Update: Hank Coleman of Money Q & A wrote a great post on why athletes go broke and why you are too. Check it out!
If you were broke and everything was being taken away from you, what is one material thing you could absolutely never give up?
This question was brought up by Heidi and Frank from a morning show I listen to on the local radio station. They were discussing Allen Iverson and his financial situation. Iverson is a famous basketball player (that’s the extent of my knowledge) and I guess he’s broke. Despite the money professional sports players make, some of them – *snicker snicker* manage to outspend themselves. According to the news Iverson spends over $360,000 a month while making only $62,500. Damn, I wish I could make only that amount! 
Anyway… he’s spending $10,000 a month on clothes and $10,000 on groceries not including the $10,000 on restaurants.
What the hell? Who eats that much?!
Obviously the earnings are not enough to support the spending which will only lead to bankruptcy. His house is being auctioned off yet he plans on keeping his $400,000 Maybach luxury car. I guess for ‘players’ cars are more important than homes. Oh well, that’s really not for me to judge – I’m just trying to point out the facts.
No Life Without an Internet Connection
For me, if I were losing my possessions and there is a good chance I’d be left without anything very soon – the one thing I would absolutely never give up is my laptop.
It may sound silly, but a computer is all that would keep me alive if I were broke. With a laptop I could use free Wi-Fi to get online and make some money no matter what happens. Sure, I could probably do this in a library or something, but I’d rather chill at a coffee shop instead. I’d freelance for others through writing, web design, SEO services and consulting to start a new life.
What about you? What could you never give up if you were losing it all?
As a sports fan, I am always amazed when an athlete goes broke. They have to know that they can’t play their particular sport forever, and yet they spend like they are athletically invincible. Unreal…
I would agree with you about keeping your laptop. Computers now are really like a lifeline. It’s hard to imagine life without one.
Mackenzie recently posted..Our Tree is Fake…So What?
I’m amazed that they don’t hire an accountant or something to tell them how to manage their money or just do it for them!
They probably hire financial planners but don’t take their advice. We should make sports people read personal finance blogs
Rohit @ The Money Mail recently posted..Roth IRA Conversion
I heard the same thing about Iverson. It’s just sad on one level, because so much of it comes from either no knowledge about money or “friends” who want them to invest their money in all sorts of hair brained schemes. There was a show about it actually on ESPN a few weeks ago that gave some crazy stat about the number of pro athletes who just go absolute broke.
Anyway, back to the point,
I would probably have to agree with you and say my laptop. Without mine & my wife’s 95%+ of our business would be down the drains. So, I’d have to say our computers.
John S @ Frugal Rules recently posted..November Blog Goals Update
I can’t remember if you mentioned what kind of business you have.
No, I haven’t. BUT…I have the post written and scheduled for 12/17. I am actually doing a series of posts on it and things to consider/do when you become self-employed.
John S @ Frugal Rules recently posted..Frugal Friday: Posts That Ruled This Week, Christmas is in Two Weeks Edition!
A laptop as well. It is a source of income and a way to talk to my family for moral support if needed. I can’t really think of anything else, well, I’d like to keep my house but being broke that is unlikely.
Pauline recently posted..How to negotiate your bills and your debt
I was trying to think very hard what could be more valuable than a laptop besides the wallet… and couldn’t come up with anything.
My smartphone! I would be lost without it. I don’t even use a laptop anymore.
Thanks for sharing!
That’s absurd someone would spend that much!! Assuming my apartment or home is not considered a material possession, then I would say my laptop as well, because just like you I could make money somehow from it. Even if I gave up my phone I could still make calls through Skype. lol!
Budget & the Beach recently posted..Big Things Await
Good point! With an internet connection and means of getting online there are always ways to do pretty much everything. Banking, calling, running a business – all can be done with an internet connection and a trusty ol’ laptop
I have a lot of stuff, and I like my stuff; I would willingly give up very little of it. In many cases, it’s not so much the stuff itself, but the memories they bring back when I look at or hold them.
That said, aside from my wife and cat, there isn’t one thing that I would risk my life to run into a burning building to save.
Edward Antrobus recently posted..How to Identify Good and Bad Places to Buy Gas
Aww, wife, cat – that’s all you really need right? Sounds like a wise choice
It’s a tough call. Because even though I don’t have a lot stuff, I feel I couldn’t just settle on one. Can I take a few things? lol. (Smart phone, laptop+ internet connection, ipod, and their respective chargers).
