BuffaloBill Posted April 15, 2015 Share Posted April 15, 2015 A new study indicates that 16 % of NFL retired players declare bankruptcy. There is no relationship to amount earned and length of career. http://www.cnbc.com/id/102585929 Link to comment Share on other sites More sharing options...
BillsFan-4-Ever Posted April 15, 2015 Share Posted April 15, 2015 that is a crazy number. I can see some of the old timers who maid little compared to recent salaries, but guys (for example) making close to a mil for say 3 or 4 years should be smart enough to invest wisely. If other reasons that injuries .... if they left college early, finish your degree and have a backup plan. Link to comment Share on other sites More sharing options...
maddenboy Posted April 15, 2015 Share Posted April 15, 2015 if 1 out of 6 declares, I wonder about the other 5. Probably a lot of them have money problems but just dont file for bankruptcy. There was a quote on one of those ESPN "athletes go broke" episodes where a guy who did not go broke had the following quote for today's athlete: "You can live like a king for 5 years, or live like a prince for the rest of your life." Link to comment Share on other sites More sharing options...
The Wiz Posted April 15, 2015 Share Posted April 15, 2015 if 1 out of 6 declares, I wonder about the other 5. Probably a lot of them have money problems but just dont file for bankruptcy. There was a quote on one of those ESPN "athletes go broke" episodes where a guy who did not go broke had the following quote for today's athlete: "You can live like a king for 5 years, or live like a prince for the rest of your life." That quote pretty much sums it up. Guys want to live their lives like they don't have a care in the world and will never have to worry about money again. "Oh, a bottle is only 6k? Give me a dozen bottles." It's their own fault so I honestly couldn't care less. Of that 16% I'm sure there are some that have misfortunes but I get the feeling they are in the minority of that percentage. Link to comment Share on other sites More sharing options...
stevestojan Posted April 15, 2015 Share Posted April 15, 2015 A million dollars isnt what it used to be. But give me a million right now and I can make it make $45000 yearly without even thinking about it. And that's from a guy who went to a SUNY school and graduated with a mediocre at best GPA. I feel bad for none of them. Sure, right now my life would change drastically if I only had 45k to live off of, but I sure as hell wouldn't have to file bankruptcy. Oh and don't forget that $1 principle in this example is still sitting there for "emergencies." Link to comment Share on other sites More sharing options...
Kkspike Posted April 15, 2015 Share Posted April 15, 2015 Those gold rope chains are expensive. Link to comment Share on other sites More sharing options...
Big C Posted April 15, 2015 Share Posted April 15, 2015 It is pretty crazy. Living modestly, all you have to do is buy a few bonds or blue-chip stocks and you're set for life. Link to comment Share on other sites More sharing options...
C.Biscuit97 Posted April 15, 2015 Share Posted April 15, 2015 What's the national average? Link to comment Share on other sites More sharing options...
ko12010 Posted April 15, 2015 Share Posted April 15, 2015 Those gold rope chains are expensive. Andre Rison said in the 30 for 30 on athlete's or NFL players going broke that he spent well over 1 million on jewelry alone Link to comment Share on other sites More sharing options...
BuffaloBill Posted April 15, 2015 Author Share Posted April 15, 2015 Andre Rison said in the 30 for 30 on athlete's or NFL players going broke that he spent well over 1 million on jewelry alone That is just plain stupid. While there can be investment grade jewelry purchases Most will return very little, if not lose, as compared to other options. I suppose the other problem is that we are generally talking about young kids who maybe had no money suddenly hitting what is in essence the jackpot. Link to comment Share on other sites More sharing options...
TakeYouToTasker Posted April 15, 2015 Share Posted April 15, 2015 Having wealth isn't simply something that happens to a person, it's an acquired skill that most people don't have. That's why you see most lottery winners wind up completely broke after a few years or even months. So many athletes come from poor or modest backgrounds, and aren't raised with this skill set in mind, as their parents likely didn't have the skill either. Link to comment Share on other sites More sharing options...
