Why do so many NFL players go bankrupt?

[Dirtbag59]

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

[Schneed10]

Kind of thing that drives me absolutely nuts.

[GMScud]

Originally Posted by Schneed10

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.

[GMScud]

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

[joethiesmanfan]

Originally Posted by GMScud

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.

[DIE-NASTY]

Originally Posted by GMScud

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

Antoine Walker is broke after making well over 100 M in his career.

[tryfuhl]

I hadn't heard about Sheryl Swoopes.. shows it's not just the guys.

[tryfuhl]

Originally Posted by GMScud

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.

Not to mention they have so many clinging friends and family members.

[saden1]

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.

[GusFrerotte]

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.

[Schneed10]

Originally Posted by GusFrerotte

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?

[GusFrerotte]

Originally Posted by Schneed10

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.

[joethiesmanfan]

Originally Posted by GusFrerotte

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.

[Dirtbag59]

Originally Posted by GusFrerotte

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.

That reminds me. From now on when white people go broke I'm going to blame on HBO's Entourage even though the main character has been broke on the show once or twice.

Ironically I do believe that there is some truth to the hip hop culture having a negative influence on athletes. Fortunately hip-hop is moving away from that these days, as I think people have gotten fed up hearing songs about how "I have dis, dat, and all of dis." Now it feels more of a fusion of techno, eurodance, and classic hip hop with more of an emphasis on having a good time. Of course theres still more then a few "look at what I got" rappers out there but the good news is they're starting to fade into oblivion.

Glam rock was actually kind of similar in the 80's.

[Kalisto2010]

Originally Posted by GusFrerotte

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.

How do you know it wasn't the country club culture that you see on TV everyday? People living up in the hills in their multi-million dollar homes, driving around in their bentleys, partying in the hamptons, buying yachts. See, if it wasn't for these aristocrats projecting these images to our impressionable youth, athletes wouldn't end up being broke trying to mimic them. See what I did there I can use a cultural bias to make my point too.