How Athletes Go Bankrupt
I just read about professional hockey player Jack Johnson’s financial troubles. We’ve heard this story many times before with other athletes and celebrities, but I still get sick to my stomach every time I see this because it is entirely preventable. There is no reason an athlete who works for nine years — traveling all over the country and spending time away from his family — should end up bankrupt. I wrote a Forbes column recently titled “How to Lose $20 Million: The Sudden Wealth Problems of Professional Athletes” that describes just how easy it is to go through $20 million. Although it is easy, again, it is entirely preventable.