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View Full Version : Money 80% of former nfl players have money problems


macdawg
08-26-2009, 02:20 AM
8 out of 10 nfl players are either bankrupt or broke within 2 years of leaving the league, men who have made a minimum of 400k per year.

Spraying bottles of Crystal in the clubs, bottles of Dom, jewlery, fur coats, you name it.

http://www.youtube.com/watch?v=9fkHrCoGG6Q

JuicesFlowing
08-26-2009, 02:37 AM
80%? Wow. That's pretty sad.

Swazey
08-26-2009, 02:48 AM
I'll never get it... the less you spend, the richer you'll be. Earth to retards.

TrickyNicky
08-26-2009, 02:53 AM
If any NFL player wants to pay me 60k a year to tell them not to buy stupid shit and to save their money, i will gladly do it.

That clip is hilarious though

Skip Towne
08-26-2009, 05:08 AM
Unbelievable

Reerun_KC
08-26-2009, 05:11 AM
Not really all that surprising.... Considering the education, excuse me, the lack of basic education alot of these guys have. Look at most of them come from broken homes with little to no income. They have tons of people leaching off of them.

So this is no surprise at all. The ones that are rich are the agents that promote these guys...

PhillyChiefFan
08-26-2009, 05:26 AM
They make 15 times what most americans make a year, and they can't save anything? Pay me league minimum for 5 years and I'd be living a pretty good life for the rest of it.

JuicesFlowing
08-26-2009, 05:28 AM
Not really all that surprising.... Considering the education, excuse me, the lack of basic education alot of these guys have. Look at most of them come from broken homes with little to no income. They have tons of people leaching off of them.

So this is no surprise at all. The ones that are rich are the agents that promote these guys...

That's true. The NFL has recently started programs to teach these guys how to be financially responsible. They probably should have started this years ago.

LaChapelle
08-26-2009, 05:28 AM
I'm a player!

Reerun_KC
08-26-2009, 05:34 AM
That's true. The NFL has recently started programs to teach these guys how to be financially responsible. They probably should have started this years ago.

But the still cant control the spending or forcing them to save...

I read and article about a Dallas Cowboy LB a while back. His wife was an RN.

They had it all, millions, but he spent all of it to maintain his lifestyle and families lifestyle... Now his Health insurance is 3K a month, his NFL pension isnt enough to cover it, on top of that everyone he supported is no where to be found..

Funny how all these people are your friends when you have $$$$, but when its gone, so are your friends...

His life was like a rap video....

beach tribe
08-26-2009, 06:06 AM
Not really surprised.

Deberg_1990
08-26-2009, 06:08 AM
Does congress need a bail out program for Ex-NFLplayers?

InChiefsHell
08-26-2009, 06:11 AM
I remember a story a few years ago about lottery winners, some large percentage of them end up filing bankruptcy within like 5 years of winning...some people are just stupid with money.

As far as these guys, they live a lifestyle that they just can't stop living once out of football, and when you are not replenishing your money, it just gets burned through.

But damn, 80%?? That's pretty astronomical...

LaChapelle
08-26-2009, 06:16 AM
Without going to the link. The average length of a player's career is around 3 years. The dedication to football to get to that level, leaves little room for anything else.

Bugeater
08-26-2009, 06:27 AM
That's because 80% of NFL players are friggin' dumbasses.

munkey
08-26-2009, 06:52 AM
That's because 80% of NFL players are friggin' dumbasses.

The other 20% would be offensive lineman and QB's I suppose ;-)

Mile High Mania
08-26-2009, 06:56 AM
I didn't listen to the whole thing or read the article...

Are they counting guys that played 2-4 years, making the minimum? I'm not really surprised... are they saying $400k before or after taxes?

Lots of factors here to consider.

rockymtnchief
08-26-2009, 07:09 AM
First off, buy a sensible home. Not the Taj Majal! Second, 1-3 cars is enough. Third, forget the bling. Fourth, the bank has an account that is called SAVINGS! And finally, most of your college is finished. Get your degree and get a J-O-B.

loochy
08-26-2009, 07:35 AM
Not really all that surprising.... Considering the education, excuse me, the lack of basic education alot of these guys have. Look at most of them come from broken homes with little to no income. They have tons of people leaching off of them.

So they should be used to living a meager lifestyle, right? Wouldn't coming from that kind of background spur hoarding of money, not getting rid of it?

JASONSAUTO
08-26-2009, 07:37 AM
So they should be used to living a meager lifestyle, right? Wouldn't coming from that kind of background spur hoarding of money, not getting rid of it?

huh? when you grow up with nothing and suddenly have major money most splurge

oldandslow
08-26-2009, 07:42 AM
I would bet a zillion dollars the same stat is not true for MLB players....

