clock menu more-arrow no yes mobile

Filed under:

Athleticism leads to financial failure

After yesterday's post about the super rich GT athletes, I started looking around for additional reading on athletes' finances. I found a very interesting line from a great SI article about the financial failures of pro athletes:
When former NBA guard Kenny Anderson filed for bankruptcy in October 2005, he detailed how the estimated $60 million he earned in the league had dwindled to nothing. He bought eight cars and rang up monthly expenses of $41,000, including outlays for child support, his mother's mortgage and his own five-bedroom house in Beverly Hills, Calif.—not to mention $10,000 in what he dubbed "hanging-out money." He also regularly handed out $3,000 to $5,000 to friends and relatives.

Holy Crap... 60 million down the tube. I can't even fathom that much money. I don't necessarily pity the guys that lose that much money but I am definitely jealous. I think about what I could've done with 60 mil or someone with more forethought in a similar situation.

Another link provided by the same article shows the very interesting Championship Rings.NET. I searched specifically for GT rings and found several baseball rings that had already been sold. Apparently, this site has seen a jump in 30% sellers since last year. Whether that's increased exposure or simply a downturning economy is another discussion but I still find the site intriguing. Seeing athletes' prized possessions up for sale. Reminds me a little of the OJ hostage situation.

Just thought I'd share the linkage.