Bankrupt athletes: sports prowess with no financial sense

[lee_44106]

Interesting article:

http://www.yahoo.com/_ylt=AiktzLx2td...oo%26type=lgns

"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."



And Scottie Pippens? Where's His Airness to help a buddy out?

 

[Hombre Secreto]

Prime example that no matter how much money you give a poor person they will probably end up poor soon anyways. You would think the player unions would give these guys the number of a good accountant.

 

[Bhowie]

This is why you shouldn't give blacks money

 

[GQgeek]

This stuff always amazes me, but it's not surprising. As soon as people start making a little (or a lot) of money, they start acting like it will never end.

 

[sho'nuff]

these guys are crazy. but we cant say anything unless we are in their shoes. who knows. i may be buying vicuna socks and underwear left and right.

 

[HEWSINATOR]

It is interesting to look at this across sports. Sports like golf, hockey, and some others where you can make good money usually require an affluent up bringing. Unfortunately, a lot of these "kids" (at least when they start earning) may have few role models and people around them that know how to deal with such income.

The JD golf example is not that good because gambling is different than most forms of pissing it away.

 

[Don Carlos]

Originally Posted by Hombre Secreto

Prime example that no matter how much money you give a poor person they will probably end up poor soon anyways. You would think the player unions would give these guys the number of a good accountant.

This.

It's a simple failure to plan ahead for what happens when the massive income stops rolling in. This is the same reason why you see a fair number of highly paid bankers living paycheck to paycheck. The spending expands to fill the container (income) it's in. Pound for pound, some of these people live in much the same way that an unemployed person on welfare might live. Money in, money out. Nothing saved, nothing intelligently invested, and all preference given to short-term pleasure over delayed gratification.

Unfortunately, understanding the value of money is hard to do if you weren't raised that way. That's why a disproportionate amount of rags-to-riches stories end up cycling back to rags -- often within a lifetime, but usually within a generation or two.

This is why the golden meal ticket in professional sports is not an athlete's salary, astronomical though it may be. It's the endorsement deal. A lucrative endorsement deal can make so much money for an athlete that even he can't spend it all (and the residuals continue after retirement). Michael Jordan's deal with Nike has made him an absurd amount of money, which continues long after his retirement. And he's still loaded because of it, despite a well known and severe gambling and spending problem.

 

[mr monty]

Originally Posted by Bhowie

This is why you shouldn't give blacks money

It' not just a black problem, the white players also blow their money.

 

[Teacher]

Originally Posted by mr monty

It' not just a black problem, the white players also blow their money.

I don't think he was being serious. And yes, you're absolutely correct.

 

[Davidko19]

not just athletes either.

Hell, Im making twice what I was 5 years ago fresh outta school and still live check to check. The only difference is I have nicer things and drink better booze.

 

[romafan]

Originally Posted by Hombre Secreto

Prime example that no matter how much money you give a poor person they will probably end up poor soon anyways. You would think the player unions would give these guys the number of a good accountant.

Attachment 40686

 

[oneeightyseven]

you guys are obviously not thinking about the embezzling accountants' families; they need to eat too, you know

 

[itsstillmatt]

Will a two million dollar bathtub give me a ******* from below while I wash?

 

[Don Carlos]

Originally Posted by iammatt

Will a two million dollar bathtub give me a ******* from below while I wash?

So will a twenty-dollar ladyboy plucked off the local street corner.

 

[acidboy]

thats what happens when you don't take up financial management with your athletic scholarship