Six weeks ago, ESPN aired a “30 for 30″ documentary titled Broke, which outlined the financial rise and fall of many professional athletes.
Despite earning millions and millions of dollars playing the game they loved, superstars have thrown it all away.
The infographic below, courtesy of AccountingDegree.com, analyzes how some NFL players in particular have declared bankruptcy and essentially, have ended up going broke.
From bad investments to over-spending, NFL superstars who once felt like they were on top of the world were now broke.
Some Fast Facts Regarding NFL Players Going Broke
- For most NFL players, a career lasts either 6 or 7 years.
- Within 2 years of retiring, 3 in 4 NFL players are under financial stress or bankrupt.
- Some players that have gone broke during or after an NFL career? Terrell Owens, Michael Vick, and Lawrence Taylor.
- Examples of bad investments made by players include acquiring real estate as well as investing in car dealerships.
- Lessons learned from NFL players declaring bankruptcy: (1) just because you have money, doesn’t mean you need to spend it and (2) check and double check all investments.