Why Football Players Go Broke After Making Millions of Dollars

We already know that football players make millions of dollars but what you may not know is a high percent of football players go broke and file bankruptcy as well. Recently a story about Chris McAlister a three time Pro Bowl cornerback is among the list that is saying he is broke.

In May of 2009 according to Sports Illustrated 78% of former NFL players are broke or finically stresses after retirement, and 60% of former NBA players go broke five years after retirement.

Some big names listed that have filed bankruptcy or stated they are broke: Raghib “Rocket” Ismael, Johnny Unitas, Deuce McAllister, Lawrence Taylor, Travis Henry, Michael Vick, Mark Brunell, Travis Henry, Dermonitti Dawson, Arthur Marshall, and we could I am sure come up with a long list of other names.

So why do the football players go broke after making millions of dollars?

A player that is drafted lets say in 2009 and signs a deal in the NFL for three years earns 1.2 million in salary. Many players believe they will have a longer career and some do, some believe that a bigger payday will come down the road. Many players live for the here today gone tomorrow attitude.

The bottom line is really the players are making bad decisions and poor finical planning.

Here are some of the top reasons players go broke:

1) Scammed

2) Bad investments

3) Divorce and Child Support

4) Try to operate a business

5) Drugs

6) Have to many children with multiple partners (also listed in Number 3)

7) Using the wrong advisors

8) Investing to much into real estate

9) Getting into trouble with the LAW

10) Stupidly

It still is amazing to me however how you can make millions of dollars and end up broke or filing bankruptcy. Maybe someone should be asking the NFL who is a 400 Billion Dollar company why they have no programs or training or assistance to better help the players make better decisions.


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