Just saw Mike Bibby in his Rolls Royce

[frankthetank966]

I was walking around downtown near broad street and I saw a big black Rolls Royce approaching. I was thinking who the heck could that be so I peeked into the car...

Sure enough it was our PG Mike Bibby looking baller talking on his cellphone strolling around downtown ATL in his rolls. It was pretty cool.

[MVP23]

...I hope he was talking to Joe telling how how wide open he is at the top of the key half of the time....

[NineOhTheRino]

I always pictured Bibby as a Ford Focus type of guy.

[frankthetank966]

Yea me too. Kind of shocked.

[Dragitoff]

Yea me too. Kind of shocked.

I always pictured him as a clown car kind of guy with Team Dime piled in like sardines........I have no idea why I thought that. Actually, I pictured him being driven around in a big SUV with his posse with him.

[benhillboy]

All pro athletes have to buy a Bentley or Rolls after they sign a new contract, having no idea how much money will be spent on maintenence and gas through their ownership. It's hilarious, then sad. Those cars are for oil tycoons and Royal Heirs who could care less about how they ride on land. The owners of these companies despise overpaid athletes and celebrities, but still laugh to the bank. They're probably making lemons by now to boost profit because no one is safe in a global recession. A majority of these dudes will be in bad shape much sooner than later. There are more Antawn Walkers and Nicholas Cages than you'll ever hear about, their demise was just so sudden and catastrophic. Budget, Bibby. Budget.

Edited November 19, 2009 by benhillboy

[chico1]

All pro athletes have to buy a Bentley or Rolls after they sign a new contract, having no idea how much money will be spent on maintenence and gas through their ownership. It's hilarious, then sad. Those cars are for oil tycoons and Royal Heirs who could care less about how they ride on land. The owners of these companies despise overpaid athletes and celebrities, but still laugh to the bank. They're probably making lemons by now to boost profit because no one is safe in a global recession. A majority of these dudes will be in bad shape much sooner than later. There are more Antawn Walkers and Nicholas Cages than you'll ever hear about, their demise was just so sudden and catastrophic. Budget, Bibby. Budget.

Dude what are you talking about? Bentleys and Rolls are for anyone who can afford to drive one. Bibby has made well over $100 million in his NBA career. I'm pretty sure he can afford a $250,000 car. And what would make you say owners of these companies despise overpaid athletes? Seriously, after reading this and other posts you've written, you seem to talk out of your a$$ a lot. Quite hating dude!

[Atlantaholic]

Dude what are you talking about? Bentleys and Rolls are for anyone who can afford to drive one. Bibby has made well over $100 million in his NBA career. I'm pretty sure he can afford a $250,000 car. And what would make you say owners of these companies despise overpaid athletes? Seriously, after reading this and other posts you've written, you seem to talk out of your a$$ a lot. Quite hating dude!

First of all I guarantee you Mike Bibby's net worth is not even close to 100 million. Secondly, everything he said is true, most athletes struggle mightily with finances and one of the biggest reasons why is because they make horrible "investments" on multiple homes and cars. (the two worst investments any person can make.) A lack of education and the fact every single person surrounding said athlete is looking to take advantage are the main reasons why athletes, and celebrities in general, have a very difficult time handling their fortunes.

[chico1]

First of all I guarantee you Mike Bibby's net worth is not even close to 100 million. Secondly, everything he said is true, most athletes struggle mightily with finances and one of the biggest reasons why is because they make horrible "investments" on multiple homes and cars. (the two worst investments any person can make.) A lack of education and the fact every single person surrounding said athlete is looking to take advantage are the main reasons why athletes, and celebrities in general, have a very difficult time handling their fortunes.

Oh i see, well i take it all back then. Apparently, you are either Bibby's accountant, or are close friends with someone who has access to his books. You seem to have a pretty good idea of how much money Bibby has in the bank.

Listen, I realize that some athletes make poor financial decision. However, I find it laughable that someone would have the audacity to give financial advice to any athlete without knowing their financial stands. You seem to be sure that Bibby's net worth does not come close to $100 million. And you might be right; I certainly do not know. But I know that he has grossed over the said amount over his 10 or 11 year career in the NBA. And that my friend, is a ton of money. With the right financial adviser putting your money in the right places that kind of money can be stretched a long way.

