Why do so many NFL players go bankrupt?

I hadn't heard about Sheryl Swoopes.. shows it's not just the guys.

The broader point I am trying to make is that your characterization of the broad populace as "not smart" is misguided and not a small amount arrogant. Financial management takes training, aptitude, patience, and foresight. To expect an average Joe off the street with no background to know how to manage large sums of money is a fool's errand, and it has nothing to do with intelligence. Just because I am trained in economics, finance and risk management, doesn't make me smart, it makes me educated...big difference.

Intelligence, by any definition, covers a broad swath of topical areas, with finance being but one. Einstein could not balance a checkbook, was he "dumb?" The fact that the vast majority of Americans are not Millionaires should be evidence enough that rich and intelligent are mutually exclusive.

Give me their money i will show you how to keep it.

Intelligence is not a measure of "knowledge". So, can people stop using examples of athletes not "knowing" what to do with money as a lack of "intelligence" when it is in fact a case of being ignorant. They may be "slower" in figuring things out and thus are less "intelligent" in that sense, but simply not knowing how to balance a budget is a problem of ignorance.

I've always based intelligence on the level of one's ability to learn, not how much you know. Everyone knows more about something then someone else. If only from education in that particular area or experience.

Sure, but nothing that results in such drastic consequences.

The thing that makes these athletes so dumb is the consequence of their actions. They have the chance to set themselves up for life, to have the financial freedom to work in just about any field they want without worrying about money like the rest of us. But they give that all away with careless handling of their assets. It's a huge mistake.

Now, is it the worst thing in the world to return to a life where you need to get a job to support yourself? No, that's the life I'm living now, and I'm happy.

But think about where they could be. That's what's so dumb.

No you're wrong.If you invested $1000 and I play football and invest 1,000,000 in the same thing and it goes bad ...you think I'm dumber then you or did I just have more money to invest?
Point, if I had 5 million and I go to a finacial counselor and he hooks me up with Emron ,AIG and Benie Madoff.........5 years ago ....I'm smart ,but after last 2 years I'm dumb according to you.

No you're wrong.If you invested $1000 and I play football and invest 1,000,000 in the same thing and it goes bad ...you think I'm dumber then you or did I just have more money to invest?
Point, if I had 5 million and I go to a finacial counselor and he hooks me up with Emron ,AIG and Benie Madoff.........5 years ago ....I'm smart ,but after last 2 years I'm dumb according to you.

You're a Giants fan Giantone. You'll always be dumb to us. ;)

No you're wrong.If you invested $1000 and I play football and invest 1,000,000 in the same thing and it goes bad ...you think I'm dumber then you or did I just have more money to invest?
Point, if I had 5 million and I go to a finacial counselor and he hooks me up with Emron ,AIG and Benie Madoff.........5 years ago ....I'm smart ,but after last 2 years I'm dumb according to you.

If you put 100% of your money in any stock at any time, whether Apple, Enron, AIG, or Coca Cola, you're dumb.

What if that one company goes out of business?

Intelligence is not a measure of "knowledge". So, can people stop using examples of athletes not "knowing" what to do with money as a lack of "intelligence" when it is in fact a case of being ignorant. They may be "slower" in figuring things out and thus are less "intelligent" in that sense, but simply not knowing how to balance a budget is a problem of ignorance.

This is a great point, ignorant is a good word.

Despite my finance background, I'm even ignorant of the best way to manage $100M. Difference is, I'm smart enough to know that I need to learn more about it before I go giving any money to people.

Here's the problem with most pro athletes. Once they retire, they're to spoiled to re-adjust their lifestyles. They continue to live as if they were still being paid millions of dollars per year.