Money Management/ Mickey Mantle Story

[Johnnyt]

While watching the Mickey Mantle Story last night on HBO I got to thinking of all the athletes that were at the top or near the top of their sport that were broke when they retired or shortly after. I can go back as far as Fat’s, Babe Ruth and Joe Louis. I know I could sit down and make a list of hundreds more of them that were top names in their sport. I think it still happens today, but happens less because most are more eduacated and make so much that its hard to spend it all plus most have agents that set up retirement plans and investments for them. Most on here know that most top pool players retire and die broke.

I think any sport with an organization should have to take some kind of money management course before they are allowed to sign with a team or become a professional in a sport. I know this would hard to regulate, but it’s so sad for me to see or hear about my sport’s hero’s living on handouts and dieing broke. Johnnyt

 

[Winston846]

While watching the Mickey Mantle Story last night on HBO I got to thinking of all the athletes that were at the top or near the top of their sport that were broke when they retired or shortly after. I can go back as far as Fat’s, Babe Ruth and Joe Louis. I know I could sit down and make a list of hundreds more of them that were top names in their sport. I think it still happens today, but happens less because most are more eduacated and make so much that its hard to spend it all plus most have agents that set up retirement plans and investments for them. Most on here know that most top pool players retire and die broke.

I think any sport with an organization should have to take some kind of money management course before they are allowed to sign with a team or become a professional in a sport. I know this would hard to regulate, but it’s so sad for me to see or hear about my sport’s hero’s living on handouts and dieing broke. Johnnyt

It happens less today because many of today's pro athletes sign such ridiculous contracts that they couldn't possibly spend that much money, yet some still manage to do just that. A lot of pro football players are crying poor over the impending lockout. I can't see how. I understand their contracts are prorated over the term, but they usually get a huge signing bonus up front. You would think they would be smart enough to invest some of it for a life outside of or after football. If you can't get by on a few million, there's something wrong. Take it from someone who gets by on a lot less.

 

[Blue Hog ridr]

I honestly don't feel one bit sorry for them when that happens.
Terry Ardeno's sig line addresses the lament of how much our military men and women get as opposed to some of the pro athletes.

I'm quite sure that most of them make more daily interest on their money than I do working for an entire year, or close to it.
If one can't think that far ahead in their lives, too bad.