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The Lightning Strike Dr. Michael M. Krop High School Miami, FL
Issue Date: Thursday, January 31, 2013 Issue: Volume 15: Issue 4
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At-a-glance

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A high school athlete’s dream is to become a professional player and, most likely, make the large salary that accompanies the career. They hope to one day live an athlete’s lifestyle - drive expensive cars, own large estates and spend money on unnecessary luxuries.

This sounds possible if you’re making the multimillion dollar salaries athletes do, but the problem is: Many athletes can’t control their spending.

Mike Tyson, for example, grossed an estimated $300 million in the ring, according to USA Today. Thinking he had plenty of cash, Tyson frittered away his money on lavish items.

Of these items is a $173,706.05 40-inch white gold necklace with 80 carats worth of diamonds purchased at a Las Vegas jewelry emporium.

Tyson also spent $308,749.60 at CLS Transportation, where an eight-person stretch limousine, his preference, cost about $100 an hour.

Extravagant spending, on items like the previously mentioned, mansions worth millions, Bentleys and even Bengal tigers, left Tyson with a $38 million debt.

He’s not alone in the battle against temptation though. Other athletes, like former Dolphins running back Ricky Williams and wide receivers Tony Martin and Mark Duper, have dug themselves deep into the financial problem pit.

Though most debt is due to needless spending on luxury items, not all is.

Being an athlete, women flock to you, and when taking a woman to dinner, tabs can be $150 alone every night. Then, there’s the additional money spent on presents, jewelry, child support and alimony.

“Earlier this year, as part of a divorce settlement, Tyson agreed to pay his ex-wife, Monica, $6.5 million from future earnings,” USA Today said.

However, girlfriends aren’t the only people responsible for emptying an athlete’s wallet. Often, players try to support family members and forget about their continuously increasing debt.

There’s more to the expensive lifestyle professional players live.

Hopefully, student athletes can recognize the responsibility involved in living their dreams and the difference between spending money on luxuries they can afford and overspending. Then, if one day they make it to the pros, they won’t be Mike Tyson, struggling with their finances.

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