Financial Woes That Should Make You Feel Better
I think it's safe to say that we have all made some costly financial errors during our lifetimes
. Some may have been minor errors of bad judgement like lending money to friends or family. Others may have been larger lessons such as maxing out a credit card in one unfortunate shopping marathon. Then there's the 'over-the-top' purchase. That 'must have' item we know we shouldn't buy...that we probably end up buying even though we know we can't afford it.
Well, if it makes you feel any better, these bad judgement calls are not only reserved for the middle-class working folk. I think it's safe to say that anyone who claims financial wealth has learned a lesson or two on losing it before learning to keep it. Even Donald Trump has filed for bankruptcy...a few times.
Sports icons are notably amongst the worst when it comes to earning it and losing it. According to Sports Illustrated, almost 80% of NFL players are close to bankruptcy within two years of their retirement while 60% NBA players have the same issue within five years of retiring. Bad financial planning, poor money decisions and lavish spending are amongst the reasons.
Scottie Pippen, a former Chicago Bulls star lost $120 million of his career earnings due to bad business ideas and poor financial planning. Evander Holyfield apparently made over $250 million during his career and is reportedly broke. He has been noted as making 'smart' business decisions seem really bad. Lenny Dykstra was a successful baseball icon but several failed business ideas caused him to file for bankruptcy in 2009, losing all $30 million of his dollars. Latrell Sprewell, who used to be worth $96 million, once turned down a $21 million contract because he claimed it wasn't enough money. He began having his personal assets repossessed in 2007. The first to go was his $1.5 million yacht.
PGA champ John Daly gambled away his fortune which was estimated between $50 to $60 million dollars. I'm sure Las Vegas thanked him. Professional baseball player Jack Clark filed for bankruptcy in 1992 after he could no longer make the payments on his 17 car notes. A few $700,000 cars will do that to you. And then there's Mike Tyson who wasted his $350 million dollar fortune on outlandish items, one of them being a $2 million dollar bathtub! His bankruptcy was filed in 2003.
So despite your own financial mishaps, they're probably not as bad as what some people manage to do. Instead of filing for bankruptcy, you may want to consider consolidating your debt with a secured private loan such as a car title loan. Making regular payments is a great way to improve your credit rating while consolidating your bills into one easier to manage monthly instalment. It's an option that could possibly help get you back on track.
by: Molly Wider
Smart Finance - Buying a property in the right way Review of Declutter Fast by Mimi Tanner Central Austin Foreclosures – How You Can Make Money in This Economy Faxless Payday Advance Get Payday Finance Without Fax Without Tension Asthma Mist Reviews & FREE Trial Easy Money Using Ideas That Work Ardyss Reviews Hoo Yah! Magniwork Generator Plans Reviews-Does Magniwork Power Really Work? Free Paid Surveys-Easy Work, Fast Money Acn Reviews, Exposed Buy Thyromine & Review - How Safe Are The Ingredients? Making Money with an Offshore Money Transmission License Latest Film Reviews for 2010