“100% of PROFESSIONAL ATHLETES ULTIMATELY EXPERIENCE JOB TERMINATION” This blog is about the successful transition of former pro athletes following their sports careers. Kurt A. David is a former pro basketball player who discovered 5 keys for navigating rapid change. He is an EMMY Award Winning TV show producer, best-selling author, counselor, & business owner. "FROM GLORY DAYS" has completed four successful seasons and is currently on Amazon Prime. www.FromGloryDays.com
May 20, 2016
Why Professional Athletes Lose Their Millions
It's no secret that former NBA All-Star and Champion, Antoine Walker, earned well over $100 million throughout his NBA career.
It's also no secret that Antoine lost it all and went broke.
Antoine's financial problems began as a 19-year-old rookie with the Boston Celtics in 1996, and although he had a financial adviser plan for his long-term finances, Antoine had other ideas for his new found wealth.
A sad story we often hear on our TV show, 'From Glory Days' and a lesson to be learned for anyone looking to gain and maintain their wealth.
Why do so many professional athletes go broke?
As I analyze the case of Antoine Walker and many others, these are the three reasons I find for professional athletes' financial demise.
Reason #1 - Ignoring Financial Wisdom
“Through my young arrogance, being ignorant...and being stubborn with my money,” Antoine has said publicly. Pro athlete or not, advice is only as good as it is heeded, especially in an area that is not our expertise. Antoine's expertise was as a professional athlete. That's what paid him well, and he didn't heed the expert's advice and took his business and finance matters into his own hands. Mistake number one.
Reason #2 - Skewed Reality on Money
“I never really thought about the (financial) severity that I put myself through, but I didn’t really worry about it because the money was constantly coming in,” Antoine shared. Often athletes feel invincible, and as a former professional athlete myself, I get it. You think the playing will never stop and the money will never end. 100% focused on current status, and little to no thought placed on how current decisions will impact the future, especially financially. Did Antoine really need that many designer suits or five luxury vehicles in the driveway of every one of his homes? No more than former boxer Mike Tyson needed white tigers while losing $300 million earned during his boxing career.
Reason #3 - Losing Control of Your Money
“I could have been on top of it,” Antoine said when talking about what lead to the loss of his wealth and investments. Gambling, blowing wads of money on lavish trips with friends and acquaintances, and not paying attention to important court appearances tied to his 140 investment properties...these were the actions that lead to Antoine's loss of control.
Eventually, the reality of $13 million in liabilities and $4 million in assets forced Antoine to declare bankruptcy, and he had to liquidate many of his priceless possessions including an NBA Championship ring.
Looking back, Antoine has many regrets, as most former athletes do that find themselves in this position, but the good news is Antoine is trying to turn this tragedy into a triumph by getting the word out to others about his mistakes.
Focusing on the importance of financial literacy and hoping others can learn from his mistakes, Antoine has released a documentary titled, "Gone In An Instant" which documents his rise and fall.
When asked what his #1 piece of advice would be to young NBA players today, Antoine said, “Get the word ‘No’ in your vocabulary. You’re going to have to say no to a lot of people that are very important to you. Stick to your financial plan and don’t invest until you’re done with your career when you’re able to be hands-on.”
Advice too late for Antoine Walker to heed, but great words of wisdom in hopes of sharing the secret to his financial demise.
You can find out more about me, my book, my TV show, and the important work I do with former professional athletes at: www.kurtdavid.com
February 9, 2014
Now What?
No sports fan is able to ignore the existence of our arguably biggest sporting event of the year....THE SUPER BOWL.
But when the six hour pregame hype is over, the last half-time song has been sung, and the final pricey commercial has been aired what happens to the 106 warriors on the field who have just experienced the most intense sporting experience of their lives? Fifty-three privileged men on each roster stand where others can only envy. But when the smoke of the fireworks clear, the final horn has sounded, and the champion is crowned what happens to these select NFL players?
Unfortunately for many, it will be their final competition. Who truly knows what exact percent of Super Bowl players face job termination proceeding this event year in and year out, but there are some stats that are worth paying attention to.
For instance, one statistic indicates 25% of NFL players are bankrupt within their first year out. Another states 50% of divorces occur within the first year after an NFL player's retirement. Some say 78% of NFL players are either divorced, bankrupt, or unemployed two years after departing from the game.
One of the biggest misconceptions for pro football fans is thinking everyone plays 10 to 15 years and makes millions of dollars. Not so, says the reality of an NFL longevity of under 4 years. In addition, many league minimums are paid out and it is only the exceptional athlete who plays for 15 years and makes the millions and millions of dollar we read about.
