Why do so many NFL players go bankrupt?

It never ceases to amaze me how poorly these guys mismanage their money:
Why do so many NFL players go bankrupt? - Shutdown Corner - NFL Blog - Yahoo! Sports (http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Why-do-so-many-NFL-players-go-bankrupt-?urn=nfl,190555)

Study: 60% Of NBA Players ARE BROKE After 5 Years Of Retirement - MediaTakeOut.com™ 2010 (http://www.mediatakeout.com/2009/21738-study_60_of_nba_players_are_broke_after_5_years_of _retirement.html)

25 Rich Athletes Who Went Broke | Business Pundit (http://www.businesspundit.com/25-rich-athletes-who-went-broke/)

Kind of thing that drives me absolutely nuts.

Kind of thing that drives me absolutely nuts.

Me too. It's just young, dumb, and stupid. They have so many enablers and yes men around them, and that doesn't help. Having the best jewelry, hottest cars, and biggest houses is actually pretty much the dumbest way to represent your wealth. Don't get me wrong, if I was making millions a year I would have nice clothes, a nice car or two, and probably more than one house. But I wouldn't be ridiculous about it. These guys have no clue how to live within their means, despite their means being incredibly extensive compared to the rest of the world.

I believe all 4 major US sports have financial counseling available, too. I guess most of these guys didn't hear that memo because the sound system in their $250,000 car was playing too loudly.

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

They come from poverty, have never learned financial planning skills and most don't have parents who've read "Rich Dad, Poor Dad." It's a shame and sad really. Makes you kinda wish their contracts were annuities.

Saden1 has it right. I would also add that look at the culture, especially hip hop culture and those videos. These guys think that is what life is all about and blow it on mansions, Bentley's, etc, with no real skills in saving money or investing. Look at all those hair metal guys from the 80's that are the same way. Blew it all on partying, then the party ended after MTV killed off the hair band era.

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".

True, that is why I said it also is the culture. Those guys never were taught the value of a buck, and are absorbed in a culture of excessive consumerism.

Saden1 has it right. I would also add that look at the culture, especially hip hop culture and those videos. These guys think that is what life is all about and blow it on mansions, Bentley's, etc, with no real skills in saving money or investing. Look at all those hair metal guys from the 80's that are the same way. Blew it all on partying, then the party ended after MTV killed off the hair band era.

So you're saying being a thoughtless idiot is part of hip-hop culture?

So you're saying being a thoughtless idiot is part of hip-hop culture?


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.