We’ve all heard the stories about athletes, including basketball players, going broke despite making millions — or tens of millions — of dollars. From Scottie Pippen to Allen Iverson to Antoine Walker, the ledger of those who have squandered their fortunes is a long one.
How does this happen?
As I told Noah Coslov of CineSport in this video interview: “The biggest thing is not really understanding how current lifestyle will impact their future lifestyle.”
I have written a book on this very subject entitled “Fast Broke,” which is being excerpted on SheridanHoops.com and can be purchased via Amazon.com for $14.95, and I recommend that if you read only one of the excerpts, read the one entitled: “How to Go Broke on $100 million.” It is a lot easier than you might believe.
For athletes, the biggest mistake that is made over and over again is not really understanding how their current lifestyle will impact their future lifestyle. Even if they have a nest egg when their playing days are over, that is often not enough. Here’s why: