Made millions during his pro career, yet just a couple of years later he's broke?

[MadHound]

Seriously, how does this happen?

"Three-time Pro Bowl cornerback Chris McAlister(notes) has only been out of the game for a year, and already, he's telling the court system that he's broke.

McAlister is locked up in a child support battle with his ex-wife Marlene, and is trying to get his child support payments lowered. He currently owes her $11,000 per month. In documents filed to the court, claims he can't pay her because he doesn't have any money."
<http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Former-Ravens-DB-Chris-McAlister-is-already-brok?urn=nfl-wp7151>

How does somebody go from making multi-millions over a career of ten years to being broke and living with his parents?

This is just sad, on a number of levels.

[HipChick]

1. Living beyond your means..

Doesn't matter if you are a millionaire or middle-class..

[orpupilofnature57]

4. Truth!I have Friends that make under 50 thousand and own their homes

and I have Friends that make triple digits ,and don't have a pot to piss in ,or a window to throw it out of.

[virgogal]

2. It isn't sad,it's pathetic.

[JANdad]

3. $11000 per month is bullshit!

Only way that should happen is if 2/3 of that money would be placed in trust...

[Marrah_G]

7. I'm sure its based on a portion of his income

It allows the child to live in a standard of living his parent can afford. When the order was originally given he was probably making ALOT of money.

[bluestateguy]

5. Common with pro athletes

They never learn how to manage money, and many of them are uneducated. Sometimes they let themselves be taken advantage of by hucksters.

Also, a good many pro-athletes grew up poor and now having tons of money, it can be like letting loose a kid in a candy store. They want to indulge themselves with all of the things they never had in life. And they spend money faster than they can take it in, and when their bodies give out and they can't play anymore they are screwed.

[Marrah_G]

6. Alot of these guys have everything done for them

They never learn about being financially responsible or saving for the future. They spend to much, listen to bad advice and then all of a sudden they are broke.

I'm not saying anyone should feel sorry for them. Just offering an explanation as to how it could end up that way.

[Ineeda]

8. Grand Caymans?

[exboyfil]

9. I remember an episode with Suze Orman

In which she was talking with a young football player and his wife. They already had two houses, and they were asking about purchasing a third. Suzie said it was not a good idea.

The look the wife gave Suzie would have curdled milk.

I always wondered if they followed her advice. I see he was cut from the Vikings this year after making $7-10M from them. His name is Heath Farwell I think (unless she had more than one football player on the show).

[MrSlayer]

10. Overspending, no long term vision, delusions of immortality.

Bad advice, treachery, making it "rain", giving away to parasites. I would imagine it's quite easy to find yourself in this position if you have no idea what you are doing and you think the gravy train will run forever. I can't say I feel bad for him, he threw away opportunities most of us would kill for. Just give me one of those untold millions and I would set myself up for life. Of course I know what it is to work for a living and these guys are so pampered and taken care of from such an early age they have no clue about the real world. A lot of them anyway.

[undeterred]

11. Never took math.

[Hardrada]

12. Ex pro sports guys used to at least have a bar or a restaurant

for some income. Or a car dealership.

[Odin2005]

13. Most pro sports players come from poor families and...

...It's just like lottery winners that end up broke, they lose self-control and spend all the money.

[Nye Bevan]

14. Not uncommon. See also MC Hammer. (nt)

[dkf]

15. It's not how much you make, it's how much you spend.

Make $100 and spend $101 misery, make $100 and spend $99, peace.

[Texasgal]

16. Hate to say it...

But financial responsibility is necessary. Especially in these times.

Don't live beyond your means. Period.

[provis99]

17. well, Mike Tyson ran through $300 million.

Tyson was so broke at one point, he contemplated doing porno movies to make money.

[classysassy]

18. The former/retired players

When a player enter the draft he or she should get a honest tax attorney,avoid agents like the plague,they are no more than human blood suckers.The colleges and universities need to rethink and redo the stipend they give the players who bring in millions of dollars for the schools that recruit them,if they can pay a coach millions of dollars to coach these teams surely the players should share in the revenue generated by their skills.The pro teams should invest in the future players in their leagues,the NFL generates billions not just millions of dollars from TV revenue and the new stadiums mostly built with tax dollars,we the people help the wealthy but could care less about the truly needy.The NCAA need to be overhauled,old rich guys making rules so their rich pals can siphon off most of the money is criminal and need to be stopped.All sports at all levals from high school,college and the pros is about the bottom line$$$$$$$$$$,so get real and share the wealth.

[Logical]

19. I have always said I want to be a sports agent.....

I would put all my clients money in a passbook savings account paying 3% and pay them 25% of their yearly salary a year and not let them touch the savings part.