Why do so many NFL players go bankrupt?

[Schneed10]

Originally Posted by SmootSmack

Well like I said before, a lot has to do with misplaced trust. Because maybe your 3 year old daughter can look in her piggy bank. But maybe your 3 year old says to your 2 year old son (assuming you have one) "Look, this isn't my area of expertise but this what you get paid to do for lots of people. So look after my piggy bank for me" And then...the money's gone because your daughter made the mistake of trusting your son. Your daughter's fault? Probably. But is that idiocy or ignorance, or is it one and the same? Confucious once say "Real knowledge is to know the extent of one's ignorance."

Additonally, I suspect this 78% must include a lot of Marcus Mason type players. Granted, Mason I'm sure has made a pretty penny in his brief cup of coffee with the league, still he's not a multi-millonaire. Is he?

No guys like Mason don't make an exhorbitant salary, he'd be as well off as a lot of doctors. In the cases of misplaced trust, I guess that's better than pulling an MC Hammer and simply spending yourself into the ground. But still.

Just like you said, know what you know, and know your limits. Do your homework to make sure you don't make a huge mistake, don't just turn all your money over to one advisor. That goes for anybody. Just like you shouldn't put all your eggs in one Enron basket, you shouldn't keep all your money with one advisor. To me that seems like common sense, but I guess financial literacy in this country is so shoddy that it's not even considered common knowledge.