All can not be trusted
When athletes reach the professional level, they can feel as if they’re at the top of the world. Countless hours in the gym and fearless competition on the field can culminate in rewards like becoming an instant millionaire and acquiring fame beyond one’s wildest imagination.
Sometimes the innocence of young athletes causes them to forget or perceive that not everyone shares in the joy of their success. Once they reach that level, everyone around feels that they deserve a piece of the pie. Whether it be family members, friends, groupies or scammers, many athletes are oblivious of the snakes that lurk in the grass. Some of these people will do anything to get their hands on some money and don’t mind who they hurt in the process.
Many athletes who earned millions of dollars during their pro careers have now gone broke just a short time following it. The reasons can vary from expensive lifestyles, costly lawsuits and poor investments to corrupt agents and financial advisors. Numerous athletes have disbursed their money and placed their trust in people hoping those entrusted would make sound decisions with it. This often backfires on professional athletes and the effects can be detrimental.
Former NFL star Clinton Portis serves as an example of trusting the wrong people.
Portis, once played as a running back for the Denver Broncos and Washington Redskins from 2002-2010. In 2004, he signed an eightyear, $50.5 million contract that included a $17 million signing bonus. At the time, the deal made him the highest-paid running back in NFL history.
In a Sports Illustrated article, Portis revealed how life after football led to him being broke and to him being on the verge of committing a horrendous crime. While Portis did admit that some of his spending habits during his career weren’t the best, he claimed the people he trusted caused him to lose everything.
Portis stated that his financial advisor Jeff Rubin persuaded him to invest $1 million in an Alabama casino during 2011. Due to a lack of communication, the casino did not follow state regulations and shut down after one year.
Portis also claimed Rubin had forged his signature to open an account in his name unbeknownst to him, withdrawing $3.1 million.
Simultaneously, another financial advisor named Jinesh Brahmbhatt steered Portis and other NFL players to invest in Success Trade Securities which turned out to be a Ponzi scheme. Nearly $14 million of investments vanished within a few days. In all, this caused Portis to become nearly $11 million in debt.
Portis sued his business advisors, but they never faced any serious repercussions. This caused Portis to reach his breaking point in 2013. For a few nights he parked outside of an office building with a loaded gun, waiting to murder one of the men who caused his financial hardship.
“I felt like they had taken away my right to provide for my family and they weren’t paying any consequences for their actions,” Portis told SI. “I felt for those few nights I had to take it into my own hands.”
For Portis, a friend was able to convince him to turn his car around and resist committing the act.
Portis’ financial struggles have continued. He filed for bankruptcy in 2015 and recouped only a fraction of his financial loss. He still owes almost $5 million to various creditors.
To make matters worse, Portis was named in a federal indictment along with nine other retired NFL players in 2019. He was charged with one count of conspiracy to commit wire fraud and health-care fraud.
Many other high-profile athletes have dealt with similar situations. Allen Iverson, Mark Brunell and Lenny Dykstra make the list. This goes to show that it’s never too early or too late to start practicing smart money-saving habits. We must be cautious of the people we consider friends and who we let in our circle.
You might have to separate from some people when you’re on your way to new heights in life. Just as the wrong people can destroy you, connections with the right people can accelerate you.