Professional athletes and bankruptcies.

[Alias Detective 1,179]

78% of NFL players and 60% of NBA players file for bankruptcy within the first five years of retirement.

 

The numbers are staggering. That means 3 out of every 4 players in the NFL and 3 out of every 5 in the NBA will file for bankruptcy.

 

 

http://sportschew.com/worst-purchases-made-by-athletes/?v=t107&utm_source=taboola&utm_medium=usatodaydemo&utm_term=Scottie+Pippen+Had+No+Idea+That+%244+Million+Private+Jet+He+Was+Buying+Would+Be+The+Worst+Decision+Of+His+Life

[Bert 1,087]

Probably the same for people winning the lotto. If you were stupid before the money you will be stupid with money.

[giraldi02 470]

Probably the same for people winning the lotto. If you were stupid before the money you will be stupid with money.

This.

 

Fiscal responsibility isn't just learned with money. It needs to be taught much earlier. Problem is, many of these athletes come from backgrounds where they didn't have a pot to p!ss in. Once they get money, they have no idea how easy it is to blow it all away

[cyclone24 1,800]

This.

 

Fiscal responsibility isn't just learned with money. It needs to be taught much earlier. Problem is, many of these athletes come from backgrounds where they didn't have a pot to p!ss in. Once they get money, they have no idea how easy it is to blow it all away

The 30 for 30 "Broke" was pretty fascinating dealing with this.

 

They talked about how for most of us are primary in years are 45 to 55 years old where we make the most of our money. And most of us have a good background by that point to know what to do with it. Conversely these kids are given all the money in the world at 22 years old. They have no idea what to do with it and investing it into something that gains 5% is really boring for them.

So they've invest in bars or restaurants or nightclubs in those typically fail really easily.

[Alias Detective 1,179]

It seems like a simple solution to solve. Right?

 

Employer and employee funded pension plans using insurance companies to guarantee the lifetime income for the retired athlete.

[Drizzay 644]

I'd say 85% is on the stupid athletes, but there are a lot of crooked financial planners that scam athletes.

[Cloaca du jour 2,064]

It seems like a simple solution to solve. Right?

 

Employer and employee funded pension plans using insurance companies to guarantee the lifetime income for the retarded athlete.

Fixed

[Filthy Fernadez 2,696]

It seems like a simple solution to solve. Right?

 

Employer and employee funded pension plans using insurance companies to guarantee the lifetime income for the retired athlete.

 

If you solved that, who would work in the car washes?

 

Seriously though, a lot of these athletes try taking care of the whole family and all their 'boys'. They can't see just how many leeches are on their a$$ until it's too late.

 

I told my wife if we ever hit the lottery I'm divorcing her the next day. You go try to save the world with your half and when you've p!ssed it all away, come back and I'll remarry you to live off the other half.

[wiffleball 4,631]

I'd say 85% is on the stupid athletes, but there are a lot of crooked financial planners that scam athletes.

Yep. There's some relatively un-retarded guys who've been caught in that web.

I'm not saying there aren't some really dumb guys out there, but there really are

some cottage industries / nefarious scammers out there who are lined up waiting

to take advantage of mega-rich guys who aren't so sophisticated. - Just like lottery winners.

 

There ARE a lot of tools and classes out there these days along with a general sense of awareness,

so it should be a lot harder to get swept up in this. I'd recommend annuities, but you KNOW the

players (and their agents)would lose their SHIIT over that.

 

On a scale though, the guys who lose their money at least trying to invest aren't nearly as bad

as the guys who go all "MC Hammer" and buy mansions and Bugattis and jewelry for themselves

and everyone in their family / crew.

 

And lower still? The Travis Henry's who blow all their money on child support. Idiots.

 

But no, I had no idea the numbers were THAT high.

[wiffleball 4,631]

I know Tony Boselli got a huge check from the Texans - and never played a single down for them.

He took that money and now owns a buttload of McDonalds and other franchises in Colorado.

 

So, it IS possible to walk away without ending up in the poorhouse.

[Alias Detective 1,179]

 

So, it IS possible to walk away without ending up in the poorhouse.

 

Yes, some do. Thanks Captain O

[Frozenbeernuts 1,652]

The NFL offers advice and examples of how not to blow through money. Amazing that these players can go to a college and not pick up enough common sense to listen to this advice. It shouldn't even matter that they are poor to start. They are offered the proper saving techniques.

[edjr 5,547]

Amazing that these players can go to a college and not pick up enough common sense to listen to this advice.

 

Wouldn't that require actually um, going to classes?