It's estimated that 320 NFL players must annually face the cold, hard reality of permanent job termination from pro sports, which includes a loss of status, lack of purpose, lack of direction, and needless to say a huge income loss. How would you feel if I told you, you were going to lose 90% of your income for the rest of your life? I don't care how much money you make, losing 90% of your income is a major lifestyle change, no matter how much you started with. Most NFL players are far from being set for the rest of their lives and our society is not set-up to handle those 35 year old retirees who are.
So what is a former Super Bowl athlete to do? Well, perhaps keep working out and spending a significant amount of money attempting to get back into the game for a couple of years or...perhaps find a way to channel the same wherewithal they applied as a pro athlete into the next phase of their lives.
Imagine the focus, the drive, the self-discipline, the ability to work together with others for a common cause all channeled into a new phase, a new focus, a new life. Exciting isn't it?
Imagine, if pro athletes apply the same mental, physical, and emotional energy they applied during pro sports, into the betterment of our society.....this world would be a much better place.
Some have done this and others eventually will.
So whether you've played in a Super Bowl or not remember one thing holds true....."100% of PROFESSIONAL ATHLETES ULTIMATELY EXPERIENCE JOB TERMINATION."
Let's hope they're ready.
You can find out more about me, my book, and my services at: www.fromglorydays.com
But when the six hour pregame hype is over, the last half-time song has been sung, and the final pricey commercial has been aired what happens to the 106 warriors on the field who have just experienced the most intense sporting experience of their lives? Fifty-three privileged men on each roster stand where others can only envy. But when the smoke of the fireworks clear, the final horn has sounded, and the champion is crowned what happens to these select NFL players?
Unfortunately for many, it will be their final competition. Who truly knows what exact percent of Super Bowl players face job termination proceeding this event year in and year out, but there are some stats that are worth paying attention to.
For instance, one statistic indicates 25% of NFL players are bankrupt within their first year out. Another states 50% of divorces occur within the first year after an NFL player's retirement. Some say 78% of NFL players are either divorced, bankrupt, or unemployed two years after departing from the game.
One of the biggest misconceptions for pro football fans is thinking everyone plays 10 to 15 years and makes millions of dollars. Not so, says the reality of an NFL longevity of under 4 years. In addition, many league minimums are paid out and it is only the exceptional athlete who plays for 15 years and makes the millions and millions of dollar we read about.
It's estimated that 320 NFL players must annually face the cold, hard reality of permanent job termination from pro sports, which includes a loss of status, lack of purpose, lack of direction, and needless to say a huge income loss. How would you feel if I told you, you were going to lose 90% of your income for the rest of your life? I don't care how much money you make, losing 90% of your income is a major lifestyle change, no matter how much you started with. Most NFL players are far from being set for the rest of their lives and our society is not set-up to handle those 35 year old retirees who are.
So what is a former Super Bowl athlete to do? Well, perhaps keep working out and spending a significant amount of money attempting to get back into the game for a couple of years or...perhaps find a way to channel the same wherewithal they applied as a pro athlete into the next phase of their lives.
Imagine the focus, the drive, the self-discipline, the ability to work together with others for a common cause all channeled into a new phase, a new focus, a new life. Exciting isn't it?
Imagine, if pro athletes apply the same mental, physical, and emotional energy they applied during pro sports, into the betterment of our society.....this world would be a much better place.
Some have done this and others eventually will.
So whether you've played in a Super Bowl or not remember one thing holds true....."100% of PROFESSIONAL ATHLETES ULTIMATELY EXPERIENCE JOB TERMINATION."
Let's hope they're ready.
You can find out more about me, my book, and my services at: www.fromglorydays.com
August 6, 2013
Final Line Change
It's difficult to know what former Detroit Red Wing Shawn Burr enjoyed more in life.....hockey or hilarity.
Coaches, teammates, friends, and family will vouche that he was good at both; often ripping one-liners to anyone that would listen during his 16 seasons of professional hockey.
There was nothing funny about the news I received late last night.....Shawn Burr is dead at the age of 47.
Not necessarily known for possessing the body of a greek god and often ribbing himself about his own weight Shawn once told me, "I'm not blessed with one of the greatest bodies in the world." In fact, he shared that when he first came to training camp the Red Wings wanted him to gain weight and gave him protein shakes and told him to mix it with ice cream. "It created a monster and I've gained five pounds ever since," he joked. Despite his less-than-beach-body-physique Shawn was know for his physical play as his helped the Red Wings reach the Stanley Cup Finals after a 28 year draught since the club's last Finals appearance.
