What Average Americans Can Learn From Lottery Winners & Pro Athletes
Saturday, February 6th, 2010“It’s the same old story, same old song and dance my friend’ -Aerosmith
Award-winning financial columnist Don McNay recently wrote an online article for The Huffington Post about the perils of overspending, entitled “Like Lottery Winners, Pro Athletes Also Blow Big Money.” In it, the part-time structured settlement consultant who has worked with injury victims, lottery winners and others who receive very large sums of money, has observed that some 90% of them will run through their money in five years or less; within two years of retirement, 78% of NFL football players are bankrupt or under financial stress; and 60% of NBA basketball players are broke within five years of retirement—all “running through their money faster than a crazed lottery winner.”
In this blog, McNay ponders the question many of us wonder: why are these people so compelled to blow big money?…