What a great article, glad he figured it all out before it cost him everything.
Very familiar with this story. Makes me sick, then again I have a family member who reacted somewhat similarly a few years ago when they found out the financial position I was in.
What a great article, glad he figured it all out before it cost him everything.
That’s the silver lining…he took a stand b/f the ship went down. I cannot imagine how much I love my parents and then having to shut them out. Ugh. Hope there can be some kind of repair for him at some point.
nearly 80% of retired NFL players are bankrupt?!!! shiittttt
nearly 80% of retired NFL players are bankrupt?!!! shiittttt
…within 2yrs of retirement. Similar numbers for NBA players. A big part of that is supporting their family and posse. Allen Iverson ran through over $300m in salary and endorsement money, and has been trying to continue playing overseas because he’s broke. Along with some amazing bad financial decisions (ie. entire rooms full of hundreds and hundreds of pairs of Jordan’s that he’d never even worn), he was supporting his entire extended family and posse.
nearly 80% of retired NFL players are bankrupt?!!! shiittttt
…within 2yrs of retirement. Similar numbers for NBA players. A big part of that is supporting their family and posse. Allen Iverson ran through over $300m in salary and endorsement money, and has been trying to continue playing overseas because he’s broke. Along with some amazing bad financial decisions (ie. entire rooms full of hundreds and hundreds of pairs of Jordan’s that he’d never even worn), he was supporting his entire extended family and posse.
Lets not forget the avg career in the NFL is 2 yrs. So most players don’t last long, and most don’t make even close to big money.
I found the part of him referring to it as work was interesting and got me thinking, how many parents of kids that land high paying jobs expect the kids to buy them all kinds of stuff?
Great article, and hopefully he is successful in his post career idea of spreading the word / changing the attitude of these new players. Seems like a lot of it needs to start in college before they ever get that contract and talking to parents that hey just cause your kid makes the NFL does not mean the high life for you or him.
Good for him. I hope his story can have an impact on others and help them overcome the obstacles that he overcame.
Must be hard to have your family treating you like that. I am glad he was strong.
Very familiar with this story. Makes me sick, then again I have a family member who reacted somewhat similarly a few years ago when they found out the financial position I was in.
Great backdoor brag.
Very familiar with this story. Makes me sick, then again I have a family member who reacted somewhat similarly a few years ago when they found out the financial position I was in.
Great backdoor brag.
I’m far from wealthy, but when I started making adult money and had no adult responsibilities (ie. school/mortgage debt or family) I had a family member in a much different situation react in a similar manner as did Smith’s entire family. They were living with my mother, with two young children, and his wife and himself had zero income for several years - I did one nice thing for them and it opened the flood gates. This same individual now makes more than twice what my wife and I do combined and still has the same mentality, still leeches off my mother. Nothing surprises me when it comes to money.
nearly 80% of retired NFL players are bankrupt?!!! shiittttt
…within 2yrs of retirement. Similar numbers for NBA players. A big part of that is supporting their family and posse. Allen Iverson ran through over $300m in salary and endorsement money, and has been trying to continue playing overseas because he’s broke. Along with some amazing bad financial decisions (ie. entire rooms full of hundreds and hundreds of pairs of Jordan’s that he’d never even worn), he was supporting his entire extended family and posse.
Lets not forget the avg career in the NFL is 2 yrs. So most players don’t last long, and most don’t make even close to big money.
I found the part of him referring to it as work was interesting and got me thinking, how many parents of kids that land high paying jobs expect the kids to buy them all kinds of stuff?
It’s actually 3.3yrs http://www.statista.com/statistics/240102/average-player-career-length-in-the-national-football-league/ and the league minimum is $375k then $450k then $525k for 3yrd players. Even making the league minimum, in the general population, what percentage of people who had just made $1.5m in the previous 3yrs would be bankrupt 2yrs later? I’m sure it is way more than I think, but nowhere near 80%.
The ESPN 30 for 30 special Broke is a good watch for anyone who hasn’t seen it. I think it’s currently streaming on Netflix. Most cases seemed to involve 1) financial predictors (family and otherwise) and/or 2) unmitigated spending.
Very familiar with this story. Makes me sick, then again I have a family member who reacted somewhat similarly a few years ago when they found out the financial position I was in.
Great backdoor brag.
I’m far from wealthy, but when I started making adult money and had no adult responsibilities (ie. school/mortgage debt or family) I had a family member in a much different situation react in a similar manner as did Smith’s entire family. They were living with my mother, with two young children, and his wife and himself had zero income for several years - I did one nice thing for them and it opened the flood gates. This same individual now makes more than twice what my wife and I do combined and still has the same mentality, still leeches off my mother. Nothing surprises me when it comes to money.