Gene Upshaw was bad for the players. My guess is the next contract will not be as "owner friendly."

JuicesFlowing
08-26-2009, 07:43 AM
Okay, I just watched the entire video. He spends 5 minutes talking about pro athletes, without providing so much as a single answer as to why they go broke. Then he spends the last 4 minutes almost in a yelling tone of voice saying that these athletes are just like YOU and ME. That WE spend our lives working hard and end up with nothing because of credit cards and debt. It was a pretty stupid diatribe.

jidar
08-26-2009, 07:46 AM
I would bet a zillion dollars the same stat is not true for MLB players....

Gene Upshaw was bad for the players. My guess is the next contract will not be as "owner friendly."

Uh... this isn't a story about NFL players not getting paid enough. This is a story about how when you give poor people money they spend it like idiots and then are poor again. It doesn't really have much to do with the NFL, this also happens with lottery winners for example.

Bwana
08-26-2009, 07:48 AM
That's because 80% of NFL players are friggin' dumbasses.

Boils it down into a few no BS words and dead on the money........no pun intended.

Fat Elvis
08-26-2009, 07:51 AM
I believe it completely. I used to work in a group home for people with developmental disabilities in Lawrence. Around 2000, one of the overnight staff, making probably $9.00/hour was Charlie Joiner. It was a very weird situation. Here was a Hall of Fame WR making a fraction of what I made, and working what can be best described as a pretty humbling job. I knew who he was, but I never brought it up because you really didn't want to point out the fact of how far he he was from the hieght of his career. Really nice guy and a good worker. Several months later he joined the Chiefs coaching staff. I really have a lot of respect for that man.

oldandslow
08-26-2009, 07:58 AM
Uh... this isn't a story about NFL players not getting paid enough. This is a story about how when you give poor people money they spend it like idiots and then are poor again. It doesn't really have much to do with the NFL, this also happens with lottery winners for example.

Not as often as you think. Studies about lottery winners find that perhaps 30% have money problems after they win (and these are folks who win smaller amounts), but most major lottery winners do just fine.

A two year NFL player is definately NOT set for life in today's inflationary world.

Everything you ever wanted to know about lottery winners....


Winning $15,000 a year for 20 years - no major effect on your life

Winning $80,000 a year for 20 years - would affect your labor force
participation, automobile expenditures, the value of the home you own,
and your savings.

How much would your life change if you won a substantial lottery
prize?

According to a recent study by Guido W. Imbens, Donald B. Rubin, and
Bruce Sacerdote:

“Winning $15,000 a year for 20 years would not have a major effect on
your life. However, if you instead won $80,000 a year for 20 years, it
would affect your labor force participation, automobile expenditures,
the value of the home you own, and your savings.

(..)

“A prize of $15,000 a year had little effect on the labor supply of
the winners. However, they also found that winning $80,000 rather than
$15,000 reduced labor supply significantly. Additionally, estimates by
Imbens, Rubin, and Sacerdote indicated that, in this case, car values
rose (by at least $5,500 on average), home values increased (by
$30,000 on average), and savings went up (especially in the form of
bonds and mutual funds).”

Source: Bureau of Labor Statistics
http://www.bls.gov/opub/mlr/1999/07/precis.htm


Evidence from the Survey of Lottery Players by Guido W. Imbens,
Donald B. Rubin, and Bruce I. Sacerdote indicates:

“We find that unearned income reduces labor earnings, with a marginal
propensity to consume leisure of approximately 11 percent, with larger
effects for individuals between 55 and 65 years old. After receiving
about half their prize, individuals saved about 16 percent.”

Source: American Economic review
http://www.aeaweb.org/aer/contents/sept2001.html#2


*****************


Camelot Group Plc, operator of The UK National Lottery, has released
the first ever major survey of National Lottery winners to discover
what effect the lottery really has on happiness, lifestyles and
relationships.

The survey gives a uniquely historic insight into the lives of Lottery
winners over the last five years. I have summarized the article.

55% - are happier after winning
43% - no affect on happiness
2% - are less happy

“The happiness of the winner is not affected by the size of his or her
win.”

Of the 55% of winners who are happier:
65% - claimed the reasons are improved financial security and fewer
worries
23% - say they can buy what they want and that life is a lot easier.

There are no negative effects on family life or friendships:

95% - remained married after winning
100% - who were living with a partner prior to their win (but not
married), are still in the same relationship (whether now married or
not)

Increased happiness of winners’ families is dependent on the size of
their relative’s win.

