Antonio Brown filing bankruptcy, earned $88 million during his playing career supposedly less than $50,000 in assets owes $3M.
I know the government took a big chunk of that, but how is that even possible?
A chunk of that should be in his pension, so he has not spent it all … yet.
I’d guess a lot of it gets blown on ridiculous homes with big annual tax burdens, high end toys that depreciate markedly, just blowing thousands and thousands at the club…
He spent more than he earned.
Most of these players were of low income before coming into the money. They do not understand how to handle their newfound wealth.
My firsthand experience with meeting a couple of NFLers:
There is a competition to have the rarest car.
Signing bonus gets blown before first day of camp due to buying cars and houses for family and friends.
Another anecdote: NFLer flies friends to golf course, buys expensive sets of golf clubs, leaves them at club so they don’t have to carry them on a plane.
These stories are sometimes offset by the Kawhi Leonards and Gronks who save.
Most of these players were of low income before coming into the money. They do not understand how to handle their newfound wealth.
My firsthand experience with meeting a couple of NFLers:
There is a competition to have the rarest car.
Signing bonus gets blown before first day of camp due to buying cars and houses for family and friends.
Another anecdote: NFLer flies friends to golf course, buys expensive sets of golf clubs, leaves them at club so they don’t have to carry them on a plane.
These stories are sometimes offset by the Kawhi Leonards and Gronks who save.
I’d think teams/agents would have some sort of financial common sense program for these guys? Maybe they do and they just don’t listen.
These stories are sometimes offset by the Kawhi Leonards and Gronks who save.
I think it’s more than “sometimes.” The preponderance of players seem to do well in retirement. That doesn’t mean the percentage with issues isn’t higher than it should be.
These stories are sometimes offset by the Kawhi Leonards and Gronks who save.
I think it’s more than “sometimes.” The preponderance of players seem to do well in retirement. That doesn’t mean the percentage with issues isn’t higher than it should be.
I know I’ve seen the claim that some ridiculous percentage of big time lottery winners also end up broke.
I’d guess a lot of it gets blown on ridiculous homes with big annual tax burdens, high end toys that depreciate markedly, just blowing thousands and thousands at the club…
Don’t forget their agents that that 10%-20%, their attorneys that keep them out of jail, their baby mamas.
Most of these players were of low income before coming into the money. They do not understand how to handle their newfound wealth.
My firsthand experience with meeting a couple of NFLers:
There is a competition to have the rarest car.
Signing bonus gets blown before first day of camp due to buying cars and houses for family and friends.
Another anecdote: NFLer flies friends to golf course, buys expensive sets of golf clubs, leaves them at club so they don’t have to carry them on a plane.
These stories are sometimes offset by the Kawhi Leonards and Gronks who save.
I’d think teams/agents would have some sort of financial common sense program for these guys? Maybe they do and they just don’t listen.
The NFL has financial education programs available for players. Last I heard attendance was mandatory for rookies. Don’t know for fact now though.
League has classes covering, comportment on the road. How to spot the hoes in the hotel bars, lobby. Who is your friend, and who ain’t. Condoms… Your own.
Every road game, the League publishes a doc issued to players for restaurants that will come to hotel. Pick you up. Set up private room for players and families, then shuttle back. All to prevent potential trouble in public.
Former player I know gave his financially conservative father control of 80% of his take home. Just by being a lifetime long snapper and Sp.Teams player, he bounced to 4 teams in 5years. When he left the league, he had (has) home, secure family, and assets that give $450k/year til he’s 90. He’s in his late 30s.
I’d guess a lot of it gets blown on ridiculous homes with big annual tax burdens, high end toys that depreciate markedly, just blowing thousands and thousands at the club…
Don’t forget their agents that that 10%-20%, their attorneys that keep them out of jail, their baby mamas.
As a Steelers fan I’ve followed his descent into madness somewhat closely, until I unfollowed his social media accounts after his classless attacks on Caitlin Clark. The shit he was posting about child support and other things that deserve mature handling was too much. My surprise level at his bankruptcy claim hovers around zero.
If he’s not suffering from a severe case of CTE it would cast doubt on its very existence. His transformation during his time in Pittsburgh is nothing short of Jekyll and Hyde material. But like all mental illness it’s extremely difficult to separate the disease from the organism and not just write him off as an entitled asshole. He was not that guy for the first 2/3 of his NFL career.
I haven’t watched this yet, but Netflix has a documentary about athletes blowing all of their money.
I haven’t watched this yet, but Netflix has a documentary about athletes blowing all of their money.
https://www.imdb.com/title/tt2181824/
I believe that’s the ESPN 30 for 30 documentary. Fascinating look into the financial incompetence of some players. There was more than one story of rookies not cashing their signing bonus check, usually in the millions. When the team’s accounting department chase them down, they found out that the player framed the cheque.