Female Sports Stars That Went Broke

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The massive salaries and endorsements of sports stars do not guarantee a comfortable life — evidence suggests the opposite is true for many pro athletes. Sports Illustrated estimated that a staggering 80% of retired NFL players end up broke within the first three years after retirement. Fortune magazine cites research from the National Bureau of Economic Research (NBER) showing that 15.7% of retired NFL players declare bankruptcy within twelve years of retirement, which seems a bit more reasonable.

Even so, that’s a lot of athletes burning through a lot of money and doing it for a wide variety of reasons. Financial difficulties all go back to bad decisions, and those bad decisions are not limited to the men’s professional sports, either. A few of the greatest female sports stars have also suffered bankruptcy-inducing losses, including the ones listed below.

Celebrity Bankruptcies

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Celebrities and money management don’t always go together well. From the entertainment field to athletes to reality TV stars, celebrities arrive at their wealth and fame armed with a spectrum of spending habits and financial skills. Some inherently know how to handle their finances, and others hire trusted people to manage their funds for them. Those who don’t — and those who are hit with lawsuits and other circumstances because of their celebrity status — can end up losing it all and heading to bankruptcy court.

Here are a few celebrities who have been forced to file for bankruptcy over the years. Some are fairly predictable; others are surprising.

  • Nicolas Cage – The highly bankable star (pictured above) makes around $40 million a year, yet still managed to rack up enough debt to declare bankruptcy.
  • Jose Canseco – The former Oakland A’s outfielder who is synonymous with performance-enhancing drugs decla…

From $110 Million to Bankruptcy

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Antoine Walker had the world by the tail in 1996. He was coming off a NCAA championship season with the Kentucky Wildcats and was chosen by the Boston Celtics as the sixth pick overall in the 1996 draft. Fourteen years later, he declared bankruptcy with assets of $4.28 million and $12.74 million in liabilities. Walker had managed to blow through nearly $110 million.

Walker’s story is not unique. It’s been estimated that around 60% of NBA players end up broke within five years after retirement. Most go broke for the same reason — massive overspending.

Many NBA players feel obligated to take care of family and friends after they strike it rich, but they do so in extravagant and unsustainable ways, as Walker did. Determined to do right by his mother and five siblings, he built multi-million dollar houses for his entire family.

Walker certainly was not shy in spending on himself, either. He bought multiple expensive cars, including a $350,000 Maybach. Throw…

Tips for Seniors to Manage Their Debt

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You should be enjoying the fruits of your labor in your later years, not worrying about how to pay back debt. Unfortunately, too many seniors find themselves with high levels of debt and uncertainty about their future.

If you are in this situation or heading that way, consider these steps to reverse your slide into debt.

  • Analyze Your Cash Flow – The first challenge of managing your debt is to stop it from growing. (Our government may not have figured that out yet, but you can do better.)

    Take a hard look at your spending and look for discretionary purchases to cut. If you do not have a budget, make one. Take into account any short-term changes in income or expenses so you can realistically assess the situation.

  • Prioritize the Debt – If you have more than one source of debt, prioritize them so you can pay down the most d…