Perhaps I am misunderstanding your use of the word 'curse', but, I reiterate, it is only a 'curse' if one allows it to become one. Just because one becomes known for having lots of money, does not preclude them from having the ability to use the people they hire to properly manage their wealth. If they hire reputable agents and listen to them and their advisors, they will be able to successfully manage their money. Obviously there will be outliers who do everything correctly, but still manage to lose their wealth, but I'd never call it a curse.
"Widely considered one the best pro football QBs of all time, Johnny Unitas set several records that may never be beaten on the football field, like 47 games with a touchdown pass in a row." :grin: To be fair, that was written in 2009 and Brees may not break it next week.
Curse may or may not be the best word but my point is that it can bring lots of trouble regardless of how you handle your money. Being well known and magnetism of leeches is a given.
The funniest "athlete" gone broke story is Ric Flair. http://www.grantland.com/story/_/id/6891795/the-wrestler-real-life
I think a lot of athletes feel something similar to that and have no idea where to turn. They are just caught up in the moment like any regular person would be.
I bolded the last part because it's ridiculous. But to start, no, 85% of my friend's are not in debt. They have what is required more than luck - common sense. being broke because you literally can't find a job, are disabled, or just are not all there mentally, is one thing. being broke because you were unable to figure out by the time you moved out on your own - and in your case, apparently not until you were in your mid to late 20's - that you can't make spend more than you make and you can't figure out basic money management skills isn't a life lesson... it's stupidity. This is the one area where it makes some sense to "pity" the uneducated or ill prepared professional athlete. They may recognize their inadequacies and have the best intentions to leave money management up to someone else and just trust the wrong people. That's a life lesson that may not be apparent until your mid 20's. Not everybody is good, many people will rob you blind if you give them the `
Tomorrow at 7 p.m. Here's the issues that get athletes in trouble: -Rich and "cool" lifestyle Not only materialism but acting like you have a bottomless bag of money to spend on groupies, girlfriends/wives, and even overspending at random places like TGI Friday's and the Cheesecake Factory (looking at you Vince). -Child Support Being an NFL player, women throw themselves at you, so it's hard not to want to be with every woman you see that throws a smile your way, especially being so young. Who among us wouldn't want that? But that can come with a price if they wind up pregnant and correctly name you as the child's father. If you get cut, get in lots of debt and/or go broke shortly after your playing career is done (which could be in your 20's) it can become quite a hassle to take care of 3-10 kids, usually with multiple mothers. This plus the legal drama that can come with it, including legal fees (see below). -Bad habits This also ties into the "cool" lifestyle. But more specific than buying a mansion and five expensive cars is the idea of a drug/alcohol habit, gambling problem or perhaps going frequently to the strip club. This is a very easy way to lose money and because of them, especially the first two, can lead to a person ending up getting into legal trouble and possibly even jail due to the drugs. Also, there may be legal fees (again, see below). -No education We all know of so many athletes that don't complete their degree. College is overrated in society but employers still look for a diploma as a benchmark for employment. Not only do many athletes who would have never sniffed a major college without an athletic scholarship take majors that don't really help them much but they leave school early for the draft and while they get nice money up front, it doesn't last a lifetime and by the time they stop playing, many times they don't have the skills employers are looking for and with a family and possibly many kids to take care of, it's a tough scenario. -Injuries Some are injured to such a degree that they may not be able to work once they stop playing or perhaps the impact of having played so long, especially football, takes it's toll on their body. They may suffer through mental issues thanks to the constant brain damage suffered or be crippled (think Earl Campbell) once they're are done, making it hard to do an array of jobs. In other words, some may have been capable of doing manual labor if nothing else but can't even do that when it's all said and done. -Taking care of family, friends and being approached by leeches This goes without saying and doesn't really need to be touched upon. -Legal issues and fees If a player was busted for felonies and/or got lots of bad publicity during their career, their only saving grace may be that they were a great player and can get a job in the media or in coaching due to their name. Otherwise, if you were a marginal NFL player that wasn't well known but have lots of demerits on your criminal record, you better have some good friends/connections or it won't be a good outlook Also, if you constantly