Former Steelers Great Dermontti Dawson: “I am 70 Million Dollars in Debt” – BlackSportsOnline
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Former Steelers Great Dermontti Dawson: “I am 70 Million Dollars in Debt”

It seems the only way for Dawson to get out of debt is to marry and then divorce Tiger Woods. has some interesting details about the former Steelers great and his bankruptcy proceedings:

Dermontti Dawson, longtime center for the Pittsburgh Steelers, filed for bankruptcy this week with liabilities of nearly $70 million.

His debts are primarily business related, reports Jennifer Hewlett of the Lexington Herald-Leader.

“Unfortunately, my personal guaranty exposure on the debts of numerous real estate interests has led to the Chapter 7 filing,” Dawson said on Thursday. “I certainly wish things had turned out differently and look forward to continuing my contributions to this community.”

On his bankruptcy filing, Dawson listed his monthly income as $17,972 with his monthly expenses totaling $19,635.

Among the assets listed, Dawson has a $4,250 Rolex watch, a $2,650 golf cart and a $10 interest in a mixed breed dog that belongs to his daughter.

I know he didn’t include his daughter’s dog as an asset?

At least he still has the Rolex, you know how the ladies like the bling bling even if you are retired.

Granted, I am a little older now and when I was young I wasn’t always smart with my money, but I have some advice to young athletes.

Instead of investing your money in high risk real estate ventures or your boys’ restaurant/strip club idea, do this:

Have 15-25% of your check deposited in a low risk, high interest savings account or mutual fund and never touch it.  I would put it in an account that is hard to access or that you have to travel 10,000 miles to in order to even make a withdrawal.

If you are lucky enough to have a long enough career you will have a little nest egg waiting at the end — and you won’t end up like Mark Brunell.