Football By the time they have been retired for two years, 78% of former NFL players have gone

**RNR** · 09-20-2009, 09:51 AM

http://sports.yahoo.com/nfl/blog/shu...urn=nfl,190555
http://sportsillustrated.cnn.com/vau...64/1/index.htm

Why do so many NFL players go bankrupt?
By Chris Chase

Within two years of retirement, 78 percent of NFL players are bankrupt or in severe financial distress. Unlike Rocket Ismail, most of those players can't blame it on the negative karma associated with getting a bear hug from Michael Irvin.

How is this possible? The minimum salary for rookies in 2009 is $310,000. That jumps to $460,000 for two year veterans. How can men who earn so much have so little after retirement?

The Business Insider looked at that question today and listed 10 ways that sports stars destroy their finances.

Most of the reasons fall under the umbrella of one of the ways, "Act Dumb". (These include "Do Drugs", "Fight Dogs" and "Have Too Many Children". Two outta three ain't bad, Michael Vick(notes).)

Other paths to financial ruin like "Put Money in a Ponzi Scheme" or "Invest Too Much In Real Estate" can be more about bad luck than anything, but never underestimate the power of habitually poor judgment. (Or stupidity. Tomato/Tomahto.) Case in point, here's a blurb from the "Making Bad Investments" entry:

Rocket Ismail also squandered a fortune funding an inspirational movie; the music label COZ Records; a cosmetics procedure whereby oxygen was absorbed into the skin; a plan to create nationwide phone-card dispensers; a Rock N' Roll Café, a theme restaurant in New England; and recently, three shops dubbed It's in the Name, where tourists could buy framed calligraphy of names or proverbs of their choice.

That sounds like the business plan of Kramerica Industries. Any one (or two) of those things by themselves would qualify as bad investments. Put them all together and you can understand how Ismail blew through $20 million in salary. (Of the calligraphy store, Ismail says its failure can be blamed on Hurricane Katrina. The cosmetics procedure: "sharks in the beauty industry". The Rock N' Roll Cafe: It being a Rock N' Roll Cafe.)

Ismail's case is more the exception than the rule though. The 78 percent number is buoyed by the fact that the average NFL career lasts just three years. So, figure a player gets drafted in 2009, signs for the minimum and lasts three years in the league: He will have earned about $1.2 million in salary. Factor in taxes, cost of living and the misguided belief that there will be more years and bigger paydays down the road, and it becomes a lot easier to see how so many players struggle with money after their careers end. Nobody plans on playing just three years in the NFL, you know?

**Buck** · 09-20-2009, 09:56 AM

Rocket Ismail is a dumbass.

Why didn't he get a real financial adviser if he wanted to invest his money wisely?

**Rain Man** · 09-20-2009, 10:06 AM

Wow, I was just wondering the other day where I could buy some calligraphy. Looks like he was just a little too far ahead of the curve on the calligraphy craze.

**RNR** · 09-20-2009, 10:06 AM

Quote:

Originally Posted by BuckinKaeding

Rocket Ismail is a dumbass.

Why didn't he get a real financial adviser if he wanted to invest his money wisely?

It sounds like 78% of them are dumbasses

'Hamas' Jenkins · 09-20-2009, 10:08 AM

It's not just limited to the NFL. The Toronto Sun had a really good story about the number of NBA players who go broke shortly after they retire. It's a lower percentage, but NBA players make much, much more on average than NFL players.

Look at a guy like Antoine Walker. The dude made 9 figures in his NBA career, and two years after he's out of the game, he's being arrested for bouncing checks in Vegas.

JuicesFlowing · 09-20-2009, 10:09 AM

This isn't exactly a repost, but a similar thread was started several weeks ago.

JuicesFlowing · 09-20-2009, 10:13 AM

Quote:

Originally Posted by RedNeckRaider

That sounds like the business plan of Kramerica Industries.

ArrowheadHawk · 09-20-2009, 10:14 AM

Quote:

Originally Posted by JuicesFlowing

This isn't exactly a repost, but a similar thread was started several weeks ago.

Well shit I saw some football posts on here, maybee we shouldn't make any new threads about football.

**Bugeater** · 09-20-2009, 10:27 AM

Well in Ismail's case, it's a classic example of someone thinking they're smart just because they have money. A lot of athletes do that shit, they think because they're successful at one thing they can do anything.

**RNR** · 09-20-2009, 10:28 AM

Quote:

Originally Posted by JuicesFlowing

This isn't exactly a repost, but a similar thread was started several weeks ago.

I did not see that thread. I just saw this one on yahoo and was kind of shocked so I posted it.

**Bane** · 09-20-2009, 10:37 AM

Quote:

Originally Posted by RedNeckRaider

I did not see that thread. I just saw this one on yahoo and was kind of shocked so I posted it.

Good job.FUGG them if they dont want to look at it,tell them to hit the muthafuggn back button on their browser and shut their fuggn cum dumpsters!!!

JuicesFlowing · 09-20-2009, 10:38 AM

Quote:

Originally Posted by RedNeckRaider

I did not see that thread. I just saw this one on yahoo and was kind of shocked so I posted it.

I'm not blaming you, it was a different take. I'm NOT the repost police ... I was just adding a comment. Sorry ...

