Why do 80% of Multi millionaire athletes go broke after retiring within 5 years????

[titanium]

It's not only athletes, people without money that inherit large amounts and big lottery winners have a high bankruptcy rate after 5 years. It is about investing and conserving your spending habits I guess.

[Davros?]

I suppose you get a lot of "friends" when you become rich who want your money, plus if you have been a big money star for a long time or since you were young you would get used to spending lots of money. Its not that hard to look after your money tbh.

[Davros?]

It's not only athletes, people without money that inherit large amounts and big lottery winners have a high bankruptcy rate after 5 years. It is about investing and conserving your spending habits I guess.

yeah, i mean you can get bank accounts were you can put up to say $5m into for a set period and get a guaranteed income and return on your money better to do that if you don’t know anything about money than go in for some mad investment.

[SpinDoctor]

You forgot the agents/managers who rape them of their money, but anyone whos dumb enough to trust another man with their finances.. deserves to be robbed IMO.


Thats why I respect B-Hop so much, hes been a boring ass fighter for the last 5 years or so.. but has invested his money wisely that he'll never go broke and when he retires, will have more than enough for his family to live off.

Bhop is old as freakin hell. I think he's retiring after the pascal fight. he should anyway.

[THE REED]

Easy actually.

When they are making it, they are spending it.

When they aren't making it anymore, they are still spending it.

[Gorilla Dogs]

invest in real estate. best way to invest your money

[!! AI-Holmes!!]

Just read the Leon Spinks bit, sad, sad..

[THE REED]

invest in real estate. best way to invest your money

Like in Florida and Cali... right?

[Carpe Diem]

Seriously though, did Holyfield moved all of his family, relatives, long lost relatives, and close friends in with him in that house? What did he need the rest of the rooms for?

[Jim Jeffries]

Like in Florida and Cali... right?

And Nevada and Arizona, hell everywhere really. Real estate probably won't become a good investment here in the US for at least another decade. This recent moratorium on foreclosures didn't help matters much.

Like you said, pro athletes get used to a certain lifestyle and continue to live that way long after the money keeps pouring in. And not all of them are smart enough to invest in boats.