Skip to comments.Seven costly pro athlete screw-ups (blew huge fortunes)
Posted on 03/11/2010 6:52:07 PM PST by DemforBush
Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire, according to Sports Illustrated. NBA players arent 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...
(Excerpt) Read more at sports.yahoo.com ...
I'm a little bit surprised at the bankruptcy numbers in professional football and basketball. I knew it was still a problem, but I hadn't expected the percentages to be quite that high.
As for the list of athletes, the one that surprised me most was John Daly. I don't follow golf much at all, so I had no idea he had gambled away so much of his earnings.
Some of the others just made me shake my head. Maybe I'd look at things differently if I had hundreds of millions of dollars to spend, but I just can't wrap my frugal brain around some of the purchases. A 54,000 square foot mansion? Making monthly payments on 17 luxury cars at the same time? Whatever makes you happy, I guess, but it's no wonder these guys went broke!
John Daly makes me crazy, yet I still root like hell for him.
Daly’s a compusive gambler..the others are just plain stupid..
Let me guess..you’re a Red Sawx fan..right?
A lot of their “investments” just seem to go up in smoke. But then that’s what they intended, isn’t it?
Athletes make a LOT of money fast — but their careers are typically short. So, when you’re making $5M a year and living like you make $5M a year ... its a big hit when your career ends at 35-years-old, and you live like you make $5M and actually make nothing.
If you make $5M, buy your house in cash, your car in cash, and live like you make $200K ... you can live comfortably for a very long time.
The most ridiculous story on that list is Jack Clark ... he had 70 car notes at the same time. When you have that much money ... why take out a car loan?
If you ever listen to most jocks being interviewed you quickly come the conclusion they tend to be on the duh side. It quickly dispells illusions that they have smarts beyond the playing field. If anything their lives are somewhat tunnel visioned towards the game they play and not much else.
I'm not surprised that most NFL players face financial difficulties after their careers are over. An average NFL career is a very short one, and pro football is a sport where the collective bargaining agreement is very one-sided in favor of the owners.
Most of them..if not for sports..would never have made it to college..not that they ever go to classes...most would otherwise be mens room attendants, or flipping burgers..
Its not just sport’s stars either. Just look at all the high paid union workers making close to $100,000 year after year but go broke within a year of losing their job if the company goes bust.
How many times do you hear these high paid union stooges cry when they lose their gold mine?
David Robinson is the exception. His parents started and investment firm to help invest his earnings. They also helped other athletes. David lives modestly and donates Millions to a local school he started called the Carver Academy.
The criminal conviction happened in the late 90’s. He had 20 years before then.
The average pro football career is less than four years, so most of them are out of the league by the time they're 26 or so. They're naive as all get out about everything but sports, and there are a lot of people lined up to take their money.
never liked David Robinson since the day he and his teammates conspired to win him the scoring title over Shaq back in the 90s. I think the opposing team was in on it too.
Robinson needed a 70 point game to take the lead by a fraction of a point, and lo and behold, he got it. Thanks to two entire teams throwing the game so he could do it. Can’t respect someone like that. And I ain’t in love with Shaq either.
I’m pretty sure Charles Barkley should be on the list, or near it. He’s a big gambler too.