced some sort of gradual process. These guys just aren't equipped to deal with that sort of money off the top. I fuckin know for a fact I wouldn't be, and I'm a middle class cat through and through, and I've been to university.
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Old 04-22-2014, 11:28 AM   #13 (permalink)
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It's tough, but you'd think any decent agent would have his clients just put 5% of their salary in a long term savings account so when the rest dries up they have a chance to smarten up while they still have more money than I'll ever make.

The NBPA does in fact have loads of classes and seminars for the players for money management. They've implemented a lot of it more recently though, so it wouldn't help guys like Williams who've been out of the league for a while.
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Old 04-22-2014, 11:33 AM   #14 (permalink)
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You're talking about a lot of guys going from crippling poverty to literally the top 1% overnight.
One would that that if that happened, they would be a little smarter about saving and spending their money. Easiest way to go from rags -->riches-->rags....Bentley's, Lambos, American real estate, strip clubs, lobster dinners 5x week.
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Old 04-22-2014, 12:54 PM   #15 (permalink)
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It's tough, but you'd think any decent agent would have his clients just put 5% of their salary in a long term savings account so when the rest dries up they have a chance to smarten up while they still have more money than I'll ever make.
yeah, some kind of annuity. Have them pay into something that will pay back a fixed amount per month or year after they stop playing. If it's just a lump sum in an account, they'll probably blow the "smarten up time" money too. Once you get to that stage where they've spent a huge chunk of their career earnings, you want them on a fixed budget, with a stable cash-flow coming in, that they can't disrupt.
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Old 04-22-2014, 12:57 PM   #16 (permalink)
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I blame the union. Seeing those numbers for broke players, you should have something in whereby some percentage is set aside. Then players would have to go through all kinds of barriers to get at it to get a 4th sportscar in the driveway and to make it rain at a club. No one is taking tere money from them by doing this. It would be there. If you make 10 mil during your career and 1 mil is set aside, you can live on that from some basic blue chip investment. Better than nothing. Pittiful.
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Old 04-22-2014, 01:04 PM   #17 (permalink)
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Originally Posted by fancylad View Post
i remember how much he didn't want to be here when he got traded. It's was so obvious in his interviews, body language... everything he did. I don't wish ill will on him and i hope he gets his life in order, but i thought he was a dick when he was in toronto.
I remember us being pretty horrible in those years. At least Williams had the decency to come to T.O. lol. Mourning didn't even bother.

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Old 04-22-2014, 02:16 PM   #18 (permalink)
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As raptor family, MLSE would be very wise to find some sort of labour job for him. It would speak volumes if the org reached out to him.
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Old 04-22-2014, 02:50 PM   #19 (permalink)
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yeah, some kind of annuity. Have them pay into something that will pay back a fixed amount per month or year after they stop playing. If it's just a lump sum in an account, they'll probably blow the "smarten up time" money too. Once you get to that stage where they've spent a huge chunk of their career earnings, you want them on a fixed budget, with a stable cash-flow coming in, that they can't disrupt.
for most players though, that wouldn't be much. After 10 year in the league at 3m/yr (accounting for rookie pay scale and low end salaries at the end of their career), average take 5% per year after tax and put it in a retirement fund, if you play it safe (no risky investments), you end up with what, 800k-1M.

You can't live from 30 to 80 on that kind of money, EVEN if you were able to drastically reduce your lifestyle.

The main problem is that most nba players are far less rich then they think they are, because they need to live a really long time on whatever's left after they retire. With most having no skill whatsoever, it's a lot easier to justify NBA's policy to push the draft age higher. Every extra year in college will make a huge difference to these guys ability to cope with life post-nba. With the exception of a very few, most players will also have to dramatically lower the level of luxury in their lives, which is just as hard if not harder than finding something to do that earns you money.
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Old 04-22-2014, 03:01 PM   #20 (permalink)
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As raptor family, MLSE would be very wise to find some sort of labour job for him. It would speak volumes if the org reached out to him.
He played 62 games here. What about Denver, Boston, where he played the majority of his career?

--------

He's just another example of a bigger picture of NBA players going broke soon after their career ends.

He made $40 million in his NBA career:
Eric Williams NBA & ABA Stats | Basketball-Reference.com

There needs to be a better fiscal management training session for new players- they get too much money too young, and don't realize that it has to last them for the rest of their lives.
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