Athletes and Money Issues: Mo Money Mo Problems

Athletes and Money Issues: Mo Money Mo Problems

We all hear about the stories concerning athletes blowing money over bad investments, managing issues, etc. Over the last couple of years it seems the problem is becoming more realistic with star athletes blowing amounts of money that the average American would ever see in three lifetimes. Stories about financial issues include former NBA forward Antoine Walker, MLB ex-player Lenny Dykstra, Terrell Owens, and others.

Former NBA all-star Antoine Walker made more than $110 million while he was in the league. Most of us would say how does someone that signs a contract for that much become broke in a small amount of time? Walker began a gambling habit which involved him losing money to teammates during their flights. According to some reports, he was supporting around 70 people during his career. Walker had every luxury vehicle you can name. As of last year, Walker was playing basketball oversees to try to make ends meet.

Lenny Dykstra, a former baseball player that played most of his career with the Philadelphia Phillies made millions away from the game. He was one of those rear athletes that increased his income when he left the game of baseball after opening a chain of car washes and Jet Charter Company. Then after bad investments and bad money management, Dykstra went bankrupt and got himself in legal trouble. He was charged with grand theft auto and is awaiting sentencing.

Terrell Owens a future hall of famer has gone through millions throughout his career. Reports say that Owens has made around $80 million. From bad investments, owning $40,000 in child support, and trusting others that are not trustworthy with his money, Owens finds himself needing to find work. It’s the same sad story as the other two athletes named above.

The common theme to these stories is that it doesn’t matter what sport or how much money you make, you have to be extra careful about financial issues. Athletes feel that they have to live up to the standard of “ballin”. Instead of taking care of business and worrying about their future, some athletes feel that they have to take care of everybody. When people make it, their cousins that they only meet once all of a sudden need help and a “loan”. With all of these issues becoming more public, you have to wonder why some of these boxers are still fighting past their prime. Also why is players like Allen Iverson and Randy Moss trying to come back and play after being away for a year. It could be because they miss the game or it could be the money. I just hope that younger athletes can learn from these lessons and go their empire instead of destroying it.

What do you think about athletes losing their riches?

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