Re: Why do so many NFL players go bankrupt?
most atheletes don't know where their money is, let alone know what its doing because they don't understand money. The investment advisors they use are hired by the agents or are the agents themselves. So it is already a conflict of interest. They look to trust "exesperts" to make their money grow but end up being sold a bad business deal. Losing it all from embezzlement, and end up in tax trouble because the people they trust as accountants don't file their stuff correctly.
Did you know that there are companies that make it their business to sell business deals to atheletes and lottory winners. There is a lot of corruption and theft that occurs to people who come into fast money because they trust the wrong people.
I used to be in the banking industry and there were some prominent players who kept hundreds of thousands of dollars in checking accounts. The bank is making millions off of them because noone would tell them that it would make more money in interest baring account.
Ignorance is very costly in that world.
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That got ugly fast
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