When I woke up this morning, as I was still laying in bed, I turned on the TV and watch Real Sports With Bryant Gumbel. They had a story on ex-NFL players who have gone broke. They focused on two, Luther Elliss and Chidi Ahanotu , who both made millions of dollars and are now broke. It’s crazy to see this sort of thing. And, according to a Sports Illustrated report from 2009 By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
78%?!? That sounds insane. But I guess that’s the risk of giving young folks lots of money. They just don’t know how to handle it. This happens with people in all entertainment fields. Last year in an interview in Forbes Magazine Jay Z said that he thinks he’s been so financially successful is that he was 26 when he got into the music business, which is old for a rapper to be starting his career. But, being a little older, he wasn’t so blown away by the fame, and so when he started making money he immediately began saving and investing it. This is something more athlete’s need to learn.
And, hey, on the subject of being young and financially stupid, today’s Daily Post topic: If you could go back in time and have a 5 minute conversation with yourself ten years ago, what would you say?
That’s easy. I’d say DITCH THE FRAKKIN’ CREDIT CARDS, YOU MORON!!!!
Boy, that would have saved me a lot of headaches.