How Do Athletes Go Broke When They Are Paid So Much?

Many people are angry about how much money athletes make. Check out the video to learn why!

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It's understandable, given that these athletes are being paid millions of dollars only to play a game. According to Craig Brown of NKSFB Sports, 78 percent of athletes become broke within three years of retirement.

But, with their enormous paydays, why do so many athletes struggle financially?

They occasionally have a spending problem. Former Tampa Bay Buccaneers defensive tackle Warren Sapp is an example. When TMZ discovered a report that Sapp owed $6.7 million to different creditors, he filed for bankruptcy in 2012. However, the majority of his $58.9 million in earnings throughout his 13-year playing career was spent on some ridiculously expensive things. To pay off his obligations, Sap was obliged to sell 240 pairs of Jordan sneakers, a lion skin rug, a huge artwork of a naked woman, and other items.

However, athletes can face certain unfavorable scenarios. At the height of his career, Mike Tyson, one of the greatest boxers of all time, was worth $300 million. Tyson, like Warren Sapp, enjoys extravagant spending.

However, Tyson's riches was also squandered due to legal troubles. Tyson's two divorces cost him over $16.5 million dollars, and he also served two different prison sentences, burying him in legal bills and allowing outstanding debts to increase. Tyson blew his riches and filed for bankruptcy in 2003 after dealing with his lawyers and living a luxury lifestyle.

Another reason athletes squander their riches is because they are surrounded by the wrong people. Sheryl Swoopes, called the "female Michael Jordan" by many, struggled financially following her playing career with the Houston Comets.

Swoopes earned more than $50 million during her stint in the league, according to Yahoo News, thanks to a lucrative partnership with Nike. Swoopes had to file for Chapter 13 bankruptcy in 2004 due to poor money management by her lawyers and some disastrous investments.

It only goes to show that doing your homework and surrounding yourself with the proper people may make the difference between being wealthy and being wealthy.

Why do you think all these athletes go bankrupt? Let us know in the comments.

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