Fumble! Giant Financial Mistakes Made by NFL Players
Football season is in full swing. Since I will have no contact with my husband until February, I now have plenty of time to write blogs!
I’ve often thought there would be no worse job in the world than financial planner to professional athletes (or Johnny Depp). Young people surrounded by moochers and hangers-on coming into millions of dollars sounds like a recipe for disaster. It got me thinking: What are some real-world examples of financial mistakes that we can avoid ourselves?
During his 15 seasons in the NFL, Mr. Owens earned a reported $80million. One year after leaving the NFL, he declared bankruptcy citing bad investments, a bad housing market, and $50,000/month in child support payments.
After earning an estimated $9million, he was $8million in debt with $3million in assets due to 25 defaulted properties owned by his real estate development company.
Here is a comprehensive list of how to blow $18million: Pour money into themed restaurants, faith-based inspirational movies, a record label with unknown talent, a cosmetic procedure that blows oxygen into your face, a phone card dispensing machine operation, and a souvenir store in New Orleans (bad timing – right before Katrina).
This former Bronco could write a playbook called “How Not to Conduct Your Life.” His $20million in earnings went to supporting 11 children by 10 different women (and condoms are SO inexpensive). Since his football career couldn’t keep on top of his $200,000 child support bill, he made the obvious choice to become a drug dealer and was sentenced to 3 years in prison in 2009. Nice example for the kiddies, Dad!
This NFL quarterback lost an estimated $50million after founding a company that invested in Michigan real estate and Whataburger eateries. Not only did he lose millions, but was then the subject of $25million in investor lawsuits. Really, had he ever even eaten a Whataburger?
I could go on and on, but I’m getting a little sad. Plus, my husband is demanding I make super-nachos for Thursday Night Football. I think I’ll throw a little money in my kids’ 529 accounts to ease my depression.