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The worst financial decision I ever made…

Posted by andriantoangkadirjo85 on March 22, 2011


We all made mistakes, right ? Especially when it concern with money decisions. But of course, we’ve tried to learn from those mistakes. Some mistakes have been much costlier than others. They’re all valuable learning experiences!! From now on, I just try to gather the story about people made worst mistakes in financial and hit them most, their economy got slumped, they struggle to live, some live in poverty & bankruptcy…


1.Julia(Guest) 03/19/2011

The worst Finacial decion IVE ever made was in 2007, was advised to take huge loan out on my home that was paid off, to buy incomeproperty( sold it and lost $190,00 cash within 6mo) lost ALL 4 homes due to being place in bad loans, private lenders and now lost over .9million due to the fraud of a realtor, taking him to court at my cost, and he defaulted and filed BK, so now my family and I rent and live in proverty. The realtor made off with tens of 1,000s from me and being naive. Beware of realtors- they thrive on greed.

2. Mike Tyson

The king of them all is boxer Mike Tyson, who squandered a $350 million to $400 million dollar fortune. So what did “Iron” Mike spend his fortune on? Everything. He dropped half a million dollars on a 420-horsepower Bentley Continental SC with lamb’s wool rugs, a phone and a removable glass roof. It is one of only 73 Bentley Continental SCs ever built. The sad part is that’s not even the only Bentley that Tyson owned! He spent over $4.5 million dollars on cars alone. Throw in a $2 million dollar bathtub and $140,000 for two Bengal tigers and you can see why Tyson’s fortune is down for the count. He filed for bankruptcy in 2003.

3.  Evander Holyfield

Four-time boxing champ Evander “The Real Deal” Holyfield reportedly made over $250 million in cash during his boxing career, but despite this he reportedly is flat broke. Holyfield lost all his money by making “smart” business decisions look really foolish. You thought buying a house was a smart move? It normally is, but not when you buy a house the size of Rhode Island. Holyfield bought a $20 million house with over 54,000 square feet and 109 rooms. The house has 11 bedrooms, 17 bathrooms, a movie theater, a bowling alley and an Olympic-size swimming pool. Imagine how much it must cost to cut the grass on all 235 acres! You could buy a Range Rover with the electric bill payment alone.

4. Scottie Pippen

Known more for his on court defense than his off court business sense, former Chicago Bulls star Scottie Pippen lost $120 million in career earnings due to poor financial planning and bad business ideas. Air Jordan’s sidekick blew $27 million on bad investments and spent $4.3 million on a Gulfstream II corporate jet.

5. Lenny Dykstra

Former New York Mets and Philadelphia Phillies star Lenny “Nails” Dykstra was a success on the baseball diamond, but in the business field Dykstra has struck out. Dykstra’s failed businesses include car washes, a magazine company, real estate investing and a stock trading website. According to Dykstra’s July 2009 bankruptcy filing, he owed more than $30 million to creditors, including his $18.5 million purchase of Wayne Gretzky’s home. The amazing part is that after two foreclosed homes and numerous failed businesses Dykstra is offering the investment advice that led him into bankruptcy for a mere $899 a year! In the investment world, it is often said that past history does not dictate future performance. Nevertheless, it’s pretty clear Dykstra isn’t the guy to go to for advice.

6. Latrell Sprewell

Look up the word “shortsighted” in the dictionary and you will see a picture of Latrell Sprewell. He famously turned down a $21 million contract because he said it wasn’t enough money to feed his family. Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007. According to MSNBC, a U.S. marshal seized the yacht after Sprewell defaulted on his mortgage. His $5.4 million house went into foreclosure in May 2008. Don’t blame Sprewell for turning down the three-year, $21 million contract though. I mean really, who could live off a measly $7 million a year?

7.John Daly

Two-time PGA major champ John Daly gambled away between $50 and $60 million in career earnings, according to his 2006 autobiography. Daly once lost $1.65 million in five hours playing the slot machines at a casino. If you think that’s impressive, there’s more. Daly blew $1.2 million in a mere two hours and 30 minutes at a casino in Las Vegas. He just had his $1.6 million house foreclosed on. Did Daly quit gambling after blowing so much cash at the casino tables? Not by a long shot. Instead, he decided to downgrade from the $5,000 slot machines to the $100 and $500 machines. It looks in John Daly’s world, that is considered sound financial planning.

