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April 14, 2009
by Ryan Hudson
Wednesday is Tax Day. Hopefully you knew that already.
But if not, it may be time to consider seeking out professional help to complete your returns – all those W2’s, 1040’s and deductions can be tricky. Turning to your favorite athletes or former sports star might make sense – they deal with a lot of numbers and stats all year long – but trust us, they are hardly the ones to seek out for financial advice.
Latrell Sprewell lost his yacht (famously named “Milwaukee’s Best”) and house, and now the state of Wisconsin has filed a lawsuit for unpaid taxes. This all of course comes after Sprewell’s now infamously classic quote when he turned down a $21-million contract, saying, “I have a family to feed.”
Mike Tyson, despite earning nearly $300 million during his time in the ring, was forced to file for bankruptcy in 2003, with debt reaching over $27 million. Some of his major expenses: two Bengal tigers for $140,000, for which he also had to pay a trainer $125,000 a year.
In 2006, Sports Illustrated estimated Michael Vick made $25.4 million. Now, Vick owes well over $10 million to a variety of different companies. His plan – payback the money he owes by working construction. At $10/hour, working 40 hours a weeks, that’s $400 a week, $20,800 a year. At that rate, he’ll have the $10 million paid off in about 350 years.
Clearly, Sprewell, Tyson and Vick are not ones to let manage your money. Sadly, they are just a few of our Top 10 Worst Athletes to Ask for Financial Advice.