Some people who file for bankruptcy, need to file due to no fault of their own. These people usually have suffered some kind of enormous medical expense or maybe their home is severely under water. For others, such as the athletes profiled in ESPN’s new 30for30 documentary “Broke” need to file for bankruptcy because they had a really good time living outside of their means. The documentary profiles athletes who were at the top of their game and then lost/spent all their money, only to be living a very pedestrian lifestyle in this day and age. What viewers and readers need to realize is that most athletes professional careers only last on average 3-4 years, and most don’t make superstar money. Athletes have a limited time to make serious money before having to get a real job just like everybody else. The problem is, that athletes are young and are often times from under privileged backgrounds and they have no concept of saving money. Often times they help out their friends and families with bad investments and then they go on to blow a substantial amount of money on cars and bars to name just a few of the bad choices.
So what can we learn from these athletes as well as various lottery winners and entertainers? Be smart with your money. If you got it, invest in things that will show you a profit, unlike vehicles, alcohol, and zany start up business. Go with what works and get professional investment advise before making any substantial decisions, and always live within your means. You don’t want to be filing for bankruptcy because you charged up your cards trying to keep up with the Jones’s.
If you have additional questions please call Symmes Law Group at 206-682-7975 to talk to a Seattle attorney.