8.Jack Clark

Former professional baseball slugger Jack Clark was driven into bankruptcy in 1992 by his appetite for luxury cars. According to his bankruptcy filing, he owned 18 luxury automobiles, including a $700,000 Ferrari and a Rolls Royce. Clark was trying to pay 17 car notes simultaneously, and whenever he got bored with a car he would get rid of it and just buy another one. He ended up losing million-dollar homes and his drag-racing business because of his extravagant spending habits, but despite one of the most publicized bankruptcies in baseball, Clark reportedly got back on his feet in the late ’90s.

9.Mark Brunell

It was the real estate recession that put the former Jacksonville Jaguars quarterback on the financial injury list. The three-time Pro Bowler, who raked in more than $50 million during his decade-long career and took home a Super Bowl ring in the 2009-2010 season with the New Orleans Saints, filed for Ch. 11 bankruptcy in June 2010.
His filing listed $5.5 million in assets and nearly $25 million in debt after several real estate projects in which he had invested in Florida and Michigan went belly up. His personal guarantees on a number of business loans put the final nail in the coffin. Today, Brunell plays backup for New York Jets QB Mark Sanchez and continues to operate football camps via his company Mark Brunell Enterprises. Let’s hope those future football greats pay up.

10.Travis Henry

It was his penchant for producing offspring that cost Travel Henry his fortune – that and a little cocaine trafficking incident. Having fathered 11 children by 10 different mothers (one had twins), the former running back for the Buffalo Bills and Denver Broncos has indicated in various court filings that his child support payments of roughly $180,000 per year have left him penniless. Henry was cut by the Broncos in 2008, receiving less than $7 million from his 5-year $25 million contract. A year later, he was sentenced to three years in prison on federal drug charges following a cocaine sting.

11.Dermontti Dawson

The real estate recession hit Dermontti Dawson like, well, a linebacker. The one-time highest paid offensive lineman in Pittsburgh Steelers history, earning $4.2 million per year at the peak of his 13-year career, filed for Ch. 7 bankruptcy last year citing $69 million in debt. Dawson’s money troubles primarily stem from his personal guaranty on a number of failed real estate ventures including shopping centers and single family home developments. His home and personal belongings, including watches, cars, jewelry and personal memorabilia, were auctioned off late last year, netting a reported $775,000.

12.Lawrence Taylor

It was a career marked by controversy for former Giants linebacker Lawrence Taylor, starting in 1988 when the NFL suspended him for failing a second drug test. The real trouble began, however, both personal and financial, after his retirement in 1994. He was arrested in two states on drug charges in 1996 and filed for bankruptcy in 1998 to keep creditors from taking his house. Two years later, he received five years of federal probation for falsifying tax documents and tax evasion. And in 2009 he was arrested for fleeing the scene of an accident, and the statutory rape of a 16-year old girl, for which he is currently serving six years probation as part of a plea agreement.

13.Arthur Marshall

When Arthur Marshall went down, he went down big. The former Broncos and Giants receiver started serving a five-year prison sentence last August after pleading guilty to two counts of bank fraud. Charges included providing false personal information on his mortgage applications, real estate contracts and other documents he used to obtain loans for the construction of homes in Augusta, Ga. – part of an elaborate mortgage fraud scheme. The jig was up when his housing project imploded during the real estate recession. He was also ordered by the courts to pay more than $3.6 million in restitution to his victims, which included several banks, members of the American Legion and a family paid Marshall $100,000 for a home and never received the property title. His 2008 Ch. 11 bankruptcy filing for his business, Custom Contractors, listed some $11 million in debt.

