Why do so many NFL players go bankrupt?

[Giantone]

Originally Posted by SmootSmack

A lot of these athletes put their trust in people they shouldn't. Even if they should, you should never put 100% trust in anyone else when it comes to managing your money. I've also seen a lot of these people invest money in their friends' businesses or even just business ideas. And if/when they try to get out of it they're faced with the guilt trip of "Aw man, you've changed. Forgot about us"

Good Point,I've worked with a few former athletes and one even had a degree from Georgetown.Yet they all listen to their friends and put money into things they never checked out.
In the old days before sports became a fulltime job these guys had to get jobs after the season was over so most were prepared to go on after their careers were over.Now these guys think that when they are retired ....they can go another 50 years with out working ........and with some of the amounts they make the're right yet you still must be prudent with your money.If you make 10 mill your agent gets 10% off the top,IRS gets 4 or 5,then you take care of Mom or Mom and Dad ...another 1 or 2...leaves you 1 or 2 for yourself and if you have kids or a wife that will be gone quick.