NFL hard luck stories

[Slater]

The classic case of money mismanagement:

http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Former-Ravens-DB-Chris-McAlister-is-already-brok?urn=nfl-wp7151

[sc49erfan15]

I'd hardly consider that a "hard luck" story...

[Sport]

I don't feel bad for him

[NJTank]

How did he drive that thing? It looks like a Semi.

[tj4eck]

Im not gonna feel bad for someone who mismanaged their millions of dollars...

Here is a good read on real bad luck.

This is More Hard Luck

[AJM]

Someone should forward the McAlister article to Gilbert Arenas.

[tj4eck]

Someone should forward the McAlister article to Gilbert Arenas.

Someone should forward the Crittenton article to Gilbert Arenas.

[OnWis97]

Many NFL players are broke not long after they are done. It's because they make a lot of money, but they will not sustain that earning for a long time, so they don't have a sense of how to save/invest it for the future. Many go out and blow it all on the material items that it almost seems they feel they're "required" to buy when they become rich. However, most are not Peyton Manning; their careers are short and once they are done, the big paychecks stop coming in. McAllistar's story is not one of hard luck. I don't know how much money he made, but I am sure it was enough that he could have driven nice cars, lived in a nice place, did some traveling and still put himself in a position to not be broke already. It's easy for me to say this, but I'd like to think I'd be a little more down to earth than, say, that semi that he used to commute. I'd like to think I'd think about the future and not get caught up in buying crap I did not need just because I was making a lot of money (particularly in the knowledge that my income level is not long-term sustainable).

[dfwabel]

I'd hardly consider that a "hard luck" story...

Correct, it is not hard luck.

So before many make their racial statements, even Mark Brunell filed Chapter 11

[TheOldRoman]

I'd hardly consider that a "hard luck" story...

Correct, it is not hard luck.

So before many make their racial statements, even Mark Brunell filed Chapter 11

At least from that article, Brunell was one of the unfortunate people who got screwed by the housing bubble and investing in real estate he wasn't equipped to hold onto. That isn't exactly Antoine Walker territory. Although pretty much all big athletes who blow their money fall victim to failed business ventures, I imagine Brunell was more involved here (due to the amount lost) than the guy who writes a check for $20 mil for somone to start a record label or restaurant chain. I mean, maybe Brunell did have a different semitruck for each day of the week, but it doesn't seem like it from the article.

[dfwabel]

I'd hardly consider that a "hard luck" story...

Correct, it is not hard luck.

So before many make their racial statements, even Mark Brunell filed Chapter 11

At least from that article, Brunell was one of the unfortunate people who got screwed by the housing bubble and investing in real estate he wasn't equipped to hold onto. That isn't exactly Antoine Walker territory. Although pretty much all big athletes who blow their money fall victim to failed business ventures, I imagine Brunell was more involved here (due to the amount lost) than the guy who writes a check for $20 mil for somone to start a record label or restaurant chain. I mean, maybe Brunell did have a different semitruck for each day of the week, but it doesn't seem like it from the article.

Any athlete can mismanage their finances.

For every Chris McCalister/Evander Holyfield/Latrtell Spreewell, there is a Lenny Dykstra/Jack Clark/John Daly.

From the March 2009 SI story:

78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce within two years.

Within five years of retirement, an estimated 60% of former NBA players are broke.

[TheOldRoman]

Any athlete can mismanage their finances.

For every Chris McCalister/Evander Holyfield/Latrtell Spreewell, there is a Lenny Dykstra/Jack Clark/John Daly.

I realize that, but since you steered this comment down the racial path, let's take a further look. I would venture that a larger percentage of black athletes go broke than white ones. The reason is, blacks statistically are coming from poorer upbringings, with many growing up feeling that playing pro sports is their only ticket out. People who have always been poor don't know how to deal with money, and that isn't a race thing at all. Lottery winners end up going broke all the time. I am not attempting to insult anyone or even excuse athletes going broke, but dealing with money is tough, and giving someone who doesn't know how to do so is dangerous. When people who have had to scrounge to get by their whole lives get millions of dollars thrown at them, they buy 100 cars and say things like, ", I want a solid gold toilet."

I was thinking about this yesterday. If I won the lottery (and I don't play it unless the whole office gets in above $200 mil), I would buy a new car, pay off my house, pay off student loans and live a "comfortable" life while saving lots of money. Of course, it is easy to say that now. If I had $10 mil I might just decide to take a private jet to the Super Bowl to watch from my own personal skybox.

[DG_ThenNowForever]

I'd hardly consider that a "hard luck" story...

Correct, it is not hard luck.

So before many make their racial statements, even Mark Brunell filed Chapter 11

At least from that article, Brunell was one of the unfortunate people who got screwed by the housing bubble and investing in real estate he wasn't equipped to hold onto. That isn't exactly Antoine Walker territory. Although pretty much all big athletes who blow their money fall victim to failed business ventures, I imagine Brunell was more involved here (due to the amount lost) than the guy who writes a check for $20 mil for somone to start a record label or restaurant chain. I mean, maybe Brunell did have a different semitruck for each day of the week, but it doesn't seem like it from the article.

If Brunell invested in real estate during the 2000s, be was part of the housing bubble and certainly not a victim of it. I would actually say that investing in a restaurant or clothing line has far more public value than does real estate investment (defined however it was Brunell did it). At least clothes and food have the potential to create sustainable living wage jobs for others. As we saw with the bubble, any gains or jobs from real estate and development are short term and can't last forever.

[TheOldRoman]

I'd hardly consider that a "hard luck" story...

Correct, it is not hard luck.

So before many make their racial statements, even Mark Brunell filed Chapter 11

At least from that article, Brunell was one of the unfortunate people who got screwed by the housing bubble and investing in real estate he wasn't equipped to hold onto. That isn't exactly Antoine Walker territory. Although pretty much all big athletes who blow their money fall victim to failed business ventures, I imagine Brunell was more involved here (due to the amount lost) than the guy who writes a check for $20 mil for somone to start a record label or restaurant chain. I mean, maybe Brunell did have a different semitruck for each day of the week, but it doesn't seem like it from the article.

If Brunell invested in real estate during the 2000s, be was part of the housing bubble and certainly not a victim of it. I would actually say that investing in a restaurant or clothing line has far more public value than does real estate investment (defined however it was Brunell did it). At least clothes and food have the potential to create sustainable living wage jobs for others. As we saw with the bubble, any gains or jobs from real estate and development are short term and can't last forever.

I agree with your points. I was merely speaking about the level of involvement. Any athlete with lots of money has countless friends, family members, people they went to school with come up to them asking for money to open a home remodeling service or whatever random business it is, while promising massive returns. Generally, the athlete wouldn't be as involved in thoses cases, only to find out later that the business partner didn't put up their portion to begin with and took off leaving them the debt. Greatland had a story about Ric Flair last week which mentioned many of the times he has been made the fool on business ventures. As for massive real estate losses (if that's really all he lost on), I would imagine he would have been move involved with the process by the nature of it.

[DG_ThenNowForever]

Yeah... That Ric Flair story was super depressing. Also depressing is that in contrast to broke NFL players, broke wrestlers can continue their "sport" well into their 50s (and Flair might go longer), never compelling them to actually have to learn new skills.

But year, Flair's mess is way beyond overspending NFL players. That guy is almost better off dead at this point.