Documentary on How Professional Athletes Fall From Wealth

If you have been wondering how profesisonal athletes can go from multimillion-dollar contracts to bankrupt, a new documentary, “Broke,” might provide some useful information.  Director Billy Corben provides a guide on how to go broke as he talks to current and former professional athletes who have done just that, or witnessed a teammate do that. 

Many of the athletes who have fallen from millions have almost identical stories. You may be surprised to know that it takes more than spending thousands in a night club and buying extravagant cars.  A lot of it boils down to not knowing how to handle money or not hiring the right advisors to help you manage your career and your money. The short span of the athletic career, and the inability to say no to family and friends who supported you as you rose to your peak, are also contributing factors. 

Corben hopes that the documentary will help younger athletes avoid the financial mistakes many have made before them.  He wants to change their perception of wealth and encourage them to save. 

See Jacqueline Palank, Pro Athletes Go ‘Broke’ in New ESPN Documentary, The Wall Street Journal, Oct. 1, 2012. 

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this blog to my attention.