58% of winners of 250k or more state that their family is happier.
37% of winners of 250k or less state that their family is happier.

The main reason for improved family happiness is increased financial
security (34%).

83% - have given some of their winnings to their family.

Of these:
66% - have given money to their siblings
57% - have given money to their children
51% - have given money to their parents.

“The findings also indicate that the larger the win, the more likely
that the winner’s family will ask for money.”

17% - of families asked for winnings from winners of 50k- 250k,
29% - of families asked for winnings from winners of 2m+.

=======
Friends
=======

90% of winners who already had a best friend before winning are still
best friends with the same person.

Generosity:
Men give money to three friends.
Women give money to one friend.


==========
Lifestyles
==========

The lifestyles of many Lottery winners have changed significantly.

40% increased contributions to charity.
19% of winners went on holiday abroad for the first time.
12% of winners have still not been abroad.
7% of winners say a caravan is one of their major purchases.
<40% of winners have moved since their win.


Of those who have moved:
75% now live in detached houses.

“Most of those who have moved have not moved far – an average of nine
miles.”

26% of winners of large amounts often own more than one home and
25% of those own a property abroad.

10% of winners have switched to private medical care.
1% has had plastic surgery.
3% have moved their children from state schools to private schools.

84% of winners have not taken up any new hobbies since their win.
12% of winners have joined health clubs.
32% of all winners state they have gained weight since their win.
14% lost weight.

44% of their winnings were spent after 5 years


====================
Food Shopping Habits
====================

37% of winners still buy supermarket own brands, regardless of the
size of the win.
4% claim to have switched from buying supermarket brands to individual
brands.


====
Work
====

48% of winners who were in regular work before their win are
still in the same job.
27% of winners of elevated amounts are still in the same job.
56% of winners of more than 1m have given up work.
15% have started a new job since their win.
45% of those have started their own business.


“Winning the Lottery appears to have very little impact on the
winners’ perception of their social class or their political
persuasion.”

52% of winners of 2m+ consider themselves to be working class,
compared with 60% before their win.

88% of lottery winners still participate in the lottery every week.
2% have stopped playing altogether.

Source: Nettime
http://amsterdam.nettime.org/Lists-Archives/nettime-l-9912/msg00037.html


*****************


Study by Dr. H. Roy Kaplan:

Winning the lottery had little adverse impact on the work habits.

“A study of lottery winners by Dr. H. Roy Kaplan of the Florida
Institute of Technology revealed that winning the lottery had little
adverse impact on the work habits of lottery winners. A recent study
of 39 lottery winners from Roby, Texas supported Dr. Kaplan’s
findings.”
Source: The Institute for Socioeconomic Studies
http://www.socioeconomic.org/Tax_Rebate_/tax_rebate_.HTM


According to Dr. H. Roy Kaplan author of several books on lottery
winners, “winning the lottery doesn't change people's lives as much as
is imagined.

(..)

“You can catapult people from one economic status to another
overnight, but a lifetime of beliefs and experiences change more
slowly.

People who were outgoing and gregarious before winning took it in
stride," Kaplan said. "People who were shy and withdrawn before
winning became suspicious and paranoid.

Most lottery winners keep their jobs, but find their relationship with
co-workers changed. Most are inundated with requests for money, both
from friends and strangers.

Money doesn't change a person's level of happiness, said Kennon
Sheldon, a psychologist at the University of Missouri at Columbia. "We
consistently find that people who say money is most important to them
are (the unhappiest)," Sheldon said.”

Source: Gaming magazine
http://www.gamingmagazine.com/managearticle.asp?c=220&a=1156


*****************


“42% percent of Americans would keep their current job even if they
won at least $10 million in the lottery, said Nancy Bunn, spokeswoman
for Burke Incorporated of Cincinnati, the contractor that conducted
the survey. The percentage of would-be lottery winners that would keep
their jobs was even higher among respondents older than 45.”
Source: ABC News
http://abcnews.go.com/sections/living/DailyNews/happiness010211.html


*****************

Nearly one-third of lottery winners become bankrupt.

“The CFP Board made an offer to the National Association of State and
Provincial Lotteries to provide the organization's members with
information to distribute to winners. The Investment News article
highlighted the lack of financial guidance many winners receive from
state lottery agencies; estimates show that nearly one-third of
lottery winners become bankrupt.”
Source: Certified Financial Planner Board of Standards, Inc
http://www.cfp-board.org/bulletin.html


*****************

Wealth brings unhappiness.

