Another Basketball Player Mismanages His Money

A few days ago, I wrote about how, according to an article I read, former NBA players Kenny Anderson and Derrick Coleman went bankrupt - despite each of them earning over $60 million from their careers.

Today, I read that current Knicks player Eddy Curry may be heading in the same direction.

According to this Yahoo Sports article, Curry made a little over $10 million this year, and over $57 million so far in his career.

Yet, the article says that he defaulted on an $850,000 loan, and has been ordered to pay back $1.2 million to Allstar Capital, Inc. (they may take his Rolls Royce and Land Rovers).

The article references court documents which show that Curry's outgoing payments include:

• $30,000 a month for "household expenses."

• $17,000 a month to various relatives including his parents, sister and father-in-law.

• More than $1,000 a month for cable and satellite television.

• $207,000 a month in garnished wages that haven't been elaborated upon, but adds up to almost $2.5 million that Eddy Curry never sees over the course of a year.

• $350,000 to NBA player Juwan Howard.

It seems that pro-athletes have the same issues as lottery winners - they come from lower or middle income backgrounds, don't possess financial knowledge, and are suddenly handed large sums of money.

Perhaps they need to follow these 6 steps for lottery winners (and others who receive windfalls).