Warren Sapp declares bankruptcy…how did it happen?

How do you go from earning millions to bankruptcy? Just ask Warren Sapp, Terrell Owens, Allen Iverson or Dennis Rodman. They will have different stories with similar sad endings. Back in the day when athletes did not have faniancil planners at their disposal it might have been understandable but now it just seems pitiful, but it is hard to pitty millionaires who squander their fortunes when ther are so many people living on far less and making ends meet. Read the linked story and share your thoughts. http://www.washingtonpost.com/blogs/early-lead/post/warren-sapp-the-latest-multimillionaire-athlete-to-file-for-bankruptcy/2012/04/09/gIQAErXz5S_blog.html

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Comments

  • elogam  On April 9, 2012 at 5:18 pm

    Just because he’s making six figures a month doesn’t mean he’s bulletproof. It’s a whole lot easier to go bankrupt on multi-millions than it is to go bankrupt on a few grand. Bad investments, bad advice, bigger tax consequences, it all makes for more opportunities to fail. I’m learning that running my own business has loads of “I didn’t know I had to pay that” experiences. My accountant couldn’t believe some of the stuff I tried to do, and it was all done thinking I was doing it the right way. Fortunately she was there to educate me, and next year will be better. I wish Sapp the very best, I hope he is able to retire, and remember that even Donald Trump filed for bankruptcy.

  • swandiver  On April 10, 2012 at 4:44 am

    There is only one thing athletes, especially black athletes, are supposed to do: perform on the court/field and make money for the owners of team, the agent, and all those businessmen who’ve invested in them. For the most part, what happens to them after they can no longer do that is of no concern to them.

    If an athlete does not act as his own advocate and learns about financial matters, he will be drained by the flock of vultures that surround him. That flock is formidable. All it takes is a little league coach to notice talent in that 12 year-old and he is then placed in a farm system whose only goal is that young boy’s physical performance.

    We all know the stories. Might get kicked off the team in high school because of grades? Let’s pressure the teachers to let you slide. In college they do everything BUT get an education with most players not even staying for their degree. With all of these things stacked against them, is it any wonder money mismanagement is such a huge problem?

    • Bill  On April 10, 2012 at 3:55 pm

      How is it that especially black athletes’ primary responsibility is to make money for the team owners, agents and others who have invested in them any different from the requirement of their white teammates? And are said black athletes not handsomely rewarded financially in the process as well?

      Your point about student athletes not being held to a requisite academic standard because of their athletic prowess is well made. But do you really believe that is the cause of their profligacy? If so, are you positing that everyone or even most who earn a college degree are prudent managers of their finances? I think not.

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