Why athletes go broke: The myth of the dumb jock
CBS News
(MoneyWatch) Did you hear about the professional athlete who just declared bankruptcy? Of course you have.
Mike Margolies's insight:
This is one of the better posts I've read about why athletes go broke. I've been consulted with on part of this by one of the pro retirement associations. Not on how to manage money, but about the psychological issues that are involved. One of the big issues is an athlete's focus on the present. It is something that is critical to athletic performance, while at the same time may lead athletes into bankruptcy. Trust is another issue and the combination is hard. For pro athletes need to find an advisor they trust. Who can keep them focused on the present while on the field or court and at the same time have them plan for the future. A difficult task without trust.