Mark T. Young & Associates
Free Initial Consultation:
423-933-1606
888-376-0282(Toll Free)
423-933-1606
888-376-0282
Focused On Your
Financial Freedom

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

No Comments

Leave a comment
Comment Information

Get Started Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Contact Information

Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
Hixson Law Office Map