Did Belcher have financial issues that lead to the tragedy?
According to his close friends Belcher and his girlfriend had been arguing about money and finances over months.
Belcher hard expending and partying caused many arguments with his girlfriend and mother of his surviving little daughter.
It is no news about financial troubles many athletes face and some even” go broke”.
But for those that need financial help and want to keep a healthy retirement, there are many ways to do it without cutting all the luxuries.
What are the reasons so many athletes “go broke”?
There are several reasons why so many athletes “go broke”. First, whether it is a lottery winner, an athlete or a star entertainer, if they are not equipped with the knowledge on how to make and save money they are in trouble. When they didn’t earn it through disciplined business practices and they don’t have those skills they usually go through it quickly. Most lottery winners or athletes make a great deal of money in a short period of time. They start spending it on things that only go down in value (cars, jewelry, partying, entourage, etc) and start to evaporate the money they do have. They can carry this off until they stop earning big money. This is when the trouble starts. It is hard to believe that MC Hammer, Mike Tyson, Evander Holyfield and Ed McMahon are broke. These are people who earned hundreds of millions over time and it disappeared. Lavish spending and entourages were probably the downfall for the first three for sure. Most athletes play for four to ten years if they are lucky. After they pay taxes (can be 40 to 50%) and agent fees and buy their first homes, cars, outfits, jewelry (plus, cars, clothes and jewelry for friends and family), they are left with very little. When they first “strike it rich” all of their longtime friends and family expect help. Most athletes feel obligated to help everyone out at first then they wise up. They also want to keep up with their teammates. If someone buys a Bentley, they have to buy one; if someone buys a $75,000 watch, they have to buy one to keep up the appearance. Then, of course, when the career ends and they are still living in a multi million dollar house, driving 3 expensive cars (and insurance), traveling in private planes and taking Limo’s when they go out on the town, reality sets in. The money dries up very quickly.
However, if athletes educate themselves, learn money management skills and make smart, safe investments along the way, they are usually in very good shape.
Michael Minter is an independent financial Advisor and played professional tennis during his school and college years. His company has helped many business owners, professional athletes and families achieve their financial goals.
He is also the author of I-PLAN, a book that teaches finances in an easy and fun way.