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

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Every few weeks another story pops up about a former NFL player who made millions of dollars and has now lost all of it. And every time, fans wonder: How in the world can anyone blow that much money? A new documentary is attempting to answer that question.

Broke, the latest installment of ESPN’s “30 for 30” documentary series which premieres on Tuesday night, features the stories of dozens of pro athletes who wasted millions of dollars, including former NFL receiver Andre Rison, former NFL quarterback Bernie Kosar and former NFL linebacker Keith McCants. I watched an advance version of the documentary, and the basic answer to the question of how you can blow that much money is: Very easily.

Kosar talks about how he trusted his father to take care of his money, and his father simply had no concept of how to properly invest millions of dollars. Rison boasts that he’d go to a club and spend tens of thousands of dollars, making sure everyone in the room knew that he was the rich guy. McCants says that when you’re a drug addict like him, more money just means more problems.

McCants has spoken several times about how money fueled his addiction, to such an extent that he thinks he would have been better off if he had never been rich.

I wish I had never had any money,” McCants told the Tampa Tribune last year. “I would’ve been great without money. It’s a sad story, but it’s a true story. Money destroyed everything around me and everything I care for, my family, my so-called friends. I just want enough to live on. I never want to be rich again.”

Watching Broke, I wouldn’t go so far as to say I wouldn’t want to be rich, but I will say I wouldn’t want to be rich with absolutely no financial sense, which describes many professional athletes. The NFL and the players’ union have tried with programs like the rookie symposium to teach 20-something millionaires how to some day be 40-, 50-, 60- and 70-something millionaires, but a whole lot of those players don’t get the message.

66 responses to “Ex-NFL millionaires Rison, Kosar, McCants tell how they went broke

  1. This is very sad.

    It is often brought up that NFL players are “college educated”. Maybe at one time.

    Colleges have been businesses for years – turning out often worthless degrees after forcing students to take multiple courses when one would have sufficed in years past – meaning that student now learn in grad school what they used to learn as undergraduates.

    Football players bring in a lot of money to the university. They are allowed to graduate (and some that play pro football don’t stay to graduate) after taking what everyone in America knows as mickey mouse classes. Perhaps if they were made to actually attend some watered down business classes they could at least get a clue.

    Then again, Bernie was an economics major that graduated a year early.

    In conclusion – while they make great sports heros, it has always been a bit of a joke around campus as to the intelligence level of most of the football players. And while we read and hear the Peyton Mannings, it is painful to listen to an interview with most pro football players as they try to do what they were trained to do – pretend to be humble and mouth cliches.

  2. All these guys are idiots. I don’t feel sorry for them one bit. You have someone like Peyton (not a Peyton fan) who has probably made more in a couple years than all 3 of these guys combined, but you don’t hear about him doing stupid things with his money. It’s all about self control and just plain common sense.

  3. Of course, the axiom ‘A fool and his money…’ comes to mind, but it is not just the NFL; happens to lottery winners, and even the children of the rich who suddenly inherit vast amounts without the keen understanding of what it took to not only accumulate the wealth, but also maintain it.

  4. No financial sense? That accurately describes the majority of Americans. 70% of all people in this country live paycheck to paycheck.

  5. How did they interview Andre Rison? Isn’t he still on the run from past discretions?

    I don’t feel sorry or even see these guys as some hard luck stories. Lottery winners and clueless children of successful business people who inherit the business and run it into the ground have a similar track record.

    At least they had a chance to live it up during their lifetimes, so stop spotlighting this phenomenon like anyone should care.

  6. Simple answer, you just gotta be really dumb.

    If an athlete earns 10 million dollars, and wants an easy series of steps to hold onto it, do the following:

    1) Put 5 million in a bank and choose to live off the interest. Keep your expenses less than what you’re money is earning.

    2) Build a modest house (by millionaire standards) and pay cash for it. Don’t need a mortgage if millions are in the bank.

    3) Don’t borrow any money for any reason. Don’t invest in any business to earn 100 million, you’ve already got 10 million.

    4) Don’t produce a bunch of illegitimate children with a bunch a money grubbing hoes.

    It’s truly sad these people couldn’t figure this out on their own.

  7. You made millions of dollars to play a game in which I played for free as a kid all the way through high school. I didn’t have the God given talent to go pro, so I paid tens of thousands of dollars to get a college education and had to get a “real job.” It took me ten years to pay off my student loans. Oh, and then in order to qualify for a promotion, I went back to school which cost me another 20k. I will be paying for that for how long? Now, you want me to feel sorry for you because you are too stupid to live off of several millions of dollars? Two words for you, the first word starts with “F” and the second rhymes with YOU!

  8. This is not rocket science. If you’re making millions a year and have no money sense, rent a nice apartment for under $1,000 a month, eat out once a week with one friend and split the bill, drive a decent used car, shop for food at Wal-Mart or Sam’s, pay your utilities on time, and then put the rest of the dough in a safe annuity. Forget all the complicated investment deals all the scammers are going to approach you with and sit on each million you make for as long as your career lasts. When your career in the NFL tanks, get a job like the rest of us and save your NFL big bucks for a rainy day or when you’re old and out of work.

  9. I find it funny that most people are so surprised that pro athletes go broke. I am surprised by financial advisors or banks that go broke.

