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Even pro athletes aren't immune to the possibility of bankruptcy

With great success comes the possibility of great failure. While this isn't usually how a person should approach one's success and progress in life, it is something that should be heeded when thinking about money management. Everyday people declare bankruptcy due to debts and other unmanageable expenses. Even professional athletes and their million-dollar contracts are not immune to this fate.

For example, Tennessee Titan Vince Young declared bankruptcy after signing a $26 million contract with the team in 2006. Some wonder how a person could possibly spend $26 million in just a few years' time, especially when most people will never make that amount of money in their entire life. However, it just proves that money is finite and even if it feels endless, it can and will end if spending gets out of control. According to Young's former financial advisor, Young "spent money faster than he earned it."

In the real world, the average person will usually come into some sort of large financial gain at some point in their life, whether that be an inheritance, an insurance payout or a work bonus. Having a plan in place for that money so one doesn't blow through it all is important to avoiding bankruptcy. However, sometimes bankruptcy is the best option for those who's finances are out of control.

Coming into a large amount of wealth can sometimes trick those who receive it into limitless spending. However, all wealth has its limits, that is, it isn't infinite. For those who are considering filing for Chapter 7 bankruptcy, or who are going through the process of a bankruptcy, this is a good strategy to adapt to your finances going forward. It it can happen to the richest of athletes it can easily happen to anyone.

Source: Forbes, "Pro Athletes Prove Why You Should Stick To A Financial Playbook," Zach Conway, Aug. 16, 2017

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