Bad luck: as Multi-Millionaire Athletes Go Broke Fast - What can be learned Lotto players from reality?

Financial advisor Ed Butowski uncovers some outrageous facts about rich-then-broke athletes. Photo: ESPN

Athletes in the United States can do amazing amounts of money in their careers. Millions and millions of dollars.

Unfortunately, many of them end up losing all their money.

And the lesson as it is a value for lottery players, as it is a route map - and you can avoid the failure to know how it happens.

Some experiences are only for celebrities with factor X. For example, boxer Evander Holyfield, former undisputed world champion, pay hundreds of thousands of dollars each year to support the 11 children that generated by nine different women.

It slips easily. Keith McCants, a former professional American football linebacker, spent $ 7000000 easily enough.

Some invest in enterprises, but as American football and Canadian player Rocket Ismail found his disappointment:

"(Rocket) wasted much of his personal fortune in a series of business failures, ranging from a phone card distributor, for a film of inspiration, in a shop in calligraphy, a record company."

If you do not know anything about the business, this should be a lesson.

How much is too much? Bernie Kosar, a former American football quarterback, had 60 different handsets. He just needs one.

How can we learn from these examples?

A simple way is to take advice from the organization of the lottery and employ professionals they recommend.

Ideally you need a tax advisor, a lawyer for family planning, and an accountant authorized. When you win a lottery jackpot, you must surround himself with experts.

I have written several times about the steps you can take to protect your fortune. See these links for ideas:

What to do before, during and after the Win Lottery.

You disappeared after winning the lottery?

And to see the original article in Business Insider about how these athletes has fallen so far - and what they spend their money on.

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