A lot of people assume that successful professional athletes are set for life when it comes to their finances. While that is definitely true for many stars of the NBA and NFL, there are many who unfortunately squander their wealth and don’t invest properly. It’s crazy to think that it is possible to go through millions, but it does happen more often than you might expect.
Vince Young was the third overall pick in the NFL draft, which means it came with a hefty payday. However, seven years later, he filed for bankruptcy, with his financial advisor explaining that Young’s spending overtook his earnings. That is pretty wild considering the fact that he had signed for $26 million. His assets were worth less than $1 million when he filed, and he owed about $10 million.
Chris McAlister was a top 10 pick and played for the Ravens for ten years. He won a Super Bowl with the team at Super Bowl XXXV. He even signed a seven year $35 million contract, so it was pretty shocking when he was already retired in 2011, he requested at court that his monthly child support be reduced since he was living with his parents who were supporting him financially.