How to blow through $20M
Yahoo! Sports notes that the minimum salary for rookies in the NFL is more than $300,000. After two-years in the league, the guaranteed minimum is close to $500,000. So how is it that “within two years of retirement, 78% of NFL players are bankrupt or in severe financial distress?” (This is one of the staggering statistics buried within SI’s cover-story in March of this year, “How (and Why) Athletes Go Broke.”)
The Yahoo! article references yesterday’s Business Insider explanation of 10 ways that sports stars go from riches to rags for some answers. One highlight:
Rocket Ismail also squandered a fortune funding an inspirational movie; the music label COZ Records; a cosmetics procedure whereby oxygen was absorbed into the skin; a plan to create nationwide phone-card dispensers; a Rock N’ Roll Café, a theme restaurant in New England; and recently, three shops dubbed It’s in the Name, where tourists could buy framed calligraphy of names or proverbs of their choice.