- Posted April 9, 2012 by
This iReport is part of an assignment:
In need of a Money Coach?
- My Ten Sense: What to do when your money is low
- My Ten Sense: Making more money isn’t the answer
- My Ten Sense: 6 keys to couples happily managing their money
- My Ten Sense: Prepare your children so they don’t ask for handouts
- My Ten Sense: 10 things college students should know from student loans to landing their dream job
My Ten Sense: Sapp’s multi-million dollar bankruptcy is lesson for all
Sadly, Sapp won’t be the last professional athlete to go bankrupt. A lot of people have voiced their disdain for Sapp blowing his fortune and getting behind on child support even though he signed a $36 million deal, one of the richest for a defensive player at the time, with the Oakland Raiders at the end of his career after he already earned millions in Tampa Bay.
Conventional wisdom says that Sapp basically won the lottery when he was drafted into the NFL in 1995 out of the University of Miami. But like lottery winners who go bankrupt in less than a decade, Sapp was unprepared for his financial windfall.
And most people who become suddenly wealthy aren’t prepared to handle their new riches and they end up overextending themselves, loading up on expensive possessions and increasing their debt to fund their expensive new habits. And eventually, they end up bankrupt.
So no matter how much money they make, they end up spending it all because they haven’t learned to live on a budget.
Read the rest of this blog and watch my video to learn how enjoyable and secure your life can be living on a budget and how easy it is to live on a budget at http://mytensense.com/2012/04/sapps-multi-million-dollar-bankruptcy-is-lesson-for-all/