78% of NFL players bankrupt or broke , within 2 yrs after last game

[FREAKgeek]

The average carrer length in the NFL is 3 and 1/2 seasons.

How many of you guys here would still have any money left after 2 years off with 3 1/2 years at your job?

[ThaRealist]

If I made 10mil my whole career had to pay my agent 30%. I would be fine for the rest of my life. The avg aAmerican probably makes 50K. Take 7mil and you can even make that a 100K a year budget. Thats 70 years 100K each and your already at least 22. You could live off the interest. These guys are fu*king morons buying all that dumb sh*t. Need a car...don't buy a very nice 80-100K Mercedes...buy a 250K Lamborghini and don't forget the 5k a piece rims. Don't buy a million dollar house in a safe neighborhood buy a 10 mil one. Over half these guys don't give to charity because they are too stupid and selfish even though its a tax write-off. They deserve to be broke.

Its funny to me when people talk about how much pro athletes give to charity.  In many of their contracts it is a requirement for them to give to charity and that is not a lie, but a fact.  If most of these guys weren't obligated or if it weren't a tax right off you wouldn't hear about any of them giving to charity.

[Mons Venus]

I just read on yahoo news that 78% of NFL players are bankrupt or in financial distress within 2 yrs after they stop playing. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.

Average stay in NFL = 2.8 yrs.

[Chick]

There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...

But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.

If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...

[swilkins1984]

There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...

But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.

If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...

 MC Hammer is probably the textbook example of how not to manage money. He payed family members/people ~500K total just to stand around an breathe. And at his peak in the early 90s Hammer was making over 30mil  a year and probably spent ever penny in that year. Even Michael Jackson wasn't dead broke (no pun intended) in the end.

[gib]

"78% of NFL players bankrupt or broke , within 2 yrs after last game" - I don't believe this statistic - I think its something white guys like to believe its true, in order to make themselves feel better about how a few high-profile black guys earn.

Having said that, I do know one guy who was a pro basketball player (3 years, then had a knee injury). Not sure how much he earned, but he had the merc, huge house, expensive holidays, big spender in Vegas, unlimited (free) pussy (white, even though he is black) etc. Now, 5 years later he really has nothing. Car was reposessed, house sold, and he is living with a solo mother in a 2brm apartment, coaching little league, but still dreaming about making a come-back (which will never happen). Now and then people recognize him and want to shake hands and take a photo, but its all really like he is living his life in the past and cant accept its over.

He was a smart guy too - had a scholarship to attend college.

I wish I could have helped him manage his money. I would have taken the bulk of it and invested it, and gave him perhaps a 10-15K a month "allowance".

[sync pulse]

There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...

But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.

If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...

I know that I have no room to talk from my incompetence with money,...but if you go with Fidelity Magellan and only put into it, not take anything away, you will be fixed for the next stock market up tick.

[OneManGang]

There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...

But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.

If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...

Chick, you are careful with your money. You still use the 10 year old threadmill or is it 15 years old now?

[freespirit]

There are lots of issues these guys face. First, most of them do not have much guidence by way of managing their money. Second, they come from humble backgrounds and are suddenly thrown a huge amount of money...mismanaged money is also a problem, as many times they are put into someone else's hands who IS supossed to know what they are doing...

But mainly what does them in, is the notion that the gravy train is neverending...(the MC Hammer syndrome) taxes and upkeep are enough to take a substancial amount of money and dwindle it down to nothing.

If anyone ever saw the TLC behind the scenes story, it's fairly easy to see how you can lose millions quickly. Despite the millions they made and having the number one record at the time, at the end of the day...after taxes, manager fee, record lable expenses, tour expenses, etc...they each took home about 55K that year...

If they are smart enough, they will see this as a lesson to be learned.

[Chick]

Chick, you are careful with your money. You still use the 10 year old threadmill or is it 15 years old now?

What the hell are you talking about?

[polychronopolous]

What the hell are you talking about?

The treadmill in War for the Masters on bodybuilding.com

Don't be a smartass, you know what he is talking about.

[Chick]

The treadmill in War for the Masters on bodybuilding.com

Don't be a smartass, you know what he is talking about.

I had no idea what he was talking about....and the treadmill I had was a Life Fitness commercial treadmill. Not quite sure what point he's trying to get across.  If I STILL had it, it would be about 10 years old at this point, and in perfect working condition. A commercial grade unit SHOULD last you 10 years with one person using it for competitions.