Good for you. I do not understand why it is so difficult for people to say no to one another. Everyone has a family member or members who are beyond greedy. My well educated cousins and my fathers children are a perfect example of the athlete in the article. They have been cut off. Investing well, I have made suremy parents are set and will always have a place to live but It is up to them to pay their own cable bills.
The “man” and the agent get a cut of that money too
Damn near every player is convinced they are going to make it in the league. In 2 or 3 yrs they get cut and have no financial resources to pay debt.
nearly 80% of retired NFL players are bankrupt?!!! shiittttt
…within 2yrs of retirement. Similar numbers for NBA players. A big part of that is supporting their family and posse. Allen Iverson ran through over $300m in salary and endorsement money, and has been trying to continue playing overseas because he’s broke. Along with some amazing bad financial decisions (ie. entire rooms full of hundreds and hundreds of pairs of Jordan’s that he’d never even worn), he was supporting his entire extended family and posse.
Lets not forget the avg career in the NFL is 2 yrs. So most players don’t last long, and most don’t make even close to big money.
I found the part of him referring to it as work was interesting and got me thinking, how many parents of kids that land high paying jobs expect the kids to buy them all kinds of stuff?
It’s actually 3.3yrs http://www.statista.com/statistics/240102/average-player-career-length-in-the-national-football-league/ and the league minimum is $375k then $450k then $525k for 3yrd players. Even making the league minimum, in the general population, what percentage of people who had just made $1.5m in the previous 3yrs would be bankrupt 2yrs later? I’m sure it is way more than I think, but nowhere near 80%.
1.5 over 3 years before taxes and agent fees.
Probably only about $250k year take home. Not much money when in the 4th year you are making $30k and longer in the nfl.
nearly 80% of retired NFL players are bankrupt?!!! shiittttt
…within 2yrs of retirement. Similar numbers for NBA players. A big part of that is supporting their family and posse. Allen Iverson ran through over $300m in salary and endorsement money, and has been trying to continue playing overseas because he’s broke. Along with some amazing bad financial decisions (ie. entire rooms full of hundreds and hundreds of pairs of Jordan’s that he’d never even worn), he was supporting his entire extended family and posse.
Lets not forget the avg career in the NFL is 2 yrs. So most players don’t last long, and most don’t make even close to big money.
I found the part of him referring to it as work was interesting and got me thinking, how many parents of kids that land high paying jobs expect the kids to buy them all kinds of stuff?
It’s actually 3.3yrs http://www.statista.com/...nal-football-league/ and the league minimum is $375k then $450k then $525k for 3yrd players. Even making the league minimum, in the general population, what percentage of people who had just made $1.5m in the previous 3yrs would be bankrupt 2yrs later? I’m sure it is way more than I think, but nowhere near 80%.
If those peoples ages were 22,23 and 24 respectively probably about the same percentage. its not like this is some mid career individual who has been making decent money then got a huge pay bump. these are kids who suddenly made a ton of money from no money
I disagree. My experience, having the good fortune to work with hundreds of professional football, basketball, and MMA fighters in the s&c field is that I strongly believe that we are all given equal gifts from God; these guys are given amazing athletic gifts, but a significant percentage of them are simply below average intelligence. Guys like Tyron Smith, who are intelligent enough to know when they are taken advantage of and realize that football is a job that will someday end, are outliers.
I’m not sure what you’re disagreeing with? I know they aren’t the smartest kids in the world but you give any kid a salary of 400k at 23 there is only going to be a small percentage that doesn’t blow it. Most people that young don’t have the concept of how much money that is
I’m not sure what you’re disagreeing with? I know they aren’t the smartest kids in the world but you give any kid a salary of 400k at 23 there is only going to be a small percentage that doesn’t blow it. Most people that young don’t have the concept of how much money that is
Yeah, but “most” kids hopefully have a good family and decent friends that try to help them save their money and not view them as a meal ticket.
I’m not sure what you’re disagreeing with? I know they aren’t the smartest kids in the world but you give any kid a salary of 400k at 23 there is only going to be a small percentage that doesn’t blow it. Most people that young don’t have the concept of how much money that is
Yeah, but “most” kids hopefully have a good family and decent friends that try to help them save their money and not view them as a meal ticket.
80% of them are going to be bankrupt in 2yrs? That is what I disagree with. It’s a mindboggling statistic.