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April 18, 2012

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It's sad that they have all this money and most of them are not smart enough to hold onto it.

Divorce should be on the list, for stars and regular people.

It's pretty ridiculous how much these famous people make for doing things that benefit only themselves. Its absurd to think that professional athletes get paid hundreds of millions of dollars to sign with a team, simply to go out and play a sport. You'd thing they'd be smart enough to manage the extensive finances they gain through their popularity, or at least get a financial advisor to help them out. But it's true, anyone can fall victim to any of these reasons people lose money. Keeping your lifestyle in check is the best way to steer clear of getting into debt.

It really annoyed me that the article incorrectly used the word "advise" instea of the word adviCe. It really annoys me when journalists can't spell.

On the bright side, their overspending is stimulating the economy and employing lots of Americans.

Also, the reason that baseball players get paid millions to "simply go out and hit a ball" is because 99.99% of Americans can't. Low supply -> high demand -> high salary.

@Noah and Kelly

I agree that athletes are paid quite high, but it is not fair to say that it only benefits themselves. They entertain hundreds of thousands of people when they play. Not any different than actors (even though they are paid an absurd amount of money as well) or others in the entertainment industry.

@sb

Athletes and actors, just like the rest of us, are only paid what someone else is willing to pay them. When you can fill a stadium or movie theater with paying consumers, the $20/million salary a years is nothing to the billions you make your employers. Yes, the salaries are high, but absurd, no.

I think if you take any random group of 100 people and give them $5 million for any reason that a large % of them will end up mismanaging the money. Same thing happens to lottery winners and a lot of people who inherit large sums. Most people aren't prepared for and don't know how to handle large sudden inflow of large sums of wealth.


I agree with SB & Noah,

I get benefit from watching sports, TV, film, reading books, etc. They are paid based on free market capitalism.

Keep in mind most of the professional athletes and actors are the top 0.01% of their field and often have very short careers and pay high taxes.

Though I doubt that I will ever have millions to lose, I think a similar pattern can be discerned even with an average pay-day check. In the initial rush of a fat wallet, it is all too tempting to spend on frivolities or a drunken night out rather than manage wisely and effectively. In many ways I think that millionaires and celebrities are no different from the average Joes on the street except in what types of drugs, food, and luxuries they choose to blow their money on.

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