Worst athletes from whom to ask financial advice

By RealClearSports staff
http://ca.sports.yahoo.com/top/news?slug=ys-rcsbadspenders041509&prov=yhoo&type=lgns




Turning to your favorite athletes or former sports star for financial advice might seem to make sense – they deal with a lot of numbers and stats all year long – but trust us, they are hardly the ones to seek out.

Blessed with millions of dollars at a young age, professional athletes often seem more concerned with inane spending and unwise investments than savings accounts and 401Ks. And that doesn’t even mention their tax return mistakes, of which there are enough to make Timothy Geithner embarrassed. From fleets of cars to yachts to entourages to even Bengal tigers, the ways some athletes chose to spend their money is comical at best and ignorant at worst.

In August of 2007, a federal marshal seized Latrell Sprewell’s $1.5 million yacht (famously named “Milwaukee’s Best”) after Sprewell had failed to pay his mortgage on the boat. He also lost his house, and now the state of Wisconsin has filed a lawsuit for unpaid taxes. This all, of course, comes after Sprewell turned down a three-year, $21-million contract, saying, “I have a family to feed.”

Some athletes prefer to travel extravagantly by land instead of sea, however. Take former Red Sox slugger Jack Clark, for example. One story says Clark was once on his way to the ballpark for a game when he passed a car lot. Clark saw something he liked and dropped in to buy two sports cars for $90,000 each before continuing on to the game. At the time he filed for bankruptcy, Clark still owed money on 17 of his 18 automobiles.

Clark and Sprewell lost their fortunes in a hurry, but perhaps there’s no faster fall from grace than Michael Vick. In 2006, Sports Illustrated estimated that Vick made $25.4 million. Now, he owes well over $10 million to a variety of different companies. How did Vick go from being one of the highest paid athletes to owing millions? The entourage didn’t help, especially since he was spending about $300,000 a month to support friends and family. But a bigger financial gaffe was entrusting his money to a woman who is now banned from working with any firm that trades on the NYSE because she bilked two old women out of $150,000, and a man who’s been accused of defrauding church members. His finances were such a mess that the bankruptcy judge appointed a trustee to help him out. But don’t feel sorry for Vick just yet – in an effort to pay down his debt, Vick will be selling three of his six homes.

Yachts? Six homes? That’s more luxurious than what most of us get to enjoy, but it’s nothing compared to the spending done by Mike Tyson. He might be the most well-known fighter of his generation, but if there was one thing Tyson was better at than boxing, it was spending money. In 2003, he filed for bankruptcy after his debt reached over $27 million, about half of which was to the IRS. What was he spending all his money on? For starters, two Bengal tigers for $140,000, for which he also had to pay a trainer $125,000 a year. But that was just a drop in the bucket. There was also the $4.5 million he spent on cars, and perhaps the most inane purchase of all, a bathtub for his first wife, Robin Givens, at a cost of $2 million.

While you may look to guys like these for guidance on which sneakers to wear or which car to drive, it’s probably best to leave the financial advising to tax pros, and not pro athletes.

Views: 5

Tags: Worst, advice, athletes, financial

Comment by Damnstraight on April 17, 2009 at 10:51pm
Damn right...I think more and more are starting to wise up though. You still got a lot of dummies out there, but I think some are learning from the retired ones who are now broke and don't have a pot to piss in.lol
Comment by OfficialGroupie on April 18, 2009 at 1:13pm
smh.

Comment

You need to be a member of Baller Alert.com to add comments!

Join Baller Alert.com

ADVERTISEMENT

Connect


BallerBoards

Is this photo real?

Started by Moving In Silence in Talk Ish. Last reply by Ginger McKenna 4 hours ago. 2 Replies

I keep reading something opposite of what this pic is showing.

Torrei Hart Bitter ?

Started by Skylas the limit in Talk Ish. Last reply by Lala25 4 hours ago. 8 Replies

Eleven8 just did a article about this but here's a summery of her interview with sister2siter magTorrei Hart, ex-wife of Kevin Hart, held nothing back in a recent interview with Sister 2 Sister…Continue

Best Celebrity Sex Tape???

Started by SMSLove in Talk Ish. Last reply by Skylas the limit 12 hours ago. 5 Replies

Who has the best sex tape? Who would you like to see in one? Tommy and Pam still hold the title for me. I would love to see a Rihanna or Amber Rose sex tape....Continue

Tags: sextape

Why are single moms shamed but single fathers are praised?

Started by Felisha Johnson in Talk Ish. Last reply by Tone © 14 hours ago. 54 Replies

Anyone noticed that, doesn't matter race it's just in general. Anyone been on social media and see the flooding of pics with father single one's and all and it be met with praise, admiration and joy?…Continue

Latest Activity

Bri commented on Eleven8's blog post Seahawks Russell Wilson Heading For Divorce
"This makes me so sad that he's been seen w chicks. Wow. He was my dream dude."
3 hours ago
Eleven8's 6 blog posts were featured
4 hours ago
Eleven8 posted blog posts
4 hours ago
Ginger McKenna commented on Eleven8's blog post Seahawks Russell Wilson Heading For Divorce
"This really took me by surprise they have been together since his days at NC State. At least there…"
4 hours ago
Ginger McKenna replied to Moving In Silence's discussion Is this photo real?
"Ûber fake but a girl can dream."
4 hours ago
Tone © commented on Eleven8's blog post Seahawks Russell Wilson Heading For Divorce
"Hope the brothers gets a black woman next time"
4 hours ago
Lala25 commented on Peachkyss's blog post Ballerific Looks Of The Day: Kourtney Kardashian, Kim Kardashian, Beyoncé, Nicki Minaj, Katy Perry & More
"Ya'll worried about jeans im worried about spending my summer looking at bishes walk around in…"
4 hours ago
Lala25 commented on Eleven8's blog post Seahawks Russell Wilson Heading For Divorce
"I saw a pic of her and she looked like the scream mask. But they seem pretty young to be married…"
4 hours ago
Lala25 replied to Skylas the limit's discussion Torrei Hart Bitter ?
"I didnt find her bitter. Just real. Its easier to get along with a rich man more then a poor one.…"
4 hours ago
Tone © commented on Eleven8's blog post Does Being A "Day 1 Chick" Come With Any Benefits?
"@smitty A lot of the successful men I know did not become successful until they hit thier late…"
4 hours ago
Shane and Chocolate Dream are now friends
4 hours ago
Eleven8 replied to Moving In Silence's discussion Is this photo real?
"it looks super fake"
5 hours ago

© 2014   Created by Baller Alert.

Badges  |  Report an Issue  |  Terms of Service

Offline

Live Video