by Mike Boman
I looked over an article which was in Sports Illustrated a while back with some awesome statistics; Within a couple of years, 78% of NFL players are either on the rocks or going through extreme economic trouble. This article points to the simple fact that the starting salary of even the lowest paid American football players is $310,000 yet in the second year it jumps to $460,000. With this sort of income it sets theses NFL players in the top 1% of all of the income brackets in the U.S. Now how does it come up?
One of the first things that most players do right when they sign a nice contract is to go out and buy a new house. They typically pay for the whole thing in full. While this sounds like a good idea. They are actually spending a significant amount of their sign on bonus. Most advisors of these players suggest that they instead put there homes on a 30 year mortgage instead of buying them all at once. The reason for this is that unlike most of us, NFL players careers are only three years long on average. Players will need to make their cash last longer while they are playing because they don't have the typical 30 year career.
When you have watched some episodes of MTV's "Cribs" you can see how they devote all of their money not only on their property, yet at the same time their cars. Every person is aware that a car falls off in value 25% once you drive it off of the lot. Thus it needs to be no great surprise that these players are loosing money on their new cars very easily.
This hit home with me personally since my favorite quarter back since I was a young boy was Bernie Kosar. He had to file for bankruptcy protection last year saying that he owed over 40 million more than he was worth. Loads of this contains credit card debt. Various other NFL star have also filed for bankruptcy protection for instance Andre Rison and Lawrence Taylor.
It isn't always the actual players that run up the debt though. The Colt's superstar wide receiver Reggie Wayne recently had a mistress named Natasha McKenzie. They had been messing around for a while. Reggie's wife found out about it after catching wind of her running up a $93,000 credit card debt. You want some debt relief? Check out Indiana debt relief, virginia debt relief and michigan debt relief and know how to eliminate credit card debt. Don't give your mistress your credit card number! - 41115
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New Unique Article!
Title: Why NFL Players Caught Up In Debt?
Author: Mike Boman
Email: trustedhealthproducts@gmail.com
Keywords: tennesse debt relief,debt relief,debt settlement programs,virginia debt relief
Word Count: 428
Category: Finance:Credit
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