When you make $66 million over 9 years, you should be set for life and your generations of your family should also be set.
Unfortunately though way too many athletes end up broke after their playing career is over.
Here is a breakdown of what happened to Ex-NBA player Darius Miles lost his fortune.
Miles is 34 now. It’s been 16 years since the 6-foot-9 forward was drafted by the L.A. Clippers right out of East St. Louis High School.
But injuries, legal problems and bad investments have left Miles asking the court to allow him to sell off his assets to pay creditors. Miles listed $460,385 in assets and $1.57 million in liabilities.
Miles listed a $282,041 debt to the Internal Revenue Service. He also said that most of his debts aren’t consumer debts, but business debts. Miles owns a single-family home in Belleville with a value of $241,000. His car is a 2011 Chevrolet Camaro, valued at $20,000.
In addition to his Belleville home, he listed 12 other properties he owns, all in East St. Louis. He has a Deutsche Bank account with $49,000 and his son’s college fund with $84,900. He also listed ownership of various collectibles with unknown value, including trophies and signed jerseys, and jewelry.
Miles listed a $20,000 child support debt in his bankruptcy. He lost more than $100,000 in 2008 in a California real estate deal. Another real estate deal — with fellow investors former NFL Rams player Marshall Faulk and rapper Nelly — was mired in lawsuits over a Laclede’s Landing property. Newspaper stories wrote about Miles rewarding himself with diamond jewelry.
A sad story, but not an unusual story.
Just remember young athletes, your career is short and this money has to last, so pay very close attention to it.