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Seven costly pro athlete screw-ups (blew all their money)
sports.yahoo.com ^ | 2-2012 | Riddix

Posted on 02/21/2012 8:47:46 AM PST by doug from upland

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.

(Read about Scottie Pippen, Evander Holyfield, Lenny Dykstra, Latrell Sprewell, John Daly, Jack Clark, Mike Tyson)

(Excerpt) Read more at sports.yahoo.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: athletes; money
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1 posted on 02/21/2012 8:47:56 AM PST by doug from upland
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To: doug from upland

I know a guy, who knows Mike Tyson.

According to him, Mike Tyson isn’t broke, but just laying real low until the IRS loses interest in him.

According to my friend, Mike still has about $10 million.


2 posted on 02/21/2012 8:56:59 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: doug from upland

This article failed to mention the latest casualty of poor use of money — multiple time NBA scoring champ — Alan Iverson. He blew away $154 Million in earnings and now can’t pay his bills.

SEE HERE:

http://www.cbsnews.com/8301-31751_162-57377966-10391697/after-$154m-allen-iverson-may-be-broke/

Truly, wealth is wasted on the undeserving....


3 posted on 02/21/2012 8:57:28 AM PST by SeekAndFind
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To: doug from upland

If you always spend $3 for every $2 you make, it doesn’t matter how much money you make.


4 posted on 02/21/2012 8:58:15 AM PST by Our man in washington
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To: doug from upland

Add Alan Iverson to the list.


5 posted on 02/21/2012 8:58:22 AM PST by LeonardFMason
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To: doug from upland

Yup. Its far too common.

Many of these athletes were coddled all through school and college (some never cracked a book).


6 posted on 02/21/2012 9:01:07 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Jonty30

Well, that would be...umm...fraud...filing false documents...perjury...and probably more.

Tyson filed for bankruptcy.


7 posted on 02/21/2012 9:02:11 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: doug from upland

Give a thug millions of dollars and five years after retirement you will have a broke thug!!!No great surprise here.


8 posted on 02/21/2012 9:02:29 AM PST by ontap
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To: Jonty30

If its already been taxed, he shouldn’t have to worry


9 posted on 02/21/2012 9:02:37 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: lacrew

Yeah, so?

Why do you think he’s laying low? :)


10 posted on 02/21/2012 9:03:09 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: SeekAndFind

At least they wasted their OWN money. Our Basketball / Golf Commander in Chief beats them all. Blowing Trillions of other peoples money.


11 posted on 02/21/2012 9:03:40 AM PST by ImJustAnotherOkie (zerogottago)
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To: doug from upland

Besides lavish spending, tales of large entourages of hangers-on and very bad ‘investment’ advice from shady advisers show up in most of these stories.


12 posted on 02/21/2012 9:03:46 AM PST by Will88
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To: doug from upland
...athletes that have lost their fortunes...

Well, gee...uh, wow...uh...well, you know what?

I just don't give a rat's ass.

Just like that Houston person...suck it into your lungs, blow it up your nose, shoot it into your veins or just plain throw it down the do-do hole...if you can't manage your money, then you don't deserve it.

Too bad...so sad.

13 posted on 02/21/2012 9:03:51 AM PST by OldSmaj (I am an avowed enemy of islam and obama is a damned fool and traitor. Questions?)
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To: GeronL

Considering who he was managed by, I wouldn’t be confident that whatever assets he has remaining has been taxed properly.


14 posted on 02/21/2012 9:04:37 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: lacrew

I do love seeing Latrell Sprewell on this list. At one time he was offered a 3 yr deal at 7 million per and said he could not feed his family on that amount. I’m not sure, by I do not recall seeing him in the NBA again after that.


15 posted on 02/21/2012 9:06:18 AM PST by weiner56
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To: doug from upland

Sad to see Evander Holyfield’s name on that list.

