How Professional Athletes Can Manage Millions to Make it Last

Mike Tyson seemingly was on top of the world in 2003, until he filed for Chapter 11 bankruptcy. In the course of twenty years, he managed to squander over $400 million, and simultaneously dig himself into $27 million in debt. It seems impossible, but professional athletes going broke has become an all too common theme in the sports world. However, not all athletes find themselves with the same fate – some are able to save, invest and ensure that their money will last. So where is the disconnect and why do we often see one of two extremes? An article from Miller’s Money Weekly, Why Professional Athletes go Broke, examines the two financial paths that professional athletes take, and discusses strategies that enable them to make their money last with Hank Sargant, a sports agent at one of the top player agencies in the country.