Get that guy a personal finance class. (Sadly this is not uncommon no matter your income bracket)
So true, it has been going on for many many years. Babe Ruth in the end even when dying from cancer had to sell autographs to pay for his existence. Nothing has changed over time young people spend young people with access to massive amounts of money spend more. Some spend themselves into poverty.
Athletes who went bankrupt | FOX Sports
Even the great Bobby Orr was not exempt. That article points out just a few, the inability of people to control themselves has only gotten worse over the years as massive salaries are just burned up. Many many due to illegal drugs. And this is not a sports focused issue. Look at Hollyweird people.
Celebrities who declared bankruptcy | Finance 101
We can sit back and say theres no way we would do that but the fact is we are ALL susceptible to excess. The damning thing as fans we will just blindly see these people as role models and we are willing to pay any amount to watch them. All the while we are watching many self destruct.
Now im an old fart and remember Ali, Frazier, Forman the biggest pay rolls in the era more than baseball football golf any sport these three made many millions of dollars yet two of them had little in the end Frazier died with about 100k net worth, Foreman went bankrupt and has used many gimmicks to even getting back in the ring at 48 to get embarrassed, selling grills to sketchy home repair and car repair insurance. Ali was an exception he had a net worth of 80 mil when he died. These were my heros as a kid anybody who fought Ali well except Spinks was high on my list. Spinks has a net worth of 400k today after earning 13.4 million for just one fight he made 60 to 70 mil being in the ring. Look at Tyson in 2004 he was 38 mil in debt when he filed bankruptcy.
So Kanes situation is not suprising. I read yesterday that he was opting out of the season as well and that the team was looking at options to cancel his contract. Talk about adding insult to injury!!!!!!!! Now think about this a person who has lack of self control in one area of there life usually has other areas that are uncontrolled as well. Kanes career has shown this behavior he has moved from team to team never really excelling to his full potential. Now all three teams he has played for have there own level of regrets of having him. He is 29 now and if his contract is terminated he will not get another fat contract and will live the rest of his life hand to mouth. Bankrupcy does not relieve all debt and you can expect he will be repaying until he dies.