Why do so many NFL players go bankrupt?

If a guy gets all that dough for playing a game, he is going to be tempted to blow it by living the fantasy/illusion that has been "programmed" into him.

Let's not sugarcoat it, you don't need an MBA, CFP, or read any financial self-help books to manage your money. You simply need basic arithmetic.

I have X amount of money. I spend Y per month. It will take me X divided by Y number of months before I run out of money. That simple.

The bottom line is these guys aren't thinking, at all. They simply WANT things. Want want want, with no regard to "should I".

That's the thing though- a lot of them aren't even smart enough to care to divide X by Y, as you say. Not that they can't grasp the concept, they just don't give a shit. Zero foresight, and an inability to look even months into the future, let alone years. A lot of it is a lack of education and/or good parenting, and a lot of it is, as GusFrerotte mentioned, the Hip Hop Culture so to speak. Every single hip hop video/song you see/hear nowadays talks about nothing except jewelry, cars, money, drinking at the club, and other shortsighted possessions that do nothing to build wealth, rather just bleed it. But hey, if that's cool, trendy, and will get you laid and recognized, why not right? :doh:

Also, a lot of these guys who end up broke genuinely thought they were doing the right thing by investing and diversifying, only to be taken advantage of by attorneys, agents, representatives, etc who fed them BS promises of high returns only to milk them for every cent. Gotta surround yourself with the right people.

When I think about what I would do with wealth like this, it really, really annoys me to hear about these wasted fortunes.

No, but the stereotypical Hip Hop videos usually had in the past a bunch of guys clad in lots of gold, in the back of a huge mansion with a huge pool, with a ton of bikini clad babes around, with the rapper usually having a ton of cash around and tossing it in the air. Total materialsim. Hair band music in the 80's was basically the same. Just party all the time, don't give a shit about the future.

Let me address this misconception: once a football player or basketball player turns 13 they are taken by corporate America away from their environments or "character" issues makes them unacceptable. So blame their handlers and trainers. Hip hop ain't going broke. They go broke trying to keep up with rappers.

There are some guys on that top 25 list that I had no idea pissed away their riches-
Deuce McAllister
Bjorn Borg
Scottie Pippen
Muhsin Muhammed

Muhsin muhammad and he is a character guy never see him out and about but the models I have business ties to laugh at these NFL players all the time. They not laughing at rappers.

If a guy gets all that dough for playing a game, he is going to be tempted to blow it by living the fantasy/illusion that has been "programmed" into him.

An we have a winner.

That's the thing though- a lot of them aren't even smart enough to care to divide X by Y, as you say. Not that they can't grasp the concept, they just don't give a shit. Zero foresight, and an inability to look even months into the future, let alone years. A lot of it is a lack of education and/or good parenting, and a lot of it is, as GusFrerotte mentioned, the Hip Hop Culture so to speak. Every single hip hop video/song you see/hear nowadays talks about nothing except jewelry, cars, money, drinking at the club, and other shortsighted possessions that do nothing to build wealth, rather just bleed it. But hey, if that's cool, trendy, and will get you laid and recognized, why not right? :doh:

Also, a lot of these guys who end up broke genuinely thought they were doing the right thing by investing and diversifying, only to be taken advantage of by attorneys, agents, representatives, etc who fed them BS promises of high returns only to milk them for every cent. Gotta surround yourself with the right people.

When I think about what I would do with wealth like this, it really, really annoys me to hear about these wasted fortunes.

Once again hip hop does not claim these clowns. If not for their benevolent benefactors they would be nothing. These fools are spoon fed what do you expect.

No, but the stereotypical Hip Hop videos usually had in the past a bunch of guys clad in lots of gold, in the back of a huge mansion with a huge pool, with a ton of bikini clad babes around, with the rapper usually having a ton of cash around and tossing it in the air. Total materialism. Hair band music in the 80's was basically the same. Just party all the time, don't give a shit about the future.

That reminds me. From now on when white people go broke I'm going to blame on HBO's Entourage even though the main character has been broke on the show once or twice.

Ironically I do believe that there is some truth to the hip hop culture having a negative influence on athletes. Fortunately hip-hop is moving away from that these days, as I think people have gotten fed up hearing songs about how "I have dis, dat, and all of dis." Now it feels more of a fusion of techno, eurodance, and classic hip hop with more of an emphasis on having a good time. Of course theres still more then a few "look at what I got" rappers out there but the good news is they're starting to fade into oblivion.

Glam rock was actually kind of similar in the 80's.

Once again hip hop does not claim these clowns. If not for their benevolent benefactors they would be nothing. These fools are spoon fed what do you expect.

I'm not saying hip hop itself is solely responsible. It's more of a way of thinking that's perpetuated by the "hip hop culture" so to speak. The whole "look at how much money/material goods/women I have" mindset. Anyone watch the Mayweather/Mosley 24-7? Mayweather is a prime example. Goes to the mall with $20k in cash in his pocket just for fun, and brags about it the whole time. He said it comes from watching his father always have "knots of dough" in his pocket. You think anyone could convince Floyd that that's a poor lifestyle choice?

A lot of these guys grew up with nothing, so as much as it may be about the hip hop influence, a lot of it could be about an over-compensation for past insecurities. They were raised with no material goods, so now they have to have every toy imaginable to prove to the world that they made it.

Let's not sugarcoat it, you don't need an MBA, CFP, or read any financial self-help books to manage your money. You simply need basic arithmetic.

I have X amount of money. I spend Y per month. It will take me X divided by Y number of months before I run out of money. That simple.

The bottom line is these guys aren't thinking, at all. They simply WANT things. Want want want, with no regard to "should I".

We're talking about people who aren't even aware they need to manage thier money themselves...people who can't detect a poor investment from a good one. When it comes to finances these guys are truly handicapped. They don't have the basics down let alone the ability to manage millions of dollars.

A lot of these athletes put their trust in people they shouldn't. Even if they should, you should never put 100% trust in anyone else when it comes to managing your money. I've also seen a lot of these people invest money in their friends' businesses or even just business ideas. And if/when they try to get out of it they're faced with the guilt trip of "Aw man, you've changed. Forgot about us"