MakintheBacon$ recently posted..Whether You Like It or Not, You’re a Walking Billboard
LOL, I suppose… if they’re all small things that wouldn’t make that much difference. *and their respective chargers* LOL!
I’m with you on this. I would only want to keep my laptop too.
As much as I have strived to become a minimalist and get rid of a lot of my crap, I’m left with material possessions I love and I use every day. I could easily lose it all and regain some later as long as I have my laptop to build connections and continue seeking businesses.
Goldeneer recently posted..Line Of Credit Emergency Fund
Pretty sure I’m going to have to steal your choice: internet. As long as I have a computer and an internet connection, I shoudl be able to make some sort of income (especially if I was unemployed and had all the time in the day). I certainly hope that this never happens…in fact it’s depressing to think about losing everything. But ultimately I would say internet and a computer are essentials.
DC @ Young Adult Money recently posted..Will Young Adults opt-out of Health Insurance? Economics Lessons from Health Care Reform
Everyone’s got the same idea. Iverson would rather keep his car
I’m trying to think back to depression years and wonder what those people’s answer would have been like.
I have read some crazy statistics on professional sports players and their finances. It seems like they all need to take financial planning classes before they start making those ridiculous amounts of money!!!
Holly@ClubThrifty recently posted..The VIP Club Roundup – 12th Edition
Or right after! Haha.
First thing I would pick to keep is some cloths. I prefer to go out in public without getting arrested.
After that, then I would say the same as all of you – for the same reasons… My Macbook… It is a must have.
Jason Clayton | frugal habits recently posted..7 ways to enjoy Traveling, have an amazing Vacation, and still be Frugal
You could go to a nude beach and pick up some wifi at a hippy house nearby?
I wouldn’t be able to live without the internet and a computer. These are both things that I use to make a living, both full time and part time. Some people think that is crazy, but if you worked with your hands, then the one thing you would need to survive are your hands. I need technology!
Grayson @ Debt RoundUp recently posted..Weekly Personal Finance Blog RoundUp – 12/7/2012
What’s with it with everyone and their laptops. Are we all professionals at turning our life around with a single internet connection? PF bloggers = nerd geniuses! Wooo!
Many pro athletes just don’t understand the concept of large amounts of money. A large number didn’t have money when they were young, so when they receive large sums of money they don’t realize that it can run out.
Anyways, I would have to say a laptop, PC or some type of computing device. I could care less about a smartphone because I’m not big on texting.
Justin@TheFrugalPath recently posted..Friday’s Fork in the Path: What’s Worse? Exam or Presentation
Thanks for your comment Justin. I updated the post with Hank Coleman’s article link included. Hank does a great job describing why (in all seriousness, unlike this post) athletes go broke.
Glad to see we’re all computer nerds here
Have you seen the documentary Broke? A lot of people like to criticize athletes but I think many of them are making the same disastrous financial choices but on a smaller scale. Just look at our debt level, college debt, credit card, etc…
Anyways, I couldn’t live without my mac book pro. I use that thing all the time for pleasure/blogging, etc
Harry @ PF Pro recently posted..December Deals & Steals and a Blog Link Round-Up
Harry, I have not. Either way, I agree with you that it’s not just the athletes. It’s kind of sad that people don’t pay attention to their financial situation despite being rich or poor.
Organic milk maybe. I would def. keep my laptop if I could. I could use it for so many things and it could help me stay in contact with friends.
Debt and the Girl recently posted..Why You Should Be Careful in Where You Volunteer
I’m curious what organic milk is? Is that the stuff without rBHG or is there something else?
Thanks for mentioning the article. I appreciate it. It is so sad to hear about how these athletes have simply squandered their fortunes.
I’m not quite sure what I could live without. It might have to be my dog. Although I do love eating out at restaurants…but not to the tune of $10,000 a month of course!
Hank recently posted..Why Are Professional Athletes Going Broke And Why You Are Too
I hope people read your article before they do this one. I kind of rushed into it without putting as much thought as the subject truly deserves. It’s the part about spending that everyone (myself included) gets caught up in. It was strange that he wouldn’t give up his car in light of other possessions being taken away though. Thanks for your more thorough post on this issue!
I agree, without my computer… I think I’d need a kindle full of books.
Alex recently posted..Thoughts on the Meaning of Pushing the Envelope
What kind of books do you prefer reading?