“A new study by American psychologists has found that cash and
popularity do not bring nirvana. Experts say that excessive wealth,
particularly for people unaccustomed to it, such as lottery winners,
can actually cause unhappiness.

(..)

There is evidence that there are very wealthy people who are very
unhappy, particularly people who were not born to wealth like lottery
winners.”
Source: BBC News
http://news.bbc.co.uk/1/hi/health/1162153.stm


*****************

An interesting study by Brickman, Coates, and Janoff-Bulman:

“The researchers studied both lottery winners and individuals that
sustained a physical injury, to determine if winning the lottery made
them happier or if sustaining an injury made them less happy. What
they found was that immediately after either event, levels of
happiness were higher (lottery winners), or lower (physically
injured), and that after eight weeks or less, people returned to the
level of happiness they had before the event. This research suggests
that we adapt to these situations very quickly, and often return to
the degree of happiness we had before such an event.”
Source: University of California Regents
http://ucsfhr.ucsf.edu/hrupdate/update200202.htm


*****************

A San Francisco Chronicle article titled “Big lottery winners know a
lot about what not to do” states:

“The newly wealthy spend most of their first $1 million on travel”

“Research shows that a significant number of lottery winners lose
their winnings within five years, said Stephen Goldbart, a
psychologist and co- director of the Money, Meaning and Choices
Institute in Kentfield, which advices people who come into financial
windfalls.”

"We've seen people who had decent marriages who came into money and it
destroyed the marriage. Bringing a huge amount of money into the scene
is a life-changing event," Goldbart said.”

“A hermit drank himself to death just two years after winning $2.57
million (1.8 million pounds) in the lottery.”

“Tom Grey, spokesman for the National Coalition against Legalized
Gambling, said Virginia state lottery officials found in 1999 that of
300 millionaire winners, as many as 60 eventually encountered
financial problems.”

Source: San Francisco Chronicle article 2002
http://www.geocities.com/ccd4664/BigLottoryWinners.htm


*****************

“Researchers have identified many elements that people report wanting
that don't really bring lasting happiness once obtained. For instance,
there are interesting data on the clinical depression of megabuck
lottery winners, or that the reported happiness of the rich is not
significantly higher than the average person's. Apparently, large
amounts of wealth, fame, power, sex, and prestige do not bring
above-average happiness over time.”

Aaccording to ABC's John Stossel, "Studies of lottery winners found
that within a year, most say that they are no happier than they were
before they won."
http://www.geocities.com/Athens/Pantheon/8320/HAPPNSS.htm

RJ
08-26-2009, 08:06 AM
Probably a lot of that 80% continue blowing their money after the pay checks stop because they're sure they'll be getting another big contract real soon. A guy who has been a premier athlete all his life would have a hard time recognizing that he's reached a point where he's not good enough or too old to continue playing.

Sofa King
08-26-2009, 08:20 AM
1/3rd of all lottery winners becomes bankrupt? then how the hell were the %'s so damn high for happiness????? why are 55% happier and 43% don't care..... while only 2% (less than 1/3rd of all winners by far) are less happy???

so people stopped caring they are bankrupt? maybe the poll was given before the people went bankrupt??




i also thought it was funny that guys give money to 3 friends, girls only give it to 1 friend.. ahaha

DRU
08-26-2009, 09:42 AM
I don't think I've ever heard Dave Ramsey give one quality piece of financial advise. In fact, I don't think I ever him give any advise at all. He just carries on and on about nothing like he did in this clip or he says something like "now you just pray and don't let this financial hardship tear you away from your family."

Has anybody else ever heard him actually say anything about a tip, trick, types of accounts to use for savings, whether or not debt. programs actually work, which ones are best, etc..?? I actually tune in every once in awhile when I see him on TV just to see if he says anything worth-while and I've never gotten a single bit of financial advise out of the guy. I don't get it.

Phobia
08-26-2009, 10:40 AM
I don't think I've ever heard Dave Ramsey give one quality piece of financial advise. In fact, I don't think I ever him give any advise at all. He just carries on and on about nothing like he did in this clip or he says something like "now you just pray and don't let this financial hardship tear you away from your family."

Has anybody else ever heard him actually say anything about a tip, trick, types of accounts to use for savings, whether or not debt. programs actually work, which ones are best, etc..?? I actually tune in every once in awhile when I see him on TV just to see if he says anything worth-while and I've never gotten a single bit of financial advise out of the guy. I don't get it.

Wow.

Sandyskc
08-26-2009, 10:45 AM
I don't think I've ever heard Dave Ramsey give one quality piece of financial advise. In fact, I don't think I ever him give any advise at all. He just carries on and on about nothing like he did in this clip or he says something like "now you just pray and don't let this financial hardship tear you away from your family."

