From Poverty, To Riches, Back to Poverty

Isn't is amazing how some professional athletes go bankrupt?  They are paid millions of dollars a year, and then have nothing to show for it just a few years out of the game.  There is only a short window of time for a pro athlete to make their riches; an average professional football career lasts about three years.  During this time period, the athlete hardly plans for the future, and lives in the "now" by purchasing expensive cars, houses, and giving money to their families.

Some notable professional athletes that filed for bankruptcy include Michael Vick, Mike Tyson, Muhsin Muhammed, Evander Holyfield, Sheryl Swoopes, Lawrence Taylor, and Johnny Unitas.  http://www.businesspundit.com/25-rich-athletes-who-went-broke/

Professional athletes can go bankrupt for many reasons.  They can spend more than they can afford, make bad investments, go to jail, and lend money to family and friends just to name a few.  Many athletes come from very low income neighborhoods.  Athletes from these areas are not exposed to money and never learn how to manage their assets.  If their good enough, they receive a full ride to a college, and then one to four years later they sign a multi-million dollar contract.  However, their team or league never provides aid to these young men and women on how to spend and manage their money.

These athletes have dreamed for many years to make it big in their sport.  So when they finally make it, they're going to spend big.  The saddest thing is the people who take advantage of these athletes.

At one time, Mike Tyson was the best boxer to ever live.  He was just 18 years old for his first fight, straight off the streets of the projects.  There is no possible way he had a chance to manage all the money he was about to receive.  Mike also had many issues of his own.  He was convicted of rape, possession of drugs, domestic violence, and a DUI.  However, it was evident that Tyson had mental problems.  The problem was no one was there to help him.  His managers and fight promoters took a lot of his money and when Tyson's career took the turn for the worse, no one was there to help, and he hit rock bottom.  At one time, Tyson only had $700 in his bank account.

Many athletes don't have the problem of bankruptcy.  They manage their money correctly and can find other careers after playing.  There are some athletes that never think twice about what they are going to do after there playing days.  They are a torn ACL, Tommy Johns Surgery, or just getting too old away from being jobless.  If they don't plan for the future, then financial trouble awaits.

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