NFL player Rashee Rice filing for bankruptcy per ESPN

Dude is on a rookie contract spending money like he makes 8 figures a year

The hardest thing is to make then hold wealth long term.

Isn't he about to get a fat contract?

Not the entire situation here. From the article, he owes $2.1M for the car accident he caused a few years ago. This is most likely a way to either further reduce that amount, or defer the payments until a later date as he doesn't have that much available at this time.

To file bankruptcy while making actively making a couple million a year is a level of stupid that I simply can't understand.


Edit: And ole boy is due to get paid this offseason.
He has his off the field issues, but he will make a substantial pay increase as a WR assuming he doesnt frick up in the next 6 months.

quote:

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claiming he has more than $3.45 million in debts

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it's one thing when these old washed up retirees blow all their money becuas they have no real income left. But rashee is still actively playing in the NFL...once his debt eclipsed $500K or even $1M how the frick do you not say "whooa maybe I need to hold up for a few months"??

There are different levels of financial illiteracy by pro athletes.

Some get ripped off by advisers, some make bad investments (Deuce McAllister and car dealerships, Drew Brees and phony jewelry), and some are just plain retarded.

Smart move

First of all he is still on his rookie deal, guaranteed money: $3,519,025, total value $6,495,20.

After those rented cars he wrecked, his lawyers took a bunch and likely told him you are going to get sue by a lot of people spend what you have before they take it.

Most of the debt is to the people that sued him and settled, there are other suits that haven't been settled.