How do star athletes go broke? We hear about it all the time.How can a professional player, making millions of dollars a year, end up in bankruptcy, forced to sell expensive homes and cars?

A star athlete doesn’t think about how much he/she is spending, because they make millions. For example, star shooting guard Allen Iverson played for four different NBA teams and still went bankrupt. Iverson earned roughly around $200 million during his career in the NBA, but after paying legal fees,child support,and home foreclosure bills, he ended up broke. Don’t forget all his want’s, like wild gambling, big house, expensive cars, etc.

Another star athlete that is broke right now is former Chicago Bulls great, small forward Scottie Pippen.When he was playing beside Michael Jordan and winning those six rings,  he was making about
$120 million. CNBC reported on Pippen’s financial woes. Pippen then tried to sue them for false statements about him. He lost the case and not too long later he had to sell his $4 million private jet that he had just bought.                                             

Then there’s Travis Henry.He was a star running back for the Denver Broncos.While with the Broncos, he was making about $25 million for the five year contract they gave him. Child support judgments took a big chunk of Travis’s money and let me inform you that he has 10 kids with nine different women; he’s a real go getter.Then as usual, he likes to go out and buy the most expensive things, like a big mansion or buy the most expensive crystal drinks for everyone at the party.That’s another way star athletes go broke.  

The lesson here is simple: it’s not how much you make, it’s how you spend it.