NFL 2023-24 Off-Season

[Neurotic Guy]

Antonio Brown has file for bankruptcy after earning 80 million during his career..it’s not a shock but it still blows my mind how these athletes go broke after playing by making millions like him

Truth be told, while we hear about football players losing fortunes they certainly aren't the only ones.  One example - my brother worked for a mega-wealthy businessman in the 80'-90's.  The man who was among the richest in the state, and has buildings named for him due to his donations, lost just about everything before he died - not penniless, but close.

Some very rich businesspeople are insatiable in terms of making money.  As a result, they continue to take risks when they could easily lay back and sit on their 50 or 100 million dollars.  There is probably a similar dynamic with some mega-wealthy athletes.  There is something insatiable/obsessive going on and the results often aren't good.

[Donoghus]

Antonio Brown has file for bankruptcy after earning 80 million during his career..it’s not a shock but it still blows my mind how these athletes go broke after playing by making millions like him

I know. Even if he paid 40 million in taxes, and without any financial planning at all, he could have simply lived off of $1 million per year for the next 40 years.

Either not seeking any sort of financial advice or just getting bad advice.

I see it in the tax industry.  Athletes & influencers seem to be the worst.  Just blowing through money with total disregard to taxes and not understanding the idea that their earnings window is a lot smaller than the everyday person's.  Just because you're making $20 million/year now doesn't mean that it'll continue that way the rest of your life.   If you're ill-equipped, you're getting a huge slap in the face when you're released or retire.    Those mortgage payments are still coming, those car payments are still coming, expenses keep adding up, hangers on are gonna continue to leach off you until there is nothing left and then they're gone.  Can't keep up that lifestyle when the inflow isn't there anymore or severely diminished.