Russ Prince: How Pro Athletes Can End Up Losing Their Wealth

What do baseball’s Curt Schilling, boxing’s Mike Tyson, football’s Bernie Kosar and basketball’s Allen Iverson have in common? In addition to being former professional athletes who were stars in their respective sports, they all made and lost personal fortunes.

What is very telling is that they are far from alone. It is all too common for successful athletes to earn millions and millions of dollars from their contracts and merchandising opportunities only to have their wealth vanish. Moreover, once their fortunes vanish it is usually quite difficult—and in many cases impossible—for them to financially recoup their wealth.

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