Alaska Darin Posted April 15, 2015 Share Posted April 15, 2015 I remember watching a few minutes of T.O.'s reality show. He went to a jewelry store and dropped $80k on a set of earrings. I wasn't shocked when he declared. Link to comment Share on other sites More sharing options...
C.Biscuit97 Posted April 15, 2015 Share Posted April 15, 2015 Having wealth isn't simply something that happens to a person, it's an acquired skill that most people don't have. That's why you see most lottery winners wind up completely broke after a few years or even months. So many athletes come from poor or modest backgrounds, and aren't raised with this skill set in mind, as their parents likely didn't have the skill either. That's a good point. this just in, a lot of people are terrible with money in America. There are a lot of broke people with giant TVs & satellite dishes taking flights on credit cards. Link to comment Share on other sites More sharing options...
Lurker Posted April 15, 2015 Share Posted April 15, 2015 (edited) My brother works for Disney and has met many current and former players over the years as they pass through Orlando. The saddest story he ever told me was of a former Bills star from the early 2000's (who was still playing at the time) who asked if he could get comped into the parks with his family. This is a fairly regular request of any Disney employee, so no big deal. My brother met up with him and told him to follow him in his car though the parking gate. He was surprised when the guy stopped at the gate and just sat there. Turns out he didn't have enough cash to pay the $20 parking fee. Eventually, the parking attendent just waived him through as he was causing a backup. He told my brother that his agent had him on a weekly allowance and they were running low on spending money. In other words, the guy had no clue about how to handle his money and the agent was essentially playing the role of nanny (hopefully), or in the worse case, just ripping the guy off. These guys are many times just sitting ducks for all kinds of scams, due to their limited real world knowledge and the hordes of hangers on with their hands outstretched. Phillip Buchanon's story is another sad example: http://www.foxsports.com/nfl/story/raiders-redskins-phillip-buchanon-dangers-wealth-nfl-040315 Edited April 15, 2015 by Lurker Link to comment Share on other sites More sharing options...
BuffaloBill Posted April 15, 2015 Author Share Posted April 15, 2015 My brother works for Disney and has met many current and former players over the years as they pass through Orlando. The saddest story he ever told me was of a former Bills star from the early 2000's (who was still playing at the time) who asked if he could get comped into the parks with his family. This is a fairly regular request of any Disney employee, so no big deal. My brother met up with him and told him to follow him in his car though the parking gate. He was surprised when the guy stopped at the gate and just sat there. Turns out he didn't have enough cash to pay the $20 parking fee. Eventually, the parking attendent just waived him through as he was causing a backup. He told my brother that his agent had him on a weekly allowance and they were running low on spending money. In other words, the guy had no clue about how to handle his money and the agent was essentially playing the role of nanny (hopefully), or in the worse case, just ripping the guy off. These guys are many times just sitting ducks for all kinds of scams, due to their limited real world knowledge and the hordes of hangers on with their hands outstretched. Phillip Buchanon's story is another sad example: http://www.foxsports.com/nfl/story/raiders-redskins-phillip-buchanon-dangers-wealth-nfl-040315 Interesting and sad that his own mother looked to bleed him dry. I guess this is another difference in coming into money fast. Link to comment Share on other sites More sharing options...
Punching Bag Posted April 16, 2015 Share Posted April 16, 2015 that is a crazy number. I can see some of the old timers who maid little compared to recent salaries, but guys (for example) making close to a mil for say 3 or 4 years should be smart enough to invest wisely. If other reasons that injuries .... if they left college early, finish your degree and have a backup plan. Maybe they went bankrupt because the made it with the little maid? Very few seem to and many act like high school students spending every dollar they make and trying to borrow more. That's a good point. this just in, a lot of people are terrible with money in America. There are a lot of broke people with giant TVs & satellite dishes taking flights on credit cards. That is because in US you are punished if you save. Link to comment Share on other sites More sharing options...
Recommended Posts