I was getting my twitter on (http://www.twitter.com/BlkSportsOnline) when this was brought to my attention.
The story is from Businesspundit.com and it spotlights the 25 Richest Athletes that went broke. Some of the list is predictable with the likes Mike Tyson, Travis Henry & Evander Holyfield on it. Then there are some surprises like Bjorn Borg and Sheryl Swoops.
People a lot of times are shocked when they hear an athlete has blown through 5, 10, 100 million dollars. I am never surprised and I am going to explain to you why.
Right now I have $8 in my pocket. If my homie was like "Rob I need $7" I would give it to him and I will be down to $1, but I know I got $20 coming back so I don't trip off it.
If you have a lot of money you have $8000 in your pocket and your "homies" (it is plural on purpose) ask for $7500 you give it to them knowing you getting $20,000 coming back so you don't trip.
The problem for these rich athletes is at some point that extra 20gs stop coming, but you have already spent all you available money because you are so use to money coming in.
A lot of times these athletes overspend just assuming the money will always be there, but it won't and that is why they end up on a list like this.
It is a good read check it out and tell them BlackSportsOnline sent you:
A fool and his money will soon part
Its always a recipe for personal failure :
young money + drugs&alcohol addiction + poor financial planning = broke.
And the worst part is there will be more atheletes to come along and out-do all the people on that list.
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