Fame has its rewards. Big money, fancy hotels, large wheels, expensive homes and trophy wives. Notice I said wives as in plural and a girl in between on the side in every town from New York to Vancouver. Certainly this type of lifestyle is what many strive towards, yet forget that a lot of it smoke in mirrors.
Living a larger than lifestyle has a high price tag. The road from riches to rags is much traveled, yet when you arrive at the destination of a fancy lifestyle it consumes most as it’s quite difficult to keep up with.
Last week I came across another riches to rags story from the world of football. Surprised? I didn’t think so. The latest to fall from the world of bling is Jevon Kearse. Once a former star defensive end with the Tennessee Titans and Philadelphia Eagles earned about $45 million over 11 seasons. Evidently, this wasn’t enough, because Jevon is broke and has IRS on his ass.
Just four years after retiring, the IRS put up a tax lien against him for $432,015 in back taxes. But it doesn’t end there. The bank that granted Jevon a $25-million mortgage filled a lawsuit against him just a few months ago. He only purchased a 6,064 square foot home in 2004 for $6.5-million.
Seems like someone making big bucks like that wouldn’t need a mortgage, but in 2006 he took out a mortgage on that same 6,064 square foot home and that was just after he received a $16-million signing bonus from the Eagles.
This story is sad in one aspect, yet funny in another, but it illustrates the problems that befall many athletes. Studies have shown that a staggering 78% of NFL players go bankrupt or experience money problems within two years after the last payday. Similarly, 50% of NBA players go broke five years after retirement.
Reasons include bad investments, gambling, excessive lifestyles, multiples wives and/or girlfriends, greedy family members and friends, horrible financial advisors. But mostly why they go broke is due to to lack of proper planning for the future and life after retirement.
So, what’s the moral of the story?
The faster you rise, the faster you’ll fall. If you don’t plan for your own future, nobody else will. So, my dear friends if you haven’t started planning for your future it’s never too late to start.