ESPN 30 For 30: Broke

Starting in 2010, it's 30th anniversary, ESPN started producing documentary films based on happenings in the sports world during the sports network's lifetime.  They enlisted some very prestigious filmmakers and turned out a pretty impressive batch of films chronicling everything from the short lived life of the USFL, to the origins of fantasy sports, to Muhammad Ali's last fight, to the rise of Colombian soccer as seen through the rise and fall of slain soccer star Andres Escobar and drug kingpin Pablo Escobar.  I've seen quite a few of them, and have been impressed every time.  The films have been such a success in fact, that ESPN has continued producing them under the 30 For 30 moniker for the last three years.

I caught one of the newer ones this morning called, Broke directed by Billy Corben.  We hear stories in the news all the time about professional athletes filing for bankruptcy and think, "How is that possible when you make millions of dollars a year?"  Well, Broke breaks it down.  It's not all white tigers and diamond studded gold chains--though that's certainly a big part of it.

Put yourself in this scenario for a second:  You're 20 years old and come from a poor neighborhood.  All your life you've never had anything really nice and just putting food on the table was a struggle for your parents.  Well, parents if you're lucky.  More likely, parent.  Suddenly someone says they are going to pay you $50 million to play football.  With no experience of how to handle extra money of any amount, you now have it coming out of your ears.  You've never had a bank account, don't know how to write--or cash!--a check, and have no idea how to make a budget, but now, overnight, you've got a multi-million dollar fortune to manage.  You want to do right by your mom, so you buy her a nice house and car.  Your uncle needs help with that business he's starting, so you throw a few thousand his way.  After all, he's family.  A few of the old buddies from the neighborhood need just a little something to help them out of a jam, and besides, they'll pay you back when they can.  You've known them since grade school, so you figure they're good for it.  One of these buddies says he knows a guy that can help you invest your money and would be happy to be your financial adviser.  For a small fee of course.

You're on your own now, so you'll need your own place to stay.  You lived most of your life in a two room apartment, so you'll want some space.  That 10 room mansion should do.  You'll need a car...or two, or three, or four.  Hey, you're only young once, right?  And besides, you've got the money.  And since you are young, a few youthful indiscretions are to be expected, like perhaps that diamond encrusted medallion with your jersey number on it and maybe an exotic pet or two.  You know what ladies like?  Baby animals.  Get yourself a tiger cub.

And speaking of ladies...  You weren't exactly hurting for dates in high school and college since you were a stud on the football team, but just like everything else in the pros, these girls are on a another level.  Tipped off on where you're clubbing that night by sites like Balleralert.com, they show up in short dresses ready to party.  Hoping to catch a star by the heartstrings, and if his wallet should come along for the ride, so be it.  So, before you know it your entourage which has grown to include 10 of your closest "friends" is now doubled, because all your boys now have a lady friend.  You were already paying all of your entourage homies for one thing or another, and that they've got girlfriends, guess what, that doesn't mean they'll want less money.

Uh oh, bad news.  You blew out your knee in training camp.  Career ending.  Well, at least you're set for life with that $50 million contract you signed, right?  Oh, well this is the NFL, so your contract isn't guaranteed.  You're left with "only" your $4 million signing bonus.  But that's still plenty to live off of for a long time.  Hold on there, all-star!  Once Uncle Sam and your agent takes their cuts, you're down to about $2 million.  A quick call to my financial "advisor" to get some advice.  After all, that's what you're paying the guy for.  What?  What's that?  Those investments you said were sure things didn't pan out?  I'm out how much??  And when can I send your fee?!  Well, I've still got my family and friends.  I helped them out, now they'll help me out, right?  Hmmmm, no one seems to be returning my calls.  How'm I supposed to buy food for this tiger cub???

The thing is, this scenario is not all that far-fetched.  Very young kids who are just leaving home are ill-equipped to handle the amount of money thrown at them so fast.  They make poor decisions, trust the wrong people, are sought out by grifters and swindlers, and don't think about the future.  Without a doubt many of these athletes money troubles are due to their extremely poor spending habits, but that is a problem hardly exclusive to professional athletes.  A $10,000 credit card bill may as well to $10,000,000 for someone without the resources to ever pay it off.  I found myself more sympathetic to the athletes than I expected, partially because the deck is, in many ways, stacked against them.  NCAA schools make billions of dollars off of aspiring professional athletes, and offer little to no preparation in terms of financial management.  Once the money starts rolling in sycophants of every stripe come out of the woodwork.  Family, friends, "advisers," and women, all with a hand out.

Kudos to the athletes who agreed to be interviewed for this documentary.  Athletes are a proud bunch, and facing up to a camera to talk about how you mismanaged your millions cannot be an easy thing to do.  Props to them for stepping up.  Among others the filmmakers interviewed Andre Rison, Cliff Floyd, Leon Searcy, Homer Bush, Bernie Kosar, Curt Schilling, Keith McKants, Jamaal Mashburn, and Reggie Wilkes who is now a successful financial adviser.

In the grand scheme of things, there are bigger problems in the world than financially struggling professional athletes, but it was interesting to see how quickly and easily you can go from goal line to bread line.