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OT: Darren McCarty auctioning his Cup Rings

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Old
10-27-2006, 02:06 PM
  #26
ngc_5128
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Originally Posted by RedScull View Post
Ergo, I also once heard that a considerable part of that debt is from gambling, but haven't heard any such report since.
He only owed 185k from gambling debts...The people he owes most of his money to are banks and holding companies.

I think the biggest problem he had was probably the lockout, and his salary getting cut in half. When you make 2 mil a year, it is also probably hard to maintain that kind of lifestyle when you go a year without pay. Anyone who has lost their job can tell you the same thing. His wife getting most of his buyout payment probably didn't help much either.

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10-27-2006, 02:08 PM
  #27
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Something that is predominant in hockey more than any other major north-american sport, is that few hockey players have post-secondary education. The players who went on and played NCAA do, but most others have toiled away in minor hockey. Though it's a nice thought, not everyone has the knowledge or experience to make wise investments at such a young age, in order to secure your future financially.

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10-27-2006, 02:10 PM
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Originally Posted by RedScull View Post
Something that is predominant in hockey more than any other major north-american sport, is that few hockey players have post-secondary education. The players who went on and played NCAA do, but most others have toiled away in minor hockey. Though it's a nice thought, not everyone has the knowledge or experience to make wise investments at such a young age, in order to secure your future financially.

But with the money they make, can they not afford a financial adviser or something?

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10-27-2006, 02:14 PM
  #29
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But with the money they make, can they not afford a financial adviser or something?
Don't get me started on financial advisors. They are actually of very little use when you don't have much investment knowledge. The problem is, money's sticky, and people don't change advisors after a bad investment. You might experience it later in life, but it's a real pain the *** to move assets around to different organizations Anyway, if you have the time for it (believe me, it's not something you can do casually) it's worth your while to invest yourself, and not have an advisor, or broker, who's going to take a cut.

[edit: no offense to any financial advisors or brokers on the board, I've just had very bad experiences with all of the ones I've employed.]

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10-27-2006, 02:15 PM
  #30
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Nice guy, but stupid brains for finances.

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10-27-2006, 02:15 PM
  #31
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Originally Posted by RedScull View Post
You're naive if you think that people don't live to their income level. From your perspective, you're earning $50k and doing fine, maybe stashing some away. But when you start making $2m/year for (at least) 4 years, you start to buy property, make investments, you likely don't buy your clothes at Wal-Mart.
Also, remember that hockey players don't have a considerable pension. It's so easy to lay blame, but as someone who's got a multi-millionaire friend, and sees how he spends money, it's not hard to believe. It's too easy for people to point a finger and go "Ha!" when in the same situation, we might make the same mistake.
McCarty had no reason to expect he would not earn ~$2m for the duration of his career.
Ergo, I also once heard that a considerable part of that debt is from gambling, but haven't heard any such report since.

Anyway, consider me his sole defender on this platform.
Wouldn't the lack of a decent pension program give someone MORE of an incentive to save money rather than spend spend spend? And yes, I do know of people who earn quite a bit of money and live modest lives. They actually save more in terms of percentage than an average Joe such as myself. That is good planning.

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10-27-2006, 02:19 PM
  #32
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Originally Posted by RedScull View Post
Something that is predominant in hockey more than any other major north-american sport, is that few hockey players have post-secondary education. The players who went on and played NCAA do, but most others have toiled away in minor hockey. Though it's a nice thought, not everyone has the knowledge or experience to make wise investments at such a young age, in order to secure your future financially.
Exactly. How many 20 year old's decide to make an RRSP with their first huge NHL pay check? I would buy a BMW Why diversify your portfolio when you can go clubbing every night and buy a different Armani suit for every day of the week?

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10-27-2006, 02:24 PM
  #33
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Originally Posted by ngc_5128 View Post
Exactly. How many 20 year old's decide to make an RRSP with their first huge NHL pay check? I would buy a BMW Why diversify your portfolio when you can go clubbing every night and buy a different Armani suit for every day of the week?
That's exactly my point, I'm glad someone understands. It's really an issue that the NHLPA should tackle, and provide investment opportunities, or even better, an in-house RRSP program that you can contribute to.

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10-27-2006, 02:26 PM
  #34
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If I recall correctly, he lost pretty badly in his divorce. His wife's alimony is based on his pre-lockout salary. Not an excuse to have that much debt, but still a tough spot.

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10-27-2006, 02:53 PM
  #35
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Originally Posted by HABein View Post
But with the money they make, can they not afford a financial adviser or something?
To be honest, bad advisors are probably the #2 cause of sports star poverty

#1 is living the Mike Tyson lifestyle.

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10-27-2006, 02:54 PM
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If I was rich, I'd buy his rings and then give them back to him. I feel really bad for the guy, yeah he messed up but I sympathise with his struggles.

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10-27-2006, 02:55 PM
  #37
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To be honest, bad advisors are probably the #2 cause of sports star poverty

#1 is living the Mike Tyson lifestyle.
lol. I think you mean just being Mike Tyson.

