I read an article that was in Sports Illustrated a while back with some incredible statistics; Within two years, 78% of NFL players are either broke or dealing with extreme monetary hardship. This article points to the simple fact that the starting salary of even the lowest paid National football league players is $310,000 but in the second year it jumps to $460,000. With this type of income it sets theses NFL players in the top 1% of all of the income brackets in the united states. And so how does it come up?
One of the very first things that many players do right when they sign a nice contract is to go out and purchase a brand new house. They typically pay for the whole thing in full. Even if this looks like a great idea. They are really shelling out an important amount of their sign on bonus. Most analysts of these players suggest that they instead put there homes on a 30 year mortgage rather than getting them all at one time. The cause of this is that unlike most of us, NFL players careers are only three years long on average. Players will likely need to make their cash stay longer while they’re playing because they do not have the typical 30 year career.
In case youve watched some episodes of MTVs Cribs you can see how they spend all of their money not only on their house, but also their cars. Everyone understands that a car decreases in value 25% as soon as you drive it off of the lot. So it should be no great surprise that these players are loosing money on their new cars very quickly.
This hit home with me professionally because my favorite quarter back growing up was Bernie Kosar. He had to file for bankruptcy protection last year saying that he owed over 40 million more than he was worth. Loads of this includes credit card debt. Various other NFL star have also submitted for bankruptcy protection like Andre Rison and Lawrence Taylor.
It is certainly not always the actual players that run up the debt though. The Colts superstar wide receiver Reggie Wayne lately had a mistress known as Natasha McKenzie. They were definitely messing around for a while. Reggies wife found out about it after catching wind of her running up a $93,000 credit card debt. You really want some debt relief? Check out Indiana debt relief, virginia debt relief and michigan debt relief and know how to eliminate credit card debt. Dont give your mistress your credit card number!