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Warren Sapp Goes Broke

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  • Description

    Chapwood Investment’s Ed Butowsky discusses why former NFL star Warren Sapp filed for bankruptcy.

  • Duration 2:52
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Numbers showing China's economy is slowing down a that's a big reason on why -- market is down as of this morning.

We went from being your -- trashed to China trashed joining us now is -- the task eight -- would investments.

Now -- let's deal with the China story festival.

It industry is always serious here China slows to a growth rate of only eight point 1% and our market goes down is that the reason why stocks -- down this morning.

Really.

Well it could be -- look everything is tied together all the countries around the world tied together -- China is a major engine he was growing at eight point 9% at the end of last year those were the numbers it was -- -- point three.

Comes at any point one and a lot of it has to do with slower exports to the rest of the world so what -- one thing is it.

Is this a sign of a slowdown well yes it is and not only a slowdown were already in the middle of it right now.

But it can you answer the question there is a global slowdown and that China is a sign of that and we we all right good stuff now.

I wanna move on to another item here because you manage the money of wealthy people including some of wealthy athletes want to bring this to your question.

Former NFL star Warren -- He's declared bankruptcy.

He's got seven million dollars in debts now look -- we know that advising -- to manage their money that's it that's a big issue with you.

I think -- and a new documentary on the topic by the way.

Why does this kind of thing keep happening to guys who makes so much money.

Well it's happening for coverage than the documentary is actually -- premiering at the TriBeCa film festival April 25 in the movie is called broke.

And yes I'm involved with that and I'm excited about but what I'm really excited about is the opportunity to try to help these young men because it's very simple Stuart what they do is they over allocate money into private the liquid investments generally speaking.

They put too much money in private.

Companies.

Real estate and then they spend too much and we solve that problem.

We're gonna solve hearing headlines like this and -- -- -- wouldn't be suffering like he is today now what did -- on sap spend his money on and up profligate fashion do you -- you know.

Why don't all the specifics -- what I do know is that exactly what I just said it was private investments.

And then also spending way too much -- mean look at somebody makes -- dollar you know exactly makes the dollar they're usually taking home about forty cents of that.

And then there you know these are some of the nicest people you'll ever meet your life some of the hardest working people who -- -- your life.

And the image that they have of being you know quote.

Dummies not knowing how to manage their money is really not stewards of their fault -- people like me that you need to do better job of educating them helping them -- -- need to do better job and we're gonna solve this problem.

And what Warren sap did is -- literally it's private equity that's really what happened there put new money into a friend's business that does not world doesn't.

-- thanks so much for joining us good -- without movie --

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