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41 sats \ 8 replies \ @Bell_curve OP 27 Jun \ parent \ on: Raiders head coach is bankrupt? Stacker_Sports
Why do athletes go broke?
Because they buy businesses they don’t understand like car dealerships
Ironically John Elway owned many car dealerships in Colorado. He sold them all in 2004 for millions of dollars. Elway is the exception
It's a tough situation for a lot of these guys. They have a ton of money, most don't have anyone they know and trust to advise them on how to manage it.
They have to do something with it, so it's not surprising that they invest in things they're familiar with, like car dealerships.
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Fidelity index fund
Done ✅
Obviously I am oversimplifying
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You're not wrong, but I think these guys get approached by family and friends with "business opportunities". It can be a tough situation for a young man to navigate, not to mention that they probably have never heard of an index fund.
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The players union has to do a better job teaching financial literacy especially for retirement
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I agree and the older players need to do a better job mentoring.
There's probably no getting around it though. We're talking about thousands of multimillionaire men in their 20's with no existing financial sense, after all.
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At least Antonio didn’t buy a yacht 🛥️
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Paul Coffey used to own a number of dealerships in the greater Toronto area. He had to sell a couple of them because they weren’t doing well. Bolton Toyota which used to be Paul Coffey Toyota used to be one of my customers but I never worked with them when Paul owned it.
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Car dealership is no picnic especially if it’s the end of the month especially July and August
Former great player on the Edmonton Oilers Paul Coffey!
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