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.
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…