You guys have probably read this article... but here it is again!
"Look up the word “shortsighted” in the dictionary and you will see a picture of Latrell Sprewell."
Seven costly pro athlete screw-ups
This is a surprisingly high percentage in my mind...
"Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire"
Friday, March 12, 2010
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crazy....
ReplyDeletethey left off one tip in these but they can be indirectly deduced if you know some of these athletes... court fees and cost will eat up your money (criminal charges, activity, lawsuits, divorce, child support, etc.)... make good decisions so that folks cannot capitalize off your mistakes (or not even in some cases).
boxers (and football players to lesser degree since they don't make nearly as much) i feel are at most risk to be broke because their large purse sums are usually confined to a small period of time. so you have to figure what to do with your money fast before its gone. basically its easier to manage 100 mill over 13 yrs (a good NBA career) vs 300 mill over 5 yrs (a good boxing career).... generally boxers have 2-3 years where they make ~90% of their money. this is still sad though
I am actually not surprised by this. What do you all think we would do if one of us hit the lotto and received $100M in cash? We are educated so hopefully we wouldn't burn through it, but it's more difficult than people realize.
ReplyDeleteThey wouldn't go for this, but the leagues should think about forcing their players to put some of their earnings into retirement accounts. Some companies do this already.