Mo Money, Mo Problems: Athletes Who Lost It All

Sheryl Swoopes won three gold Olympic medals (1996, 2000, 2004) and blazed a trail in the WNBA during her time with the Houston Comets, Seattle Storm and the Tulsa Shock. When she filed for bankruptcy in 2004, she reportedly owed nearly $75,000, citing mismanagement by her agents and lawyers. “Sometimes these teams are unequipped and don’t have the credentials a planner should have,” says Leo Tucker, a managing partner for Northwestern Mutual. But, he adds, it’s also up to the athlete to exercise restraint. “A successful career in sports can last long beyond the field if they can handle delayed gratification. Some of today’s earnings should be planned for tomorrow.”

(Photo: Chuck Myers/MCT/Landov)