04-13-2016, 04:00 PM
(04-13-2016, 03:48 PM)Shake n Blake Wrote: Right. You'd have to be very selective about who you give money to and how much you give them. Helping your close family is a good thing, but they have to be reasonable about it and not look at you as a money tree.
Honestly, I can't even fathom blowing through $9 million. Give me a decent house, a new Dodge Challenger, help out some friends & family a little bit and get some stuff for the kids and I'd be good. That's not even touching $1 million yet.
I think poor investments, gambling and partying are probably the 3 biggest culprits for these athletes that go broke. You also have guys that sleep around and knock up the wrong chick. Then they have massive support payments ala TO.
There was a very good special on ESPN either last year or the year before that talked about athletes going broke. Evidently TO put most of his money into a casino that literally washed away during Hurricane Katrina. It talked quite a bit about Warren Sapp as well. He put the bulk of his money into trying to become a land developer in Sarasota before the crash. It sounded like neither understood the need for diversification, which any competent Financial Advisor would have explained to them, and that both had dreams of becoming "super rich" after football. "Super rich" being a relative term, as both made tens of millions during their playing careers...
The special did talk about child support in general. I forget who it was, but somebody talked about paying $40-50k per month in child support. How it can actually not seem like that much when you're getting paid, but a few years after you retire you realize how quickly your nest egg is disappearing.
