It’s always nice to receive comments or suggestions from our members. Here’s a letter we received from Frederic Giere, a NOW member from Cedarburg, Wisconsin:
“Dear Editor: Imagine my pleasant surprise to open the Spring issue of NOW News to reread an article “The Totem On the Dollar” written by my father, Arthur F. Giere (1885-1980).
The summers invariably included a motor trip from Galesville to Fort William-Port Arthur where he and mother would sort through bank rolls of circulation coins for their collections.
Thank you for republishing his article.
In The News
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Money Can’t Cure Stupid!
The Most Shocking Broke Athletes
[submitted by Tom Casper]
1. Mike Tyson - After earning $30 million per fight he somehow squandered a $300 million peak fortune before declaring bankruptcy in 2003.
2. Allen Iverson - In February 2012 Iverson told a Georgia judge he was flat broke and couldn’t pay an $860k jewelry debt. Iverson earned $154 million in salary and $305 million in endorsements during his career. He was known to travel with a 50 person entourage, blew millions of dollars gambling, lavished friends with expensive gifts and had massive monthly child support payments.
3. Michael Vick - After declaring bankruptcy in 2008, over the last 4 years he has spent 95% of his income, roughly $30 million on taxes, creditors, lawyers and accountants. He’s currently worth $1.5 million but in 2011 he signed a 6-year $100 million contract with $40 million guaranteed.
4. Latrel Sprewell - Despite earning nearly $100 million during his NBA career, Sprewell eventually went broke. He once famously rejected a $21 million contract saying “he had a family to feed.” (Must be a really big family).
5. Lenny Dykstra - Dykstra turned a chain of car washes into an empire that eventually included a luxury airline, Wayne Gretsky’s $17 million mansion and a $60 million personal fortune. Dykstra filed bankruptsy in 2008 listing over $30 million in debts to various banks and law firms. He is currently serving a 3-year sentence for grand theft auto.
6. Curt Schilling - In May 2012, Schilling announced that he had lost his entire $50 million baseball fortune on a failed video game company.
7. Kenny Anderson - Despite earning $63 million in salary, Anderson was broke the day he left the NBA. After filing bankruptcy, he became a K-12 school teacher.
What lessons did these broke athletes forget to follow?
Don’t have an entourage.
Don’t spread beyond your means.
Hire a good accountant.
Don’t have 11 kids by 10 diferent women.
Are we missing anything??? ... and yes, don’t do drugs.
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