I read somewhere that more than half of Nba players are declared bankrupt within 3 years of stopping playing. Is this true?? How so?
I haven't heard that stat but it wouldn't surprise me if a large percentage did lose all their money. There's too much money in the hands of young men that didn't grow up learning about how to manage their finances, yet surround themselves with all the trappings of wealth and people willing to leech off of them. It's a bag cocktail.
Only a handful leave a legacy like Jordan or *coughs* Kobe. However, many spend like its going out of style or have corrupt management that takes their present and future money. Throw in some other things like bad habits or fines and some even end up destitute.
It's quite common and also among actors who have won Oscars because the money is either poorly invested or they get carried away with things and spend it all. They have a line of credit and when the big checks stop coming in and there is nothing to replace it, that's when they have to file. Sports is always short lived unless you get endorsements or public appearances, which is why they do interviews and things to keep their profile popular.
It floors me as well that these NBA players who can make millions a year after only a few years of being out of the game end up in bankruptcy. I guess it comes down to that being the real problem. If you never had such money in the past it could be easy to allow yourself to get carried away by it, and start living a lifestyle that is extravagant. For me I would like to think that I was brought up sensible enough that if I did come into millions of dollars I would not allow it to turn my head too much. I'm not saying I wouldn't want to have some nice things, but I don't want to have a fleet of cars like some celebrities do, what for status symbols. Also, why have all these fancy clothes, jewelry or other frivalous stuff. As for the houses or should I say mansions these people live in or lived in as my father use to say if you can't see all the rooms in your home in one day, then you have a problem. In other words your house is way too big for you. But no I have seen that series Cribs and shake my head at the way some of these people live. Its obvious that some aren't thinking beyond today. Its always important to think about tomorrow and where you can be then. So, its a good idea to put money away as sort of a rainy day account. Apparently this is something these NBA players didn't do.
When they show the homes of NBA players on TV, some of them have mansions with 16 bedrooms. I guess the idea that a basketball career won't last forever never crosses their minds. I can't imagine any situation in which I would ever want a 16 bedroom house.