Many years later, while Shawn and I had a signing appearance together at the Gibraltar Trade Center Sports Card Show, it became clear early-on that fans still appreciate his impact on Red Wing hockey.
Despite Shawn's success in professional hockey and subsequent post-athletic career as a financial advisor for Smith Barney, he still found time in his busy schedule to give back to the community through numerous appearances with the Red Wing Alumni Association and other charitable events.
Shawn's triumph over his serious diagnosis of Leukemia in 2011 proved he was still a champion but no one would have guessed that two years later, while in remission of this disease, he would have an unfortunate fall that would lead to his passing.
During a 2007 interview for my book, "FROM GLORY DAYS - Successful Transitions of Professional Detroit Athletes," Shawn told me, "I kind of knew my days in Detroit were numbered."
At 47 years of age, little did we know that those days would numbered this low.
RIP - Shawn Burr
www.fromglorydays.com
February 10, 2013
Michael Jordan now 50 years old?
Yes, believe it or not the mega-sports icon Michael Jordan turns 50 years of age on February 17th, and WOW has he accomplished much in those fifty years.
The infamous tongue, the shaved head before it's time, the iconic 'Jumpman' Logo, Air Jordan tennis shoes, Space Jam the movie, an NCAA Championship, NBA Rookie of the Year, six NBA Championships, five regular season NBA MVP Awards, six NBA Finals MVP Awards, NBA team owner, NBA Hall of Fame, a stint at professional baseball, a stint at professional golf, and the long list goes on.
Now ten years since his third (and final) retirement from professional basketball, no other American athlete has come close to matching the cultural impact this man has had on sports. His success became synonymous with sports altogether and his retirement/unretirement only proved that even the most legendary and iconic athlete has difficulty walking away from the game.
Despite Michael Jordan's monumental fame, fortune, and success on and off the court, his ability to transition into the next phase of his life has been marred with divorce, gambling scandals, foreclosure, and bankruptcy, which goes to show that even the best of us struggles with this transition.
For many years he has brought people on their feet, caused millions to cheer his name, and become an icon for all sports. Now at 50 years old we can only hope he experiences a fraction of that fame and success for his remaining years.
You can find out more about me, my best-selling book, my TV show, and services at: www.kurtdavid.com
February 2, 2013
SUPER What-Now?
No sports fan is able to ignore the existence of our arguably biggest sporting event of the year....THE SUPER BOWL.
But when the six hour pregame hype is over, the last half-time song has been sung, and the final pricey commercial has been aired what happens to the 106 warriors on the field who have just experienced the most intense sporting experience of their lives? Fifty-three privileged men on each roster stand where others can only envy. But when the smoke of the fireworks clear, the final horn has sounded, and the champion is crowned what happens to these select NFL players?
Unfortunately for many, it will be their final competition. Who truly knows what exact percent of Super Bowl players face job termination proceeding this event year in and year out, but there are some stats that are worth paying attention to.
For instance, one statistic indicates 25% of NFL players are bankrupt within their first year out. Another states 50% of divorces occur within the first year after an NFL player's retirement. Some say 78% of NFL players are either divorced, bankrupt, or unemployed two years after departing from the game.
One of the biggest misconceptions for pro football fans is thinking everyone plays 10 to 15 years and makes millions of dollars. Not so, says the reality of an NFL longevity of under 4 years. In addition, many league minimums are paid out and it is only the exceptional athlete who plays for 15 years and makes the millions and millions of dollar we read about.
It's estimated that 320 NFL players must annually face the cold, hard reality of permanent job termination from pro sports, which includes a loss of status, lack of purpose, lack of direction, and needless to say a huge income loss. How would you feel if I told you, you were going to lose 90% of your income for the rest of your life? I don't care how much money you make, losing 90% of your income is a major lifestyle change, no matter how much you started with. Most NFL players are far from being set for the rest of their lives and our society is not set-up to handle those 35 year old retirees who are.
So what is a former Super Bowl athlete to do? Well, perhaps keep working out and spending a significant amount of money attempting to get back into the game for a couple of years or...perhaps find a way to channel the same wherewithal they applied as a pro athlete into the next phase of their lives.
Imagine the focus, the drive, the self-discipline, the ability to work together with others for a common cause all channeled into a new phase, a new focus, a new life. Exciting isn't it?
Imagine, if pro athletes apply the same mental, physical, and emotional energy they applied during pro sports, into the betterment of our society.....this world would be a much better place.
Some have done this and others eventually will.
