Congrats, newly minted NBA rookie!
Now you’ve been drafted. Next comes the delicious multimillion-dollar contract. And that’s when you must do what most NBA players do: start going through cash like Jack Black through the Keebler factory.
Filing for bankruptcy is a long-standing tradition for NBA players, 60% of whom, according to the Toronto Star, are broke five years after they retire. The other 40% deliver the Toronto Star.
It’s not just NBA players who have the fiscal sense of the Taco Bell Chihuahua. All kinds of athletes wind up with nothing but lint in their pockets. And if everyone from Johnny Unitas to Sheryl Swoopes to Lawrence Taylor can do it, so can you! With my How to Go Bankrupt* DVD series, it’s a layup to go belly-up!
Ten essentials, just to get you started:
1. Screw up, deny it, then fight by using every lawyer and dime you have. Roger Clemens just sold his Bentley, reportedly to pay legal bills. Marion Jones lawyered herself broke before she finally copped and went to prison. Paging Mr. Bonds, Mr. Barry Bonds.