Why NFL Players Caught Up In Debt?
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I read through an article which was in Sports Illustrated a while back with some incredible statistics; Within 2 years, 78% of NFL players are either on the rocks or going through extreme financial hardship. This article points to the simple fact that the starting salary of even the lowest paid American football players is $310,000 yet in the second year it jumps to $460,000. With this type of income it sets theses NFL players in the top 1% of all of the income brackets in the united states. So how does it come up?
One of the very first things that nearly all players do right when they sign an excellent contract is to head out and acquire a new house. They typically pay for the whole thing in full. Although this seems like a good idea. They are really shelling out an important amount of their sign on bonus. Most advisors of these players suggest that they instead put there homes on a 30 year mortgage as an alternative to purchasing them all at once. The reason for this is that unlike the majority of us, NFL players careers are only 3 years long on average. Players will need to make their cash last longer while they are playing for the reason that they do not have the typical 30 year career.
In the event that you have watched any episodes of MTVs Cribs you can see how they invest all of their money not only on their property, but at the same time their cars. Everyone knows that a car falls off in value 25% the moment you drive it off of the lot. So it should be no great surprise that these players are loosing money on their new cars very quickly.
This hit home with me personally because my favorite quarter back since I was a young boy was Bernie Kosar. He had to file for bankruptcy protection last year saying that he owed over 40 million more than he was worth. A lot of this contains credit card debt. Other NFL star have also submitted for bankruptcy protection like Andre Rison and Lawrence Taylor.
It is certainly not usually the actual players that run up the debt though. The Colts superstar wide receiver Reggie Wayne not too long ago had a mistress known as Natasha McKenzie. They were definitely messing around for a while. Reggies wife discovered about it after catching wind of her running up a $93,000 credit card debt. You would like some debt relief? Check out Indiana debt relief, virginia debt relief and michigan debt relief and know how to eliminate credit card debt. Never give your mistress your credit card number!