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Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire, according to Sports Illustrated. NBA players aren’t faring much better. 60 percent of former National Basketball Association players end up broke within five years of retirement. Athletes squander millions of dollars due to bad decisions, lavish spending and poor financial planning. Here is a list of athletes that have lost their fortunes through some of the biggest financial blunders of all time.
I read an article written by a guy who was an accountant for professional athletes. He said that most of them live paycheck to paycheck and blow their money on depreciating assets instead of putting it away. It's all about the nicest jewelry, cars, boats, and showing up the money.
They started having a seminar for NFL rookies that is mandatory about how to handle money.
I know that if I could get my hands on what some of them make in a single game, I would never be broke again.
I read an article written by a guy who was an accountant for professional athletes. He said that most of them live paycheck to paycheck and blow their money on depreciating assets instead of putting it away. It's all about the nicest jewelry, cars, boats, and showing up the money.
They started having a seminar for NFL rookies that is mandatory about how to handle money.
I know that if I could get my hands on what some of them make in a single game, I would never be broke again.
RjRobb2 is absolutely right. As a guy who never made a lot of money, it just astounds me what goes through the minds of some of these athletes. The investing seminar is a GOOD thing. You never know, especially as a football player, when one hit can end your career, or in the case of the New England Patriots Daryl Stingley, when one hit can put you in a wheelchair.
I read an article written by a guy who was an accountant for professional athletes. He said that most of them live paycheck to paycheck and blow their money on depreciating assets instead of putting it away. It's all about the nicest jewelry, cars, boats, and showing up the money.
They started having a seminar for NFL rookies that is mandatory about how to handle money.
I know that if I could get my hands on what some of them make in a single game, I would never be broke again.
I think a big problem for the NFL guys is alot of guys who are only going to be making "midling" NFL money for 2-4 years are trying to keep up w/ the $100MM contarct guys. Alot of more journeyman players are only in the league for a few years. They make mid six figures. But they are in a money culture dominated by multi-millionaire spenders. So they try to "keep up the the locker room jones" and **** it all away.
Not saying its not dumb, but I can see why the number is so high.
I heard about a young guy who signed out of Oklahoma in the draft , someone who's kid played with him there said he is making either 22 or 27 car payments already, for friends and family I guess. I wouldn't be suprised if it were true.
I heard about a young guy who signed out of Oklahoma in the draft , someone who's kid played with him there said he is making either 22 or 27 car payments already, for friends and family I guess. I wouldn't be suprised if it were true.
I appreciate someone wanting to do something for their friends and family but this is just ridiculous. If you want to do something for them, put some money in some modest investments, not purchase them depreciating assets that are not going to be worth anything 5 years from now.
**** like his is why we went into such a deep recession. People are just stupid with their money.
Chris Klein who is a midfielder of the Los Angeles Galaxy has started a business being a financial planner for professional athletes. It's a genius idea. Someone needs to refer the NFL players to him.
I'd think that with the amount of money these athletes make they should consider paying for more things like cars with cash. This would cut down on the number of creditors they will have.
That player probably got the loans based on earning potential becuase it likely didnt have the cash yet. When he gets his signing bonus, he needs to pay them all off but he probably wont.
I have heard of basketball players carrying large amounts of cash on them. One player said he carries 5k cash on him. Koybe bryants wife has a expensive taste & bryant bought his wife a 3 million dollar ring shortly after he was accused of raping of young woman in co.
I have heard of basketball players carrying large amounts of cash on them. One player said he carries 5k cash on him.
Well I hope he never gets mugged. lol
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