Bankrupt professional athletes are a sad fixture on the sports scene, and they may or may not mess up more often than the average person who earns a lot of money really fast.  However, their troubles seem outsize because of their fame and the pathetic schemes they fall for. The stakes are particularly high for football players, since their average professional career lasts just four seasons or so and may leave lingering injuries, health costs, or physical limitations.  This article and the interactive multimedia pictorial explain some of the specifics.

Johnny Unitas, one of the greatest quarterbacks of all time, forced into bankruptcy in 1991 with $3.5 million in debts

Questions:

1.  What are the three lessons that the author thinks almost anyone can put to work, whether you are a new college graduate getting a four-figure paycheck for the first time or you have suddenly inherited, earned or won a pile of money?  Do you agree or have any additions?  Discuss.

2. What are the requirements for financial advisors that appear on the N.F.L. players’ pre-screen advisor list?

3. What does the author think that the fiduciary standard should be in order to be listed on the players’ union prescreened advisor list? Discuss whether you think this is the best approach.

4.  What do you see as the CPA’s role in financial planning?

Sources:

Lieber, R. (2011). Financial Lessons From Sports Stars’ Mistakes. The New York Times, Sep. 9 (Retrievable online at http://www.nytimes.com/2011/09/10/your-money/financial-lessons-from-sports-stars-mistakes-your-money.html?pagewanted=1&_r=1)

Staff (2011). When Athletes Go Broke, The New York Times, Sep. 9 (Retrievable online at http://www.nytimes.com/interactive/2011/09/10/your-money/20110910-money.html?ref=your-money)