Quote:
Originally Posted by pr0
People spend all of their $ showing off to all their old friends & family at first.
Then they spend all of their $ showing off to all their new "rich friends".
By the 3rd cycle.....called "realization" they are usually on the bench & 5 minutes away from losing their job.
This isn't just NFL players.....its all people that come from nothing into $ quickly.
When you come from nothing its very hard to understand the importance of saving. Since you grew up in an atmosphere where "check to check" was the norm. When the fam got the big "xmas bonus" it was immediately spent on some big ticket Item. It has to be unlearned. It's a vicious cycle.
|
That is some of it too. The article I read said that these guys weren't like businesspeople who had worked for 10-15 years to get the money they now hard, but were more like 22 year olds who had won the lottery and had no idea what to do with the money.
I remember reading an intgerview with a former NFL QB named Drew Bledsoe. He was saying that when he got drafted and signed his contract that one day his bank account had a balance of -$1.57 the next it had a balance of 3.5 million.
They get this money and think it will never end and go crazy with it. It is kind of like how a lot of people who win the lottery end up broke.