When most of us think of players in the NFL, we think of big money, expensive cars, and a lavish lifestyle. Some of us wish we could have the paychecks they do and it seems many of them have it made. What if I told you more than three quarters of former players in the league are flat out broke and filing for bankruptcy? It seems really hard to believe, but it's true. A lot of us associate players in the NFL with bigger names like Tom Brady when thinking of what they get paid. However, for most of them that is not the case. Many of them get paid far lower than what some glamour players like Brady receive. As a matter of fact, most of them make less than one million dollars a year with an average career span of only three years. Sure, a million dollars a year sounds nice, but these guys have to make it last for possibly 40 years or more on top of paying for health issues that many developed while playing for the NFL. Those that are having decade long careers bringing in tens of millions fail to keep up with financial planning or live beyond their means. Let's look at some of the reasons players go bankrupt as well as some well known players who have lost millions.

I bet Warren Sap wishes he would have spent his money differently

Reasons they go broke

  • Living too much in the moment - Not many of these guys want to think ahead to a life outside of playing football. As I've stated earlier, most careers in the league only last a few years. After it ends they are on their own as far as finding a job. Unfortunately, some of these guys who knew they were being scouted in college did not really concentrate on their academics. They didn't think they would need a degree of any kind once playing for the NFL or they just assumed they'd do well enough to not care. Younger players become distracted with the often multi-million dollar signing bonus forgetting they may not be paid that kind of money and may not play long. It's usually once their career is ending that they realize what they have made won't last and now have nothing to fall back on. Some former players also lose a chunk of their fortune to divorce. They don't consider it or choose to ignore it because life seems good at the moment.
  • Not knowing how to say no - Whether in the NFL, entertainment industry, or anyone that comes into good fortune will usually tell you that you'll learn who your real friends are (or family). Though it's good to help those you love that are struggling, especially when you're doing well, you have to be careful. Many are often ready to ask for a handout. Unfortunately, many of these family members and friends of these players are not concerned with the players' other financial obligations. Sometimes you'll see players buying friends and family new cars or homes, not thinking of their retirement. In a few years time, you'll hear of them filing for bankruptcy. There's a difference between helping those you love and blindly spending what you don't have before you've planned for yourself.
  • Listening to bad advice - Whether it's listening to bad advice or ignoring the good advice, this has shown to have cost some former NFL players a lot of their money. Many end up losing millions because of bad investments and some even get pulled into high costing schemes. Often they trust people who don't have their best interest at heart. Those who lose a lot of money are often the ones that are too busy being worried about playing football rather than making smart financial decisions. In a lawsuit filed in 2013, 16 NFL players had claimed to have been screwed out of a combined total of 50 million by their financial advisor who used the money investing in an illegal casino. Between 1999 and 2002, a substantial amount of players lost around 42 million dollars because they put their trust into financial advisors with less than good intentions.
  • Living that good life - One of the most obvious reasons for a players' financial downfall is being accustomed to living a rich lifestyle that they believe will continue forever. Cornerback Adam Jones lost a million dollars on a weekend of partying in Vegas. Warren Sapp, an amazing football player and hall of famer, earned 82 million by the time his career was over in 2007. By 2012 he was filing for bankruptcy. Whether it's spending on shoes, jewelry, cars, houses, drugs, or whatever else, they want to keep living that life of extravagant spending and not think of the consequences. They don't keep track of their debt until all of the money is gone.
Clinton Portis

Biggest losers

  • Dan Marino, who is the former quarterback of the Miami Dolphins, lost a staggering 13.6 million dollars back in 2012. He lost a chunk of his earnings due to poor investment decisions. He had bought a large 1.6 million shares in a company called Digital Domain. Soon after his investment, the company filed for bankruptcy and Marino lost a lot of money.
  • Clinton Portis lost basically all of his 43 million dollar fortune. Portis has been known for buying larger than life homes, expensive cars, and living a very expensive lifestyle. Unfortunately for him, he also trusted a not so trustworthy group of financial advisors who helped him lose most of his money.
  • Warren Sap lost a mind boggling 82 million dollars. Though he was a seven time pro bowler and hall of famer, it did not shield him from having to file for bankruptcy. He was in so much debt that he had to have his belongings auctioned off.
  • Lawrence Taylor is a former giants player known for his hard hits and amazing plays, but now he is also known for losing 50 million dollars. Though known for excelling on the field, he was also known for partying hard and supporting a large drug habit. He claims to have once spent thousands of dollars per day to support his habit.
  • Terrell Owens seems to be the biggest loser here losing around 100 million dollars. He was one of the greatest wide receivers of all time, but he couldn't handle his money or apparently his child support payments. In 2012, Owens made an appearance on Dr. Phil stating he was declaring bankruptcy. His child support payments for his four kids wracked up to 50 grand a month.
Terrell Owens all smiles before he lost 100 million dollars

How do others not go broke after retirement?

Not all former NFL players lose it all like the guys I have mentioned above. Some actually take the time to figure out what they need to do to provide for themselves and their family for a comfortable future. Even those who do not save during their career in the league will often find means to employing themselves after their run in the NFL. You'll see plenty of former players being booked at ESPN for broadcasts. Those of them who prefer to stay out of the public eye will mostly go for coaching of some sort or running their own business. There are many other fields they also find work in. It's a shame that some of these guys will have to go through financial hardship, but it's a lesson they must learn from. Hopefully they will teach some of these younger players through example to start being more aware and more careful on how they spend their earnings.

Thanks for reading! See you soon!