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Athletes aren't the only ones...I think this is a phenomena for a good portion of people who win the Lottery, too.
Broke Ballers: 11 Athletes Who Threw Away Their Million-Dollar Fortunes
By: Chris Yuscavage
A recent story in USA Today reported that New York Knicks center Eddy Curry is currently in debt, despite the fact he's still playing out the remainder of a six-year, $60 million contract. His main expenses? A $6,000-per-month chef, a $16,000 monthly allowance that he sets aside for friends and family and a $570,000 personal loan he's trying to pay off that carries a whopping 85 percent interest rate. Yiiiiiiikes!
Unfortunately, Curry's case isn't unique. Despite all their fame and fortune, there are dozens of pro athletes who have blown through their bankrolls and lived above their means during and after their playing days. They've made too many bad investments, bought too many cars, fathered too many children and taken too many risks when it comes to their money. To prove the point, StreetLevel tracked down 11 athletes who inexplicably declared bankruptcy after enjoying long and prosperous professional careers. Prepare to be disappointed.
Latrell Sprewell
He'll always be known as the guy who turned down a three-year, $21 million contract from the Minnesota Timberwolves in 2004 by saying, "I have a family to feed," but the truth is that Spre made plenty of money during his NBA playing days. He actually signed a five-year, $62 million deal with the Knicks in 1999. But since retiring in 2006, he's had his yacht repossessed, been sued by a former girlfriend for $200 million, and had two of his homes foreclosed on. Kinda chokes you up, no?
Evander Holyfield
Ever wonder why this guy just can't leave the (boxing) game alone? Answer: He's got at least 11 kids (Sidebar: You know you've got a lotta kids when you throw words like "at least" around to keep count). It's just one of the reasons he's struggled to keep up with his bills. In 2008, a bank foreclosed on his $10 million Atlanta mansion and a landscaping company also sued him for failing to make $500,000 worth of payments. All of that has helped knock out his financial situation.
Kenny Anderson
A standout point guard from New York City, Anderson made more than $60 million during his NBA career. But thanks to a divorce settlement that set him back almost $6 million, hefty child support payments to his ex-wife Tami (the chick from Real World: Los Angeles) and reckless spending, he lost all of it. He recently graduated from St. Thomas University in Miami, but things haven't exactly gone as planned for the only guy to ever go all-city all four years of high school in NYC.
Antoine Walker
Probably the biggest cautionary tale on this list. Walker didn't just go broke, he went for broke. Though he made more than $100 million during his NBA career, Walker now owes creditors and casinos large sums of money. He's spent all his supporting a gigantic entourage, buying up cars, building his mother a ridiculous pad in Chicago, gambling with Michael Jordan and routinely flaunting his wealth. Sad.
Scottie Pippen
Like Evander Holyfield, Pippen played in the NBA for way longer than he should have to make a couple extra bucks. Because despite the $120 million he earned playing alongside Michael Jordan, it didn't last. He blew through almost $30 million by trusting his lawyer to make investments for him and also made lavish purchases, like the $4.3 million Gulfstream II corporate jet he bought in the early 2000s. Bad move.
Marion Jones
The former track-and-field star didn't just lose her dignity after steroid use forced her out of the sport. She also lost a lot of her money. With no income coming in, she struggled to pay the mortgage on her $2.5 million home in North Carolina andhad to sell her mother's home to help pay off her bills. She served six months in prison, too, for lying to federal authorities about her steroid use. She's currently playing for the WNBA's Tulsa Shock to try and restore some normalcy to her life.
Lenny Dykstra
Ironically, Nails spent his retirement trying to show pro athletes how to make money by investing in the stock market. He even started a magazine called The Players Club to show them how to make the most of their money. But he struggled to keep his operations afloat, eventually declaring bankruptcy in 2009 after a bunch of creditors came after him when he started missing payments on his mortgage, his business office's rent and his credit cards. Reports say he's now living out of his car in California. Tough.
Michael Vick
Dogfighting case aside, the former Atlanta Falcons quarterback was on the fast track to going broke long before he lost his 10-year, $130 million contract after getting arrested. After leading a crazy lifestyle that included an entourage that he supported, Vick owed creditors upwards of $50 million in 2008. Today, he makes less than $2 million per season with the Philadelphia Eagles.
Mike Tyson
This one might be for the best, as Iron Mike recently appeared on an episode of The View (ummm...?) and talked about how he's broke but happy for the first time in a long time. Despite making more than $30 million per fight during his boxing days--and more than $250 million over the course of his career--Tyson's managed to spend just about all of it on large homes, luxury cars and a lavish lifestyle. Another boxer down for the count.
John Daly
Here's a guy who's not exactly a poster child for anything. He smokes on the golf course, drinks 'til he passes out and apparently gambles. A lot. In fact, in his 2006 autobiography, Daly revealed he's lost more than $50 million at casinos over the course of the last two decades. He's still ticking thanks to golf, paid public appearances and sponsorships, but you have to believe there's more money to be lost in his future.
