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Why do so many NFL players go bankrupt?

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Old 05-03-2010, 11:20 PM   #1
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Why do so many NFL players go bankrupt?

It never ceases to amaze me how poorly these guys mismanage their money:
Why do so many NFL players go bankrupt? - Shutdown Corner - NFL Blog - Yahoo! Sports

Study: 60% Of NBA Players ARE BROKE After 5 Years Of Retirement - MediaTakeOut.com™ 2010

25 Rich Athletes Who Went Broke | Business Pundit
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Old 05-03-2010, 11:23 PM   #2
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Re: Why do so many NFL players go bankrupt?

Kind of thing that drives me absolutely nuts.
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Old 05-03-2010, 11:42 PM   #3
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Re: Why do so many NFL players go bankrupt?

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Kind of thing that drives me absolutely nuts.
Me too. It's just young, dumb, and stupid. They have so many enablers and yes men around them, and that doesn't help. Having the best jewelry, hottest cars, and biggest houses is actually pretty much the dumbest way to represent your wealth. Don't get me wrong, if I was making millions a year I would have nice clothes, a nice car or two, and probably more than one house. But I wouldn't be ridiculous about it. These guys have no clue how to live within their means, despite their means being incredibly extensive compared to the rest of the world.

I believe all 4 major US sports have financial counseling available, too. I guess most of these guys didn't hear that memo because the sound system in their $250,000 car was playing too loudly.
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Old 05-03-2010, 11:56 PM   #4
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Re: Why do so many NFL players go bankrupt?

There are some guys on that top 25 list that I had no idea pissed away their riches-
Deuce McAllister
Bjorn Borg
Scottie Pippen
Muhsin Muhammed
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Old 05-04-2010, 12:00 AM   #5
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Re: Why do so many NFL players go bankrupt?

They come from poverty, have never learned financial planning skills and most don't have parents who've read "Rich Dad, Poor Dad." It's a shame and sad really. Makes you kinda wish their contracts were annuities.
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Old 05-04-2010, 12:15 AM   #6
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Re: Why do so many NFL players go bankrupt?

Saden1 has it right. I would also add that look at the culture, especially hip hop culture and those videos. These guys think that is what life is all about and blow it on mansions, Bentley's, etc, with no real skills in saving money or investing. Look at all those hair metal guys from the 80's that are the same way. Blew it all on partying, then the party ended after MTV killed off the hair band era.
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Old 05-04-2010, 12:16 AM   #7
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Re: Why do so many NFL players go bankrupt?

Let's not sugarcoat it, you don't need an MBA, CFP, or read any financial self-help books to manage your money. You simply need basic arithmetic.

I have X amount of money. I spend Y per month. It will take me X divided by Y number of months before I run out of money. That simple.

The bottom line is these guys aren't thinking, at all. They simply WANT things. Want want want, with no regard to "should I".
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Old 05-04-2010, 12:17 AM   #8
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Re: Why do so many NFL players go bankrupt?

True, that is why I said it also is the culture. Those guys never were taught the value of a buck, and are absorbed in a culture of excessive consumerism.
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Old 05-04-2010, 12:17 AM   #9
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Re: Why do so many NFL players go bankrupt?

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Saden1 has it right. I would also add that look at the culture, especially hip hop culture and those videos. These guys think that is what life is all about and blow it on mansions, Bentley's, etc, with no real skills in saving money or investing. Look at all those hair metal guys from the 80's that are the same way. Blew it all on partying, then the party ended after MTV killed off the hair band era.
So you're saying being a thoughtless idiot is part of hip-hop culture?
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Old 05-04-2010, 12:21 AM   #10
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Re: Why do so many NFL players go bankrupt?

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So you're saying being a thoughtless idiot is part of hip-hop culture?

No, but the stereotypical Hip Hop videos usually had in the past a bunch of guys clad in lots of gold, in the back of a huge mansion with a huge pool, with a ton of bikini clad babes around, with the rapper usually having a ton of cash around and tossing it in the air. Total materialism. Hair band music in the 80's was basically the same. Just party all the time, don't give a shit about the future.
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Old 05-04-2010, 12:23 AM   #11
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Re: Why do so many NFL players go bankrupt?

If a guy gets all that dough for playing a game, he is going to be tempted to blow it by living the fantasy/illusion that has been "programmed" into him.
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Old 05-04-2010, 12:27 AM   #12
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Re: Why do so many NFL players go bankrupt?

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Let's not sugarcoat it, you don't need an MBA, CFP, or read any financial self-help books to manage your money. You simply need basic arithmetic.

I have X amount of money. I spend Y per month. It will take me X divided by Y number of months before I run out of money. That simple.

The bottom line is these guys aren't thinking, at all. They simply WANT things. Want want want, with no regard to "should I".
That's the thing though- a lot of them aren't even smart enough to care to divide X by Y, as you say. Not that they can't grasp the concept, they just don't give a shit. Zero foresight, and an inability to look even months into the future, let alone years. A lot of it is a lack of education and/or good parenting, and a lot of it is, as GusFrerotte mentioned, the Hip Hop Culture so to speak. Every single hip hop video/song you see/hear nowadays talks about nothing except jewelry, cars, money, drinking at the club, and other shortsighted possessions that do nothing to build wealth, rather just bleed it. But hey, if that's cool, trendy, and will get you laid and recognized, why not right?

Also, a lot of these guys who end up broke genuinely thought they were doing the right thing by investing and diversifying, only to be taken advantage of by attorneys, agents, representatives, etc who fed them BS promises of high returns only to milk them for every cent. Gotta surround yourself with the right people.

When I think about what I would do with wealth like this, it really, really annoys me to hear about these wasted fortunes.
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Old 05-04-2010, 12:28 AM   #13
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Re: Why do so many NFL players go bankrupt?

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Originally Posted by GusFrerotte View Post
No, but the stereotypical Hip Hop videos usually had in the past a bunch of guys clad in lots of gold, in the back of a huge mansion with a huge pool, with a ton of bikini clad babes around, with the rapper usually having a ton of cash around and tossing it in the air. Total materialsim. Hair band music in the 80's was basically the same. Just party all the time, don't give a shit about the future.
Let me address this misconception: once a football player or basketball player turns 13 they are taken by corporate America away from their environments or "character" issues makes them unacceptable. So blame their handlers and trainers. Hip hop ain't going broke. They go broke trying to keep up with rappers.
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Old 05-04-2010, 12:34 AM   #14
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Re: Why do so many NFL players go bankrupt?

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There are some guys on that top 25 list that I had no idea pissed away their riches-
Deuce McAllister
Bjorn Borg
Scottie Pippen
Muhsin Muhammed
Muhsin muhammad and he is a character guy never see him out and about but the models I have business ties to laugh at these NFL players all the time. They not laughing at rappers.
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Old 05-04-2010, 12:35 AM   #15
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Re: Why do so many NFL players go bankrupt?

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If a guy gets all that dough for playing a game, he is going to be tempted to blow it by living the fantasy/illusion that has been "programmed" into him.
An we have a winner.
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