e*******e
发帖数: 9616 | 1 http://www.beaumontenterprise.com/news/article/The-cost-
of-
a-career-NFL-players-and-bankruptcy-3512872.php
The cost of a career: NFL players and bankruptcy
By Christopher Dabe
Updated 09:43 a.m., Friday, April 27, 2012
Former NFL player Frank Middleton at his home in Beaumont.
Photo taken Thursday, April 19, 2012 Guiseppe Barranco/The
Enterprise Photo: Guiseppe Barranco, STAFF PHOTOGRAPHER /
The Beaumont Enterprise
He could continue to live a lavish lifestyle. Or he could
scale back to something more manageable.
Middleton, a West Brook graduate who earned roughly $21
million during his eight-year National Football League
career, said he made mistakes early that cost him dearly.
At one point, Middleton lost so much money that "it still
makes me sad," he said.
Those are lessons Kelly graduate Kheeston Randall (Texas)
and East Chambers graduate Tramain Thomas (Arkansas) might
learn soon after an NFL team picks them in the three-day
college player draft that starts Thursday.
If selected, Randall and Thomas could join a small group
of Southeast Texans who currently have lucrative NFL
contracts. Jamaal Charles (five years, $32.5 million),
Earl Thomas (five years, $21.1 million) and Sean
Weatherspoon (five years, $17.5 million) are among them.
For now, they enjoy the large paychecks that come with
their status as NFL starters. But they must be careful.
According to Sports Illustrated, roughly 78 percent of NFL
players are bankrupt or under financial stress within two
years of retirement.
Former NFL player Warren Sapp recently filed for
bankruptcy, claiming $6.7 million of debt after making an
estimated $60 million during a 13-year playing career, he
told the Tampa Bay Times.
Among his listed assets are 240 pairs of sneakers and a
large painting of a naked woman in his bedroom.
Sapp, 39, is only the most recent example of an athlete
gone broke.
Athletes in other sports such as baseball's Lenny Dykstra
and basketball's Antoine Walker also recently filed for
bankruptcy after being among the highest-paid players in
their sports. Things have worsened for Dykstra, recently
charged with bankruptcy fraud by U.S. prosecutors,
according to The Associated Press.
Most pro athletes are young, with an earnings potential
that seems limitless. But the amount they sign for far
exceeds the amount that reaches their bank accounts.
A $1 million salary quickly becomes about $600,000 because
of taxes.
Then spending habits are a factor.
Port Arthur native Jordan Babineaux, a defensive back for
the Tennessee Titans, said an athlete with a $1 million
home and a $7,000 monthly mortgage is a conservative
estimate.
Then, he said, spend $2,000 a month on a pair of cars "and
you're almost at 10 grand."
"Then you have insurance, cable, a cell phone - and you
haven't even spent money on yourself yet. You haven't
bought a pair of shoes, a nice watch or anything like
that."
Babineaux said the lure to spend comes with trying to
match the size of the paycheck that comes during the
season - NFL players receive paychecks only on a per-game
basis.
"If you want to get something new or go on vacation, and
deservedly so - we all deserve it," he said. "But you have
to remember it won't last forever."
For NFL players, their income depends largely on how long
they stay healthy and effective enough to hold a roster
spot. Most NFL contracts are not guaranteed, meaning teams
can release players without owing them the balance of
their contract.
"Then you ask a question: Do I try to keep a lifestyle and
pay mortgages on these houses and do everything like I'm
still rich?" said Middleton. "Or do I downsize and be
comfortable and not have to worry about getting a job?"
Babineaux and his brother Jonathan, also an NFL player,
are taking steps to avoid facing that question.
After they lost what Jordan said was a "substantial"
amount of money on a Houston-area restaurant chain that
went bust, they became more cautious about how they
invested, pooling together some resources into what they
call "Team Babs."
"My question now is, 'What can you do for me?'"
Jordan Babineaux said. "You can have a great idea. But a
great idea isn't anything when I know all the financial
risk is on me."
