Also financial planners and accountants, people with a fiduciary duty to their clients. I think it was in the ESPN 30 for 30 Broke but over a three year period recently a study showed that NFL players had been swindled for over $42 million by their certified financial planners. These guys make horrible decisions but don't act like there arent people out there trying to steal from them either.
There are people out there trying to swindle them. Beyond the financial planners, many of them get swindled into fathering loads of children with women that are too happy to get a free paycheck. Many of them are trying to compete with other people on their team with millions of dollars worth of jewelry and cars. There are tons of reasons things go wrong.
At the root of the problem is that you're giving way too much money to someone at an age that they're usually not responsible enough to know how to handle it. If you've worked for 10 years, then you understand the value of money a lot more. When you're in your low twenties and think that you'll be making millions for the next twenty years, then you don't have to worry about much because there is a never-ending supply.
Dre's contract is 8.6 million over 4 years. If you're making 7 figures for multiple years, then you shouldn't really need a financial planner. If I made say 4 million after taxes during that period, then I promise you that I would never have to work again unless the entire economy collapsed and the new currency was Xanax and Rhubarb Pie.
If you live like a normal person, then you'll be fine. Some of the bad decisions are made based out of greed. Once you start living like a king, you don't want to stop. Many of these guys are so worried about getting richer that they can't sniff out the concept of a deal that is too good to be true. When you're worried about showing off, it isn't shocking when your vanity gets you in trouble.