Thread: Ten Reasons Why NFL Players Go Broke................

8) Divorce: 50% gone! When a player retires he goes from having a structured environment (which he has had his whole life), status, fame and a steady income, to trying to figure out how to add value to the household that worked around him and his routine for the last several years. He will struggle with developing a role in his own family, the workplace and society. A lot of athletes get depressed and a near majority of them hideout in a bottle and/or on the golf course. No longer the breadwinner, many wives of NFL players have told me they feel like their husband is another child they have to take care of. Many of these situations end in divorces with no prenuptial in place.

Now see my friends, I know how to avoid that.. Don't get bloody marrired, unless it's your bloody highscool sweet heart. I guess and I imagine most of the girls getting married with a pro player, is because of the money.. No money no girl anymore.. Just live as GF and BF..

Originally Posted by 4DaBERS

They DO teach it in HS.

Hell, I graduated in 1982 from a small town high school in Central Illinois (nothing special). In fact, they had a specialized class for personal finance as well as a more elementary segment in Civics.

Both my kids are in a similar small town school in Central Illinois, and they are both taking similar classes. If they teach it here in BFE, where is it that they are NOT teaching this stuff? I'm not sure where you guys are talking about.

Frankly, the HS can teach this stuff year in and year out but if the kids don't want to hear it or learn it, or take it seriously, then they just won't. Personal finance has to be one of the most boring topics there is, so is it any surprise that some 17 year old jock considers the class a joke, until, of course, the jock turns 37 and declares bankruptcy. At some point, they have to be responsible for themselves and to start listening to good advice and not just what they want to hear. Like the old saying, "You can lead a horse to water..."

Then you are in a great minority brother. Few have a class in personal finance at that level or any other level. Most people have no idea how to manage debt or what compound interest does or whether or not they're paying as little income tax as possible. Balancing a checkbook is about it.

It may be boring but the penalties for not knowing something about it and monitoring your advisor can mean you go broke. It happens every day.

Originally Posted by Riczaj01

this reminds me; did anyone hear barkley on Rome last week? I didn't hear all of it, but they were talking about this issue. He said the hardest thing is to say no to family and friends. he said you give them money 1x, and then that's it, they have to know you are not their personal ATM. Said every player in every sport has this same problem. They come asking for money, but it's never just one time. And it leaves you broke in the end if you cannot tell them no.

I believe it. Hell, I am nowhere NEAR a millionaire, but even if you are simply more successful than other members of your family, then you are approached. Even if it's not a particular family member that is in rough times, OTHER family members see what you have and wonder why you don't help the ones that are struggling. Before long, the whole family is down on you. Well, my response has always been "how do you know I haven't helped them?"; which I did. It's not like I'm going to tell the whole family about it; that stuff is kinda private. Some people dig such a stupid deep whole that you can't afford to help them to the extent they fully need, and then even if you do, often times they just turn around and dig another one. I can't imagine what it would be like to get a big contract like some of these guys. Family would come out of the wood work with their hand out. I recently lived in the same town as a cousin of a certain pitcher for the White Sox. My kids went to school with their kids. They were not in poverty, but they were certainly not well off. Even non-family people of that town began to speak ill of this pitcher because he didn't help them out. Man, where does it stop for these guys. How far down the family tree does your success and hard work have to fall before you can start enjoying your own cash without people putting you down.

Originally Posted by soulman

Then you are in a great minority brother. Few have a class in personal finance at that level or any other level. Most people have no idea how to manage debt or what compound interest does or whether or not they're paying as little income tax as possible. Balancing a checkbook is about it.

It may be boring but the penalties for not knowing something about it and monitoring your advisor can mean you go broke. It happens every day.

I'm not doubting you soul, I just find it hard to believe that if my little podunk HS offered it as far back as 30 years ago, and my kids current podunk school offers it in a state as screwed up as Illinois, that most other schools don't offer something similar. Now, the fact that there are millions that need people like yourself to help straighten them out doesn't surprise me one bit. There are millions of people that couldn't tell you what the three branches of Government are, but that doesn't mean they were never offered that education in HS. The problem is, they still get to vote.

Yeah, kinda like Cousin Eddie in Family Vacation wanting to borrow $60,000 from Clark. You'd think people would have more pride than that.

Originally Posted by 4DaBERS

I'm not doubting you soul, I just find it hard to believe that if my little podunk HS offered it as far back as 30 years ago, and my kids current podunk school offers it in a state as screwed up as Illinois, that most other schools don't offer something similar. Now, the fact that there are millions that need people like yourself to help straighten them out doesn't surprise me one bit. There are millions of people that couldn't tell you what the three branches of Government are, but that doesn't mean they were never offered that education in HS. The problem is, they still get to vote.

I had classes in grade school ( being in the 70's )l, but in jr high and HS (80's) they stoped. I think the system finds it more important to teach for a test then prepare a student for the future.

* My daughter never was taught this in school, and it was a private one at that too.

* edit

Originally Posted by 4DaBERS

I'm not doubting you soul, I just find it hard to believe that if my little podunk HS offered it as far back as 30 years ago, and my kids current podunk school offers it in a state as screwed up as Illinois, that most other schools don't offer something similar. Now, the fact that there are millions that need people like yourself to help straighten them out doesn't surprise me one bit. There are millions of people that couldn't tell you what the three branches of Government are, but that doesn't mean they were never offered that education in HS. The problem is, they still get to vote.

I'm truly glad to hear that somewhere someone has taken the initiative to require it to be taught. My daughters were in one of the best school districts in the state and received zip in the way of an education in it. I gave then what I thought they should know of the basics and they know I'm always around to answer questions but they've got a handle on it so far.

One of the hardest jobs a Financial Advisor has is to educate and inform people where they stand now and where they will be at some point in the future. The effects of inflation and taxation are seldom thought of and if you gave most people of an example of how much a sum of money grows to in 20 years if it earns 6% versus how much if it earns 12% at least 8 out of 10 people will say twice as much. They have no concept of the value of compounding gains or the difference between good debt and bad.

These pro athletes become victims in so many different ways from lending to family and friends to making ridiculously risky investments, to advisors who literally steal their money. Some play it smart and some just plain old fashion blow it on high living. One half-way decent contract could set them up for life but I wonder how many take advantage of that?