How many NBA players have gone broke?

According to a 2009 report by Sports Illustrated, 78% of former NFL players have gone bankrupt or are under financial stress within two years of retirement, and within five years of retirement, an estimated 60% of former NBA players are broke.

What NBA players lost all their money?

NBA Players Who Lost it All and Where They Stand Today

  • Dennis Rodman. Estimated Career Earnings: $27,000,000.
  • Rick Mahorn. Estimated Career Earnings: $8,000,000.
  • Gilbert Arenas. Estimated Career Earnings: $160,000,000.
  • Eric Williams.
  • David Harrison.
  • Charles Barkley.
  • Jason Caffey.
  • Derrick Coleman.

Why do most NBA players go broke?

Since most professional athletes lack the specialized expertise and experience that they need to make the right investments, this makes them completely and utterly reliant on those who they choose to take care of their financial interests, particularly because most professional athletes are also uninterested in picking …

What percentage NBA players file bankruptcy or experience financial hardship?

Sixty percent of NBA players go broke within five years of departing the league. And 78 percent of former NFL players experience financial distress two years after retirement. Most professional athlete earnings are compressed into just a handful of years.

What athletes blew the most money?

20 High Paid Athletes Who Went Completely Broke

  • Vince Young. As a former star quarterback for the Tennessee Titans, Vince Young would have, and could have been living on easy street, but that was not to be.
  • Mike Tyson.
  • Diego Maradona.
  • Dennis Rodman.
  • Sheryl Swoopes.
  • OJ Simpson.
  • Leon Spinks.
  • Dorothy Hamill.

Who is the most broke NBA player?

1. Antoine Walker. He was a successful player for the Celtics, Mavericks, Hawks, Timberwolves, Grizzlies and Heat, making around 100 million dollars over the course of his career. Unfortunately, his money was spent on legal fees, his gambling debt and the fact that his wife spend most of his money.

What percentage of NBA players end up broke?

Film Summary. According to a 2009 Sports Illustrated article, 60 percent of former NBA players are broke within five years of retirement. By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress.

Do NBA players go broke?

According to a 2009 Sports Illustrated article, 35% of National Football League (NFL) players are either bankrupt or are under financial stress within two years of retirement and an estimated 60% of National Basketball Association (NBA) players, 78% NFL players, and a large percentage of Major League Baseball (MLB) …

Why do most pro athletes go broke?

Athletes who prioritize material wealth—cars, houses, jewelry, etc. —over financial discipline, strategic investing, and cultivating additional revenue sources tend to have money troubles. “Things get worse when there’s competition among teammates to own the most eye-catching luxuries,” says Johnson.

How many professional basketball players have gone bankrupt?

According to a 2009 Sports Illustrated article, 78% of National Football League (NFL) players are either bankrupt or are under financial stress within two years of retirement and an estimated 60% of National Basketball Association (NBA) players go bankrupt within five years after leaving their sport.

Are there any retired NBA players that are broke?

We have selected five different players who went broke after retiring from the NBA. Iverson is the only player on this list that is not actually broke, though he did spend a lot of his money. Reportedly, he lost over 200 million dollars, but he is still about a million in the plus.

Who are the NBA players that have lost most of their money?

Sprewell is another player that made more than 100 million dollars in his career, but he has also lost most, if not all of it. Over the years, he had to auction off his yacht and two of his mansions were foreclosed. 1. Antoine Walker

Who was NBA player that was arrested for not paying child support?

In 2007, Caffey was arrested for not paying child support (DUH again), and the latest reports say the former NBA forward cannot file for bankruptcy since it opens the door for the eight mothers of his 10 children to sue him. This deadbeat dad tried to file for bankruptcy in 2008 anyway, a hail mary, but the claim was rejected by a judge.