For Some Athletes, A Short-Lived Financial Success

In this era of home foreclosures and high unemployment, it’s hard to sympathize with the professional athlete laid low by the high life. It seems almost impossible that an athlete making $5 million, $10 million, or, in the case of Derrick Coleman, $90 million over a career could lose all of his money. Of course, many a now-bankrupt athlete also thought it impossible.

“They see [their salaries] as infinite, like it doesn’t end, like they can’t spend it all,” says accountant Scott Bercu, who has handled the finances of professional baseball and basketball players. “But, if you get $5 million a year, by the time you get done paying your agent and taxes, you have $2 million left to spend. That goes very quickly.” Read more>>

Source: via