Jalen Rose Explains: How Athletes Go Broke

My personal insight on why sport athletes end up broke after signing multimillion-dollar contracts.

[SpeedHomeAttack]

That’s why MC Hammer went broke, media portrays him to be broke from buying expensive stuff but he was helping more people than he could afford.

[timwilliams]

As Tracy Morgan said, you have "Street Taxes" that's your so-called friends and some family members!

[pchuita]

These two should be on First Take, their chemistry is on point

[Nocball]

I'm an athlete... not professionally and I am broke too. I can relate.

[burghsfinest]

Man I appreciate Jalen's honesty and insight, and I can listen to his interviews and stories all day... My man!

[michaelharris]

Take care of your money and your money will take care of you.

[STURCASE]

Most pro-athletes do not make it to a second contract

[ezekielmajor]

All the interviewer is thinking, "Jaylen will you put that damn bat down. Looks like you are about to hit me with it."

[rocknroll]

lol.. the relatives and friends become instant business geniuses

[dafcorleone]

most of these athletes grew up under difficult circumstances socially, when fame and $$$ hit, most if not none of them is ready to handle that, Shaq said it he was told by a bank manager at the time of his first contract to stop spending his $ like that, and look at it now.

[michaelpeterson]

He`s so right everybody wants your money Family, friends and Debts.

[martihill]

I could listen to Jalen rose talk all day.

[PInkW]

I asked my brother for $2000.
He was a millionaire.
He said no.
Best thing that ever happened to me.
I knew then and there
Either I swim or sink.

[Kruppt]

Normal people who win the lottery also have like 80% bankruptcy rate within 5 years. So going broke isn't just for athletes who are young. Funny that people who don't have money are always the ones with all the answers on what to do and what not to

[YellowPaint]

This is so refreshing to hear from Jalen (former pro ball player) as someone that's been there & done that. Instead of the broke everyday people that know everything & ain't been nowhere.

[Eric]

Mostly because of friends and family. They start living off you.

[AirKangLocker]

Damn freeloaders. They mock you for being CHEAP for not giving them feee money

[xpat]

Jalen - you forgot "car wash." LOL

[dreday]

Step one figure out how much you have after taxes.

Step 2 decide how many years you wanna live.

Step 3 divide how much you have by the years you wanna live and that's your yearly budget.

[nrkgalt]

This can happen to anyone who comes into a lot of money without the context for how to handle it. This includes lottery winners, heirs, and even doctors, who are experts at medicine but don’t have training in handling money.