You and the other hater are stereotyping. Just because Bibby's earned his money as an athlete, you're assuming his living above his means just because someone saw him driving around town in a nice expensive car. So I'll say it again... quit hating and mind your own business.

BTW, you say investing in homes is one of the worst investments any person can make. You are obviously throwing things out there for arguments sake. Some of the richest people in the world invest in real estate buddy.

[niremetal]

I always pictured him as a clown car kind of guy with Team Dime piled in like sardines........I have no idea why I thought that. Actually, I pictured him being driven around in a big SUV with his posse with him.

I wonder if his entourage's expense accounts have been cut significantly since he came to Atlanta and got his new, smaller contract.

[Atlantaholic]

Oh i see, well i take it all back then. Apparently, you are either Bibby's accountant, or are close friends with someone who has access to his books. You seem to have a pretty good idea of how much money Bibby has in the bank.

Listen, I realize that some athletes make poor financial decision. However, I find it laughable that someone would have the audacity to give financial advice to any athlete without knowing their financial stands. You seem to be sure that Bibby's net worth does not come close to $100 million. And you might be right; I certainly do not know. But I know that he has grossed over the said amount over his 10 or 11 year career in the NBA. And that my friend, is a ton of money. With the right financial adviser putting your money in the right places that kind of money can be stretched a long way.

You and the other hater are stereotyping. Just because Bibby's earned his money as an athlete, you're assuming his living above his means just because someone saw him driving around town in a nice expensive car. So I'll say it again... quit hating and mind your own business.

BTW, you say investing in homes is one of the worst investments any person can make. You are obviously throwing things out there for arguments sake. Some of the richest people in the world invest in real estate buddy.

Investing in "homes" and investing in real estate are two completely different things. The worst financial decisions the average millionaire makes is buying an extra home, and the reason is due to the massive expenses that are always associated with maintaining a good home in living conditions. Most people who invest in real estate are looking to invest in a property and sell it in the future, the amount of research that is done on the market and the property is extensive and it is considered a very high risk investment. Most times they do not use that property as a second home, and in a great majority of cases they will rent out the property while they wait for it to appreciate. Homes are also usually terrible investments because the people who usually buy them have no knowledge about the real estate market, and for the most part, they don't even take it into consideration when buying. Usually the only thing they get out of their homes are a never ending stream of bills, and when they have finally had enough they are forced to sell, and in most cases, having bought the home with no consideration of market conditions, they end up selling at a great loss. Buying an expensive car though is by far an even worse investment because there is literally nothing that depreciates at the faster rate and the supplementary future costs of maintenance are also massive (the more expensive the car the more expensive the maintenance.). One of the biggest reasons Michael Vick lost all his money was because he had bought an obscene amount of properties, and cars blindly and with no consideration for the future financial implications. In fact that is always constantly the number one way that millionaire celebrities loose their money. MC Hammer also lost a ridiculous fortune due to his purchases of properties.

I have no idea about Bibby financial condition but if he is driving a 300,000 dollar vehicle it is not an absurd assumption to guess that his expenses are probably on the high side. I really don't care what people choose to drive, but the glorification of expensive vehicles and homes is one of the main reasons that young athletes (especially black athletes) always have a tough time becoming financially independent. Right before the crisis I remember seeing a bunch of 20 year old kids driving around in Escalades, no doubt emulating what they see on MTV and ESPN. I'm sure all those people are now living in a hell of debt.

In a country where 70% of the population is struggling with debt, it is always constructive to point out that even though young rich athletes can afford (at least for the time being) ridiculously overpriced, unnecessary things, it is stupid and should not be something worth striving for, even if you do make a million dollars some day.

The richest person on the planet and the worlds greatest investor, Warren Buffet, drives around on a Ford Taurus and has never owned more than one home.

