Comments on: Ex-NFL millionaires Rison, Kosar, McCants tell how they went broke

By: ialwayswantedtobeabanker

ialwayswantedtobeabanker — Sun, 30 Sep 2012 04:52:56 +0000

TRUTHS:

Don’t ever try to look like the richest guy in the bar. That’s a quick way to becoming the poorest guy in the bar.

Those people scarfing free premium drinks off you are not your friends. See how chummy they are when you’re not funding their boozing?

Government Bonds/Treasury Bills are as safe as it gets. Even in today’s historically low rates, the interest alone on the amounts of money discussed here is plenty to live more than comfortably in perpetuity — with no risk.

The foregoing is part of the reason that Alfred Morris still driving a ’91 Mazda is a refreshing story to some of us. I hope that Morris kid makes it — and he’s looked pretty good so far.

By: covercorner

covercorner — Sun, 30 Sep 2012 02:09:37 +0000

Upon being drafted, every player should be given the book Bankruptcy For Dummies.

By: tremoluxman

tremoluxman — Sun, 30 Sep 2012 02:08:25 +0000

Like the old saying goes:

“A fool and his monkey are soon partners.”

By: finfan4lyfe

finfan4lyfe — Sun, 30 Sep 2012 01:36:15 +0000

Got to tell ya fellow football fans, this moderator here, is an empty seat, what I wrote was exactly what needed to be heard and read. He is obviously on kool aid, doesn’t like god, and has deleted about four really imperative paragraphs I wrote, jealousy or left wing loon, he had no right, it was tactful, and not a single cuss word. He or she, Definately is a tool, cause I am all about exposing the machines agenda, like schools and university’s . Heck they want all our money, and why not tell us were dumb too, wait in line, pay our dues…. Sound like a Kabul, you haven’t heard squat yet. Moderator, you are a boil on the back of a donkeys rear on a day of extreme turbulence.

By: bobnelsonjr

bobnelsonjr — Sun, 30 Sep 2012 01:15:28 +0000

It is always the fault of someone else.

By: chi01town

chi01town — Sun, 30 Sep 2012 00:55:29 +0000

Its real simple to keep the money.
1. Do NOT GET MARRIED AFTER YOU SIGN A BIG CONTRACT.
2. Ware a rubber no matter how much you like the girl.
3. Your job is in the NFL so rent nice appartments.. dont buy big expensive houses.
4. Dont invest something YOU DONT OWN. be smart buy a steak house..Hair shop..Hotel in a big city.. Chicago.. New York.. LA something that will always make money.
5. Use strait CASH HOMMIE!!! That way you dont owe anybody. Have a credit card but use cash.
THE BEST THING YOU CAN DO FOR SOMEBODY THATS BROKE IS DONT GET BROKE WITH THEM

By: ytownjoe

ytownjoe — Sun, 30 Sep 2012 00:11:38 +0000

Bernie is loved in Cleveland. Money can’t buy that.

By: Evol Ocnorb

Evol Ocnorb — Sat, 29 Sep 2012 22:09:15 +0000

It’s not all negative. Many just want everybody to like them, to be proud of them, to believe in them.

Middle class kids get into the same trouble, they just learn at levels that they can get bailed out of.

Having your store or gas credit card go to collections and getting 2-3 collection calls a day for $500 balances is a slap in the face that brings the ship into pitch in most cases.

Before many athletes realize it their career is over and they have multiple mansions with multiple mortgages, leases on $200k cars, baby momma’s, etc.

By: 6thsense79

6thsense79 — Sat, 29 Sep 2012 21:44:53 +0000

These comments are beyond comical. Why do so many people think a college degree makes one better prepared to handle suddenly having millions of dollars??? There are lots of doctors, lawyers, teachers, managers, nurses, heck even financial managers, and accountants living check to check or have filed for bankruptcy. I’d wager there’s a good percentage of those commenting here living check to check. It really is just human nature. As people advance and get better paying jobs their spending also increases. Learning how to budget and save starts well before college. These are things that should be learned at home and we should demand it thought in elementary schools on up. The vast majority didn’t truly learn to budget until college and even then a lot of us sucked at it as evidence by those graduating with ridiculously high credit card bills.

