He was a dolphin once so I put him in here, please move if need be. http://www.sun-sentinel.com/sports/football/pro/dolphins/sfl-bernie-kosar-bankrupt-062209,0,2021359.story
Classic case of not knowing when to say no to friends and family asking for handouts as he referenced in the article "eight figures" as being loaned out. I hold hope that people like him will bounce back and stand again.
Everybody is struggling. He is nowhere near as bad as some folks. His fame can open some doors to him that regular folks like me and you couldn't get to.
Mine too Doc. I liked Kosar. I guess it would be awful to be in such a big position and then, poof, your gone and forgotten. I wish him luck.
These guys need some real advisers in their corner. I should write a guide for athletes on how to choose a planner/adviser. Some simple steps can help you avoid financial pitfalls from your family, and financial pitfalls from your adviser (yes crooked advisers).
What staggered me was the fact that, I think it was , 78% of pro football players go bankrupt or end up with money problems not long after retirement. That tells me the league needs some serious money management teachings. Also how much is it a side effect of a lot of men from poor backgrounds that end up bleeding dry because of handouts once the earning potential dries up?
Huge. After you turn pro, all your "boys" will be asking you for money. And it won't feel right to say no, because, well, they are your "boys" you grew up with them. It will be a shame not to help them, right? That kind of mentality gets people in trouble.
Kosar is a prime example himself though I think a lot of his was giving money to his ex teammates after they went broke bailing out other people.
Makes me very sad, he was a favorite of mine for many years, a darn good QB and a stand-up guy. I hoe his fortunes turn around. The NFL ought to find ways to help their players manage their money better.