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10-27-2006, 03:07 PM
  #38
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Originally Posted by RedScull View Post
That's exactly my point, I'm glad someone understands. It's really an issue that the NHLPA should tackle, and provide investment opportunities, or even better, an in-house RRSP program that you can contribute to.
you know what? you're right. WHY dont they do that? They have a union, so they should have someone who does that. It's a really smart idea and so damn obvious when you think about it. Seriously.

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10-27-2006, 04:19 PM
  #39
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Originally Posted by felixd View Post
I remember last year there was a report that he owed something like over 200,000$ to American Express only...he probably bought some stuff on credit and since he was a multi-millionaire, no one blinked an eye, but when he missed his payments(likely big payments), the companies probably started charging him high interest rates, and then the interest became compounded(interest on interest) and just snowballed. I'm guessing that's how he racked up 6 million in debt.
Divorce cost a lot of money too. That was probaly the biggest blow.

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10-27-2006, 04:39 PM
  #40
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Originally Posted by waffledave View Post
If I was rich, I'd buy his rings and then give them back to him. I feel really bad for the guy, yeah he messed up but I sympathise with his struggles.
yeah... because it must really hurt him to sale his rings... I just wouldn't be able...


Well Good luck Darren I hope you will find a way out of you debts.

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10-27-2006, 05:38 PM
  #41
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Is this really anyone's business? Obviously it's newsworthy because he's auctioning his rings, but this is his personal life.

I think the clucking hens should stop gossiping. Just my opinion.

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10-27-2006, 08:18 PM
  #42
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Originally Posted by BladesofSteel View Post
Is this really anyone's business? Obviously it's newsworthy because he's auctioning his rings, but this is his personal life.

I think the clucking hens should stop gossiping. Just my opinion.
If anything, the news services are doing McCarty a favour by giving publicity to his auction.

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10-27-2006, 08:25 PM
  #43
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Darren seems a good guy. But you can tell he's likely quite the party animal. It's easy to blow a lot of money away living the high life if you're not careful.

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10-27-2006, 08:30 PM
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Originally Posted by The n00b King View Post
you know what? you're right. WHY dont they do that? They have a union, so they should have someone who does that. It's a really smart idea and so damn obvious when you think about it. Seriously.
Why dont they do that?? That is what parents are for. Okay maybe he never had good parents but there should be someone in the family that could manage the money..........it cant be that hard.

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10-27-2006, 08:33 PM
  #45
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Why dont they do that?? That is what parents are for. Okay maybe he never had good parents but there should be someone in the family that could manage the money..........it cant be that hard.
Wow that is just an unbelievably naive comment. Who's to say that anyone's parents are more educated/responsible or have better financial knowledge than the player in question?

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10-27-2006, 08:38 PM
  #46
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I'm sure the Rangers could offer some good money for those rings

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Old
10-27-2006, 08:42 PM
  #47
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Wow that is just an unbelievably naive comment. Who's to say that anyone's parents are more educated/responsible or have better financial knowledge than the player in question?
Well if he didnt have good parents then he had a bad agent........You got to remember these kids come into the league at 18........there are still kids and need guidance.........especially financially

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10-27-2006, 08:54 PM
  #48
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It's not reasonable to offload social responsibility onto others when you're in a situation to make change. The NHLPA (and its agents) are in a position of power in this regard, to at minimum inform their constituents of potential problems, and could take even more action.

Your statement of "it can't be that hard" (to me) is naive because it is not only hard, but time consuming. This is why people pay professionals to do it.
I'm sure you have wonderful and responsible parents who can manage their finances very well. Not everyone is fortunate enough to have that, and often that's not the case.

I agree the new players need guidance, but I'm just not sure if the necessary support is there for them. Agents aren't there for the benefit of the players, either. They're there for their own benefit. It isn't an agent's responsibility to ensure that the player takes good care of their money.

I'm beating a dead horse, and I know it.

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10-27-2006, 09:00 PM
  #49
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Originally Posted by RedScull View Post
It's not reasonable to offload social responsibility onto others when you're in a situation to make change. The NHLPA (and its agents) are in a position of power in this regard, to at minimum inform their constituents of potential problems, and could take even more action.

Your statement of "it can't be that hard" (to me) is naive because it is not only hard, but time consuming. This is why people pay professionals to do it.
I'm sure you have wonderful and responsible parents who can manage their finances very well. Not everyone is fortunate enough to have that, and often that's not the case.

I agree the new players need guidance, but I'm just not sure if the necessary support is there for them. Agents aren't there for the benefit of the players, either. They're there for their own benefit. It isn't an agent's responsibility to ensure that the player takes good care of their money.

I'm beating a dead horse, and I know it.
Ahhhhhhh blaaaaaaaaablaaaaaaablaaaaaaaaaaaa....you sound like a ****** lawyer that can talk his way into every nic and cranny of every rich persons pocket.

You give me a million dollars and I can make every financial garu look like a fool......

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Old
10-27-2006, 09:03 PM
  #50
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Sucks that it had to come to selling his cup rings...

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