Why do so many NFL players go bankrupt?

[saden1]

Originally Posted by Schneed10

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.