Former Minnesota Vikings RB Adrian Peterson recently made headlines for all of the wrong reasons. A judge ordered him to surrender assets to settle a $12 million debt.
This comes after making more than $130 million just from NFL contracts alone and several million dollars in endorsements off of the field. For the average person, this amount of money is unimaginable to have in one lifetime let alone burn through it. Unfortunately, Peterson’s story is all too common amongst professional athletes.
Former Minnesota Vikings RB Adrian Peterson Is Part of Athlete Epidemic
The number of professional athletes with financial problems once their careers are over is alarming. About 78% of NFL players face serious financial problems once they retire. Out of those NFL players, nearly 16% of them end up filing for bankruptcy just like Adrian Peterson may have to do.
Notable NFL Players to Go Broke
As mentioned above, Peterson is far from the only NFL player to burn through tens of millions of dollars. One of the most famous players to go broke was Miami Dolphins legendary QB Dan Marino. He ended up having to file for bankruptcy back in 2012.
Another famous case was Mark Brunell, who is also mentioned in the link above. He ended up losing more than $50 million after his NFL career was over. Legendary WR Terrell Owens lost more money than most athletes, totaling over $80 million.
If that was not enough, it looks like former Pittsburgh Steelers WR Antonio Brown is heading down the same path. He recently filed for Chapter 11 bankruptcy, which means he is currently in the process of trying to pay off debts. Those debts are rumored to be about $3 million.
What is sad about Brown is that he made around $80 million in his NFL career and cost himself over $40 million due to a failed stint with the Raiders.
Why This Happens
An important thing to remember when it comes to NFL players is that their careers are often short. While this was not the case with Peterson, the average player only lasts for 3.3 years in the NFL. For running backs, this is even shorter, lasting for 2.57 years.
As a result, there is a very narrow window for athletes to set themselves up for life. Plus, athletes may end up spending the money they earn very quickly, forgetting that most are likely never going to make close to that money again in their lives. One can only hope cases like Peterson’s are a reminder to younger players to make sure that they are managing their finances properly.
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