Thursday, October 21, 2010

Famous people, money and bankruptcy...

I invite you to think for a moment about famous people like artists and professional athletes... Why should you? What have you heard about them being financially literate? What have you heard about them how efficient they are in managing their wealth? What you and I know is that artists and professional athletes earn a lot of money, however... What have you heard about artists and professional athletes declaring bankruptcy? It is said that after two years of retirement, as high as 78% of former NFL players have gone bankrupt, therefore, the question is Why do athletes (and artists) go broke?

Things would be a little less complicated if athletes and artists (and how about yourself?) could learn how not manage their money...

You may have heard about retired NFL wide receiver Raghib Ismail. Did you know that he declared bankruptcy because of his reckless spending and bad investments? How about singer Tony Braxton who also went bankrupt? If you think about them losing millions of dollars, you're right... What a pity. On the other hand, as to the bright side of the story... it is a remarkable effort that other NFL athletes like New Orleans Saints QB Drew Brees are doing by being involved in a program intended to help kids to learn about Financial Literacy.

Consider watching these videos discussing the problem involving professional athletes going bankrupt...

What do you think?




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4 comments:

Jacob said...

hi,You have a very good blog that the main thing a lot of interesting and useful! Financial Guidance , thanks

ChampDog said...

I think that is common that you heard from an artist to go broke. I think they earn too much until they do not really aware that they can finish spending.

They think they can simply earn back the money. By the time when they realized, it is probably too late.

Mario Lopez said...

Greetings ChampDog,

Thanks for sharing your thoughts my friend. You are right about how common it can be learning that artists can go broke, however, beyond that "simple" fact of life, it should make us think that an artist like Tony Braxton (she sings nicely by the way), has a 50 million debt...

Man... What did she do to become indebted that way? The key issue here is that embarking in a crazy spending and making bad financial decisions, reflect a huge lack of financial literacy.

Since I don't have that amount of money, I try to be as aware as possible about the need to understand how important financial literacy is, study what it is and what it means and put my personal-family priorities, my brain, a calculator and a sheet to craft a careful personal-family budget.

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