In this era of home foreclosures and high unemployment, it’s hard to sympathize with the professional athlete laid low by the high life. It seems almost impossible that an athlete making $5 million, $10 million, or, in the case of Derrick Coleman, $90 million over a career could lose all of his money. Of course, many a now-bankrupt athlete also thought it impossible.
“They see [their salaries] as infinite, like it doesn’t end, like they can’t spend it all,” says accountant Scott Bercu, who has handled the finances of professional baseball and basketball players. “But, if you get $5 million a year, by the time you get done paying your agent and taxes, you have $2 million left to spend. That goes very quickly.” Read more>>
Source: NPR.org via Trackandfieldnews.com