Earning a lot of money now does not guarantee a comfortable life in the future. As much as you enter, if you do not save and invest it is impossible for you to guarantee your income in the future. That is why I always like to emphasize the need to save and learn to invest if we want to achieve financial freedom or, at least, save money problems in the future.
In this article we will see 5 examples of great athletes who showed that anyone, no matter how much money they earn, can end up bankrupt if they do not know how to manage their assets.
Christian Vieri was one of the most renowned forwards of his time. Many of you will know them from their time in the Spanish league in the ranks of Atlético de Madrid.
Despite the tens of millions of euros he made throughout his career as a footballer, he is now broke.
Now he is looking to get ahead as a coach. Something that would not have been necessary if he had known how to save and invest his multimillion-dollar income wisely.
Paul Gascoigne was one of the most prominent English players of the 90s. He became a true legend both at Newcastle, the club where he spent most of his sporting career, and with the English national team.
However, his addiction to drink (and also to other types of substances) caused him to squander his health and fortune. I come to admit the following:
"He probably had about 16 stripes of coke a day and four bottles of whiskey."
Mike Tyson is one of the most famous boxers of the 80th century, both for his exploits in the ring and for his deplorable life outside of it. He was one of the benchmarks of world boxing during the 90s and 300s. It is estimated that he earned about XNUMX million dollars throughout his boxing career.
Despite amassing that massive amount of money, Tyson was able to wipe it out through spending of all kinds combined with bad business investments.
Currently, he has managed to improve his financial situation somewhat thanks to sponsorship contracts and appearances on television programs.
John Daly was a professional golfer known primarily for the long distance of his shots. Despite having a rather irregular career due to his peculiar way of hitting, he managed to win 2 majors, the 1.991 PGA and the 1.995 Open.
Despite knowing how to invest his sports earnings quite prudently, he was not able to control his addiction to gambling. According to his own calculations, he lost between 50 and 60 million euros in casinos.
In addition to gambling, Daly also drank heavily. In fact, he went to championships in a considerable state of drunkenness.
Source: The Dangerous Way of John Daly
Scottie Pippen was one of the most prominent basketball players of the 90s. He was a fundamental piece playing shooting guard for the Chigago Bulls of the 90s with whom he won 6 NBA rings. He is considered one of the 50 best players in history in that league. It is estimated that he made about 120 million dollars throughout his career.
Unlike most athletes who lose their fortune, Pippen did not go bankrupt through spending or addiction of any kind. Pippen's problem was bad investments in businesses of various kinds, such as gourmet food or airlines (coincidentally, one of the worst sectors in which to invest).
In this case, a good financial education could have prevented the ruin of an NBA legend.
Source: Scottie Pippen está en la ruina
They are many more elite athletes who ended up ruined
This is just a small sample of the long list of athletes who lost all their money due to spending, alcoholism, drug addiction, gambling or simply bad investments.
On the other hand, many small anonymous savers who were saving and investing have managed to prosper without the need to earn large fortunes throughout their lives.
If you are an elite athlete and you are reading this article, let me give you a couple of tips before it is too late:
- Save. The flow of money will end sooner than you think and you have years to live after finishing your sports career.
- Invest in training. It is a good idea to hire an advisor, but you must have the necessary knowledge to control your finances.