September 16, 2011
Former Baltimore Ravens defensive back Chris McAlister made a lot of money in his career. In 2004 he signed a $55 million contract with the Ravens. Apparently dude also spent a lot of money. McAlister, according to court documents, is trying to get his child support of $11,000 per month reduced.
Also in the court documents McAlister says, "I have been unemployed since 2009. I have no income. I live in my parents home. My parents provide me with my basic living expenses as I do not have the funds to do so." A former Pro Bowler, McAlister was a member of the Ravens when they won the Superbowl in 2000.
My first question would be where did it all go? Did he blow it all in casinos like Cecil Fielder? He earned $55 million and now he's living with his parents? MC Hammer thinks this guy should mix in an accountant. This is sad but not rare in the sports world. McAlister's name is now added to that ever growing list of athletes who make an incredible amount of money only to blow it.
The aforementioned Cecil Fielder when he lost $47 million, most of it in casinos. Lawrence Taylor lost nearly $50 million although recently he's had other things to worry about.
Latrell Sprewell made over $50 million although it should've been $70 million or more but he infamously turned down a $21 million contract with the Minnesota Timberwolves. Evander Holyfield comes to mind. Holyfield made almost $250 million in his career and endorsements. Someone should've told him when you're banking that kind of money you cannot forget about the IRS because they sure as hell won't forget about you.
Mike Tyson is the heavyweight champ of blowing money, that title isn't going anywhere. Recently Mike's turned his life around, he's more human and less Hulk like as evidenced in 'The Hangover'. Mike made $350 - $400 million during his boxing career and sure he has some money left but he should be set for life.
A few months back I did a blog on another website about how a lot of NBA players go broke five years after they leave the league. Sure this blog is about a defensive back in the NFL but the NBA has far more cases of guys spending money like they're billionaires. If you grew up poor and suddenly someone hands you a Centurion card with no limits I think a majority of people will go wild with the card like these guys did with their earnings.
Then reality shows up at the end of the month and when you have more accounts payable then receivable...uh oh! McAlister isn't the first and won't be the last but my point is if I were earning a lot of money as an athlete I'd know that at some point the checks will stop coming, unless you're Michael Jordan or Magic Johnson with a great business mind. I'd mix in a financial planner, some cpas, etc. People who have experience with money and who will help make sure I'm not broke when I retire.