got in trouble with the law (including child support), you would have needed lots of money to post bond and/or hire lawyers. This may take many months and cost lots of money. So too would any length of time in jail, as not only are you not able to make money while there but your name is tarnished and your possessions may be taken away from you. Then when you get out, your career may be over by default because you're out of shape or too rusty if nothing else. -Bad investments This has been touched upon and doesn't need to be rehashed. Even the good investors make mistakes. -Fines This is unexpected and for some players, who "only" make a few hundred thousand, they can take a significant amount of money away from their paycheck. Fines can really hit home, ask Jeff Van Gundy if he didn't miss that $100,000 he lost for bringing up the ref conspiracy in the Rockets-Mavs playoff series. It's worse for people who don't have his big name and reputation to easily recover from it. -Divorce Even the best of them don't always get off scotch free and if there is no pre-nuptial agreement, the woman can end up taking all the riches and in the case of the players that don't have much to begin with, everything they have. Even Michael Jordan's ex-wife took half of his money when they divorced while Dikembe Mutumbo broke off his marriage because his fiance refused a pre-nup. -Bad planning/timing Then these athletes may be ruined by complacency and some of these factors converging at pretty much the same time while others lose it cumulatively. This is why athletes go broke so often, as almost 4/5 NFL players go broke 5 years after retirement and 3/5 in the NBA. Did I miss anything?:grin:
Oh yeah, I forgot to mention how they start charities and that they are not encouraged but expected to donate to charities. That takes away even more money.
This doc is made by the same people who did The U, so it should be entertaining (and probably filled with cheesy music the whole time).
One thing I forgot three posts ago was that some will also trust those close too them to handle their money issues, including trying to save and wisely invest it as well as let them be their agent. It's nice to look after everyone who looked after you but this may not be the best way to go about it. Thinking about the things I said in this thread makes me gain a new respect for rich people. Sure some are greedy and should share instead of hoarding all the money away for themselves but they make major investments and those investments go awry, they may be financially ruined for the rest of their lives like many pro athletes have been over the years. They are usually the ones that help someone with a good idea but no financial clot to get it going get their jumps start. Most people who start a business or go to college go to the bank for a loan and the banks lose money because people don't pay them back. You can complain when they make hand over fist on an investment but forget they can end up like Randolph and Mortimer on Trading Places if they invest wrong or too much (though they deserved it after that one dollar bet).
I really don't like that I can't edit that post because it really needs a fine tuning but I hope you got the point.
i actually agree with you about it being stupid to some extent...now that i've learned how to be fiscally responsible and feel others are accountable for their own actions. but very few people are financially literate as soon as they graduate high school or college in a lot of cases. i find it has more to do with ignorance than stupidity though. it's easy to fall for the consumer lifestyle when you're constantly attacked by ads telling you what is cool and what is not. next thing you know you're charging that $10 lunch thinking you'll pay it later. then the bill says you only have to pay $3 now. what "kid" is going to be thinking about the long term consequences of only paying the minimum? as for 85% of your friends being debt, if they've just bought a house, have a car note, have a family, i can almost guarantee they are in debt. maybe not all of them are living paycheck to paycheck but anything you finance is a debt. a lot of people are house rich, cash poor. but we wouldn't know because who's going to admit they're broke?
The filmmaker, Billy Corben, was on the BS Report with Bill Simmons recently. During the interview, he references Vince Young, but doesn't mention if he is included in the film. It's actually a really interesting interview. I would highly recommend listening.
Valid, but I don't really care about the semantics. Technically, definitionally, it may me ignorance. But one can change what they're ignorant about. Not learning about credit cards, how credit works, how interest works, etc. - to use your specific example - before getting one or multiple credit cards isn't IS stupid. good point, i jumped to gun on that comment. "In debt" isn't a real clear phrase - have some debt, have a negative net worth, are bankrupt? Most people I know have some kind of debt, for sure, but are perfectly competent and capable financially, even in cases where not particularly wealthy.
TMZ reports that Vick has gone through $29 million, or roughly 95% of his total income since filing for bankruptcy in 2008. http://www.tmz.com/2012/10/02/michael-vick-29-million-bankruptcy-philadelphia-eagles/