[TechnoViking]

The NFL is also to blame to some extent...They love the fact that these guys from humble beginnings go out and purchase all the "bling" crap and flash it around...This attracts many young urban kids to the game...

[OneManGang]

I had no idea what he was talking about....and the treadmill I had was a Life Fitness commercial treadmill. Not quite sure what point he's trying to get across.  If I STILL had it, it would be about 10 years old at this point, and in perfect working condition. A commercial grade unit SHOULD last you 10 years with one person using it for competitions.

That was my point. You manage your money well and between the lines I read that you still have that old threadmill. Now calm down or you have to see a doc about your blood pressure...

[gib]

Ha - so it was a compliment you were making! I took it as a positive comment too.

Nothing wrong with using old equipment. My favorate training clothes are all pretty old and worn (and even though I am financially well off, I still always consider whether its worth spending money on anything new when the old is just fine).

[Emmortal]

I had no idea what he was talking about....and the treadmill I had was a Life Fitness commercial treadmill. Not quite sure what point he's trying to get across.  If I STILL had it, it would be about 10 years old at this point, and in perfect working condition. A commercial grade unit SHOULD last you 10 years with one person using it for competitions.

Pretty sure he was complementing your frugalness.

Yup, see above.

[HTexan]

they get used to the life style and wouldn't cut back.

[jon cole]

I just read on yahoo news that 78% of porfessional bodybuilders are bankrupt or in financial distress within 2 yrs after they make the decision to dedicate their lives to BB. I knew some were boneheads when it comes to $$, but 3 out of 4. doah.

and 100 % fo the 78% are wiggro.

[OneManGang]

Pretty sure he was complementing your frugalness.

Yup, see above.

He may be frugal at times but bear in mind he did spend more than $10,000 on his hair piece. However his mood lately is worse than that of a menstruating woman or perhaps its just roid rage?

[HTexan]

I had no idea what he was talking about....and the treadmill I had was a Life Fitness commercial treadmill. Not quite sure what point he's trying to get across.  If I STILL had it, it would be about 10 years old at this point, and in perfect working condition. A commercial grade unit SHOULD last you 10 years with one person using it for competitions.

So you don't have it anymore? Did it break?

[Chick]

So you don't have it anymore? Did it break?

Nope, sold it when I moved...just didnt fit into anywhere at the house....plus, I dont need it as I dont compete anymore...I get my cardio at the gym along with my workout.

[lax]

True. $3 mil aint all that after Uncle Sam takes 1/2..buy a house, take care of family....2-3 yrs later better find a job!

don't forget the massive 'entourage'

[The Showstoppa]

Funny how some dismiss 3mil a year for 3 years like it would be tough to make it on.  Really?  Even if the idiot is so dumb not tax writeoffs and loses half of that, it's 4.5 million dollars.  Just how long would the avg guy pulling down $50k a year, after taxes, have to work to make that up?  I hate math, so somebody figure that one up.  I feel no pity for these clowns if they can't "make it" with that kind of income.  Plus they ALL got a free college education, if they would bother taking advantage of that.....

[lax]

78% prob never even last to have the BIG day contract, which usually occurs after a few years in the league. Eli Manning/Phil Rivers have been in the league for years and just recently got their big pay day...no way they would've been "set for life" before this years big pay day. Just take that into consideration.

being 'set for life' is correlative with one's lifestyle and living in respect to your means.

So, if you are given one million dollars, and continue to work and live below one's means, you can be 'set for life'.

[lax]

If I made 10mil my whole career had to pay my agent 30%. I would be fine for the rest of my life. The avg aAmerican probably makes 50K. Take 7mil and you can even make that a 100K a year budget. Thats 70 years 100K each and your already at least 22. You could live off the interest. These guys are fu*king morons buying all that dumb sh*t. Need a car...don't buy a very nice 80-100K Mercedes...buy a 250K Lamborghini and don't forget the 5k a piece rims. Don't buy a million dollar house in a safe neighborhood buy a 10 mil one. Over half these guys don't give to charity because they are too stupid and selfish even though its a tax write-off. They deserve to be broke.

actually, you hear of their 'foundations', as though they are such nice, giving guys. These are just tax shelters

and agents get 4-10 %