Gabby Douglas' mother had to file for bankruptcy this year due to costs of daughter's training

[Anonymous]

this makes me respect lochte even less. his blingy teeth and his shoe collection probably cost more than his parents owe on their house.

[Anonymous]

Anonymous wrote:Do you all mean orthodontia? Did GD get it? Does not look so.

Stop being so damn cate like! If you can't say anything witch, don't say anything at all. You are rude.

[Anonymous]

I saw on the news she is pretty much guaranteed $1-3 million/ per year in endorsements until the next summer games. She is already on the Cornflakes box. They made a point to say other gymnasts (like Mary Lou Reston) pop on cereal boxes late in life... Mary Lou did ths year and still get paid. As long as they don't go f*ck wild with frivolous spending, pay debts and invest wisely they will be fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:http://www.dailymail.co.uk/news/article-2183971/Gabby-Douglas-mother-filed-bankruptcy-months-Olympics-years-struggling-pay-daughters-training.html

Same with the Locthe's. These parents are making huge sacrifices for their kids.

If anything, these particular athletes will make it up - and then some - through commercial endorsements.

I'd be more concerned about someone who took, say, the 5th place. All that effort and expenses, and no financial payout.

Agree. I think about the 4th place person with no medal.

[Anonymous]

These kids are all robbed of a childhood.

Their parents are pimps.

[Anonymous]

Anonymous wrote:I saw on the news she is pretty much guaranteed $1-3 million/ per year in endorsements until the next summer games. She is already on the Cornflakes box. They made a point to say other gymnasts (like Mary Lou Reston) pop on cereal boxes late in life... Mary Lou did ths year and still get paid. As long as they don't go f*ck wild with frivolous spending, pay debts and invest wisely they will be fine.

She's a kid. The money will be a nice cushion, but there's no way she can live on $4 million for the rest of her life, no matter how well it is invested, much less take care of her family as well. $4 million will get you through retirement -- if you start working when you're 65.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do you all mean orthodontia? Did GD get it? Does not look so.

Stop being so damn cate like! If you can't say anything witch, don't say anything at all. You are rude.

Who is Cate?

[Anonymous]

Anonymous wrote:Doesn't a bankruptcy declaration mean that some creditors aren't going to get paid? In that case, it seems like a pretty unethical part of the strategy.

Chapter 13 is a repayment plan. Everyone gets at least something f I remember right. Also, do you think she declared bankruptcy counting on her daughter to make the Olympic team, and double gold medal, making sure she makes
A Ton in endorsements?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Doesn't a bankruptcy declaration mean that some creditors aren't going to get paid? In that case, it seems like a pretty unethical part of the strategy.

Chapter 13 is a repayment plan. Everyone gets at least something f I remember right. Also, do you think she declared bankruptcy counting on her daughter to make the Olympic team, and double gold medal, making sure she makes
A Ton in endorsements?

It is unethical to put a child in such a position. John Orozco seemed to feel the same pressure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I saw on the news she is pretty much guaranteed $1-3 million/ per year in endorsements until the next summer games. She is already on the Cornflakes box. They made a point to say other gymnasts (like Mary Lou Reston) pop on cereal boxes late in life... Mary Lou did ths year and still get paid. As long as they don't go f*ck wild with frivolous spending, pay debts and invest wisely they will be fine.

She's a kid. The money will be a nice cushion, but there's no way she can live on $4 million for the rest of her life, no matter how well it is invested, much less take care of her family as well. $4 million will get you through retirement -- if you start working when you're 65.

Why in the he'll does a 16 year old have to take care of an entire family. Help out to get the siblings started or education. But take care of them. Yikes. Michael Jackson comes to mine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Doesn't a bankruptcy declaration mean that some creditors aren't going to get paid? In that case, it seems like a pretty unethical part of the strategy.

Chapter 13 is a repayment plan. Everyone gets at least something f I remember right. Also, do you think she declared bankruptcy counting on her daughter to make the Olympic team, and double gold medal, making sure she makes
A Ton in endorsements?

Gabrielle Douglas is not filing for bankruptcy. The debt is not hers to pay. Besides, she is a minor and until she is of age to legally sign contracts herself, most of her money should be in a trust.

[Anonymous]

Is this a new type of lottery? I would like to know what happens to the families of competitors who lose. I would guess bankruptcy with no pot of gold, literally, at the end of the rainbow.

[Anonymous]

Hateful comments from hateful people. Good look DCUM.

[Anonymous]

Just to be clear, Gabby Douglas is a member of the senior national team. Her training expenses are completely subsidized.

[Anonymous]

It's a risky strategy. Most serious high school athletes don't win gold medals or make a lot of money. It's a larger version o f these families who spend thousands on travel teams for years , thinking it will lead to a college scholarship, only to discover there are only a few partial scholarships for soccer.

The Olympic all-around winner does get some nice endorsement deals, but that money doesn't pay the bills for long unless it's banked andturned into a revenue generating asset (like a college education or a business)