Personal Fiscal Mismanagement Stories

September 24th, 2011
in econ_news

mike tyson Econintersect:  There are headlines recently about astoundingly wealthy individuals who have gone broke.  Many of these stories involve sports figures and entertainers.  Today (September 23, 2011) there are stories summarizing such events, one at and the other at AdvisorOne.  The AdvisorOne story (by sportscaster Dan Berman) reviewed the “10 worst financial meltdowns by athletes.”  MSN covered 14 “stars who went broke,” including three athletes.  Only one person made both lists:  boxer Mike Tyson.  That means just these two stories covered 23 riches to rags stories.

Follow up:

Dan Berman runs his story in the form of a top ten slideshow.  His list (and the size of the lost fortune):

10.  Johnny Unitas – former Baltimore Colts football star and NFL Hall of Famer ($4 million)

9.  Darren McCarthy – NHL hockey star (more than $6 million)

8.  John Elway – former Denver Broncos football star and NFL Hall of Famer ($6 million)

7.  Raghib Ismail – NFL and CFL football star ($18 million)

6.  Diego Maradona – former Soccer star ($26 million)

5.  Sheryl Swoopes – Houston Comets basketball star ($50 million)

4.  Michael Vick – NFL football star (at least $50 million)

3.  Lenny Dykstra – former National League baseball star

2.  Derrick Coleman – former NBA basketball star ($87 million)

1.   Mike Tyson – Former world heavyweight boxing champion ($400 million)

Some of those who have gone broke have made some progress at reestablishing financial stability.  According to AdvisorOne, Sheryl Swoopes is the only person on the list who says that her own mismanagement was the reason for her losses.

The MSN list, in the order they presented, also as a slideshow:

1.  Chris McAlister – Baltimore Ravens football star

2.  Burt Reynolds – Movie star

3.  Heidi Montag and Spencer Pratt – Married former reality TV stars

4.  Toni Braxton – Six-time Grammy winning singer and reality TV star

5.  Scottie Pippin – Hall of Fame former  Chicago Bulls basketball star

6.  Sarah Ferguson – British Dutchess of York

7.  Theresa Giudice – Reality TV star

8.  Nicholas Cage – Oscar winning movie star

9.  Mike Tyson – Former world heavyweight boxing champion

10.  Randy Quaid – Movie star

11.  MC Hammer – Rapper

12.  Heidi Fleiss – Hollywood Madam

13.  Kim Bassinger – Oscar winning movie star

14.  Willie Nelson – Singer

Okay, so one entry is a couple.  Does that make the list 15?

Sources: and AdvisorOne

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