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Arkpony wrote:Seems to me I recall Dickerson losing millions to his "advisor's" embezzlement. I also think I recall Dickerson gets something like $20,000 a month pension?

I know a lot of these guys entrust their money to a "trusted uncle" or relative who has no idea what to do with it but spend it on himself.

I remember seeing a show while DIckerson was playing in LA and he was living very modestly in a one bedroom apartment while he was playing. He said he did this because he wanted to have something once he stopped playing. And he realized that an injury could happen at any moment.

Lunch with Keith Jackson the other day and he was telling Favre stories. Said Favre was probably still living on his signing bonus and if you went out to eat with him you had better plan on paying. Other that said Favre was one of the most down to earth person you could ever meet.

mrydel wrote:Lunch with Keith Jackson the other day and he was telling Favre stories. Said Favre was probably still living on his signing bonus and if you went out to eat with him you had better plan on paying. Other that said Favre was one of the most down to earth person you could ever meet.

Farve just has to stop sending nude text message to ladies that are not his wife.

redpony wrote:Sadly it seems like the less intelligent ones are those who end up with little or nothing. I have always believed that the leagues NFL, NBA etc. should develop programs for their athletes that help perpare them for life after sports. I.E. how to save, how to invest, who to trust etc.

After he retired from coaching Joe Gibbs started a financial education program for players a couple of years ago. I heard him speak about it and, although I don't remember the numbers, a ridiculous number of NFL players are bankrupt within a few years of retirement. The player's union should really get involved with him or something similar if they haven't already done so.

Unfortunately, having a job doesn't guarantee job security or retirement security. I doubt this is just a professional athlete problem.

I would disagree soccermom. I suspect it IS a problem peculiar to professional athletes who don't have the same problems the average wage earner has in accumulating his money. Easy come, easy go.

ANYONE who comes into big money suddenly that never had it before or had a close, caring mentor they respected and listened to who had it before can have major problems with it. Professional athletes fit that category almost exclusively with the exception of lottery winners and some inheritance recipients. I see it all the time.

Arkpony wrote:I would disagree soccermom. I suspect it IS a problem peculiar to professional athletes who don't have the same problems the average wage earner has in accumulating his money. Easy come, easy go.

When the dot com world went into an upswing you have the dot com people doing the same things as the athletes and a lot of them went broke as well.

ojaipony wrote:ANYONE who comes into big money suddenly that never had it before or had a close, caring mentor they respected and listened to who had it before can have major problems with it. Professional athletes fit that category almost exclusively with the exception of lottery winners and some inheritance recipients. I see it all the time.

Yep.

decent story but all in all the documentary was pretty mediocre. Just interview after interview with the same 4-5 guys. Yes, you would think after all these lessons some guys would get the picture. They just blow it all and have these big entourage of family and friends who help go through all their cash.

Child support, divorce, and bad investments got some as well.

SMU 86 wrote:Child support, divorce, and bad investments got some as well.

That too - and buying huge mansions and cars they don't need. Really dumb but they don't have any financial education.

I don't know that it's "financial education" as much as just not being an idiot. Don't buy things you can't afford, particularly when you don't have a steady income over your lifetime. I'd like to think its common sense. We aren't talking about investment strategies or 401k's here

It's 18-20-22 year old kids who come into money and have no idea what to do with it. I can't tell you that I wouldn't have made the same mistakes if I had been let loose in Dallas at 22 with 500K and some fame.