So whether you've played in a Super Bowl or not remember one thing holds true....."100% of PROFESSIONAL ATHLETES ULTIMATELY EXPERIENCE JOB TERMINATION."
Let's hope they're ready.
You can find out more about me, my book, and my services at: www.fromglorydays.com
But when the six hour pregame hype is over, the last half-time song has been sung, and the final pricey commercial has been aired what happens to the 106 warriors on the field who have just experienced the most intense sporting experience of their lives? Fifty-three privileged men on each roster stand where others can only envy. But when the smoke of the fireworks clear, the final horn has sounded, and the champion is crowned what happens to these select NFL players?
Unfortunately for many, it will be their final competition. Who truly knows what exact percent of Super Bowl players face job termination proceeding this event year in and year out, but there are some stats that are worth paying attention to.
For instance, one statistic indicates 25% of NFL players are bankrupt within their first year out. Another states 50% of divorces occur within the first year after an NFL player's retirement. Some say 78% of NFL players are either divorced, bankrupt, or unemployed two years after departing from the game.
One of the biggest misconceptions for pro football fans is thinking everyone plays 10 to 15 years and makes millions of dollars. Not so, says the reality of an NFL longevity of under 4 years. In addition, many league minimums are paid out and it is only the exceptional athlete who plays for 15 years and makes the millions and millions of dollar we read about.
It's estimated that 320 NFL players must annually face the cold, hard reality of permanent job termination from pro sports, which includes a loss of status, lack of purpose, lack of direction, and needless to say a huge income loss. How would you feel if I told you, you were going to lose 90% of your income for the rest of your life? I don't care how much money you make, losing 90% of your income is a major lifestyle change, no matter how much you started with. Most NFL players are far from being set for the rest of their lives and our society is not set-up to handle those 35 year old retirees who are.
So what is a former Super Bowl athlete to do? Well, perhaps keep working out and spending a significant amount of money attempting to get back into the game for a couple of years or...perhaps find a way to channel the same wherewithal they applied as a pro athlete into the next phase of their lives.
Imagine the focus, the drive, the self-discipline, the ability to work together with others for a common cause all channeled into a new phase, a new focus, a new life. Exciting isn't it?
Imagine, if pro athletes apply the same mental, physical, and emotional energy they applied during pro sports, into the betterment of our society.....this world would be a much better place.
Some have done this and others eventually will.
So whether you've played in a Super Bowl or not remember one thing holds true....."100% of PROFESSIONAL ATHLETES ULTIMATELY EXPERIENCE JOB TERMINATION."
Let's hope they're ready.
You can find out more about me, my book, and my services at: www.fromglorydays.com
January 20, 2013
FROM FAME TO FORTUNE
Competing in a pressurized environment that’s reminiscent of his playing days and the lure of big paychecks, NBA star David Robinnson now sees finance as a natural second career.
Having acquired two NBA championships, one MVP award, 10 All-Star appearances, and named to the National Basketball Association's 50 greatest players of all time, the 7'1" tall David Robinson now heads Admiral Capital.
In 2008, Robinson teamed with former Goldman Sachs executive, Daniel Bassichis, to launch the private equity firm which looks to earn profits while generating a positive social impact along the way.
Currently, the Admiral Capital Group oversees $50 million in real estate assets.
It appears David Robinson has overcome the sobering exit statistics of professional athletes and done well.
I just wish more could follow in his large footsteps.
December 26, 2012
10 Former Pro Athletes in Jail
Typically, I attempt to try to spin positive within my posts, but today I found this article which brings the challenges of transitioning pro athletes to light.
(Originally posted by Danny Groner on November 2, 2102)
Former Yankees’ standout pitcher Brien Taylor is widely accepted as one of the biggest disappointments in Major League Baseball history. Now, he’s known as one of the game’s most notorious criminals. Next week, the former number 1 pick will be sentenced to between 5 and 40 years in prison after he pleaded guilty this summer to distributing crack cocaine. Now 40, Taylor has been incarcerated since his March arrest.
What was once a promising start to a young career has turned into the latest tragic story of a former pro getting himself involved in the wrong side of the law. Here’s a look back at 10 other players who are now serving time in prison.
1. Ugueth Urbina
The former closer was sentenced in Venezuela in 2007 to 14-plus years in prison for the attempted murder of five workers on his ranch. The attacks by several men were particularly severe—involving machetes and pouring gasoline on their victims. Their crime? Urbina accused them of stealing a gun from him.
