The Impact of Money

In class today we were talking about food, not just food but the lack of food as well, and how it has an impact on peoples lives and attitudes. In my group this quickly changed to a discussion about poverty and how we have personally experienced and observed people with different incomes. Some of my friends that didn't grow up with much money are some of the most money conscious people that I have ever met. However, working for the Cleveland Browns I noticed that is not always the case. I saw players, mainly rookies with new contracts, blowing money on expensive cars, jewelry, clothes, Louis Vuitton backpacks, and more unreasonable items. After doing some research I learned that roughly 16 percent of retired NFL players go bankrupt. This can only be attributed to their ridiculous spending habits that they picked up while they were getting paid millions of dollars. When the money is no longer available it must be difficult to change your ways. And it's not just football, there have been other hugely famous MLB and NBA athletes who filed for bankruptcy. For example, Pete Rose, one of the faces of the MLB developed a huge gambling problem which ruined his career, reputation and his spot in the Hall of Fame.

                                                   

I like to think that if I ever came into that kind of money, I would be smart and conscious with it. Honestly there is no way to know until it happens, the best I can do is try to develop good spending habits now and hope they stick.