Jack Clark
Proof that blowing the bank can happen to anyone. The former Major League Baseball first baseman enjoyed a successful career before declaring bankruptcy in 1992. The reason? Thanks to his passion for automobiles, he was paying 17 car notes every month on rides like a $700,000 Ferrari and a Rolls-Royce. He's reportedly gotten back on his feet since then, but his story continues to provide one of the most ridiculous examples of reckless spending in sports history.
Athletes aren't the only ones...I think this is a phenomena for a good portion of people who win the Lottery, too.
If you didn't work to earn it you don't have the knowledge to keep it.
But that isn't necessarily always the case...the working stiff is also in debt and such...
I just have to shake my head every time I see stories like that. Must be a "too young, too dumb, too much $$$" thing. If I had, for example, $10 million, I'd never be broke. I could stick it in CDs at a paltry 3-5% and live off the interest forever. I don't know about you guys, but I think I could live very comfortably on $300K-$500K a year, especially with no mortgage or car payments to make.
Just one of an infinite amount of examples that Americans suck with money. Nothing much else.
Who is that basketball player who was a guest in the dr.phil show? He also lost a lot of money and had problems with his ex wife or wives, he has children with more women
! Give me 2 million dollars and I guarantee I will make it grow. If you're stupid you don't have the knowledge to keep it.
Exactly I think I'd never be broke either.
But, these guys are just not very smart, but on the other hand, I dont know if they are to blame so much, they were kids, all their lifes has just been about playing basketball, they were kids when they entered the league and suddenly that kid has so much amounts of money in his hands, of course he doesnt know how to deal with it. Plus, these kids, many of them do not have been educated or mostly out of the families they come they just dont know.
They dont know how to handle it
And of course, when such naive kids suddenly have a lot of money, it attracts all kinds of people who want to take advantage of them. Bad managers, bad lawyers, bad 'friends', golddigger wives etcetera....
It's kind've easy to speak when I'm guessing none of us posters are millionaires/billionaires/etc...I can only imagine all the people who try and come to you with the "next big thing" to invest in. Or, how many cousins come knocking on your door for a loan...I know when I got my master's degree I had relatives overseas assuming I just hit a jackpot asking for money...
Why the do athletes just trust so many people. An athlete who's name I won't mention basically got robbed by a stock broker because of blatantly obvious warp trading that led to the broker collecting millions in commission when the athlete should have wondered why the his broker kept selling stocks 24 hours after he bought them and repeating that cycle.
Yeah...you'll be surprised at how many "friends" and "relatives" come out of the woodwork when you suddenly have a bunch of $$$. You have to learn to be a and say NO! I HAVE NO $$$ FOR YOU! GO AWAY!!!
He should sue.
You give your friends and family a certian amount and that's that.
The problem is keeping up with the jones's. Also an at ude of en lement of having nothing now having a lot... I should be able to go on nice vacations, have a very expensive car.
What I don't get is why do these athletes make payments on anything. They should be paying cash money.
Advice to any young athletes: stay away from pussy
This. I've never understood the whole "supporting the entourage" concept. If you have to pay your boys to hang with you, are they really friends? I mean, springing for dinner and drinks is one thing, but anything more than that? Nope.
I'll never be an athlete making millions so assuming I ever won the lottery or received some huge windfall, anyone who was my friend the day before would still be my friend the day after. They wouldn't become my employees or entourage. And anyone coming to me for some cash gets cut-off immediately.
If you're gonna end up paying for pussy anyway, make sure it's not alimony or child support later on. Mix in a high-end hooker once in awhile and pay her one time to leave.
then she yells rape and even though the athlete didn't rape her, he's crucified in the court of public opinion and have to break her off lootage .... damn, sounds like Bean.
Hence: stay away from pussy. Ask Kenny Anderson if that pussy was worth her driving around with a license plate that says HIS CASH on it ......
Two words: Video Tape.
damn right ....... but a lawyer will find someway to make it admissible .....
I mean, athletes are human and when you're a black man and most brothas love big asses; and you go into a city like Miami with all that brown, scattered Cuban ass, you can't help but take a tote ........
can't fault them. Easier said than done.
Exactly. I never understood a rich person not having surveillance in their home. There are just to many people willing to manipulate you to not be covered.
Not that it was smart to trust Don King, but Tyson could've afforded quite a few 'large homes, luxury cars and a lavish lifestyle' without going broke. Could he have been smarter in a litany of ways? Yes. But his real problem was not caring about being robbed blind.Despite making more than $30 million per fight during his boxing days--and more than $250 million over the course of his career--Tyson's managed to spend just about all of it on large homes, luxury cars and a lavish lifestyle. Another boxer down for the count.
And he still has money. Not as much as he should.
Most of these athletes don't have any idea what financial planning is all about.
You can't demand these guys be monks, man, come on.
A real pro isn't going to scream rape. That's for the Crystal Gail Mangum types. At least, I think so.
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