Adrian Peterson loan in default

This could be any athlete - they don't understand money, and are very willing to walk away from obligations.   Personally, if I owe someone money, I can't sleep at night if I don't have a plan to pay it off.

I always thought he'd be broke quickly after retiring but it sounds like he's already on his way.  A fool and his money are soon parted.

AP could have gone down as one of the greatest, but something tells me he is going to go the route of TO and Chad Johnson.  40 years old, and still trying to make a comeback is in his future I'm afraid.

@"Tom Moore" said: This could be any athlete - they don't understand money, and are very willing to walk away from obligations.   Personally, if I owe someone money, I can't sleep at night if I don't have a plan to pay it off.

"Any athlete" seems a little unfair to many of them. Look, you have met a lot of these guys, I have not, so tell me: does it sound like something in character for Chad Greenway or Brian Robison? I know a lot of them get into money trouble, but I'm hesitant to tar all of them with the same brush because a highly visible subset is irresponsible. In the same way, there are some with casual sex lives, but I bet a lot of others with committed relationships.

I guess I don't want to excuse Peterson with any kind of "all his peers are just as bad" rationalization; maybe implying that wasn't really your intent.

I really don't think that's what Tom is saying. 

Does the league do anything to guide players in terms of investing / saving / pensions....
or is is "Here's your millions...go buy cars and gold necklaces"

Saw that documentary a couple years ago..large percentage of those rich athletes end up broke.

Sad.  These guys are at the height of the athletic spectrum, the best at what they do and paid handsomely.... but don't plan for the future.

@"Jor-El" said:

@"Tom Moore" said: This could be any athlete - they don't understand money, and are very willing to walk away from obligations.   Personally, if I owe someone money, I can't sleep at night if I don't have a plan to pay it off.

"Any athlete" seems a little unfair to many of them. Look, you have met a lot of these guys, I have not, so tell me: does it sound like something in character for Chad Greenway or Brian Robison? I know a lot of them get into money trouble, but I'm hesitant to tar all of them with the same brush because a highly visible subset is irresponsible. In the same way, there are some with casual sex lives, but I bet a lot of others with committed relationships.

I guess I don't want to excuse Peterson with any kind of "all his peers are just as bad" rationalization; maybe implying that wasn't really your intent.

@"Vanguard83" said: Does the league do anything to guide players in terms of investing / saving / pensions.... or is is "Here's your millions...go buy cars and gold necklaces"

Saw that documentary a couple years ago..large percentage of those rich athletes end up broke.

Sad.  These guys are at the height of the athletic spectrum, the best at what they do and paid handsomely.... but don't plan for the future.

Yes, they provide lots of resources.  Sadly, most of them ignore it.  They are 23 with a sudden inflow of cash.  It is not just a Viking issue, it is every pro league.

BTW - none of this mean AP is broke.  He may have just elected not to pay back the loan.  He didn't forget, as he would have got lots of notices before the lawsuit was filed

Interesting bit of news.. doesn't surprise me that a guy of AD's limited i.q. surrounded by hungry family members, hangers on and bobos/slappies is borrowing cash on the tail end of collecting a 100 million dollars from the Vikings.   He will be a greeter in a Las Vegas casino when he's 55 because he'll need a job to pay the rent and all those millions will be long gone if they aren't already.  It explains his insistence that he's still a top back worth big $, because he probably desperately needs the $ and the posse will keep getting paid and keep renting camels for parties until the dough is gone and the game stops and Adrian doesn't have a pot to piss in.

@"Tom Moore" said: BTW - none of this mean AP is broke.  He may have just elected not to pay back the loan.  He didn't forget, as he would have got lots of notices before the lawsuit was filed

What does a guy who's been paid the enormous sums the Vikings have paid him need a loan for?   Sorry, not buying it.  

Shocking

@"comet52" said:

@"Tom Moore" said: BTW - none of this mean AP is broke.  He may have just elected not to pay back the loan.  He didn't forget, as he would have got lots of notices before the lawsuit was filed

What does a guy who's been paid the enormous sums the Vikings have paid him need a loan for?   Sorry, not buying it.  

I can give $5 to help Adrian out.

@"Tom Moore" said: This could be any athlete - they don't understand money, and are very willing to walk away from obligations.   Personally, if I owe someone money, I can't sleep at night if I don't have a plan to pay it off.

You are one of the few who fell this way. Most idiots always say" I can't give you what I don't got!"

@"Vanguard83" said: Does the league do anything to guide players in terms of investing / saving / pensions.... or is is "Here's your millions...go buy cars and gold necklaces"

Saw that documentary a couple years ago..large percentage of those rich athletes end up broke.

Sad.  These guys are at the height of the athletic spectrum, the best at what they do and paid handsomely.... but don't plan for the future.

They are offered free basic education from the age of 5 until they are 18,  at which time most of them are given free college.  Once they turn pro they have rookie symposiums that talk about pitfalls,  as well as other resources that tom mentions to help them plan and manage... if none of this free advice and education registers with them,  I really can't feel sorry for them,  only shake my head and roll my eyes.  Life is financially really pretty simple,  don't buy what you can't afford, don't spend more than you make,  and make sure that early on in your earning days you learn to save for when you aren't earning.

Just plain irresponsible is what it is...Guy has plenty of $$ for all his baby momma's and babies too. 

@"StickyBun" said:

@"comet52" said:

@"Tom Moore" said: BTW - none of this mean AP is broke.  He may have just elected not to pay back the loan.  He didn't forget, as he would have got lots of notices before the lawsuit was filed

What does a guy who's been paid the enormous sums the Vikings have paid him need a loan for?   Sorry, not buying it.  

Because borrowing money is dirt cheap right now. Its not always in your best interest from a financial aspect to pay for everything in cash, cash you could be using to invest in equities or other vehicles. Its very hard to know why Peterson defaulted on this loan and like has been mentioned, this by no means means AP is broke.

@"purplefaithful" said: Just plain irresponsible is what it is...Guy has plenty of $$ for all his baby momma's and babies too. 

Therein compounding the problem

@"Purplewhizz" said: I always thought he'd be broke quickly after retiring but it sounds like he's already on his way.  A fool and his money are soon parted.

I always thought it was "A fool and his money are some party!" ?