NFL star Adrian Peterson’s financial woes are front and centre after he was with three separate lawsuits claiming he failed to repay millions of dollars in loans. Despite earning $100 million throughout his NFL career, which will continue with the Washington Redskins this season, Peterson, 34, appears to be strapped for cash. Reports of his money woes were met with revelations about the legendary running back’s prolific fathering. He has refused to say how many children he has in the past but estimates range from six to eight. “The number one business decision a man or woman is going to make is who they partner with in a marriage,” sports media identity Jason Whitlock told Speak For Yourself.
It's amazing how many athletes squander the millions of dollars they make during their playing careers.
Quick to judge are we? All accounts are he was swindled by his financial advisors. Sent from my SM-N950U using Tapatalk
Not really, His lawyer has issued a statement that he is in way more debt than the current $10 mill he's been ordered to repay. He then said he is in debt because he trusted the wrong people. Too many of these athletes hire friends, family as advisors. They need a professional team (Advisor, Attorney, Accountant) and must make sure the money is held at a custodian so they Reciever monthly statements. Most accounts have detailed his lavish spending, like his 30th birthday party where he flew 320 guest round trip first class to his party where he hired entertainment from around the country. Houses he bought well above market value, exotic cars,6- 8 children from 6-8 different mother's. This guy even got caught stealing money from his charity to pay for a sex party. The truth is, he was banking on another mega contract, but the injury and child abuse scandal prevented him from getting that money. It's a combination of all those factors that led to his current situation.
I'm not going to trash the guy or anything but I also am not going to feel bad for a guy that blew through a fortune that he could have used to set up his family for generations. Most people in this country will never have a million dollars to their name at any point in their lives much less 100 million.
Keep in mind, Peterson will recieve $73,320 per month from the NFL once he retires add an additional $5,640 per month for each additional year he plays after 2019, plus a yearly annuity bonus. Bankrupt yes, struggling financially, not so much.
Sad statistic indeed. A sudden increase in wealth can lead to poor financial decisions. Copeland deserves credit for doing this. https://www.cnbc.com/2019/03/01/nfl...-teaching-life-101-a-money-class-at-penn.html
Sounds like he's getting taken to the cleaners by his ex-wives/girlfriends/baby mommas. Poor bastard.
Or maybe... Yeah, poor bastard Edit: And let me add to that, you have kids you pay for them and most times it is based upon how much you make. You don't want to get "taken to the cleaners by his ex-wives/girlfriends/baby mommas", then be responsible and stop knocking so many of them up.
Take $5M put it into mutual funds. If you average about 6% return per year, you'd had a steady stream of about $300K without lifting a finger. Not the same lifestyle as they may be used to, but still certainly very very comfortable. Of course putting yourself into millions of dollars into debt defeats the premise here. But most player could do this and be just fine after they retire.
