Millionaire athletes who lost their millions – How to spend like a professional athlete.
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I’m always fascinated how some athletes can spend millions of dollars in such a short amount of time. Most people will focus on the millions that they make but this just means they have more to spend (and many do). I know in this recession it is hard to think what a professional basketball player or a pro golfer makes in a year but what is more stunning is how some can actually spend every nickel that comes into their bank account. I just think of Mike Tyson, the once heavyweight champion of the world who was estimated to have brought in $350 million to $400 million dollars over his career and spent most of it. There should be an award for being able to accomplish that!
I found this interesting chart showing the massive wealth that is made (but also spent):
- Scottie Pippen – Former Chicago Bulls star Scottie Pippen lost $120 million in career earnings due to poor financial planning and bad business ideas.
- Evander Holyfield – Four-time boxing champ Evander “The Real Deal” Holyfield reportedly made over $250 million in cash during his boxing career, but despite this he reportedly is flat broke.
- Lenny Dykstra – According to Dykstra’s July 2009 bankruptcy filing, he owed more than $30 million to creditors, including his $18.5 million purchase of Wayne Gretzky’s home.
- Latrell Sprewell – Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007.
- John Daly – Two-time PGA major champ John Daly gambled away between $50 and $60 million in career earnings, according to his 2006 autobiography.
- Jack Clark – Former professional baseball slugger Jack Clark was driven into bankruptcy in 1992 by his appetite for luxury cars.
- Mike Tyson – The king of them all is boxer Mike Tyson, who squandered a $350 million to $400 million dollar fortune.
In the end, the above just shows you that you have to budget and manage the money you have. Many not so wealthy mortals take on mortgages that are much too large for the income they bring in. Simply put, spend less than you ear.