On the football field, there is no shortage of broke NFL players who started off wealthy, but were unable to hold on to their fortunes. Why is this occurring, and what can the average American learn from these athletes in order to avoid the same unfortunate financial fate?
78%? That is a staggering number. According to this article, financial woes exist for the following three players for three very different reasons.
Dan Marino – Marino recently lost an estimated $14 million when the company Digital Domain (DD) filed bankruptcy. Marino had purchased over 1.5 million shares of the company. As a South Floridian, Marino hasn’t been the only one hurt by DD. The county in which I live (Palm Beach) seems to have city and county governments searching for answers after sweetheart land and consideration deals with DD.
Travis Henry – Henry can’t keep up with the child support payments to nine different women.
Vince Young – Young began his career by ringing up $5,000 weekly tabs at The Cheesecake Factory. Yes, that is $5,000 weekly at The Cheesecake Factory.
The article provides four sage points for commoners like us to heed so that we avoid financial disaster.
When I was younger I heard a Christian man talk about sending a young NFL star back to the store to return his purchase. They had a mentor relationship. This young player eventually became a member of the NFL Hall of Fame and was gullible with new found money in his wallet. What did he return to the store?
5,000 pairs of socks.