It’s easy to let debt get out of hand. The bottom line is that some folks have difficulty with money. It’s tempting to buy beautiful things but bills come first. That’s how many top athletes get into financial trouble. Here’s a look at some of their stories.
Experts say pro athletes are notorious for being bad with money. Indeed, 78 percent of NFL players go broke or get into financial trouble. There are always alternatives to bankruptcy. Get a handle on debt by speaking to a counselor like those at National Debt Relief. Debt consolidation may be the answer. It’s difficult for pro athletes to forego living a lavish lifestyle. That lifestyle includes multiple large homes, fancy cars, private planes and more.
Holyfield was one of the best boxers in the history of the sport. He was attracted to beautiful women and a fabulous lifestyle. It wasn’t long before he was ordered to pay child support for several children. Pro athletes make a lot of money so their child support payments are large. Athletes run into trouble when they’re no longer making the big bucks. Holyfield couldn’t continue his lifestyle and got behind on child support payments. He was forced to sell his lavish Georgia estate before it was foreclosed. Holyfield filed bankruptcy and sold most of his assets.
At one time, Michael Vick was the highest-paid player in the NFL. Vick was the quarterback for the Atlanta Falcons. However, he was living a secret life. Vick was participating in an illegal interstate dog-fighting ring and was sentenced to a federal prison term. He lost his Falcons’ job and endorsements with Nike and others. Vick filed bankruptcy from prison.
Dorothy Hamil was an Olympic gold medalist and an icon. Dorothy’s haircut was so popular it was named for her. Dorothy headlined the popular Ice Capade’s tour for many years. However, there was trouble in her personal life. She suffered from depression, fought breast cancer and went through a messy divorce. She spent lots of money on medical treatment and a long custody battle. She filed for bankruptcy in 1991.
Tyson is an unforgettable heavyweight champion. Do you remember when he bit Evander Holyfield’s ear during a match? Tyson was undone by a love of the high life and beautiful women. He made a fortune and spent it all. Tyson had five children from his relationships and battled drugs and alcohol. He also served time in prison for sexual assault.
Warren Sapp was one of the great football players. He made over $80-million during his career. Sapp had less than $1,000 when he filed bankruptcy. His $4.1 million dollar home was auctioned off along with its contents. The contents included a very expensive tennis shoe collection and a lion-skin rug.
Sprinter Marion Jones earned over a million dollars a year in endorsements. Further, she received almost $100,000 per race. Jones was the first woman to win five Olympic medals in track and field. Jones was stripped of her medals after admitting she used performance-enhancing drugs. Jones’ boyfriend got the couple involved in a check-cashing scheme to maintain their lifestyle. Jones and her boyfriend spent time in prison. She declared bankruptcy in 2007.
Athletes make a lot of money in a very short period of time. It’s difficult to resist the temptation of a lavish lifestyle. However, it makes more sense to hire a good financial advisor and avoid bankruptcy.