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: 7

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

Ballerific Events

Connect


BallerBoards

EAZY E'S DAUGHTER IS BEYOND GORGEOUS

Started by justine mitchell in Talk Ish. Last reply by justine mitchell 20 hours ago. 2 Replies

 With the new movie "STRAIGHT…Continue

Tags: daughter, reemarkable, dre, dr, straightouttacompton

Drake Gets Tongued Down By Madonna at Coachella

Started by RubyWoo in Talk Ish. Last reply by Brazil on Tuesday. 1 Reply

LOL poor Drake...Continue

Coupled Up: Rick Ross and Lira Galore

Started by RubyWoo in Talk Ish. Last reply by Kimmie H on Sunday. 7 Replies

Rick Ross and stripper/model Lira…Continue

Latest Activity

MissLC commented on CoolWithA_K's blog post ESPN Reporter Suspended for Tow Truck Tantrum (Video) -blogged by @CoolWithA_K
"I've had my car towed before and was pissed!Never did I talk reckless to the staff there. This…"
1 hour ago
Beautiful Brownie commented on Eleven8's blog post Baller Mail - Girl Releases Oakland Radier Jonathan Dowling's Nudes (NSFW)
"I'm sure his gf exhausted...smh"
1 hour ago
MissLC commented on Eleven8's blog post Baller Mail - Girl Releases Oakland Radier Jonathan Dowling's Nudes (NSFW)
"Sooo... Nothing to see here. The girl who submitted this Baller Mail appears to already know the…"
1 hour ago
Sandy Cheeks commented on CoolWithA_K's blog post ESPN Reporter Suspended for Tow Truck Tantrum (Video) -blogged by @CoolWithA_K
"Britt: I have a degree. I am on TV. Lady: But you are about to pay me $250.00 for this car, so bush…"
2 hours ago
Sandy Cheeks commented on Eleven8's blog post Baller Mail - Girl Releases Oakland Radier Jonathan Dowling's Nudes (NSFW)
"So she released pics of a penis that was inside her? SMDH. Yes, it looks sickening, but I presume…"
2 hours ago
Suga Bear commented on Eleven8's blog post Baller Mail - Girl Releases Oakland Radier Jonathan Dowling's Nudes (NSFW)
"His text messages were a turn off for me. "You been haven me..."? Dumb ass."
3 hours ago
Niko Rose posted blog posts
3 hours ago
Niko Rose's 2 blog posts were featured
3 hours ago
Brazil commented on CoolWithA_K's blog post ESPN Reporter Suspended for Tow Truck Tantrum (Video) -blogged by @CoolWithA_K
"True we don't know what started the whole exchange, but that was just over the top and…"
5 hours ago
Brazil commented on Eleven8's blog post YC's Fiancee Considers Taking Him Back BUT He's Got A Secret Baby (Photos/Screenshots)
"Sooo...is she still thinking about taking him back?? Probably."
6 hours ago
V commented on CoolWithA_K's blog post ESPN Reporter Suspended for Tow Truck Tantrum (Video) -blogged by @CoolWithA_K
"This ish is foul. I'm a chill person till somebody talks to me cray for no reason-then I get…"
6 hours ago
Brazil commented on Eleven8's blog post Baller Mail - Girl Releases Oakland Radier Jonathan Dowling's Nudes (NSFW)
"Welp... that was a disappointment"
6 hours ago

© 2015   Created by Baller Alert.

Badges  |  Report an Issue  |  Terms of Service

Offline

Live Video