re: Pro athletes: How I spent my first million: IDIOTS!!!

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The "dumb" professional athlete thing is real and genetic.

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It might possibly be worse for professional athletes. You are talking about a group of people who are given leeway in every facet of their lives from the time they show exceptional talent until they are out of sports. Most are never taught how to handle money and then as young men ranging from 19 years of age til 22 or 23 they are given millions of dollars. Some find financial advisors who are corrupt and give them bad advice, and most athletes feel they will have several huge contracts and thing the money train is endless.

I like a lot of what Dave Ramsey teaches concerning financial matters, and he said he deals with professional athletes on almost a daily basis. He said he can divide athletes into two camps. The ones who have no clue about how to handle money, and the ones who are shrewd investors and are very savvy when it comes to money. Pretty much no in between.

You have to remember that there are some extremely bright athletes that do a good job handling money, too. Reggie Jackson, for one. Hank Aaron, Magic Johnson, Tony hawk, Greg Norman, Cal Ripken and John Elway are all examples of athletes that have parlayed their fortunes made in sports into long term success business wise.

First of all Mike tyson didnt make $685 million. don king and other leeches took a major portion of that.

Second, I was just making a joke. i like Tyson, hes a character. Let him buy tigers and shite

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First of all Mike tyson didnt make $685 million. don king and other leeches took a major portion of that.

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Surely you know better than that. that's like saying somebody didn't really make $100,000 because the government took a cut, and food cost money, and electricity etc. Funny how Mayweather manages to be worth $300+ million.

He made that much because that is what his fight purses paid. Yes, he had to pay promoters, and trainers, and training facilities etc. But yes, he made $685 million and then had to pay expenses.

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Second, I was just making a joke. i like Tyson, hes a character. Let him buy tigers and shite

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Buying tigers and stuff seems like a great idea, until you look up and find out you don't have any money, because you spent it on....tigers and stuff.

True story. I knew Truett Cathey of Chick-Fil-A.
My family attended the same church, and he taught my son in Sunday School when my son was in the 8th grade. Once a year, Mr. Cathey would take all the boys and their dads out to eat, then we went over to his house. He owned two large garages and the walls were lined with antique cars. (He loved collecting old cars)

One car in the middle of the floor was a Range Rover. It had a minifridge in it and the seats were covered in chinchilla. He said that Mike Tyson had special ordered it and put down $250,000 for it. When they finished building it for him he never picked it up.

That's why Mike Tyson doesn't have as much money.

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You have to remember that there are some extremely bright athletes that do a good job handling money, too. Reggie Jackson, for one. Hank Aaron, Magic Johnson, Tony hawk, Greg Norman, Cal Ripken and John Elway are all examples of athletes that have parlayed their fortunes made in sports into long term success business wise.

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Sort of anecdotal but a lot of them- guys who played in college but never made the pros too- go into sales. Medical, financial, anything. They're professional schmoozers basically. Bring some former QB from 15 years ago to a big golf outing with potential clients. "Business development" "Client relations"

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Financial training and a support system that helps them understand their responsibilities is critical. Don't know what that looks like or how it can be implemented.

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You are suggesting grown-ups be taught how to manage money? What, are they retarded?

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He said he can divide athletes into two camps. The ones who have no clue about how to handle money, and the ones who are shrewd investors and are very savvy when it comes to money. Pretty much no in between

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Not even remotely true.Of course there's an in between.

Guys like Jeff Francour, Billy Andre in golf or even older guys like Bob Horner,Dale Murphy or Steve Bartkowski weren't hugely successful serial entrepreneurs like Greg Norman or Magic Johnson but all did well enough to not have to worry about finances the rest of their lives.

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You are suggesting grown-ups be taught how to manage money? What, are they retarded?

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You don't watch the news about pro athletes and money?

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Not even remotely true.Of course there's an in between.

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I'm sure there is. I was just repeating what he said. And, I doubt he is very far off. However, most people tend to concentrate on the extremes and miss the middle ground of most things. Look at politics in our country.

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Espn did a 30-30 on this. Had a follow up episode also I think. Title was Bankrupt. Andre Rison washes cars for a living now.

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The first one was title "Broke" and yes, it's very good and extremely enlightening. Some of the "business ideas" these athletes "friends" have that they invested in were hilarious.

It really illuminated how many terrible ideas Curt Schilling had that cost him basically all of his wealth. Whether it was poor business acumen or just bad luck, he lost millions and millions of dollars on horrible ventures

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I get that and I do listen to the guy occasionally but I'd be pretty pissed if I was an athlete who "interacted" with em and he was relating those experiences on the air and I get that he wasn't using specifics.

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I get that. Like you said, he did not call any names. If I recall correctly, he said most of his experiences happened when he was first going down the road. I mean, is it any worse than people starting threads on message boards, or youtube videos or web sites? no names, just in general discussion.

If he was giving names without permission? Absolutely. To me that would be unethical. But when it comes to stuff like this people use anecdotal stories all the time. I get your point, though.