[HAWKSFAN89]

Investing in "homes" and investing in real estate are two completely different things. The worst financial decisions the average millionaire makes is buying an extra home, and the reason is due to the massive expenses that are always associated with maintaining a good home in living conditions. Most people who invest in real estate are looking to invest in a property and sell it in the future, the amount of research that is done on the market and the property is extensive and it is considered a very high risk investment. Most times they do not use that property as a second home, and in a great majority of cases they will rent out the property while they wait for it to appreciate. Homes are also usually terrible investments because the people who usually buy them have no knowledge about the real estate market, and for the most part, they don't even take it into consideration when buying. Usually the only thing they get out of their homes are a never ending stream of bills, and when they have finally had enough they are forced to sell, and in most cases, having bought the home with no consideration of market conditions, they end up selling at a great loss. Buying an expensive car though is by far an even worse investment because there is literally nothing that depreciates at the faster rate and the supplementary future costs of maintenance are also massive (the more expensive the car the more expensive the maintenance.). One of the biggest reasons Michael Vick lost all his money was because he had bought an obscene amount of properties, and cars blindly and with no consideration for the future financial implications. In fact that is always constantly the number one way that millionaire celebrities loose their money. MC Hammer also lost a ridiculous fortune due to his purchases of properties.

I have no idea about Bibby financial condition but if he is driving a 300,000 dollar vehicle it is not an absurd assumption to guess that his expenses are probably on the high side. I really don't care what people choose to drive, but the glorification of expensive vehicles and homes is one of the main reasons that young athletes (especially black athletes) always have a tough time becoming financially independent. Right before the crisis I remember seeing a bunch of 20 year old kids driving around in Escalades, no doubt emulating what they see on MTV and ESPN. I'm sure all those people are now living in a hell of debt.

In a country where 70% of the population is struggling with debt, it is always constructive to point out that even though young rich athletes can afford (at least for the time being) ridiculously overpriced, unnecessary things, it is stupid and should not be something worth striving for, even if you do make a million dollars some day.

The richest person on the planet and the worlds greatest investor, Warren Buffet, drives around on a Ford Taurus and has never owned more than one home.

was that necessary.

[NineOhTheRino]

All pro athletes have to buy a Bentley or Rolls after they sign a new contract, having no idea how much money will be spent on maintenence and gas through their ownership. It's hilarious, then sad. Those cars are for oil tycoons and Royal Heirs who could care less about how they ride on land. The owners of these companies despise overpaid athletes and celebrities, but still laugh to the bank. They're probably making lemons by now to boost profit because no one is safe in a global recession. A majority of these dudes will be in bad shape much sooner than later. There are more Antawn Walkers and Nicholas Cages than you'll ever hear about, their demise was just so sudden and catastrophic. Budget, Bibby. Budget.

New money people in general have no concept of long-term wealth.

[tonegully]

Whats wrong with buying a nice car? If i made 10 million a season which he did for awhile. I would most certainly have a nice car. Sounds like a bunch of hating going on. I dont care what a nba player does with his money personally. IF they go broke thats on them. All i know is that if im making millions im going to have a nice *ss house and phantom...PAID FOR CASH MONEY.

[GameTime]

Does his car audio skip?

[exodus]

Did he have his team dime crew with him?

[Nicholasp27]

First of all I guarantee you Mike Bibby's net worth is not even close to 100 million. Secondly, everything he said is true, most athletes struggle mightily with finances and one of the biggest reasons why is because they make horrible "investments" on multiple homes and cars. (the two worst investments any person can make.) A lack of education and the fact every single person surrounding said athlete is looking to take advantage are the main reasons why athletes, and celebrities in general, have a very difficult time handling their fortunes.

first of all, who said his net worth was close to 100 million? someone said he made 100 million in his career...he's obviously had expenses over the past 10 years...nobody was talking about net worth

second, a house is not the 2nd worst investment a person can make; it's an appreciating asset, unlike cars...it's one of the better investments people can make...but you have to make it wisely and not just jump in buying a house you can't afford at the tip of the bubble....but that doesn't make it a bad investment, and def not one of the worst 2 investments

[exodus]

first of all, who said his net worth was close to 100 million? someone said he made 100 million in his career...he's obviously had expenses over the past 10 years...nobody was talking about net worth

second, a house is not the 2nd worst investment a person can make; it's an appreciating asset, unlike cars...it's one of the better investments people can make...but you have to make it wisely and not just jump in buying a house you can't afford at the tip of the bubble....but that doesn't make it a bad investment, and def not one of the worst 2 investments

Over the last 100 years the real return on houses after inflation is zero.

