read this last week. really an unbelievable piece. March 23, 2009 How (and Why) Athletes Go Broke Recession or no recession, many NFL, NBA and Major League Baseball players have a penchant for losing most or all of their money. It doesn't matter how much they make. And the ways they blow it are strikingly similar PABLO S. TORRE • By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce. • Within five years of retirement, an estimated 60% of former NBA players are broke. http://vault.sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm
I saw something about this a while back, a baseball player, a pitcher I think, was borrowing money from his teammates, because he lost a ton with the Stanford Ponzi scheme. Its really alarming that these guys dont understand not to spend a shyt load of money all the time.
I think there's a big contrast between pro athletes and the lifestyles they choose today over the past. My parents' insurance agent for the past 40 years played for Baltimore in the 1960's (he was a college teammate of my dad's). He made a modest, though really nice, living as a WR for around 8-10 years, then opened an insurance business (that he then worked in) and has made a great living for himself. I contrast that with a more recent pro player that I know. He played for the 49ers in the 90's, won a Super Bowl ring, went to various Pro Bowls, etc. At the high point of his career, he was making over $5 million a year. But...his deadbeat family expected him to buy them cars and houses. His wife's family expected the same. His own mother tried to take him to court to get more "support" from him. To shut her up, he bought and furnished a home for her. In the meantime, he and his wife and 2 daughters owned no fewer than 5 houses in California, Hawaii, Michigan, etc. Owned no fewer than 5 or 6 luxury cars. Took extravagant trips around the world. Additionally, he set up college funds for all of the nieces and nephews on both sides of the family, as well as paying for several weddings, etc. He also paid for extravagant vacations to places like his Hawaii house for his "boys" from his childhood. He still comes to town and tries to play the high roller, staying out all night with his "boys." Regardless, he retired from football around 2001 and really had to scale back on the lifestyle. He sold all but one of his houses, then had the incredibly good fortune to be hired by the NFL Corporate offices in Manhattan. He moved the family to Jersey, and now when they travel, it's usually on NFL business, like to London for the Saints game last year, Super Bowls, Hall of Fame inductions, etc. He's the Director of Uniform Compliance for the NFL. A lovely little job--but he's obviously one of the lucky ones. He also invested in some very questionable business ventures, as well. People are out to get these pro athletes--business people, and unfortunately, many of their families.
they need to do what Pac Man Jones did, make 80,000 dollars rain in a strip joint, then try and take it all back from the strippers.
dollar....dollar....bills, y'all! The ignorance of how to deal with this money and even more, the ignorance of not understanding that you will not be making millions every year for the rest of your life is astounding. A guy like shaq will always be able to make money but guys like james posey, or peja stojakovich (just going with NO players because I'm more familiar), will cease to get huge paychecks when they are done with playing. Not only that, they see everyone in front of them making these mistakes and very few try to better themselves and learn how to manage their finances. You give me a career from the time I'm 20 to the time I"m 32 and I make 100 million over that period and I assure you, I would be a billionaire at some point in my life.
Who says I don't have a million dollar net worth? It's the internet remember, I could be anyone.:wave:
