Broke: Sports Players Burning Money

Sports athletes for years have been facing financial difficulties when it comes to keeping their money. Athletes from all sports are not immune to bankruptcy or even losing all of their fortunes. Many Americans just wish they would have just a small piece of the money that these athletes receive.

The question is who’s to blame when these past and current players have seen their bank accounts plummet because of erratic spending, bad investments or for being too generous to people.

To name some of the athletes that were in the spotlight because of bankruptcy recently was Mike Tyson, Evander Holyfield, Allen Iverson, Scottie Pippen, Curt Schilling, O.J. Simpson, Vince Young and Terrell Owens. That was just a small portion of athletes that filed but we all know there are many more.

Many athletes don’t have financial literacy and they’re burning money fast. But if you ask them they think they are just having fun and living life. They even might think that we are jealous of their success. But it’s the total opposite.

I know that many of these players had some smart people around them telling them to slow down or they will lose it all. But athletes feel that their investments will hold them through the tough times and they won’t go broke.

Let’s talk about how athletes first come into these millions. First many of them are teenagers when they see that first million dollar check. At 19 years old what kid you know that gets that kind of money is thinking about saving it. They look at all the things they can buy and even want to help out family and friends.

Players are thinking that if they blow a few thousands and even millions, they can make it up on the next lucrative contract. But in the NFL contracts aren’t guaranteed and in the NBA who says that you can’t get hurt trying to get that big contract.

Not trying to knock these athletes that made bad decisions but they should’ve known better and now they’re trying to find ways just to pay off debts. Players don’t need 7-8 cars and a $10 million mansion. I’m not saying that they can’t live good and luxurious but come on! I know what people are saying right now; but it’s their money, so why not?

Put it this way, when athletes are done and retired from sports what the next thing for them. Many of them don’t even have college degrees, so they are depending on their past millions to work for them and keep them afloat for the rest of their lives.

But as you can many of athletes just live for the moment and don’t think about tomorrow and that’s the problem in sports. It’s sad to see one of our past heroes go through this in front of the world to see. I just hope that they can get their lives back on track and teach current athletes that spending money sporadically isn’t the way to go.