ArrowheadHawk · 09-20-2009, 10:39 AM

Quote:

Originally Posted by JuicesFlowing

I'm not blaming you, it was a different take. I'm NOT the repost police ... I was just adding a comment. Sorry ...

You kinda sounded like the repost police.

**RNR** · 09-20-2009, 10:39 AM

Quote:

Originally Posted by JuicesFlowing

I'm not blaming you, it was a different take. I'm NOT the repost police ... I was just adding a comment. Sorry ...

No biggie

JuicesFlowing · 09-20-2009, 10:40 AM

Quote:

Originally Posted by ArrowheadHawk

You kinda sounded like the repost police.

I apologized, and the repost police don't do that. Anyway ..............

09-20-2009, 09:51 AM
RNR America is great assholes~ Join Date: Sep 2001 Location: In some people's mind~ Casino cash: $10027990	By the time they have been retired for two years, 78% of former NFL players have gone http://sports.yahoo.com/nfl/blog/shu...urn=nfl,190555 http://sportsillustrated.cnn.com/vau...64/1/index.htm Why do so many NFL players go bankrupt? By Chris Chase Within two years of retirement, 78 percent of NFL players are bankrupt or in severe financial distress. Unlike Rocket Ismail, most of those players can't blame it on the negative karma associated with getting a bear hug from Michael Irvin. How is this possible? The minimum salary for rookies in 2009 is $310,000. That jumps to $460,000 for two year veterans. How can men who earn so much have so little after retirement? The Business Insider looked at that question today and listed 10 ways that sports stars destroy their finances. Most of the reasons fall under the umbrella of one of the ways, "Act Dumb". (These include "Do Drugs", "Fight Dogs" and "Have Too Many Children". Two outta three ain't bad, Michael Vick(notes).) Other paths to financial ruin like "Put Money in a Ponzi Scheme" or "Invest Too Much In Real Estate" can be more about bad luck than anything, but never underestimate the power of habitually poor judgment. (Or stupidity. Tomato/Tomahto.) Case in point, here's a blurb from the "Making Bad Investments" entry: Rocket Ismail also squandered a fortune funding an inspirational movie; the music label COZ Records; a cosmetics procedure whereby oxygen was absorbed into the skin; a plan to create nationwide phone-card dispensers; a Rock N' Roll Café, a theme restaurant in New England; and recently, three shops dubbed It's in the Name, where tourists could buy framed calligraphy of names or proverbs of their choice. That sounds like the business plan of Kramerica Industries. Any one (or two) of those things by themselves would qualify as bad investments. Put them all together and you can understand how Ismail blew through $20 million in salary. (Of the calligraphy store, Ismail says its failure can be blamed on Hurricane Katrina. The cosmetics procedure: "sharks in the beauty industry". The Rock N' Roll Cafe: It being a Rock N' Roll Cafe.) Ismail's case is more the exception than the rule though. The 78 percent number is buoyed by the fact that the average NFL career lasts just three years. So, figure a player gets drafted in 2009, signs for the minimum and lasts three years in the league: He will have earned about $1.2 million in salary. Factor in taxes, cost of living and the misguided belief that there will be more years and bigger paydays down the road, and it becomes a lot easier to see how so many players struggle with money after their careers end. Nobody plans on playing just three years in the NFL, you know?
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09-20-2009, 09:56 AM	#2
Buck Take a Chill Pill Join Date: Nov 2006 Location: South Carolina Casino cash: $8259900	Rocket Ismail is a dumbass. Why didn't he get a real financial adviser if he wanted to invest his money wisely?
Posts: 44,564

09-20-2009, 10:06 AM	#3
Rain Man NFL's #1 Ermines Fan Join Date: Jul 2001 Location: My house Casino cash: $3058491 VARSITY	Wow, I was just wondering the other day where I could buy some calligraphy. Looks like he was just a little too far ahead of the curve on the calligraphy craze. __________________ I'm putting random letters here as a celebration of free speech: xigrakgrah misorojeq rkemeseit.
Posts: 141,648

09-20-2009, 10:08 AM	#5
'Hamas' Jenkins Now you've pissed me off! Join Date: Jan 2006 Casino cash: $7959572	It's not just limited to the NFL. The Toronto Sun had a really good story about the number of NBA players who go broke shortly after they retire. It's a lower percentage, but NBA players make much, much more on average than NFL players. Look at a guy like Antoine Walker. The dude made 9 figures in his NBA career, and two years after he's out of the game, he's being arrested for bouncing checks in Vegas. __________________ "When the Know-Nothings get control, it will read 'all men are created equal, except negroes, and foreigners, and Catholics.' When it comes to this I should prefer emigrating to some country where they make no pretense of loving liberty – to Russia, for instance, where despotism can be taken pure, and without the base alloy of hypocrisy.”--Abraham Lincoln
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09-20-2009, 10:09 AM	#6
JuicesFlowing Losing with passion. Join Date: Sep 2007 Location: Oblivion Casino cash: $10004925	This isn't exactly a repost, but a similar thread was started several weeks ago.
Posts: 4,399

09-20-2009, 10:27 AM	#9
Bugeater The Maintenance Guy Join Date: Sep 2005 Location: Renovated Bugeater Estate Casino cash: $6232680	Well in Ismail's case, it's a classic example of someone thinking they're smart just because they have money. A lot of athletes do that shit, they think because they're successful at one thing they can do anything.
Posts: 70,443