14.Marlin Briscoe

His trailblazing career and subsequent fall from grace is nothing short of legend in pro football history – not to mention the subject of a feature film due out early next year. Drafted by the Denver Broncos in 1968, Marlin “The Magician” Briscoe broke the color barrier halfway through his rookie season, becoming the first African-American starting quarterback in NFL history. He later played for the Miami Dolphins, San Diego Chargers, Detroit Lions and New England Patriots before retiring in 1976 to work as a municipal bonds broker in Los Angeles. His personal life – and personal finances – suffered a painful slide after that. An addiction to crack cocaine left Briscoe homeless and ultimately behind bars. Following his release and recovery, however, the Oakland, Calif.. native turned his life around – starting a football camp for kids and serving as the director of the Boys and Girls Club in Long Beach, Calif. He also mentors current NFL stars.

15.Raghib ‘Rocket’ Ismail

You’ve got to hand it to him. The Rocket doesn’t give up. Though he earned an estimated $18 million during his 10-year NFL career, most recently with the Dallas Cowboys, he lost most of it in a series of bad investment picks that began in 1991. They included a theme restaurant called Rock N’ Roll Café, the production of an inspirational religious movie, the music label COZ Records, a new cosmetic procedure that purportedly helped to oxygenate the skin, a phone-card dispensing company and a retail store called “It’s in the Name” where tourists could purchase framed calligraphy of names or proverb. All went belly up. Today, Ismail is listed among the investors of Bite Tech, Inc., which designs specialty mouth guards. He never filed for bankruptcy, still appears regularly on ESPN and works as an inspirational speaker, often at churches.

16.Johnny Unitas

His superstar career with the Baltimore Colts during the 1950s is widely credited with turning televised football into a national pastime – to this day his record of 47 consecutive games with a touchdown pass is considered by most to be unbreakable. Unfortunately, his prowess with the pigskin did not translate into business savvy. John “Johnny” C. Unitas, who was elected into the Hall of Fame in 1979, made a series of bad business moves both before and after he retired from the field in 1974. Investments in a bowling alley chain during the 1960s were less than profitable, as were subsequent real estate deals in Florida, a failed prime rib restaurant partnership and a company that made circuit boards, for which creditors were attempting to collect nearly $4 million in personally guaranteed loans from Unitas and his partners. The Hall of Fame QB filed for Chapter 11 bankruptcy in 1991, without disclosing his debts, to protect his personal assets from creditors.

17.Michael Vick

No financial fumble list would be complete without a mention of NFL bad boy Michael Vick. After being sentenced in 2007 to 23 months in jail for his involvement in an illegal dogfighting ring, the former Atlanta Falcons quarterback forfeited his record $130 million contract, along with an estimated $7 million a year in endorsement deals from Nike and Coca-Cola and everyone else. He negotiated for Ch. 11 bankruptcy in 2008, listing debt of $10 million to $50 million. But there’s still time for redemption. After his release from prison, Vick joined the Philadelphia Eagles in 2009 and 2010, earning the prestigious Comeback Player of the Year award. As a free agent this year, many predict another fat NFL contract for the record-breaking quarterback. Now, if he can just get those creditors off his back.

18.Deuce McAllister

As the New Orleans Saints all-time leading rusher, Dulymus “Deuce” McAllister raked in an estimated $70 million during his NFL career. Apparently, it wasn’t enough. Debt related to his failed Nissan car dealership in Jackson, Miss., including personal guarantees on loans for which he defaulted, forced the famous running back into Ch. 11 bankruptcy in 2010 – the same year he retired. Nissan has stated publicly that McAllister owed nearly $7 million, including interest, after defaulting on his debt and then exceeding his credit line. Today, McAllister still owns a luxury car dealership in Jackson, invests in the restoration of the historic King Edward Hotel in Jackson and runs the Catch 22 Foundation, dedicated to enhancing the lives of youth in Mississippi and Louisiana.

andriantoangkadirjo85 bottom line

– In most cases, this worst financial decision caused by : bad investment choices, spent frivolously, luxury lifestylefell victim to predatory advisors or assigned their less-than-qualified friends or family to handle their affairs. Or may be due to their risk-taking DNA, which is an asset on the field, but a liability when it comes to managing money.

– Some says it’s a FATE!! It would befall most anyone forced to manage overnight wealth.

What do you think ? Got some ideas, just write down !!


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