  10. I just can’t bring myself to feel bad for these guys. I can admit I have absolutely no idea what it’s like to have that much cash, but damn these people seem to have no concept of money management.

  11. Of I may add…..

    Jim Rome may do the best interviews of NFL players. Listening to those interviews is an experience. It is like listening to not too bright kids in elementary school. Painful to listen to many of his interviews when one realizes that the interviewee is a young adult, often the father of children.

  12. Hey ojordonez – Peyton Manning was the son of an NFL quarterback who grew up in wealth and a ready made support system of financial advisors and absolutely no friends and family thinking they hit the jackpot because he is in the NFL. The point of this story is the kids who grow up in poverty who suddenly have millions of dollars to manage. Try comparing apples with apples ok.

  13. No clue….you guys realize you can’t just park $20 million in the bank, right? You’re only insured for deposits up to $25oK, which used to be only $100K. Do you know why they bumped it up? Because hundreds of banks went belly-up and their depositors lost everything not covered by FDIC…. Put it in a big bank you say? How about Lehman Brothers? Bear Stearns? Do you really trust that BofA or Citibank are solvent (they’re not)? How about you just give it to a financial genius like Bernie Madoff…lots of smart people gave their money to Madoff, what could possibly go wrong? These football players are no match for the very best con-men in the world, many of whom work for reputable firms and steal with government and regulatory approval…

  14. Most of these players don’t graduate from college. They get by on the minimum courses. Bernie on the other Gand graduated in 2 1/2 years if I remember correctly. Surprised he ended up in this situation. Bernie has worked in front offices of teams earning decent coin.

  15. nfloracle says: Sep 29, 2012 12:49 PM

    “This is not rocket science. If you’re making millions a year and have no money sense, rent a nice apartment for under $1,000 a month, eat out once a week with one friend and split the bill, drive a decent used car, shop for food at Wal-Mart or Sam’s, pay your utilities on time, and then put the rest of the dough in a safe annuity.”

    Seriously? How many people making less than millions do this? Hardly any.

    When you’ve walked a mile in someone’s shoes you can talk about what they should or shouldn’t have done. Most of the people on this thread that are blasting these guy for being broke are probably broke themselves.

  16. bantry1234 says: Sep 29, 2012 12:47 PM

    Most of these morons have college degrees from major universities and yet they can barely read or speak proper English. Not surprising.

    ___________________________________

    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?

  17. I could easily see guys making all this money in their 20’s losing it. It so much money that you take for granted that you will always have it. When you are in your 20’s, it is hard to truly understand all the details of your finances, especially with millions of dollars, and especially if you come from a background where having a lot of money would has always been the answer to most of the problems you have had.

  18. Simple answer, you just gotta be really dumb.

    If an athlete earns 10 million dollars, and wants an easy series of steps to hold onto it, do the following:

    1) Put 5 million in a bank and choose to live off the interest. Keep your expenses less than what you’re money is earning.

    It’s truly sad these people couldn’t figure this out on their own.

    ————————————————

    Did you realize that the inflation rate is higher than the rate banks offer on a savings account? If you just sit your money in a savings account, treasury bond, or CD, you are losing value.

    Your financial advice is bad and you should feel bad. :p

  19. heandy59 says:
    Sep 29, 2012 1:14 PM
    No clue….you guys realize you can’t just park $20 million in the bank, right? You’re only insured for deposits up to $25oK, which used to be only $100K. Do you know why they bumped it up?
    ————————————–
    You can purchase insurance beyond those amounts. Also, you can split up deposits among multiple banks. Most people don’t park that much money because you don’t get much return in a bank account. You could also buy treasury bonds. No investments are zero risk, but if you diversify properly, the risk of losing it all is minimal.

  20. Kosar did not waste his money like most. He had investments that went bust in the real estate market. Plus, he had a kind heart. One that betrayed him. Well, to say it better, he had friends that he helped that in turn betray him.
    Bad luck was more of Bernie’s issues along with letting pop be the money manager.
    Bernie has integrity and a fan base that still loves him. That’s worth far more than mere money.
    Oh, Bernie will make a financial comeback. But, the interest on money cannot equal the treasured value that the dividends of friendships bring. Bernie is plenty rich with that!

  21. It’s sad seeing all the guys I grew up watching going broke. I remember I used to envy them so much. All the money, fame, and girls. Until I got older. I don’t make a ton of money, but I have a nice little life. Nice apartment, dependable car, and a great woman. I’m sure a lot of these guys would envy me now. I’m in no way trying to rag on these guys, but if they would stop trying to make their lives so closely resemble a rap video this wouldnt keep happening over and over and over again. There is no way I could blow through 50 million without considering that at some point the money is going to dry up! Then again, you listen to some of these guys talk and you realize they’re not going to be on Jeopordy anytime soon. You can’t hand millions to guys who couldn’t handle hundreds.

  22. 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.

  23. 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.

  24. 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.

  25. 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?
    _____________________________________

    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.

  26. 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.

  27. 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

  28. 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.

  29. 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.

  30. 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.

  31. 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.

  32. 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).

  33. 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.

  34. 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.

  35. 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

  36. 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.

  37. 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.

  38. 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

  39. 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.

  40. 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.

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