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.

[tryfuhl]

Originally Posted by 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.

Yep, also wasn't fond of Ohio State not letting him focus more on academics, though he left after his sophomore year anyways. I think that he could've played longer and not done more harm to his body, but that was his choice.

[Kalisto2010]

Originally Posted by 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.

Robert Smith is educated that's why, someone who actually paid attention in school. I know he had aspirations of being a medical doctor, so I'm sure he had the intellectual prowess to understand the complexities of investing.

I know If I was 22 years old, with a millions of dollars, the last thing I would be thinking about 40 is years down the road. You know young men don't think like that. Here's another interesting factoid from the article.

experts estimate that only one in 30 of the highest-caliber private investment deals works out as advertised.

Recession or no recession, many NFL, NBA and Major League - 03.23.09 - SI Vault

[53Fan]

^ Nice post Schneed10. Smith used his opportunity in sports wisely IMO.

[TheSmurfs22]

Years ago when I worked with the Panthers I got to know Donnie Shell and one of his primary jobs was to work with rookies and players who had just received big contracts. When Shell played obviously the money was not what it is today so many of those guys had other jobs, thus they learned to manage money.
Also, the minute someone figures out you can go pro everything is "handled" so it is easy to lose perspective on the real world. Although it is easy for kids who are not going to pro to blow money or run up massive credit card debt. Maybe more time should be spent on this in Freshmen 101 than the worthless crap they make you do.

We had a player who did not understand why he could not rent a car. Well the guy forgot to pay a couple of speeding tickets, even though we had literally put the address and stamp on the envelope so he could mail it in.

[tootergray34]

why are Giants fans chiming in on a Skins board! go back to New Jersey!

JETS are better than the Giants now...it has to kill them.

[Giantone]

Originally Posted by tootergray34

why are Giants fans chiming in on a Skins board! go back to New Jersey!

JETS are better than the Giants now...it has to kill them.

....wow.........

[Schneed10]

Ah yes, the debate tactics of a simpleton. Offer nothing of value or substance to the discussion, instead split hairs in a point-counter-point effort to save face and distract from the fact that you know nothing of what you speak.

I've already challenged you here, the fact that you've not yet responded only confirms how little you know. Answer me or be gone:

http://www.thewarpath.net/redskins-l...tml#post698642

[30gut]

Originally Posted by Dirtbag359

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

Hey man, i'm gonna be in town can i crash at your place for a couple days?
(Meaning 2-3 weeks while i eat your food, drive your car etc...)

Hey, its cousin Paulie can i borrow around 2,000 bucks?

Dad: Your uncle Steve can't get to work cuz he crashed his car and his insiurance isn't covering it could you help out?

Agent/Fixer: I need 50,000 so the girl you banged in City X will fianlly stop calling you (black mailing you)

Sister: Can you help me out with a downpayment? (On a house we can't afford where you'll later have to take over the payments?)

Girlfriend: Just get me a charge card already! (A Black Card)

Friend/Cousin/Sister/Stranger: I've got a great business deal for you.....

Then there the houses, cars, parties, jets, call girls, strippers, hotels etc.

[CRedskinsRule]

Originally Posted by 30gut

...

Girlfriend: Just get me a charge card already! (A Black Card)

...

whys it gotta be a black card huh


j/k

[tryfuhl]

What you sippin on? Its no problem
Black and gold bottles like I'm from New Orleans
but shawty I'm far from a Saint
but I got two AMEXs that look the same way

[MTK]

Locked due to jackassery