I ran across an interesting statistic. According to Sports Illustrated, approximately two years after retirement, the percent of NFL players bankrupt or financially stressed is a whopping 78 percent. This means more than 3/4 of players either can’t manage their money, or have people “in their corner” who choose not to manage their money well.
Then there are always those people who didn’t have much money early in life, then come across a small fortune, and go a bit wild when they do.
But going on a wild shopping spree and filing for bankruptcy are two different things. So what is contributing to this astounding statistic? Excessive spending, poor investments, child support and over-the-top generosity are all to blame.
For some top NFL players, in particular, their excessive wealth became way too much to handle, resulting in losses that were just as significant as their financial gains.
Here are some examples: Dan Marino, Vince Young (just recently) and Luther Elliss
Special Notation on Travis Henry – Henry’s situation was unique – he reportedly has nine children with nine different mothers — some of whom were born within months of one another. But it seems that Henry’s child support disputes are sending him to the poor house and landed him in jail at times. Young has also spent at times $5,000 per week at Cheesecake Factory and did $600 shots of Remy Martin At Morton’s after games.
In contrast, Antonia Cromartie has not filed for bankruptcy – he has fathered 12 children with eight different women in six states. The Jets provided Cromartie with a $500,000 advance so he could make outstanding child support payments and keep out of jail.