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“Too often, the financial life cycle of pro athletes follows this pattern: Fat signing bonuses and rich endorsement deals. Lavish living. Soaring costs and salary advances. Mountains of debt, and perhaps a career-ending injury. And then, the desperate step to stay afloat, bankruptcy. Here’s how to avoid living the cliché.
Despite multimillion-dollar windfalls and enormous potential for lifelong stability, financial health is often a casualty of a professional athlete’s career. Consider Mike Tyson, who blew $300 million in career earnings on excesses such as jewelry, mansions and Bengal tigers, and racked up $27 million in debt by the time he filed for bankruptcy in 2003.”