He always seemed to me like one of the good guys


16 posted on 02/21/2012 9:06:22 AM PST by Mr. K (Were the Soviet-Era propogandists as gleefully willing as our Lame-stream Media?)
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To: GeronL
Many of these athletes were coddled all through school and college

Coddled? Perhaps.

I think that for many of these athletes, they did not come from families with money; they were not exposed to even reasonably sound financial management. They surrounded themselves with an entourage and handlers. Anyone with any financial skill, say an accountant, probably didn't have nearly as much influence as their closest circle. And those people may, or may not have had the athlete's best interest in mind.

They did not need a budget, they always had more money pouring in from the next contract or advertisement deal. The same is true for a "saving for the future" mindset--in their early 20's, they had all the money in the world, and fully expected to keep receiving it. There was no need to save, or plan for one day when you grew too old, or too injured for your sport.

17 posted on 02/21/2012 9:09:08 AM PST by Lou L (The Senate without a filibuster is just a 100-member version of the House.)
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To: LeonardFMason

Iverson is simply a thug, a la Michael Vick. Once a thug, always a thug. OBTW you couldn’t PAY me to watch an NBA game. Soccer and golf are more stimulating.


18 posted on 02/21/2012 9:11:46 AM PST by tgusa (gun control: deep breath, sight alignment, squeeze the trigger .......)
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To: doug from upland

A fool and his money soon part.
Maybe Rodney King can produce a rap song about dat. . .


19 posted on 02/21/2012 9:12:37 AM PST by ▀udda▀udd (7 days - 7 ways a Guero y Guay Lao << >> with a floating, shifting, ever changing persona)
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To: GeronL
Yup. Its far too common.

Many of these athletes were coddled all through school and college (some never cracked a book).


You can see the same thing in many lottery winners, most of whom were never coddled through anything. The real problem is that most people are never taught to manage the money they get from 9-5 jobs, let alone millions of dollars - what percentage of the population is over it's head in credit card debt? There are plenty of people willing to take advantage of the lack of that knowledge - agents, relatives and friends, people waving investment proposals.
20 posted on 02/21/2012 9:12:49 AM PST by AnotherUnixGeek
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To: Mr. K

When you buy a 50,000 sq ft house, what are you going to do?


21 posted on 02/21/2012 9:13:00 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: LeonardFMason

Don’t forget former Ravens CB Chris Mcalister. He has already blown through a $55 million dollar contract he signed in 2004.

Jets QB Mark Brunell is also broke, having gone through close to $50 million during a 18-year career with numerous bad business decisions.


22 posted on 02/21/2012 9:14:48 AM PST by VA_Gentleman ("Poor Al Gore. Global warming completely debunked via the very internet you invented." -Jon Stewart)
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To: doug from upland

Some athletes probably would wish that it was JUST their money/fortune that they lost... like Thurman Munson.


23 posted on 02/21/2012 9:14:57 AM PST by C210N
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To: doug from upland

Not true for all sports. Those of us in the NHA, National Hopscotch Association, have been very successful at retaining our earnings. We “Hoppers”, as we’re called, don’t fritter our winnings away on fast women and expensive cars. Last year’s champion, Suzie Johnson, tucked her prize money away into a piggy bank. Contrary to popular belief, you don’t have to be from Scotland to play hopscotch. I’m presently serving a four tournament suspension for being drunk at a tournament. I thought the idea was to jump over a bottle of scotch and then take a drink. I guess they changed the rules or something. Probably hometown refs.


24 posted on 02/21/2012 9:15:21 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: doug from upland
These cases are just spectacular examples of a mundane root cause. Everyone looks at the purchase price and never considers the ongoing monthly cash requirements. When you have to eat your financial seed corn to pay the monthly bills it aint gonna end well.

Wish DC would figure this out.

25 posted on 02/21/2012 9:16:27 AM PST by BoringGuy
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To: AnotherUnixGeek

I remember seeing a show about lottery winners and one guy in Florida had bought a nice house, vehicles, statues of the Blues Brothers and other “art”. Yep, he was living the life.