2. Dave Meggett
Meggett was sentenced to 30 years in 2010 for criminal sexual conduct and burglary stemming from an encounter he had with a college student the year before. His defense argued that the sex was consensual. The three-time All-Pro and one-time Super Bowl champion’s legacy has been overshadowed by a series of troubling episodes during his playing days and afterward. In 2007, he was convicted of misdemeanor sexual battery and served a two-year probation period.
3. Lawrence Phillips
In 2008, the former running back was sentenced to 10 years (eventually reduced to 7) in prison on a charge of assault with a deadly weapon. Three years earlier, he had driven onto a field and struck three kids with his car. Reports indicated that he had been upset after losing a pickup football game and then suspected them of stealing his possessions. In 2009, Phillips was sentenced to 25 years in prison on a separate conviction for assault and other charges, for a total term of more than 31 years.
4. Mel Hall
Former outfielder Mel Hall got 45 years in prison in 2009 after he was convicted of raping a 12-year-old girl that he coached on a basketball team. During the sentencing, other accusers came forward to say that Hall had carried on inappropriate relationships with them as well. “We believe that the verdict does on some level show that the jury understood,” said the prosecutor after the trial. “They looked in these girls’ eyes and said this is worth 40 years, and we agree with them.” After half of his prison term, he will be eligible for parole.
5. Rae Carruth
The promising young Panthers’ receiver had his career go off the rails in 2001 when he was sentenced to more than 18 years in prison for arranging the death of the woman pregnant with his child. Miraculously, the child survived the shooting that took his mother’s life. At the time of her death, the victiim, Cherica Adams, was trailing Carruth’s car in her own vehicle when Carruth suddenly stopped and a shooter emerged alongside her in a third car. Then Carruth drove off. Adams survived long enough to call 911 and describe the events of the evening. Two others were also apprehended and are in prison.
6. Eddie Johnson
Once a prominent player in the NBA, Johnson was kicked out of the league in 1987 after failing to stomp out his drug addiction. “Fast Eddie” Johnson boasted a career average of 15.1 points per game during his career, but his demons ultimately got the best of him. In total, he also posted 100 arrests and several stints in prison. In 2006, Johnson was arrested for burglary and sexual battery and molestation of an 8-year-old girl. He received a life sentence without parole. “I don’t blame anybody for what happened to me but myself. I could make excuses, but there’s no excuse,” Johnson told USA Today in 2006.
7. Robert Rozier
He only played six games as a pro for St. Louis before being released over drug use, but it was Rozier’s off-the-field behavior that earned him attention. After serving a six-month prison sentence in the 1980s, Rozier found God, moved into Yahweh ben Yahweh’s “Temple of Love,” and renamed himself “Neariah Israel”, or child of god. Then, he joined “The Brotherhood,” which carried out some murders, but Rozier testified against Yahweh and received a lighter sentence of 22 years in prison, of which he served 10 before his release in 1996. After being caught several years later for writing bad checks, he wound up back in the slammer, serving 25 years to life.
8. Cecil Collins
In 2003, former Miami Dolphins’ running back Cecil Collins was sent back to prison for 15 years after he admitted to breaking into the apartment of a woman he knew in order to watch her sleep. Sentencing didn’t come without controversy: A state appeals court had thrown out the original 15-year sentence he was given back in 1999 after the judge ruled it unfair that Collins’s relatives didn’t have a chance to testify on his behalf. But after the judge lost her seat, the replacement wasn’t as forgiving and did not change the original sentence.
9. Jay Vincent
Last year, the former NBA player was sentenced to more than five years in prison and ordered to pay more than $110,000 to the IRS for his part in a fraud case. Vincent and others scammed 20,000 people by falsely making them certified home inspectors. Vincent apologized in federal court and was ordered to repay the government for what he stole. During Vincent’s trial, Magic Johnson came forward to explain how “incredibly remorseful” his former Michaigan State teammate was over his actions. That message may have been hard to stomach considering Vincent was caught“writing, or causing others to write, bad checks in a different scheme while free on bond.”
10. Darryl Henley
The relatively unknown cornerback was drafted by the Rams in 1989 out of UCLA after being named an All-American. He totaled 12 interceptions in his 76-game career. But after Henley left the game, his life began to fall apart. He’s currently serving a 41-year sentence for cocaine trafficking charges. To make matters worse, Henley hired a hitman to murder his sentencing judge and a witness in the drug case.”A physical move to step away from past relationships that have already proven to be dangerous, and sometimes disastrous, is the only way for you to go,” Henley wrote in a letter in 2008. “It is your life and you alone are responsible for it.”
You can find out more about me, my book, and my TV show at: www.fromglorydays.com
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