Tyson's tragedy was Cus Damato dieing. Then Don King moved in and Tyson was doomed.
Greedy people prey on those with money and little common sense. Your plan has already failed. Charlie Batch was a quarterback with the Detroit Lions several years ago. He used his fortune as a personal guarantee to a developer who was building apartments in Detroit. The developer went bust and Charlie lost his ***. But he did not learn. He put his name on a development project in Homestead, PA. The project is about one half done, and it stopped several years ago. To add to the pain, Batch is no longer in football. His mother lives near my mother.
They get into debt for no reason but to want more - and when their fame runs it's course, they can't pay back the debt and file for bankruptcy. A smart celebrity would take that money, and start up a business using their fame.
Because ALL these people know how to do is their sport, but they have nothing between the ears that allows them to make sound choices concerning their future.
Terrible moiney management skills combined with vampiric people around them that are only there for the goodies.
They were never taught how to handle money and have multiple people scrambling to leech off of therm.
They trust someone that they shouldn't. Watch "American Greed" for dozens of ways that people with lots of money go broke.
Robin Williams used to joke that "Cocaine is God's way of telling you that you have too much disposable income."
They usually let someone else manage their money.
Someone who is incompetent or who steals from them.
They buy $$200000 dollar cars.
Mike Tyson, Vince young, mc hammer, Shawn kemp etc.
Make millions of dollars but after they retire they file for bankruptcy
If I made that kind of money, I would buy multiple rental properties in high demand markets(nyc, sf, dc, etc) and rent them out to working professionals and that way I have additional sources of income as a safety net.
