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Ron Shark

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March 11 2010 10:46 PM   QuickQuote Quote  

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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.

Scottie Pippen

Known more for his on court defense than his off court business sense, former Chicago Bulls star Scottie Pippen lost $120 million in career earnings due to poor financial planning and bad business ideas. Air Jordan’s sidekick blew $27 million on bad investments and spent $4.3 million on a Gulfstream II corporate jet.

Evander Holyfield

Four-time boxing champ Evander “The Real Deal” Holyfield reportedly made over $250 million in cash during his boxing career, but despite this he reportedly is flat broke. Holyfield lost all his money by making “smart” business decisions look really foolish. You thought buying a house was a smart move? It normally is, but not when you buy a house the size of Rhode Island. Holyfield bought a $20 million house with over 54,000 square feet and 109 rooms. The house has 11 bedrooms, 17 bathrooms, a movie theater, a bowling alley and an Olympic-size swimming pool. Imagine how much it must cost to cut the grass on all 235 acres! You could buy a Range Rover with the electric bill payment alone.

Lenny Dykstra

Former New York Mets and Philadelphia Phillies star Lenny “Nails” Dykstra was a success on the baseball diamond, but in the business field Dykstra has struck out. Dykstra’s failed businesses include car washes, a magazine company, real estate investing and a stock trading website. According to Dykstra’s July 2009 bankruptcy filing, he owed more than $30 million to creditors, including his $18.5 million purchase of Wayne Gretzky’s home. The amazing part is that after two foreclosed homes and numerous failed businesses Dykstra is offering the investment advice that led him into bankruptcy for a mere $899 a year! In the investment world, it is often said that past history does not dictate future performance. Nevertheless, it’s pretty clear Dykstra isn’t the guy to go to for advice.

Latrell Sprewell

Look up the word “shortsighted” in the dictionary and you will see a picture of Latrell Sprewell. He famously turned down a $21 million contract because he said it wasn’t enough money to feed his family. Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007. According to MSNBC, a U.S. marshal seized the yacht after Sprewell defaulted on his mortgage. His $5.4 million house went into foreclosure in May 2008. Don’t blame Sprewell for turning down the three-year, $21 million contract though. I mean really, who could live off a measly $7 million a year?

John Daly

Two-time PGA major champ John Daly gambled away between $50 and $60 million in career earnings, according to his 2006 autobiography. Daly once lost $1.65 million in five hours playing the slot machines at a casino. If you think that’s impressive, there’s more. Daly blew $1.2 million in a mere two hours and 30 minutes at a casino in Las Vegas. He just had his $1.6 million house foreclosed on. Did Daly quit gambling after blowing so much cash at the casino tables? Not by a long shot. Instead, he decided to downgrade from the $5,000 slot machines to the $100 and $500 machines. It looks in John Daly’s world, that is considered sound financial planning.

Jack Clark

Former professional baseball slugger Jack Clark was driven into bankruptcy in
DennisQ
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March 11 2010 11:22 PM   QuickQuote Quote  
lost his $1.5 million dollar Italian yacht, named "Milwaukee's Best"

LOL
Ron Shark
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March 11 2010 11:26 PM   QuickQuote Quote  
Fantastic boat name.

I can't believe this:

Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire.


I knew a lot had money troubles, but almost 80% is incredible.
pahulkster
what cha gonna do
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March 11 2010 11:47 PM   QuickQuote Quote  
Not too surprising. A lot of these guys probably don't have much business sense, and hire some smart business managers. Problem is that smart business managers have no problem ripping off uneducated black dudes.
deceptioncrown
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March 12 2010 12:09 AM   QuickQuote Quote  
i heard antoine walker was going broke too.... they all drop a shit ton of money gambling and tipping.. they think their pockets are bottomlees and all of a sudden they're broke
PH1L
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March 12 2010 12:13 AM   QuickQuote Quote  
most are blax
Ron Shark
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March 12 2010 2:22 AM   QuickQuote Quote  
Originally posted by: deceptioncrown

i heard antoine walker was going broke too.... they all drop a shit ton of money gambling and tipping.. they think their pockets are bottomlees and all of a sudden they're broke



