Why do so many NFL players go bankrupt?

[Schneed10]

I like the story of Robert Smith. The guy was a real impressive RB for the Vikes there for a number of years in the 90s. Then he up and retires when he was seemingly right in his prime. He had signed a good contract that paid him good money, not Albert Haynesworth money, but a pretty penny. Rather than spending it, he saved 80-90% of his salary and bonuses, all throughout his career. He lived in a nice, but not lavish home. He didn't buy lots of fancy cars, just had two nice ones.

So then he retired in his prime. The reason he gave was he wanted to retire before he really hurt his body over the long haul, and he had saved up enough money to last him the rest of his life. And so he left football to spend his free time with his kids.

That's a man who gets what life is about. Having money isn't about the flashy things and the possessions. It's about the freedom it gives you, the time to spend doing whatever in the world is important to you. Robert Smith gets to choose to work, or choose not to work. To be with his kids, or to travel the world.

That's what frustrates me most. These guys have a shot at setting themselves up to do ANYTHING with their lives, and never to be tied down to a job. But they blow it. Failing to understand what you're passing up is unfathomable to me.

Anyway, Robert Smith was one of the all time great guys in sports. I admire him so much for that decision.