A while later I saw another show about the lottery winner horror stories.... guess who was on it after losing everything??


26 posted on 02/21/2012 9:17:34 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: doug from upland
Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire

This is the first line of the entire story, and yet after that in all the examples not a single NFL football player is used.

27 posted on 02/21/2012 9:19:33 AM PST by commish (Freedom tastes sweetest to those who have fought to preserve it.)
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To: Jonty30

I think a lot of these losers keep a number of their assets...they are not poor by normal standards...just less rich....I have no pity for any of them...


28 posted on 02/21/2012 9:21:04 AM PST by cherry
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To: doug from upland

If these guys would have lived below their means, even for a while; in a manner of lavishness that the would not even notice as lacking: they would still be in luxury.

Apparently this message was either not delivered or adhered.


29 posted on 02/21/2012 9:21:20 AM PST by cicero2k
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To: Mr. K

When they were building that mansion, we all thought that it was a college or an apartment complex.The size is stunning.I wonder what will happen to it when he loses it.


30 posted on 02/21/2012 9:22:01 AM PST by georgia peach (georgia peach)
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To: Jonty30

turn it into a vacation resort and rent out rooms


31 posted on 02/21/2012 9:22:13 AM PST by Mr. K (Were the Soviet-Era propogandists as gleefully willing as our Lame-stream Media?)
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To: blueunicorn6; writer33

lol.


32 posted on 02/21/2012 9:25:52 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: commish

lol.

No kidding. It’s not like they are hard to find I bet.


33 posted on 02/21/2012 9:26:37 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: doug from upland

Too many baby mammas to feed.


34 posted on 02/21/2012 9:33:58 AM PST by McBuff
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To: GeronL

If you’re talking about the person I think you are, I am loosely related to that guy. (My mom is his second cousin, I think). He won over $42 million in 2001 and is, as we speak, bed-ridden, ruined from a life of heroin and meth use. (I can’t confirm, but I think he lost his legs - as in amputated - from the drug abuse). He’s literally penniless.

He lost his multimillion dollar, Florida home because he failed to pay the home association dues and they auctioned it, per the regulations.


35 posted on 02/21/2012 9:39:24 AM PST by GreenAccord (Bacon Akbar)
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To: SeekAndFind

Man, even if I bought everything I ever wanted I don’t think I could blow through 154 million bucks.

He must have some expensive hangers-on (aka posse)


36 posted on 02/21/2012 9:39:24 AM PST by hattend (Jesus wants me to make churches pay for abortions. - Barack Obama)
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To: lacrew

You can’t possibly believe that a convicted rapist would commit fraud or file false documents or commit perjury can you?


37 posted on 02/21/2012 9:46:26 AM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
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To: OldSmaj

As somebody said on a Whitney Houston thread, “Cocaine - When wealth and fame just isn’t enough.”


38 posted on 02/21/2012 9:49:08 AM PST by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: McBuff
I have a friend that used to play pro B-Ball in Europe. Made a killing and saved all the money because all expenses were paid.
Came back to the US and started a real estate investment business with that money and made a lot more.
Same time he worked for well know sports agent as financial adviser for the NBA, NFL, MLB players. Oh the stories he would tell were sad, how people would not listen to any advice. Example would be player wants to by mom a nice home, he would advise them to buy the mom a business in the area that would allow her to buy her own nice home and more. players would not do it.
He owned a lot of the ATL area players homes as they went bankrupt, he bought them cheap as the players went broke, lived in Million dollar home he bought for 350,000 as example.
39 posted on 02/21/2012 9:50:14 AM PST by NoDRodee (U>S>M>C)
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To: doug from upland
I would think the biggest problem is in not understanding how brief their high earning window of opportunity is.

Beyond that, I know of many non-athletes who made it into upper middle class and higher via self employment or corporate ladder climbing only to find themselves 50 and unemployed with kids in college, mortgages to pay and a spouse filing for divorce.

