I always find it so interesting to see some of the inner workings of professional athletes and famous people’s finances. Below are five professional athletes who filed bankruptcy and have struggled in the past financially for a variety of reasons.
Five Professional Athletes Who Are Struggling Financially
Antoine Walker
Former Boston Celtics star Antoine Walker spent the $110 million he made playing in the NBA in a ton of different ways. He spent lavishly on himself, but many people have said that he also supported up to 70 people during his career. He is reported to have bought his mother a mansion, donated to charity, and bought several custom suits for coaches and teammates.
Mike Tyson
Despite earning between $300 and $500 million during his illustrious boxing career, Mike Tyson filed for bankruptcy in 2003. He filed bankruptcy because of a lot of reasons that lead to his financial downfall.
There are allegations of embezzlement from those who managed his career, expensive divorce settlements, and lavish spending. Tyson has spent his fortune on such a wild eccentric collection of things ranging from multiple mansions to pet tigers.
Athletes Who Filed Bankruptcy
Lenny Dykstra
Lenny Dykstra was a World Series-winning center-fielder for the New York Mets. He has had a lot of money woes since retiring from professional baseball.
He has gone on to try a lot of businesses after the game including founding a magazine, Player’s Club, which set out to provide professional athletes with investment advice. Now, Dykstra has filed for Chapter 11 and has pleaded guilty recently to bankruptcy fraud. He could face up to 20 years in prison during his sentencing.
Allen Iverson
The Philadelphia Inquirer reported that Allen Iverson was broke even though the basketball star refused to admit it himself. Iverson’s situation got worse when his earnings were garnished by US court because of an outstanding bill for jewelry.
Terrell Owens
Ex-Bengals wide receiver Terrell Owens has been out of work since 2010 and is struggling to maintain his finances, shelling out $44,600 a month to pay child support for his four children, each by a different mother. In February, it was reported that Owens was facing foreclosure on multiple properties.
I find it so interesting to see how others, especially the rich and famous, spent their money. I used to love Robin Leach and “Lifestyles of the Rich and Famous” when I was younger. Now, of course, it is MTV Cribs and other similar shows. I’m fascinated, but there are also tons of financial lessons that we can learn from others plights.
This serves to demonstrate as a useful reminder that whatever your income level you must ensure your outgoings don’t exceed your incomings!
The combination of huge egos cultivated when these men were kids and the lack of maturity when they were in their high earning years make for a really bad financial mess. I think the NFL has some financial adviser sessions as part of their rookie orientation and I believe the NBA has done this as well. It still wont resolve the issue for all since the egos are definitely hard to break through.
Great lessons indeed. Perhaps it is proof that financial responsibility don’t become less important even when you get enormously rich.
I’d seen a story about Walker – and his property investment woes – on an E60 episode a few years ago. I was shocked – how can people lose that much money that quickly? I guess he’s the MC Hammer of athletes.
It is just unreal, I have a hard time understanding how one can lose so much money to end up broke.
Good article, I dislike seeing all these athletes in trouble. Bad advice can ruin you for good.