A question was once asked of John D. Rockefeller, arguably the richest man of his time, "How much money is enough money?" Mr. Rockefeller's answer......"Just a little bit more."
Profound, yet simple advice by a man who once reigned the oil industry in the late 19th century but applicable to many today, including our professional athletes. As I was reading through a recent article on Fanhouse.com I found a list of 22 notable, former professional athletes who found themselves in poor financial standing, and would've benefited by 'just a little bit more.' Following are tidbits from some of them.
- Tennis legend, John McEnroe was one of the many victims in an $88 million art investment scam, losing a reported $2 million of his own money after investing.
- Former Phillies & Mets star, Lenny Dykstra stated he's more than $31 million in debt.
- NFL quarterback, Bernie Kosar filed for bankruptcy protection in Miami listing liability losses between $10 million and $50 million.
- Hockey star, Sergei Fedorov said he was swindled out of $43 million by someone he trusted over the past 11 years.
- Former Pittsburgh Steeler, Mel Blount is reported to owe the IRS over $631,000 in federal taxes.
- Mets legend, Jerry Kloosman could face up to one year in prison after pleading guilty to federal tax evasion.
- New York Yankees, Johnny Damon & Xavier Nady were among the investors who had their finances frozen because of money affiliated with a company under investigation by the U.S. Securities and Exchange Commission.
- Ex-baseball slugger, Jose Canseco boxed against former child star, Danny Bonaduce because he was strapped for cash and squandered nearly $45 million.
- Olympic track champion, Marion Jones admitted she was flat broke in 2007 despite many lucrative endorsement deals following the 2000 Olympics. A court found her total liquid assets to be less than $2,000.
- NBA legend, Wilt Chamberlin owned a popular Florida restaurant for 17 years until a rent dispute forced the landlord to close the doors on his eatery.
- Boxing legend, Sugar Ray Robinson shared in his autobiography that all of his money was gone by the time he retired from boxing.
And the list goes on..... Many a professional athlete, with many a financial woe.
As a Transition Consultant for Professional & Olympic Athletes I focus on the emotional and practical aspect of sports transition and do not personally advise finances, but have heard many stories related to the previously mentioned. Many times have I heard the echo of John D. Rockefeller's quote in my mind, "Just a little bit more."
Having a sound financial future is as important as a sound goal-oriented next phase for former professional athletes. DON'T WAIT!!! PLAN NOW!!!
That is, unless your great-uncle's name is John D. Rockefeller, and he's already supplied you "just a little bit more."
You can find out more about me, my book, my TV show, and my services at: www.fromglorydays.com