Has anybody else ever heard him actually say anything about a tip, trick, types of accounts to use for savings, whether or not debt. programs actually work, which ones are best, etc..?? I actually tune in every once in awhile when I see him on TV just to see if he says anything worth-while and I've never gotten a single bit of financial advise out of the guy. I don't get it.

Yes, look at his books or take a class. You really can't judge the value by tuning in for a couple of minutes.

macdawg
08-26-2009, 11:07 AM
Dave teaches mostly out of principle based on what he calls his baby steps which are goes in the following order.

-$1,000 to start an Emergency Fund
-Pay off all debt using the Debt Snowball
-3 to 6 months of expenses in savings
-Invest 15% of household income into Roth IRAs and pre-tax retirement
-College funding for children
-Pay off home early
-Build wealth and give!
-Invest in mutual funds and real estate

Dave has written articles, books, and has a TV show where he can rationalize why and why this order. The guy sells common sense for a living and he is the first to admit it. His book explains the baby steps and why's and has useful charts also some interesting tidbits about investing. More of a motivational/principle based type of thing than very educational.

He has tons of stuff about what kind of accounts to use for savings (mostly good growth stock mutual funds), debt programs are scams you can negotiate lowering debt yourself debt programs will extend the length of your debt these are businesses not people lowering your debt out of the kindness of their heart they exist to make money like anyone else.

Sure-Oz
08-26-2009, 11:08 AM
LJ will be part of this statistic when he retires

MahiMike
08-26-2009, 11:09 AM
50% of the players would be in jail if not for the NFL. These guys aren't athletes as much as lottery winners.

Basileus777
08-26-2009, 11:12 AM
It's not just NFL players, most professional athletes live paycheck to paycheck. It's why the owners have the edge in a lock-out situation.

Iowanian
08-26-2009, 11:28 AM
I guess more of them should have actually attended some classes at college and paid attention to at the Rookie Symposium.


I don't feel sorry for a single one of them.

I think given 2-3 years of League Minimum, I could set my family up fairly well for life.

CoMoChief
08-26-2009, 11:33 AM
Think this could be race related?

Demonpenz
08-26-2009, 01:05 PM
from the time everyone learns you can ball people basicly suck your dick pass you through class give gifts the lights shut out eventually

Valiant
08-26-2009, 01:09 PM
Uh... this isn't a story about NFL players not getting paid enough. This is a story about how when you give poor people money they spend it like idiots and then are poor again. It doesn't really have much to do with the NFL, this also happens with lottery winners for example.

And what if they get paid more?? They would still be broke afterwords..

KCChiefsMan
08-26-2009, 01:39 PM
lol, people in the spotlight think that they have to show off too much. If I ever win the lottery, I wouldn't go buy a mansion, I'd buy a regular ass house and live more than comfortably for the remainder.

DaneMcCloud
08-26-2009, 01:41 PM
60% of the time, Dane McCloud is angry all the time.

(or so I've been told).

:D

cardken
08-26-2009, 01:45 PM
Hey, quick cruise of the internet says, 60% of the NFL is African American, just sayin. You never heard of Elway, Montana, or Marino, having money problems and made far less the guys nowadays.

seclark
08-26-2009, 01:47 PM
Hey, quick cruise of the internet says, 60% of the NFL is African American, just sayin. You never heard of Elway, Montana, or Marino, having money problems and made far less the guys nowadays.

maybe they all didn't get jobs pimping underwear, diet foods and horse dentures after they retired.
sec

rockymtnchief
08-26-2009, 01:49 PM
Hey, quick cruise of the internet says, 60% of the NFL is African American, just sayin. You never heard of Elway, Montana, or Marino, having money problems and made far less the guys nowadays.

Mike Webster?

ChiefaRoo
08-26-2009, 02:05 PM
This just in 80% of all Americans have little to no net worth.

googlegoogle
08-27-2009, 02:41 PM
LJ

Halfcan
08-27-2009, 02:47 PM
They make 15 times what most americans make a year, and they can't save anything? Pay me league minimum for 5 years and I'd be living a pretty good life for the rest of it.

look at how much Haynesworth has spent already.

he will be broke before he gets out of the nfl

El Chapo
08-27-2009, 03:32 PM
If I were in their shoes, I couldn't say I would do things differently. Why not live it up when you are young and rich?

Most of these players have three years of college under their belt. Plus, they have made business contacts and expanded their network simply because they are popular and people want to be their friends.

If these guys go broke, it's hardly the end of the world for them.