Stocks returned 7% a year for 200 years ended 2004, according to Wharton professor Jeremy Siegel. That’s after subtracting an average of 3% a year for inflation, or the gradual rise in prices of ordinary goods. The plunge in stock prices over the past 16 months makes me all the more sure that shares are poised to deliver good returns over the next decade or two. Houses returned 0.4% a year over 114 years ended 2004, according to Yale professor Robert Shiller, co-creator of the most widely used index for house prices. That number is suspiciously close to zero. Indeed, it might have been zero, reckons Shiller, if not for two periods of aggressive house buying, one spurred by government incentives following World War II and another created by the Federal Reserve’s drastic interest rate cuts in 2002 and 2003.

A zero return for houses might sound odd. An editor who re-published my original essay at another web site stuck the word “virtually” before zero, I suppose to soften the message. I made him take it out. If you think about it, zero is the only logical answer, so long as we’re talking about a single-family house and not, say, a rental building built to maximize income. Inflation, recall, is the gradual price rise of ordinary goods. What’s a house if not an ordinary good? Houses don’t spend their days thinking about ways to make themselves more valuable. They just sit there. Subtract inflation from their long-term price increases and there’s nothing left.

Apply heaps of leverage to the numbers if you like, but the outcome only worsens. Mortgage rates now are about as low as they’ve ever been, thanks to more government efforts to, among other things, spur house buying. But you’ll still pay 5.2% to capture long-term price increases that merely match inflation. And today, you’ll tie up a bundle of cash with a down payment. I’d rather pay cheap rent instead of an expensive mortgage and put the monthly cash I save into stocks and other investments. And rent is still plenty cheap, because . . .

My link

[gsuteke]

Investing in "homes" and investing in real estate are two completely different things. The worst financial decisions the average millionaire makes is buying an extra home, and the reason is due to the massive expenses that are always associated with maintaining a good home in living conditions. Most people who invest in real estate are looking to invest in a property and sell it in the future, the amount of research that is done on the market and the property is extensive and it is considered a very high risk investment. Most times they do not use that property as a second home, and in a great majority of cases they will rent out the property while they wait for it to appreciate. Homes are also usually terrible investments because the people who usually buy them have no knowledge about the real estate market, and for the most part, they don't even take it into consideration when buying. Usually the only thing they get out of their homes are a never ending stream of bills, and when they have finally had enough they are forced to sell, and in most cases, having bought the home with no consideration of market conditions, they end up selling at a great loss. Buying an expensive car though is by far an even worse investment because there is literally nothing that depreciates at the faster rate and the supplementary future costs of maintenance are also massive (the more expensive the car the more expensive the maintenance.). One of the biggest reasons Michael Vick lost all his money was because he had bought an obscene amount of properties, and cars blindly and with no consideration for the future financial implications. In fact that is always constantly the number one way that millionaire celebrities loose their money. MC Hammer also lost a ridiculous fortune due to his purchases of properties.

I have no idea about Bibby financial condition but if he is driving a 300,000 dollar vehicle it is not an absurd assumption to guess that his expenses are probably on the high side. I really don't care what people choose to drive, but the glorification of expensive vehicles and homes is one of the main reasons that young athletes (especially black athletes) always have a tough time becoming financially independent. Right before the crisis I remember seeing a bunch of 20 year old kids driving around in Escalades, no doubt emulating what they see on MTV and ESPN. I'm sure all those people are now living in a hell of debt.

In a country where 70% of the population is struggling with debt, it is always constructive to point out that even though young rich athletes can afford (at least for the time being) ridiculously overpriced, unnecessary things, it is stupid and should not be something worth striving for, even if you do make a million dollars some day.

The richest person on the planet and the worlds greatest investor, Warren Buffet, drives around on a Ford Taurus and has never owned more than one home.

Look dude - this is just from me.

That was a great (thought) post you've shared.

over 70% of NBA players are broke within 5 years of being out of the league. Those who live in apartments or with their mothers have a hard time not only crunching the numbers, but more importantly seeing the big picture.

Multiple properties are an absolute black hole due to maintenance if nothing else. Ignore the haters man. Good post.

[Joker]

I love holic post but we do not know Bibby finances to really comment on it. This is one topic that should probably cease.