By: Sheila L. Jackson
Statistics shows that after an athlete
retires from sports, he or she will file for bankruptcy within five years after retirement. Why such a
substantial loss in finances so soon? Because, of failure to prepare and educate themselves of the people around them and also their lavish
taste for the finer things in life after the game has ended.
Many of these athletes are broke; not
because they are dumb, but that they made dumb decisions about the people they
entrusted with their finances. They must learn that after they have signed those million dollar contracts that they cannot help everybody that they grew
up with. They must be wise and investigate the people that are handling their
finances, as well as the large entourages that cling to them.
I think that Bill Cosby gave the best advice
when he told Oprah and the kids that worked on his show (The Cosby Show),
“To keep an eye on your own money.”
You must be able to trust those that are handling your
finances. Money has a way of bringing out greed and wickedness in those who are supposed to be looking out for your best interest. And athletes are
not exempt. Mike Tyson, Evander Holyfield, Latrell Sprewell, Jack “The Ripper”
Clark, Hall of fame quarterback Johnny Unitas, Dorothy Hamill, and many others.
One NBA athlete
confessed that he was making 3.5 million dollars a year and did not have a
place to live. He confessed that when his game was over at the Staple Center, he would stay
behind and sleep because he had no home to go to. Poor judgement on his
part landed him in this predicament.The Bentley's, groupies, expensive clothes, and wild parties contributed to his financial ruin.
Latrell Sprewell was in his final season of a
$62-million, five-year contract and was offered a contract extension for close
to $30 million dollars for three seasons and still had his yacht repossessed.
The comment he made was, “I've got my family to feed.” One would think that his family’s welfare
should have taken precedence over spending large amounts money on a yacht.
Will these athletes ever learn or will they
continue to travel down the road to financial ruin? One would hope that they learn from the mistakes of those who have gone down the road of financial ruin before them.
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