Dez Bryant is a victim of a lack of football. A single game hasn’t been missed, but the public grows weary of reports regarding the collective bargaining agreement, the dissolution of the NFL players union, and upcoming court dates. Outside of the draft, Bryant’s financial indiscretions during one of the worst recessions in American History resonate with masses. Unfortunately, they resonate negatively.
Bryant is the product of a father who was a pimp and teenage mother who had three children by the time she turned 18. Bryant was not raised in an affluent setting. His mother is a reported drug user and was arrested for the sale of crack cocaine, for which she spent 18 months in prison. Does anyone believe there were conversations around the dinner table about P/E ratios, Roth IRA’s, or Treasury Bills? There was no Phillip Drummond to help guide Bryant. There may be a Mr. Drummond substitute available, if not for the lockout. This article is not an attack on Dez Bryant, his family life, or his mother. Actually it is sigh of relief. Recognizing a problem is the first step to addressing it.
One in three lottery winners are broke within 5 years. There are a variety of reasons this occurs. One can point to the fact that rarely are financial planners, CEO’s, and Hedge Fund managers playing the lottery. Quite often it is played by the under-educated poor who are now flush with money and are willing to share their good fortune by investing in bad business opportunities lead by friends and family. Finally after years of scrimping and saving, the lottery winner can live a life of extravagance. A nice house, a nice car, a new wardrobe… but wait, you have income tax (state and federal), property taxes on one’s home, added expenses to keep the lawn of a palatial estate pristine, higher insurance rates on a Bentley. Extravagance can lead to misery. Almost any answer outside of, “invest in a balanced portfolio” may lead to financial ruin.