Listen up, sports fans! Don’t get yourself into crippling debt like your favorite NFL stars. While the minimum NFL salary is just under $400,000, most players make almost $2 million in salary per year. Over the course of an average career, this will equal more than $10 million. You’d think the players would aggressively save, make smart investments, and leave their professional football careers financially in the black, but you’d be wrong. Three in four NFL players are in financial distress or completely bankrupt within one year of retirement from football.
Some of the most famous players are some of the biggest offenders. Terrell Owens has made an estimated $80 million over the course of his career, but is now scrambling for cash: He was involved in some illegal gambling, sired four children, and made some bad real estate decisions. And Michael Vick’s reported spending was $25,000 per day for two years of his career, with most of his monies being spent on partying, gambling, and other frivolous expenses. If you’re struggling with financial stress or bankruptcy, take a lesson from theses NFL pros. Make sure you listen to the right advisors, triple check the quality of all your investment, and don’t spend money just because you have it. Living below your means is the key to smart savings. Check out the infographic below for more NFL players’ financial horror stories.
Via | AccountingDegree.com