The same story appears in the media nearly every week: a mega-rich football player, musician, or celebrity has filed for bankruptcy. Scary Spice, whose net worth is over $50 million, and Boris Becker, whose net worth is $126 million, both declared bankruptcy recently.
The fact that 40% of football players reportedly file for bankruptcy after retiring is perhaps the most alarming development.1.
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Do former athletes just waste their millions? Or are there recurring themes in every story that we can take note of?
So we dived in, researching a host of bankruptcies to discover why and what lessons we could learn…
