Great athletes, piss-poor money managers

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Great athletes, piss-poor money managers - 3/12/2010 3:45:22 PM

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quote:

Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire, according to Sports Illustrated. NBA players aren’t faring much better. 60 percent of former National Basketball Association players end up broke within five years of retirement. Athletes squander millions of dollars due to bad decisions, lavish spending and poor financial planning. Here is a list of athletes that have lost their fortunes through some of the biggest financial blunders of all time.

http://sports.yahoo.com/top/news?slug=ys-investopediamoneyloss031010&prov=yhoo&type=lgns

Sad.

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RE: Great athletes, piss-poor money managers - 3/12/2010 5:52:27 PM

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No surprise. They squeak through college with a barely passing grade, taking special courses requiring no work. Where would they learn money management? Not at home, because if they came from affluent homes they would have gone to college for academics, not because they were offered a free ride to play sports.

And if their agents suggest anything, they get fired. They're young and want fancy cars and fancy women and like the young usually do, they don't think about the future.

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