For the overwhelming majority of us average schmoes, living beyond the next paycheck is a luxury we can’t afford. So, it’s hard to feel sorry for these famous athletes, whose next paycheck just happened to be for millions of dollars. How could they possibly go broke? Turns out, basically the same way we do: buying stupid stuff, blowing way too much dough on lovers, friends and family and, most commonly, making some really bad bets. And, oh yeah, video games and cheesecake. Looks like we’re not so different after all…
Vince Young – $30M
How he lost it all: Bankrupted a restaurant, bought an unflyable jet, and dropped $5,000 a week on an uncontrollable addiction to CHEESECAKE!
Curt Schilling – $50M
How he lost it all: A bad investment in his own VIDEO GAME company.
Scottie Pippen – $120M
How he lost it all: According to his lawyers, Pippen was fleeced out of his fortune by falling for some “BAD financial advice” and was defrauded.
Charles Barkley – $30M
How he lost it all: Extravagant living, lavish spending, tax penalties and some REALLY bad gambling.
Jose Canseco – $70M
How he lost it all: Investing in some WACKY business ideas, lavish spending, tax penalties and compulsive gambling.
Warren Sapp – $60M
How he lost it all: Lavish spending, bad investments and paying child support to FOUR different mothers of his children.
Terrell Owens – $80M
How he lost it all: Tax penalties, lavish spending, bad investments and alimony and child support to FIVE different women.
Michael Vick – $100M
How he lost it all: Out of control spending, civil and criminal penalties and fines and losing endorsement deals for running a DOGFIGHTING ring.
Allen Iverson – $150M
How he lost it all: Lavish spending, bad investments, a $15 million divorce settlement and picking up the tab for a 70 MAN entourage.
Evander Holyfield – $150M
How he lost it all: Lavish spending, expensive divorce, taking a huge loss selling off his $100 million mansion and paying child support for his NINE children.
Sheryl Swoopes – $50M
How she lost it all: It’s not really clear, except for the one statement she’s made publicly. It was lost in some “EPIC money mismanagement.”
Mike Tyson – $400M
How he lost it all: Lavish spending, bad investments, tax and criminal penalties, divorce, drugs, drink and gambling. However, It’s been recently reported that Iron Mike is getting by on his LAST MILLION bucks. Paycheck to paycheck…