Professional Athletes Going Bankrupt - GoFuckYourself.com

D Ghost · 07-19-2009, 02:36 PM

Interesting, but I have to say, not that surprising...

Quote:

Professional athletes can make incredible amounts of money, but their earning window tends to be for a relatively short period of time. Kathleen Pender of The San Francisco Chronicle shares a couple of disturbing trends courtesy of Sports Illustrated magazine:

? 78% of former National Football League players go bankrupt within 24 months after they stop playing.
? Some 60% of former National Basketball Association players go bankrupt within 5 years of retirement.

What's going on here? Economists talk about "marginal propensity to consume" (MPC), an economic theory that says as income rises, spending rises in tandem.

http://clarkhoward.com/liveweb/shown...9/06/29/16084/

beerptrol · 07-19-2009, 02:38 PM

too much bling bling

sortie · 07-19-2009, 02:50 PM

It actually happens to tons of people; but athletes are always in the spotlight.

The money seems like it will last forever but of course it doesn't.

Lycanthrope · 07-19-2009, 03:06 PM

It would be interesting to see the percentage of hockey players that go bankrupt.

JFK · 07-19-2009, 03:17 PM

these guys are athletes , not financial wizzards. I bet a lot of time they get taken to the cleaners by their so called advisors.

D Ghost · 07-19-2009, 08:44 PM

Quote:

Originally Posted by sortie

It actually happens to tons of people; but athletes are always in the spotlight.

The money seems like it will last forever but of course it doesn't.

This is true...

It's not that the money won't last forever... if invested wisely it will last them beyond their own lifespan (to their children, granchildren, etc).

It's a matter of spending beyond their means... and you're right this does happen to a lot of people besides athletes. Average earning people look at these super athletes and think they'll be rich their whole life, well take another look.

Barefootsies · 07-19-2009, 09:08 PM

Quote:

Originally Posted by JFK

these guys are athletes , not financial wizzards. I bet a lot of time they get taken to the cleaners by their so called advisors.

Exactly right.

fatfoo · 07-19-2009, 09:17 PM

That's unfortunate, but a lot of millionares and professional athletes do go bankrupt sometime in their lives. And athletes are not even in the financial field, so they could be bad at managing their own money.

collegeboobies · 07-19-2009, 09:28 PM

Quote:

Originally Posted by DJ The Kid

Interesting, but I have to say, not that surprising...

http://clarkhoward.com/liveweb/shown...9/06/29/16084/

Would that also mean spending falls as income decreases? Its not spending, its debt. You dont go bankrupt if you have no money, you go bankrupt if you have debt.

CunningStunt · 07-19-2009, 09:43 PM

Mark Philippousis is another. Blew all his tennis winnings, what a twat LOL.

d-null · 07-19-2009, 10:03 PM

money is meant to be spent

07-19-2009, 02:38 PM	#2
beerptrol Confirmed Asshole Industry Role: Join Date: Feb 2003 Location: Half way between sobriety and fubar. Posts: 12,722	too much bling bling __________________ “If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason and Dixon's but between patriotism and intelligence on the one side, and superstition, ambition and ignorance on the other.” -- Ulysses S. Grant

07-19-2009, 02:50 PM	#3
sortie Confirmed User Industry Role: Join Date: Mar 2007 Posts: 7,771	It actually happens to tons of people; but athletes are always in the spotlight. The money seems like it will last forever but of course it doesn't. __________________

07-19-2009, 03:06 PM	#4
Lycanthrope Confirmed User Industry Role: Join Date: Jan 2004 Location: Wisconsin Posts: 4,517	It would be interesting to see the percentage of hockey players that go bankrupt. __________________

07-19-2009, 03:17 PM	#5
JFK FUBAR the ORIGINATOR Industry Role: Join Date: Jan 2002 Location: FUBARLAND Posts: 67,374	these guys are athletes , not financial wizzards. I bet a lot of time they get taken to the cleaners by their so called advisors. __________________ FUBAR Webmasters - The FUBAR Times - FUBAR Webmasters Mobile - FUBARTV.XXX For promo opps contact jfk at fubarwebmasters dot com

07-19-2009, 09:17 PM	#8
fatfoo ICQ:649699063 Industry Role: Join Date: Mar 2003 Posts: 27,763	That's unfortunate, but a lot of millionares and professional athletes do go bankrupt sometime in their lives. And athletes are not even in the financial field, so they could be bad at managing their own money. __________________ Send me an email: [email protected]

07-19-2009, 09:43 PM	#10
CunningStunt Confirmed User Industry Role: Join Date: Aug 2006 Posts: 5,594	Mark Philippousis is another. Blew all his tennis winnings, what a twat LOL.

07-19-2009, 10:03 PM	#11
d-null . . . Industry Role: Join Date: Apr 2007 Location: NY Posts: 13,724	money is meant to be spent __________________ __________________ Looking for a custom TUBE SCRIPT that supports massive traffic, load balancing, billing support, and h264 encoding? Hit up Konrad! Looking for designs for your websites or custom tubesite design? Hit up Zuzana Designs Check out the #1 WordPress SEO Plugin: CyberSEO Suite