Most college athletes never go through this. They are on scholarship that rarely allows them to work part time. When something like 70% to 80% of pro athletes going broke within 5 years after retiring it is somewhat delusional that the majority of you think you would do better if places in the same situation. The numbers are around the same for lottery winners.

By: bsizemore68

bsizemore68 — Sat, 29 Sep 2012 21:17:54 +0000

This advice is good for the average guy, however these few players are not to smart to begin with, I wish the union and league would have a program set up so that 3% of all players money is held back and place in a trust to be giving out 30% at age 40, 40% at age 50 and the rest at age 60, there family could get the money if they die before its giving out. I was talk into joining the retirement program with a extra 3% deducting every pay day, this in addition to the retirement that was promise by the company, so I got my retirement plus the extra 3% that the company could not touch, the company went belly up and the PBGC took over the money. Now I’m not rich, however I’m not broke either. Bill

By: rajbais

rajbais — Sat, 29 Sep 2012 21:16:58 +0000

Kosar’s situation has been on the record for some time. One of his investments was a restaurant he ran in Miami. After it failed he filed for bankruptcy.

Failed investments are a top 3 factor for post career financial woes.

By: Mr. Wright 212

Mr. Wright 212 — Sat, 29 Sep 2012 21:12:31 +0000

Maybe, although agents have no say — if the player doesn’t opt to use a trustworthy financial advisor who builds a nest (like Allen Iverson and Kevin Garnett have — KG is the ANTITHESIS of these guys; and AI’s boy saved his hide, because he would be dead broke otherwise), then it’s on them, not the agent.

By: timmons94

timmons94 — Sat, 29 Sep 2012 21:04:36 +0000

Kosar. Looked awkward, but wow was he good . These days looks like he is 80. Too much great lakes beer ?

By: hedleykow

hedleykow — Sat, 29 Sep 2012 21:01:23 +0000

My only concern with NFL players is how much money they make ME in the course of their careers. Aside from that, I wish them all a fulfilling and happy retirement (with their 18 children and 198 grandchildren).

By: skiss68

skiss68 — Sat, 29 Sep 2012 20:56:57 +0000

I have said it before and i will say it again. Half of their money should be deferred. But their agents will never let that happen.

By: runtheball

runtheball — Sat, 29 Sep 2012 20:44:24 +0000

anvil35 says:
Sep 29, 2012 2:39 PM

Seriously with this!!! How about personal responsibility. They chose to not focus on their studies. How is the NCAA responsible for their choices? Or maybe the government can right these “wrongs”. To make these MEN victims is degrading to our society. These men are to blame.

Personal responsibility? It’s 2012, that’s old fashion. You are either a victim or a perpetrator, it is always someone else’s fault. Our society cannot possible be degraded anymore than it already has been. I wish someone would victimize me by giving me the opportunity to earn millions of dollars.

By: satanicxhellxcreature

satanicxhellxcreature — Sat, 29 Sep 2012 20:40:29 +0000

And this story will be re-told in 10 years with T.O., Bryant McKinnie and Chad Johnson. It will always happen when you give stupid people lots of money.

By: archetypeobscure

archetypeobscure — Sat, 29 Sep 2012 20:34:33 +0000

Bernie may not have millions but he’s still rich in Cleveland.

By: finfan4lyfe

finfan4lyfe — Sat, 29 Sep 2012 20:30:57 +0000

Keep it up, I will make a very interesting movie and include you in this Kabul. I will prove what I write on here and how you delete it from being seen. You here at profootballtalk are bullying the wrong fellow, I promise you this.

By: runtheball

runtheball — Sat, 29 Sep 2012 20:30:16 +0000

Wasn’t Kosar’s degree in finance? I think he graduated early with a degree in finance, yet chose to let his Pop invest his money? I thought most of Bernie’s problems were after he was done playing and an ex wife.

