Professional Athletes Going Bankrupt

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  • D Ghost
    null
    • May 2006
    • 9820
    #1

    Professional Athletes Going Bankrupt

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

    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/
    Tags: None
    • beerptrol
      Confirmed Asshole
      • Feb 2003
      • 12722
      #2
      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

        Comment

        • sortie
          Confirmed User
          • Mar 2007
          • 7771
          #3
          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.

            Comment

            • Lycanthrope
              Confirmed User
              • Jan 2004
              • 4517
              #4
              It would be interesting to see the percentage of hockey players that go bankrupt.

                Comment

                • JFK
                  FUBAR the ORIGINATOR
                  • Jan 2002
                  • 67373
                  #5
                  these guys are athletes , not financial wizzards. I bet a lot of time they get taken to the cleaners by their so called advisors.

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                    Comment

                    • D Ghost
                      null
                      • May 2006
                      • 9820
                      #6
                      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.

                        Comment

                        • Barefootsies
                          Choice is an Illusion
                          • Feb 2005
                          • 42635
                          #7
                          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.
                          Should You Email Your Members?

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                          Enough Said.

                          "Would you rather live like a king for a year or like a prince forever?"

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                            • fatfoo
                              ICQ:649699063
                              • Mar 2003
                              • 27763
                              #8
                              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]

                                Comment

                                • collegeboobies
                                  So Fucking Banned
                                  • Jul 2004
                                  • 3644
                                  #9
                                  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.

                                    Comment

                                    • CunningStunt
                                      Confirmed User
                                      • Aug 2006
                                      • 5594
                                      #10
                                      Mark Philippousis is another. Blew all his tennis winnings, what a twat LOL.

                                        Comment

                                        • d-null
                                          . . .
                                          • Apr 2007
                                          • 13724
                                          #11
                                          money is meant to be spent

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