10 Ways For A Professional Athlete To Go Broke

I came across this article at ESPN about professional basketball players filing for bankruptcy. Apparently, 60% of NBA players, according to the Toronto Star, are broke five years after they retire. This article could be for any professional athlete, so show me the money.
A few years back I had read the book The Dark Side of the Game by Tim Green, who was a former #1 draft choice for the Falcons NFL, and is now a television broadcaster, lawyer and author. One part of the book that got my attention was the section that discussed the players finances. He talked about the typical player who never had much money, relied on scholarships and now is an instant millionaire. Not far behind are the agents and "friends" that suck the athletes dry.
Never mind living within your means and sticking to a budget. Just think, the median salary in the NFL in 2007 was roughly $770,000. In one year, a player, who lived like a normal person, could go through all of Dave Ramsey's 7 Baby Steps.
So here are the 10 steps on how a professional athlete can go broke:
1. Screw up, deny it, then fight by using every lawyer and dime you have.
2. Buy a house the size of Delaware.
3. Buy many, many cars - not just for yourself.
4. Buy a jet, yes they really do buy jets.
5. Spend stupid money on other really stupid stuff, not to mention bailing out family members who know you will bail them out of their stupid stuff.
6. Hire a slick agent.
7. Be sure to give the agent general power of attorney, so he can take care of all your needs without troubling you for a signature.
8. Spend like the money will never stop.
9. Just perform, don't worry about your house or family.
10. Most of all, set up a huge support system around you and keep your posse comfortable.
You can go HERE to read the whole article and see some real examples.
Labels: Celebrity Finances
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