Well, the time is drawing near and there will be more young millionaires who are Oakland Raiders after the 2011 draft. With that dramatic jump from poverty to—in many cases—millionaires, some problems will definitely emerge for some of these guys.
This article revisits one written by former NFL player Martin Chase, who wrote an article outlining some of the problems of moving from the pit of poverty to the plushness of palaces as instant young NFL millionaires. Already problems have emerged in some of the lives of some current or recently-released Oakland Raiders.
In his article, Chase listed some causes and problems of plunders or falls from grace:
1. "Everybody wants you to give it (money) to them, and most of the time you do."
2. Many NFL players come from single-parent homes.
3. Many NFL players have little money before pro football.
4. Many NFL players spend their money quickly.
5. Many friends and relatives want to borrow the player's money.
6. Many young players develop a show-off attitude.
7. Many players want either (or all) a Hummer, Cadillac, BMW, Mercedes or Porsche.
8. Many NFL players want expensive jewelry.
9. "There are women who are after the NFL players for their money and their status."
10. "Money magnifies problems."
11. And more....
What we can learn
Year after year, we read of NFL players who skip from the pit of poverty to grand homes or palaces. Tempted by the beauty, charm and cunning ways of "certain folks," they can have a third stage, pit to palace to plunder.
Fortunes are made instantly, and some fortunes are lost because of temptations, tricks, bad trades or investments.
The thoughts of the tricksters are similar to the phrase of the old woman in the Wendy's commercial: where's the money? The old woman would ask, "Where's the beef?"
"No money, no honey" is what some people tell the guys who are modern-day Samsons, Davids or Josephs.
Many young NFL players are plundered because they know very little about financial matters. Some are plundered because of their denial of their limited knowledge about business.
Some NFL players recover, and others never see the light of day (again), in finance or reputation.