Comments on: 25 Rich Athletes Who Went Broke (10-1)

By: playpreneur

playpreneur — Sat, 07 May 2011 10:12:23 +0000

How about Lenny Dykstra, Dwight Gooden, Jose Canseco and Will Clark?
Unfortunately, leagues (MLB, MBA, etc) implement their educational programs on financial management too late in the development of players. A good suggesting would be to implement such programs the minute the players get their signing bonuses.

By: Dalton

Dalton — Sat, 09 Apr 2011 01:20:32 +0000

How could you leave out Kenny Powers? He was once “Fu$%in’ In, now he’s Fu$%in’ out”!!

By: MJ

MJ — Mon, 04 Apr 2011 01:46:57 +0000

Im a Financial Advisor and a Tax accountant. Two main things ppl have to know is that 1. More money doesn’t make you smart or fiscally responsibile 2. When someone “earns” a million its not a million it’s $500,0000. So you have to always cut that big # in half. Over the yrs I have seen ppl “worth” millions go broke or appear to be rich but they are really broke….the main culprit is ignorance and living well beyond their means!! Who needs a house with 10 rooms and 9 bathrooms…they don’t think long-term about the ongoing cost! I have clients that have made modest incomes and they are doing much better than the ones that have made a million or more…if you want to become rich or stay rich you have to avoid certain things…like buying multiple new cars, mega mansions, a ton of clothes and avoid “gold diggers”!! Diversify investments…rental property and/or commerical property, stocks, bonds, mutual funds, muni bonds, etc!! It really sad to see! Read the book the millionaire next door…excellent study of millionaires in America! It’s a little dated now but u will learn a lot about what successful millionaires do to keep their fortunes!

By: Luis Quinones

Luis Quinones — Sat, 26 Mar 2011 06:10:59 +0000

You don’t work for your money.You let your money work for you.By doing so,your money can go very far.

By: Haywood Jablowme

Haywood Jablowme — Thu, 17 Mar 2011 03:28:06 +0000

This article is prejudice. What’s so wrong with the brotha man keepin it real? He just gonna show up at da welfare office in his BMW with gold chains and gold toofis’s.

By: Chris

Chris — Wed, 16 Mar 2011 05:34:59 +0000

I’m not gonna rant about these peoples poor decisions as you envious lot have so clearly done. I just want to second the whole Lenny Dykstra thing. Although, I would allow for the fact that much of his wealth was made and lost after his sports career.

By: Mike

Mike — Sun, 06 Mar 2011 16:20:56 +0000

Being an athlete and given all that money almost guarantees that you will have that lottery kind of money, but the downfall is that you think your better than anyone and people judge you on how much money you have, being an athlete doesn’t guarantee that you have common sense, everyone is telling you how great you are and people read the papers about what your making and try to take advantage of you, I don’t feel sorry for them, they could have retired in there early 20′s of they did it right. There is a threat that all the sports will go bankrupt because they build them up to much!!

By: EALL

EALL — Fri, 04 Feb 2011 14:38:06 +0000

This is really sad, while no one hsould have to babysite these guys – it should be MANDATORY that all athletes, until they retire, put HALF of their salaries into a high yield savings account. While they might not be happy at first… later on in life they will thank the league. Additonally – having all of these babies with all of these women does not help… let’s face it.. Once you “get rich” it is not just your payday… everyone around you and those trying to get in tend to see it as their pay day… KEEP God first, Fear Him, Do Justice in ALL things, and Love your fellow man….. Oh yeah and – Stop being Stupid… THINK!

By: richathlete

richathlete — Wed, 12 Jan 2011 04:03:21 +0000

I would love to see a list of famous celebrities (entertainers) that blew through their fortunes. It is astounding to imagine that someone could blow multiple millions, but if you don’t know how to manage money, it will happen to you, too. Especially as a 20 something who suddenly becomes a multi-millionaire. Given that it also happens to regular joes who become lottery winners, nobody on these blogs should get too self-righteous. The part that blows me away is that the athletes don’t learn from each others’ mistakes, like trying to be businessmen when they’ve already got it made. If regular joes fail at starting businesses far more often than not, how much more often will these athletes who totally aren’t groomed for it.

By: LoveMeat

LoveMeat — Sat, 11 Dec 2010 02:25:18 +0000

I wonder if LeBron James will make it to this list someday???