This is what happens when people who've never had anything before finally become wealthy. We see it all the time; more specifically, with professional athletes. In a recent article for Sports Illustrated - How (And Why) Athletes Go Broke - writer Pablo S. Torre had this to share:
What happens to many athletes and their money is indeed hard to believe. In this month alone Saints alltime leading rusher Deuce McAllister filed for bankruptcy protection for the Jackson, Miss., car dealership he owns; Panthers receiver Muhsin Muhammad put his mansion in Charlotte up for sale on eBay a month after news broke that his entertainment company was being sued by Wachovia Bank for overdue credit-card payments; and penniless former NFL running back Travis Henry was jailed for nonpayment of child support.
In a less public way, other athletes from the nation's three biggest and most profitable leagues—the NBA, NFL and Major League Baseball—are suffering from a financial pandemic. Although salaries have risen steadily during the last three decades, reports from a host of sources (athletes, players' associations, agents and financial advisers) indicate that:
• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
• Within five years of retirement, an estimated 60% of former NBA players are broke.
This type of financial downfall is not exclusive to professional athletes. Ordinary people who by chance and the luck of the draw manage to pick the winning lottery numbers also fall victim to their financial ineptitue [See: 8 Lottery Winners Who Lost Their Millions]. Just like professional athletes, they all wish they had it to do over again. Of course not all lottery winners and professional athletes are daring enough to "make it rain" on women in strip clubs. But never the less, through bad decisions they for the most part wake up one day wondering "what the f*ck?!!"
William "Bud" Post won $16.2 million in the Pennsylvania lottery in 1988 but now lives on his Social Security.
"I wish it never happened. It was totally a nightmare," says Post.
A former girlfriend successfully sued him for a share of his winnings. It wasn't his only lawsuit. A brother was arrested for hiring a hit man to kill him, hoping to inherit a share of the winnings. Other siblings pestered him until he agreed to invest in a car business and a restaurant in Sarasota, Fla., -- two ventures that brought no money back and further strained his relationship with his siblings.
Post even spent time in jail for firing a gun over the head of a bill collector. Within a year, he was $1 million in debt.
Post admitted he was both careless and foolish, trying to please his family. He eventually declared bankruptcy.
Now he lives quietly on $450 a month and food stamps.
"I'm tired, I'm over 65 years old, and I just had a serious operation for a heart aneurysm. Lotteries don't mean (anything) to me," says Post.
I often wander off in my mind like everybody does and wish I could hitb the lottery. Like you, I have found myself imagining just what I would do if I were ever in that situation. I often wonder what I would buy, and just how my life would change. Just like you, the thought of hitting the lottery is a welcomed dream. But hey, there's an old saying that says "you gotta pay to play". I can't help but to think that sometimes said price isn't worth it.
I guess in the end we can all say that what happened to these people will never happen to us. But that's easy to say especially when you never had it to begin with. Adam "Pacman" Jones, though unlike other athletes who have lost money and are broke after retirement was a fool. I'm sorry, but I don't think it gets any more silly than going into a stripclub with $100,000 in cash. Especially when you can get women for a lot less by just being a professional athlete in ton on Allstar Weekend. He took forgranted the opportunity he had, and he threw it away. He was given a second chance in the NFL and he has since pissed it away. In my opinion, though a gifted athlete, and as much as I believe in people given a chance for redemption, Adam "Pacman" Jones deserves no more than he was already given.
You can read this article - 25 Rich Athletes Who Went Broke - to get a feel for the who's who of professional athletes who have had their share of financial ruin. Like me, you'll probably be surprised to see the host of White athletes who made the list. Further proving that failures are not always the kid you take out of the ghetto.