Sports Illustrated Shows How Athletes Go Broke
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
Within five years of retirement, an estimated 60% of former NBA players are broke.
Former NBA forward Shawn Kemp (who has at least seven children by six women) and, more recently, Travis Henry (nine by nine) have seen their fortunes sapped by monthly child-support payments in the tens of thousands of dollars. Last month Henry, who reportedly earned almost $11 million over seven years in the NFL, tried and failed to temporarily reduce one of his nine child-support payments by arguing that he could no longer afford the $3,000 every month. Two weeks later he was jailed for falling $16,600 behind in payments for his child in Frostproof, Fla.
These guys are making millions upon millions and end up losing a lot of it with stupid investments, excessive spending and divorces.
In 1994, when NBA center Dikembe Mutombo was engaged to Michelle Roberts, a med student, Roberts refused to sign a premarital contract the day before the wedding. Five hundred guests—including a large party from Mutombo’s native Democratic Republic of Congo—had begun flying in to Washington. “[Roberts] never signed,” Falk says, “and Mutombo never married the girl.” Calling off the nuptials reportedly cost him $250,000.
Lol he waved the finger at her.
Suggestion Box
March 22nd, 2009 at 8:56 pm
Thas crazy..He hit her wit the mutumbo finger wave lol….yea TUMBO!!!
March 22nd, 2009 at 8:58 pm
That was the greatest block in NBA history! Cost Dikembe short-term but long term he earned all that dough back cause she would of divorced him and even taken the money he gives to native country annually. Tell me if Im not lyin
March 22nd, 2009 at 9:18 pm
That’s a great article that every professional athlete should read especially the young ones.
t” If a 22-year-old spends $20,000 on a watch or on a big night out at a nightclub, that money is either depreciating or gone. “But if they invested in a five percent, Triple A insured, tax-free municipal bond for a period of 30 years,” money manager Seymour says, “that $20,000 would be worth $86,000 at that tax-free rate of return. And needless to say, they buy more than one $20,000 Rolex.”
March 22nd, 2009 at 9:37 pm
Propz to Mutombo!!!!!!!!! Finally a nigga who understand!!!!!
March 22nd, 2009 at 9:46 pm
That shit is just rediculous crazy no use in adding my two cents………..
March 22nd, 2009 at 9:54 pm
When you make that much money. as long as you don’t do anything stupid and invest your money then you’re set for life. It’s really not that difficult. But unfortunatelly many of these guys have no clue how to handle their money.
March 22nd, 2009 at 11:00 pm
you know, the biggest mistake those dudes mentioned did was have so many damn kids. 8 by 8 women??? GET THE FUCK OUTTA HERE !! niggaz deserve to go broke. thats just an act of stupidity thats all there is to it at the end of the day. People don’t realize that the biggest investment is to have kids. what the fuck were all those dummies thinking?shit’s disgusting yo!! dudes shouldnt even be allowed to do that.
As for mutombo, big ups to him…thats a straight G move. I respect the dude for that. If a chick doesnt wanna sign a pre-nup fuck her!! Michael jordan took an L for that one.
March 22nd, 2009 at 11:00 pm
some athletes dont understand that those millions have to last you after your playing career is over. Invest and diversify
March 22nd, 2009 at 11:09 pm
This is a good read! but all in all it ain’t really that much money so folks need to undestand moderation, but comercialism pushes people to extend themselves so its gonna be how its been until the wll dries up totally…
Mutombo is the man though! f the guilt trip sign it or K.i.M.! If SHE really loved HIM it wouldn’t even be an issue cause she wouldn’t be marrying him to walk away with half but live with the whole package!!!
March 22nd, 2009 at 11:39 pm
9 KIDS BY 9 WOMEN?
SHEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEIT
March 23rd, 2009 at 12:31 am
lol @ dikembe’s finger wave! mo money mo problems! ppl should take care of their kidz if their making em…buttt that daggone child support system is flukked up doh g…holla!
March 23rd, 2009 at 12:43 am
I got mo respect for Mutombo than ever. Bitch if you really love me, sign it. Other than the bad investments and useless spending, that divorce shit and child support is what really be killin these athletes. Ask Bob Whitfield, wifey divorce him, got everything she wanted out of it in a settlement, but said fuck it, I want more than that. SMH
March 23rd, 2009 at 1:38 am
FINGER WAVE DEM HOES!!!!
March 23rd, 2009 at 8:17 am
Dikembe Mutombo is a smart ass man fuck the bitch trying to get rich of you
March 23rd, 2009 at 8:30 am
According to the news report, some of the terms required that Roberts bear a child within two years, return to work four months after the birth and forgo child or spousal support after either a divorce or Mutombo’s death. Roberts refused to sign it.
hahahahahahahahahaha this guy is something else but smart
March 23rd, 2009 at 9:29 am
LMAO he waved the finger!
March 23rd, 2009 at 10:25 am
Mutombo not from this country, people ride through his country & breakdown from all the proverty. These project niggaz get that $$ and think life is gravy. It ain’t trickn’ if u got it, huh? On top of the $$ fucked off, they shooting craps daily by not wearing protection.
March 23rd, 2009 at 10:35 am
You know niggaz like having babies
but they don’t wanna take care of em or pay for em….
Thats a fact for rich and poor niggaz
March 23rd, 2009 at 4:12 pm
That was really a good article. These players should have to take some kind of financial skills course in college.
March 23rd, 2009 at 10:10 pm
SHOUT OUT TO MUTUMBO FOR BEING SO SMART!!
April 15th, 2009 at 10:30 am
Great post. Athletes’s bad investments and their lack of knowledged about the stock market has been well chronicled. Instead of talking about it, the New York Shock Exchange (www.newyorkshockexchange.com) is doing something about it. The Shock Exchange is a travel basketball team and youth mentorship program based in Brooklyn, NY that teaches competitive basketball skills and investment management skills. In fact, the kids (age 13-14) even run their own fund with stocks they picked and performed their own due diligence on. To learn more go to http://www.newyorkshockexchange.com/content/view/87/37/ You can also contact me at coachbaker@newyorkshockexchange.com