We don’t expect professional athletes to be the savviest of financial minds. Unlike the rest of us regular Joes, sports stars confront all of the temptations in life we could only dream about. Sure two Jaguars in the garage might look obscenely pompous, but who wouldn’t indulge in these pleasures when money is no object?
However, just because this bounty of cash pours into their bank accounts week in, week out, they’re not off the hook for chucking it away. If you have an endless source of funds at your disposal, there is no excuse not to bed down sensible investments before purchasing material goods. People hire accountants for a good reason.
The threat of going broke is one injury around the corner. This is the cruel twist of fate – making millions a year to kick a ball or make a tackle, only to see it all disappear in a split second.
This is why fans rip their hair out when they hear these stories about arrogant prima donnas flushing all their wealth down a golden toilet for the sake of it. Whether it’s parties, flashy cars, drug and gambling habits or luxury mansions, reckless athletes don’t know how good they’ve got it.
If Gordon Gekko is right about greed being good, then surely keeping all that money out of the hands of bookies and coke dealers is great! A lot of people can get rich, the trick in this game is staying wealthy. And to get that far, you need the capital.
So treat this, if you will, as a roadmap to the path of financial prudency. We’ll wave the accountancy fee for this one, take it as a freebie. Here are the top 20 stupidest ways athletes spend their money.
17 Divorce Settlements
15 Cars, cars, cars
13 Fancy Boots
11 Crazy Haircuts
10 Bad Business Ventures
9 PR Advisors
7 Niche Purchases
6 Private Jets
4 Ladies Of The Night
2 Designer Clothing
Real estate is always a safe investment and provides the basis for a sound financial future. But you can go above and beyond, particularly when outlandish mansions get purchased. The up-keep on villas like Barry Bonds’ guarded mansion in North Beverly would require enormous 24/7 maintenance, looking like something Pablo Escobar would hide out in. Tennis courts, pools, party rooms, surround-sound cinemas, dance floors, extravagant gardens and story after story of living space – these temples of excess chew away at players capital, only to reap a reward when it’s sold or leased out. You can be assured these athletes have never heard the phrase “less is more.”
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