He's trying some sort of comeback now. I read an article on what he spent his money on and how many friends and family he was supporting. It was ridiculous.
ChoadM111
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March 12 2010 7:55 AM   QuickQuote Quote  
Originally posted by: xMAIDENx

ass athletes

WREN
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March 12 2010 7:57 AM   QuickQuote Quote  
My favorite baseball player of all-time, Cecil Fielder, is broke as shit too. Guy had a severe gambling problem. I'm surprised he didn't make the list.
emofacial
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March 12 2010 8:13 AM   QuickQuote Quote  
Originally posted by: Philds15

most are blax

cbrickhouse
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March 12 2010 8:45 AM   QuickQuote Quote  
this shit blows my mind. if i was rich i'd blow some money, but also invest half of it in riskier investment options but keep at least a little socked away in a safe interest gaining account where i wouldn't mess with it.
WREN
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March 12 2010 9:00 AM   QuickQuote Quote  
I wish I could find the article again but I read one about two or three years ago that covered this topic. It covered two big factors for the loss of all the money.


1. Most people can't handle going from near broke to super rich in a matter of a signature. These guys coming up are getting a signing bonus of millions without ever seeing a single play. And they aren't used to it. Its the same reason many lottery winners are claiming bankruptcy 2 years winning multi-millions.

2. Too many "friends". People will come out of the woodwork when you become famous or make alot of money. Alot of people will play it off that they have your best interest in mind but your best interest really means their own bank accounts.
..::localeye::..
Bird watcher
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March 12 2010 9:43 AM   QuickQuote Quote  
when you can't get through high school / college with any real education how can you make any mature, responsible decisions with that kind of money. its like giving a 14 year old 100 million dollars. they would buy 10 million just in playboy magazines.
Joe Boccuto
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March 12 2010 10:26 AM   QuickQuote Quote  
Originally posted by: xMAIDENx

Fantastic boat name.

I can't believe this:

Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire.


I knew a lot had money troubles, but almost 80% is incredible.



keep in mind the average NFL career usually lasts less than 3 years and there are FARRRRRRRRRRRRRRRRRRRRRRR more players who fail in their first year without ever getting out of training camp and MAYBE make $20k in their whole NFL career, but they're part of the NFL Players Association, so they are probably counted.

Planning your whole life for one career and then failing at it instantly can be pretty rough
Joe Boccuto
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March 12 2010 10:28 AM   QuickQuote Quote  
Originally posted by: WREN



1. Most people can't handle going from near broke to super rich in a matter of a signature. These guys coming up are getting a signing bonus of millions without ever seeing a single play. And they aren't used to it. Its the same reason many lottery winners are claiming bankruptcy 2 years winning multi-millions.
.



I forget which player it was, but 2-3 years ago one of the top draft porospects honestly believed that he was paid his signing bonus in cash at the moment of signing. Like they're just going to have a pile of $25 million sitting there in small, non-sequential bills. Hope you brought a big bag.
WREN
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March 12 2010 10:32 AM   QuickQuote Quote  
Originally posted by: Joe Boccuto

Originally posted by: WREN



1. Most people can't handle going from near broke to super rich in a matter of a signature. These guys coming up are getting a signing bonus of millions without ever seeing a single play. And they aren't used to it. Its the same reason many lottery winners are claiming bankruptcy 2 years winning multi-millions.
.



I forget which player it was, but 2-3 years ago one of the top draft porospects honestly believed that he was paid his signing bonus in cash at the moment of signing. Like they're just going to have a pile of $25 million sitting there in small, non-sequential bills. Hope you brought a big bag.




The article I read just made the mention that in literally 3 seconds (time it takes to write a signature) these guys are now millionaires. Granted they have to deposit the check before it's technically theirs but you get the point. Instead of putting in years and moving up the corporate ladder, these guys are millionaires pretty instantly. They don't get to appreciate the money because they went from nothing to something so fast.
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