Gridiron

Why is it 78% of NFL players go bankrupt after retirement? Is it the poor financial advice, or the flashy lifestyle maybe thinking they will be playing for a longer time then they actually will. To answer this question we have to take a look at some of these players lives that were once on top with millions in their bank accounts and now are in debt to either the IRS or the banks.

Terrell Owens made an estimated $80 million dollars during his career as a star wide receiver.

He blames his bankruptcy on a couple of things, new to the NFL he hired bad management which cost him $2 million in bad business investments. Owens was advised by his accountants to invest in real estate. Which he believed to be the beginning of his financial fall trusting the wrong people with his money. Owens purchased enormous high end condos and houses he always thought he could later rent or sell if he needed the money. A real estate market crash forced him to sell his condos and houses at a huge loss. Child support is still damaging his bank account, as of now Owens has 4 different kids with 4 different women, to whom he has to pay child support which is around $45,000 every month and has to pay for their house mortgages which is another $80,000. The IRS has placed a lien on him for owing taxes for his income from previous years. Terrell now 39 and with no contract nearing retirement is hoping any team can pick him up so he can make the bills on time.

Michael Vick made an estimated $130 million dollars in his early career as a star quarterback.

Vick’s bankruptcy started early in 2006 when he was sentenced to a 2 year jail term for his involvement in dog fighting. While in jail Vick managed to spend $18 million, only some of the money was spent on legal fees. Vick was also supporting his friends, an entourage of 30 people who he considered his closest family and friends. Venturing into business schemes with his friends lost him millions. In 2008 Vick reportedly spent $31 million in a single month on four different houses, cars, clothes, jewelry and other expenses in supporting his ex girlfriend and their son. Fraudulent financial advisers also had their hands in Vick’s bank accounts as he himself has stated he was to young and foolish to realize what they were doing until it was too late. Lucky for Vick he is still a talented player and has recently inked a new deal for $100 million with the eagles.

By looking at some of these players stories you can already see the common mistakes, trusting the wrong people, financially supporting close friends/family and living above their means. Many other players who have made the same mistakes had another thing in common, raised in poverty stricken homes by single parent. Receiving their first paychecks these players feel guilt and a sense of duty to give back to those who were around them during harder times, which is never a one time thing. Looking at these players lives really shows you they are not that much different from us, if you were given millions of dollars and fame right after high school or college could you resist making the same mistakes?