Kids out of wedlock, divorce, and entourages are what hurts these guys.

I think the point ojordonez was trying to make is a Guy like Peyton Manning who has made more money than anyone in the game over the past 20 years lives relatively modestly, well below his means, while you have lesser players spending money like they have $1ooM in the bank and are going to play for the next 10 years.

By: Mr. Wright 212

Mr. Wright 212 — Sat, 29 Sep 2012 20:27:43 +0000

Everyone commenting here on their moral high horse — excluding those who aren’t using condescension — would be broke within the same time frame, if not sooner, if they came into the same amount of money. All money does is amplify your habits and show the world your mindset, whereas being broke is a mask of sorts.

Just flat out seeing how some of these same people are out blowing two paychecks on “Black Friday” shows that they would spend money just as recklessly if they had millions versus being a thousandaire. I don’t necessarily feel sorry for any of these guys, but I do have a modicum of empathy; while I never had millions, I’ve had near six figures in savings and tons of material things and lost it all due to the fallout of the “recession”. And I was frugal. So if you are human at all, you have to muster up a measure of compassion, even if you don’t feel sorry — or were/are jealous of anyone else who has money while you don’t.

By: nolaisadump

nolaisadump — Sat, 29 Sep 2012 20:26:14 +0000

I firmly believe if you took all the money in the world, split it up evenly to every person, in 10 years we would all be right back where we are now. Being stupid is expensive.
Rich people are rich because of decisions they make. Poor people are poor because of decisions they make

By: richc111

richc111 — Sat, 29 Sep 2012 19:23:25 +0000

Two thing come to mind with this story. 1- if you get all the money from everyone in the US and put it in a pile. Over time it will be right back in the hands hands of the people who had it before. Which to a cetain extend I belive. Also Like my Father would say if I gave you a bike you wouldn’t take care of it. If you work for the bike and pay for it out of your own money you will. In a sense all the money they made almost wasn’t earned. They got a lot of money to play a game when they were younger and didn’t know better. Too bad, I guess I wish I had a chance to blow it.

By: anvil35

anvil35 — Sat, 29 Sep 2012 18:39:35 +0000

Most of these guys don’t take advantage of the educational opportunity given to them for free, let alone graduate. They go to college to hone their skills as football players, not to get an education. Meanwhile, there are untold thousands of young men and woman with high GPAs who can’t get into schools because they can’t afford the tuition.

The NCAA and NFL should be ashamed for allowing this sham happen but they both make billions off the backs of these guys. What do they care?
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By: bluewinger

bluewinger — Sat, 29 Sep 2012 18:36:39 +0000

If I made that kind of money i’d call 2 local bank branches have them invest it and buy some gold and silver too.
Or maybe contact Martin Weiss, Mark skousken , or Dave Ramsey all investment people.

By: rickyck45

rickyck45 — Sat, 29 Sep 2012 18:35:45 +0000

I would love to have a chance to not lose my millions. Unfortunately I will never have that chance. Be thankful you had your shot.

By: thestrategyexpert

thestrategyexpert — Sat, 29 Sep 2012 18:35:18 +0000

Here’s a thought, maybe they shouldn’t be given so many millions. How about they earn what they deserve?

By: coronagamblers

coronagamblers — Sat, 29 Sep 2012 18:32:11 +0000

Bernie filed bankruptcy a few years back,but hes not broke. He is doing quite fine these days. I wish he was still the Browns qb now, even at 48 years old.

By: nashwaakkidd

nashwaakkidd — Sat, 29 Sep 2012 18:27:59 +0000

ya can’t fix stupid , no excuse for these guys being broke. only guy to blame is the dude they see in the mirror every day.

By: desertbengal

desertbengal — Sat, 29 Sep 2012 18:04:20 +0000

Making excuses for financial irresponsibility is ridiculous. Just because someone grows up poor does not give them the excuse to be reckless with their finances when they come into money. This is what trusted advisors are for . Anyone who “feels sorry” for these guys is probably also an Obama supporter.