Did you know that two years after retirement nearly 80 percent of NFL players are broke?
For NBA players it’s not much better. Sixty percent are broke after five years out of the game.
Sports Illustrated gathered all that info in 2009 and while the years go on, it keeps happening.
The latest is major league pitcher Livan Hernandez.
He banked $53 million on the mound in his 17 seasons and just recently filed for bankruptcy.
So what’s up here?
I went to Premiere Sport Psychology and asked Dr. Justin Anderson.
First reason: Friends and family.
“They have the pressures of a lot of family members saying, 'Can I get a piece of that? Can I be a part of this? Look what I've done to help you get here,'” Dr. Anderson said.
It's true. Just ask former NBA all-star Antoine Walker.
He was once worth $108 million and lost it all for a lot of behaviors. But a big one?
He was paying 70 different friends and family members.
Or how about Kenny Anderson, also an NBA star once worth $60 million.
He regularly threw $5,000 checks at his buddies.
And lots of guys pay the mortgage for the parents and siblings.
Which leads to a related issue, which is bankrupt reason two: Players get divorced and owe big if there is no prenup, not to mention child support.
Bernie Kosar, the Browns quarterback great, owed his wife $3 million when he filed his broke papers.
Evander Holyfield had to pay child support for 11 children and when he didn't, the banks foreclosed on his multi-million dollar home and he went broke.
Reason number three: Terrible financial advice, or, bad investments.
This was the case when Chicago Bulls great Scottie Pippen lost his $120 million earnings pile; ditto for pitcher Rollie Fingers and his $8 million flushed into bizarre investments.
Reason four: Spending.
And this one isn't just 'cause it's fun. It digs deeper, because a lot of it is competitive.
“There's a piece of them that gets reinforced day in and out to be the best, to continually to be the best person and it’s hard to turn that switch on and off - when am I competitive and when am I not? So then when you get into the competition of wealth, that just becomes snowball effect with people,” Dr. Anderson said.
That explains Mike Tyson blowing $400 million on everything from custom cars to Siberian Tigers.
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