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Seven costly pro athlete screw-ups (blew huge fortunes)
Yahoo sports ^ | 3/10/10 | Mark Riddix

Posted on 03/11/2010 6:52:07 PM PST by DemforBush

Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire, according to Sports Illustrated. NBA players aren’t faring much better. 60 percent of former National Basketball Association players end up broke within five years of retirement. Athletes squander millions of dollars due to bad decisions, lavish spending and poor financial planning. Here is a list of athletes that have lost their fortunes through some of the biggest financial blunders of all time...

(Excerpt) Read more at sports.yahoo.com ...


TOPICS: Business/Economy; Sports
KEYWORDS: athletes; bankruptcy; gambling
Interesting article.

I'm a little bit surprised at the bankruptcy numbers in professional football and basketball. I knew it was still a problem, but I hadn't expected the percentages to be quite that high.

As for the list of athletes, the one that surprised me most was John Daly. I don't follow golf much at all, so I had no idea he had gambled away so much of his earnings.

Some of the others just made me shake my head. Maybe I'd look at things differently if I had hundreds of millions of dollars to spend, but I just can't wrap my frugal brain around some of the purchases. A 54,000 square foot mansion? Making monthly payments on 17 luxury cars at the same time? Whatever makes you happy, I guess, but it's no wonder these guys went broke!

1 posted on 03/11/2010 6:52:07 PM PST by DemforBush
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To: DemforBush
The same is true of lottery winners...many are in bankruptcy court within a few years of winning their 10/20/50 million dollars.
2 posted on 03/11/2010 6:55:39 PM PST by Gay State Conservative (Host The Beer Summit-->Win The Nobel Peace Prize!)
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To: DemforBush

John Daly makes me crazy, yet I still root like hell for him.


3 posted on 03/11/2010 6:59:01 PM PST by Drea
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To: DemforBush
They may be flirting with bankrupcy, but at least they have an episode on MTV's Cribs.
4 posted on 03/11/2010 7:05:22 PM PST by Yo-Yo (Is the /sarc tag really necessary?)
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To: DemforBush
Lenny Dykstra is jst more proof that one should never hire a member of the ‘86 Mets. Every last one is a scumbag.
5 posted on 03/11/2010 7:05:58 PM PST by MAexile (Bats left, votes right)
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To: DemforBush; Drea

Daly’s a compusive gambler..the others are just plain stupid..


6 posted on 03/11/2010 7:06:30 PM PST by ken5050 (Save the Earth..It's the only planet with chocolate!!!)
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To: MAexile

Let me guess..you’re a Red Sawx fan..right?


7 posted on 03/11/2010 7:07:15 PM PST by ken5050 (Save the Earth..It's the only planet with chocolate!!!)
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To: DemforBush

A lot of their “investments” just seem to go up in smoke. But then that’s what they intended, isn’t it?


8 posted on 03/11/2010 7:08:22 PM PST by FreePaul
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To: Drea
It figures the moron Briant Gumball had a segment on his show Real Sports that highlighted Lenny Dykstra’s successfull investment strategy. Dykstra was bragging about all the expensive toys he owned.
9 posted on 03/11/2010 7:08:59 PM PST by peeps36 (Democrats Don't Need No Stinking Input From You Little People)
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To: DemforBush

Athletes make a LOT of money fast — but their careers are typically short. So, when you’re making $5M a year and living like you make $5M a year ... its a big hit when your career ends at 35-years-old, and you live like you make $5M and actually make nothing.

If you make $5M, buy your house in cash, your car in cash, and live like you make $200K ... you can live comfortably for a very long time.

The most ridiculous story on that list is Jack Clark ... he had 70 car notes at the same time. When you have that much money ... why take out a car loan?

SnakeDoc


10 posted on 03/11/2010 7:14:26 PM PST by SnakeDoctor (The night is darkest just before the dawn, but [...] the dawn is coming. -- Harvey Dent)
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To: ken5050

If you ever listen to most jocks being interviewed you quickly come the conclusion they tend to be on the duh side. It quickly dispells illusions that they have smarts beyond the playing field. If anything their lives are somewhat tunnel visioned towards the game they play and not much else.


11 posted on 03/11/2010 7:15:11 PM PST by xp38
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To: DemforBush
I've said for a long time that professional athletes usually end up exactly where they would have been in life if they had never had lucrative careers in the first place, and this article seems to support that.

I'm not surprised that most NFL players face financial difficulties after their careers are over. An average NFL career is a very short one, and pro football is a sport where the collective bargaining agreement is very one-sided in favor of the owners.

12 posted on 03/11/2010 7:27:47 PM PST by Alberta's Child (God is great, beer is good . . . and people are crazy.)
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To: xp38

Most of them..if not for sports..would never have made it to college..not that they ever go to classes...most would otherwise be mens room attendants, or flipping burgers..


13 posted on 03/11/2010 7:39:17 PM PST by ken5050 (Save the Earth..It's the only planet with chocolate!!!)
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To: DemforBush

Its not just sport’s stars either. Just look at all the high paid union workers making close to $100,000 year after year but go broke within a year of losing their job if the company goes bust.

How many times do you hear these high paid union stooges cry when they lose their gold mine?


14 posted on 03/11/2010 8:16:44 PM PST by packrat35 (Democrat Healthcare is a 9-11 Attack on the Constitution)
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To: DemforBush

David Robinson is the exception. His parents started and investment firm to help invest his earnings. They also helped other athletes. David lives modestly and donates Millions to a local school he started called the Carver Academy.

Great guy!


15 posted on 03/11/2010 8:34:42 PM PST by dleach
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To: packrat35

The criminal conviction happened in the late 90’s. He had 20 years before then.


16 posted on 03/11/2010 9:13:32 PM PST by packrat35 (Democrat Healthcare is a 9-11 Attack on the Constitution)
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To: SnakeDoctor
... its a big hit when your career ends at 35-years-old, and you live like you make $5M and actually make nothing.

The average pro football career is less than four years, so most of them are out of the league by the time they're 26 or so. They're naive as all get out about everything but sports, and there are a lot of people lined up to take their money.

17 posted on 03/11/2010 9:32:14 PM PST by Richard Kimball (We're all criminals. They just haven't figured out what some of us have done yet.)
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To: dleach

never liked David Robinson since the day he and his teammates conspired to win him the scoring title over Shaq back in the 90s. I think the opposing team was in on it too.

Robinson needed a 70 point game to take the lead by a fraction of a point, and lo and behold, he got it. Thanks to two entire teams throwing the game so he could do it. Can’t respect someone like that. And I ain’t in love with Shaq either.


18 posted on 03/12/2010 1:33:40 PM PST by subterfuge (BUILD MORE NUCLEAR POWER PLANTS NOW!!!)
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To: DemforBush

I’m pretty sure Charles Barkley should be on the list, or near it. He’s a big gambler too.


19 posted on 03/12/2010 1:37:12 PM PST by subterfuge (BUILD MORE NUCLEAR POWER PLANTS NOW!!!)
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