Rich Today, Broke Tomorrow!

So many boxers and professional athletes make millions of dollars in their careers, and depending on what statistics or sport you look at, anywhere from 60-80 percent of them end up broke after their careers are over. If you get a chance, check out ESPN’s 30 for 30 episode of “Broke.” It is astounding.

This disease of mismanaging money is not discriminatory of a particular sport or skin color. The commonality of everyone affected by the phenomenon is youth and a lack of maturity and cognitive functioning to manage finances at a young age.

Most people make and manage their money as they mature and get older. When I was in my early twenties, I did not have a pot to piss in, and most of us don’t unless you are UNFORTUNATE enough to have the talent to be a professional athlete. Yes, I said unfortunate. I am sure Mike Tyson, Evander Holyfield, Latrell Sprewell, Allen Iverson, or Lawrence Taylor would be happy to have a comfortable middle to upper middle class life absent of debt collectors, baby mama drama, child support, and legal fees. None of them ever thought they would be bankrupt or broke.

Giving young men millions of dollars with no idea how to manage it is like putting a cow in front of a pack of rabid wolves. They can’t help themselves but to devour it. They don’t understand delayed gratification. Cars, strip clubs, multiple houses, raining money, poor investments, jewelry, entourages, and endless spending…then, all of a sudden, it is gone as are the people they had around them. These young men have so many people pulling at them and misguiding them that it is impossible to make all the right choices when there are so many to make. Quite often, it’s friends and family who have a major contribution to the financial failures.

I mentioned in the past that I grew up watching fighters like Mike Tyson, Evander Holyfield, and Riddick Bowe. Between the three of them, they made and squandered around a billion dollars. A BILLION DOLLARS! No way they thought of ever being broke again, yet here we are and it continues to happen year after year to so many athletes. It will be interesting to see what happens to Floyd Mayweather who reportedly made $85 million dollars alone this year.

Evander Holyfield just lost another mansion in an auction this summer, which sold for 7.5 million dollars. He still owes 7 million to the bank. At least he has his “Real Deal” Barbeque Sauce and the help of fellow busted millionaire Mike Tyson marketing it for him. Let’s help him out and buy a bottle or a case!

Boys grow up saying I want to be a professional football player or a professional boxer, or what have you. Might as well say, “When I grow up, I want to be broke.” And who says middle class is so bad? Make sure to support these guys at a signing near you.