With all the money they have, and the little financial education they’ve received throughout their life, they end up spending ridiculous amounts of cash on purchases that could only be described as dumb. The result? Many often go bankrupt as soon as the money stops coming in.
In fact, according to Sports Illustrated, an estimated 78% and 60% of National Football League and National Basketball Association players go bankrupt or find themselves hard-pressed for money in as little as two years after their retirement.
That’s a staggering 3 out of 4 for retired NFL players, and 3 out of 5 for those ballin’ in the NBA.
It seems that most athletes just can’t seem to get their finances right, and the following purchases are proof of that:
Best remembered for being the second-best player on a Chicago Bulls team that won the NBA title six times in eight years back in the 90s, Scottie Pippen enjoyed a very successful career and was paid handsomely all throughout. After leaving the Bulls in 1999, he went on to play for the Houston Rockets, and then the Portland Trail Blazers until he retired in 2004.
Apart from all of his on-court accolades, many fans remember the Hall Of Famer for purchasing a $4.3 million Gulfstream jet back in 2002. The purchase, though, wasn’t really what made it so memorable, because, let’s face it, he’s not exactly the first athlete to buy a private jet for himself. Rather, what made it so memorable – and worthy of this list – is that the jet couldn’t even fly.
Scottie Pippen reportedly had to spend an additional $1 million in repairs just for the jet to see the skies.
Thinking about it, you can’t help but wonder how someone could spend so much money on something without making sure first that it works. Hmm …
The fact that Latrell Sprewell once choked his coach because he was told to “put a little mustard” on his passes is proof of how good he is at making bad decisions.
Of course, since he was a decent player who made the NBA All-Star team four times and the All-NBA first team once, most teams paid him a lot to play for them. In fact, Latrell Sprewell made over $100 million over the course of his career. Although his net worth right now isn’t even close to what he earned, as he reportedly only has a measly $50,000 to his name and lives in a modest rental.
You may wonder, how exactly does that happen? Well, when a guy isn’t exactly known for making good decisions, the future doesn’t exactly look all that bright. Case in point, the guy once made headlines back in 2007 for buying a $1.5 million yacht, only to fail to maintain payments and have it repossessed less than a year later.