Read more:
http://www.beaumontenterprise.com/news/article/The-cost-
of-a-career-NFL-players-and-bankruptcy-
3512872.php#ixzz1torfIbTY | l*x
发帖数: 14021 | 2 the other day I was thinking about the same issue and wonder if professional
sports could pay their players like the lottery.
you can take your pay, 3M for example, the way it is right now or a monthly
paycheck over the next 40 years or so, a total of 5M for example.
I mean, for most of those players, being a professional athlete is like
wining a lottery. in both cases, they become millionaires over night and
those huge amount of income only last no more than a few years. | B*****e
发帖数: 9375 | 3 Except NFL players' life expectancy is what, 55? Look at Junior Seau
yesterday.
靠大嘴说, "money only makes you more of who you already are."
你要是以前就已经是谨慎, 精明, 低调, 对人生有周密计划, 有理想有追求,
一下子发了大财, 只是会令你更加如此.
Bart Oates, Steve Young, 进NFL做主力以后, 还坚持把律师执照考下来.
而如果你以前就已经是放纵, 挥霍, 被恶习刁人缠身,
一下子发了大财, 也就会向这方面更进一大步.
professional
monthly
【在 l*x 的大作中提到】
: the other day I was thinking about the same issue and wonder if professional
: sports could pay their players like the lottery.
: you can take your pay, 3M for example, the way it is right now or a monthly
: paycheck over the next 40 years or so, a total of 5M for example.
: I mean, for most of those players, being a professional athlete is like
: wining a lottery. in both cases, they become millionaires over night and
: those huge amount of income only last no more than a few years.
| l*x
发帖数: 14021 | 4
Agree, and we all know that.
I think NFL should try to held the players accountable here. This is more
meaningful than the concussion issue, in my opinion.
【在 B*****e 的大作中提到】
: Except NFL players' life expectancy is what, 55? Look at Junior Seau
: yesterday.
: 靠大嘴说, "money only makes you more of who you already are."
: 你要是以前就已经是谨慎, 精明, 低调, 对人生有周密计划, 有理想有追求,
: 一下子发了大财, 只是会令你更加如此.
: Bart Oates, Steve Young, 进NFL做主力以后, 还坚持把律师执照考下来.
: 而如果你以前就已经是放纵, 挥霍, 被恶习刁人缠身,
: 一下子发了大财, 也就会向这方面更进一大步.
:
: professional
| p****s
发帖数: 3153 | 5 Young is a great-great-great-grandson of Brigham Young
This background...so strong.
【在 B*****e 的大作中提到】
: Except NFL players' life expectancy is what, 55? Look at Junior Seau
: yesterday.
: 靠大嘴说, "money only makes you more of who you already are."
: 你要是以前就已经是谨慎, 精明, 低调, 对人生有周密计划, 有理想有追求,
: 一下子发了大财, 只是会令你更加如此.
: Bart Oates, Steve Young, 进NFL做主力以后, 还坚持把律师执照考下来.
: 而如果你以前就已经是放纵, 挥霍, 被恶习刁人缠身,
: 一下子发了大财, 也就会向这方面更进一大步.
:
: professional
| B*******e
发帖数: 1009 | 6 this is okay
Brigham Young has so many wives. He should have more than 10 thousand
descendants of Steve Young's generation.
【在 p****s 的大作中提到】
: Young is a great-great-great-grandson of Brigham Young
: This background...so strong.
| p****s
发帖数: 3153 | 7 lol this is hilarious
【在 B*******e 的大作中提到】
: this is okay
: Brigham Young has so many wives. He should have more than 10 thousand
: descendants of Steve Young's generation.
| h*****p
发帖数: 2638 | 8 Steve Young is a morom?
【在 B*******e 的大作中提到】
: this is okay
: Brigham Young has so many wives. He should have more than 10 thousand
: descendants of Steve Young's generation.
| t*n
发帖数: 14458 | 9 欢迎火星人来地球
Steve Young is a morom?
【在 h*****p 的大作中提到】
: Steve Young is a morom?
|
|
