how to go bankrupt athlete style

Just finished reading a short but very cool Rick Reilly article at ESPN.com. He gives the new crop of NBA rookies an easy 10-step plan to put them on the fast track to financial ruin. (I'm guessing a lot of them don't need any pointers, but Rick is such a nice guy he gave them some anyway.) A few great quotes...

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.

Wow. What can be said? Just sit and gawk at that statistic for a while. Looks like the NBA brass needs to be giving personal finance lessons in addition to the classes on how to behave like an adult.

In going from $300 million up to $27 million down...

Another stat worthy of gazing in wonder at--a $327 million turnaround, by one person, in a fraction of a lifetime. Any guesses as to the proud owner of that financial planning feat? That's right, nobody squanders that dough like Iron Mike!

It'll be years before you'll realize they call it a support system because you're the only one supporting it. They're all on full-ride scholarships at the University of You.

Two great one-liners back to back. Hey, anyone seen Mike Vick lately? Right...that support system really worked out great!