40 posted on 02/21/2012 9:50:41 AM PST by fso301
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To: SeekAndFind

Alan Iverson is a good, glaring example. So is/was Michael Vick. Vick’s current $100M contract is mostly for repaying debt and recovering from financial apocalypse. He is actually receiving only a small percentage of that contract for himself.

There are also people like Leonard Tose who gambled away the Philadelphia Eagles.


41 posted on 02/21/2012 9:55:45 AM PST by Lancey Howard
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To: MrEdd

Ok, you got a chuckle out of me.

Sure I know he would commit fraud...but his ‘plan’ seems so foolish to me.

Really, he’s going to ‘lay low’ until somebody forgets he owes them money? Why does he even bother?

I guess he may have plans to leave the country.


42 posted on 02/21/2012 10:13:10 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: commish

Sorry, all I did was post the article. :)


43 posted on 02/21/2012 10:16:28 AM PST by doug from upland (Just in case, it has been reserved: www.TheBitchIsBack2012.com)
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To: commish

Probably because football players (with some obvious exceptions) don’t have as many high earners over time. A mediocre baseball or basketball player can easily earn $50 million in a career. Much more difficult in the NFL. So they have less to squander, leading to faster poverty, but less astonishing falls like the Dykstras, Iversons, etc.


44 posted on 02/21/2012 10:18:35 AM PST by Mr. Bird
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To: blueunicorn6

U so funny. lol


45 posted on 02/21/2012 10:24:22 AM PST by Phlap (REDNECK@LIBARTS.EDU)
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To: GeronL
Good point..studies have shown that most lottery jackpot winners end up broke..lots of reasons..the best thing they could do for everyone's sake is, IMHO eliminate the lump sum payment, and only make it available as an annuity over at oleast 20 years.

My all time fave is the guy, year's ago, in NY, Curits something....who won like $50 mil and shows up the next day to claim his prize, in a limo, dressed in a tuxedo, with a bowler hat, his wife, AND his girlfriend...whe that story broke, the over/under on how long before he went broke was about 10 years..it was less.l.

46 posted on 02/21/2012 10:34:16 AM PST by ken5050 (The ONLY reason to support Mitt: The Mormon Tabernacle Choir will appear at the WH each Christmas)
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To: blueunicorn6; doug from upland

In behest of our organization WTF(World Tiddlywinks Federation) I wish to inform all that we do not have any of our players on the Dole!
All our players past and present are financial secure having invested wisely in GM/GE/Obama stock.
The only thing that we have to complain about is our debilitating Tiddlywink Thumb, life threatening injuries.
WTF, Pres. Ben Tiddly


47 posted on 02/21/2012 10:41:37 AM PST by GOYAKLA (Recall/ Impeachment Day, November 6, 2012. FUBO)
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To: GOYAKLA

You Tiddlywink people get all the coverage. I can’t turn on ESPN without hearing some announcer saying, “Ohhh.....Ben just missed the cup with that one!” When I miss the cup, there’s liquor all over the floor. Unless it’s a urine sample, and, well, we won’t get into that.


48 posted on 02/21/2012 11:20:24 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: blueunicorn6

As we grow older, all will bear that Cross. Use a wider cup! Although I have never spilled a dram of a spirit.
From our Organization to you, have WTF day.
World Tiddlywinks Federation.


49 posted on 02/21/2012 11:30:15 AM PST by GOYAKLA (Recall/ Impeachment Day, November 6, 2012. FUBO)
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To: lacrew

I suggest his debts were discharged through bankruptcy, and that he would lay low, then stage a comeback fight in .. say..Cuba. Against some glass jawed wannabe.

He would launder the old money his creditors were entitled too in with the purse from the prize fight.

A plot so simple it doesn’t even require biting any ears off.


50 posted on 02/21/2012 11:43:44 AM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
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