How do pro athletes lose so much money on bad investments?
Recall Keith McCants lost a ton on McDonalds franchises. How in the world does that happen?
- 1 month ago
Unfortunately many of them get suckered in to help their friends and hangers-on (who aren't always coming in with the best of intentions).
- Pearl LLv 71 month ago
cause they made bad investments
- u_bin_calledLv 71 month ago
By nature, people who rise to the highest levels in athletics tend to do so because of their singular focus on their sport. This not only limits their business skills but the relationships they have with others as well.
So you end up with a person making lots of money who has few real-world life skills and often a very small "inner circle" of friends and family to advise him. This often leads to bad money management and poor choices.
For example, Baseball legend Duke Snider invested heavily in a California farm on the advice of a good friend and ended up going bankrupt. Just a few years ago there was a story about rookie athlete who was taking his $60,000 bi-weekly paychecks to a corner check cashing store because "that's what my dad always did with his checks."