July 31, 2010

Why Do Pro Athletes So Often End Up Broke?

Jarrett Bell, USA Today

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What should young NFL players consider about money? Plenty. Former players and others connected to pro football weigh in:

"If you can save 25% of your money, you're doing well. One of the major pitfalls is that a lot of guys are not content with putting money away and earning a return of, say, 8%. And then you've seen people starting businesses in things in which they have no expertise. A music business. A rim shop. A T-shirt printing business. Independent restaurants. Nightclubs. Cash businesses. That's where you can get in a lot of trouble." - Former NFL star and current ESPN analyst Keyshawn Johnson

"Do the math. I ask them if they can divide by two." - Carolina Panthers owner Jerry Richardson, pondering the impact of divorce

"An NFL parking lot is a lot...

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