ACCC Reveals the Financial Fumbles of Well-Known Athletes
As the world’s highest-paid athletes rake in millions, national nonprofit debunks the myth that wealthy consumers are immune to money troubles and offers advice through financial literacy blog.
(Boston, MA) – May 13, 2014 — As part of its popular Talking Cents blog, national financial education nonprofit American Consumer Credit Counseling exposes the knock outs, strike outs, fumbles, and fouls of five legendary pro athletes to inspire consumers to take control of their own finances.
This latest installment of the Talking Cents blog comes as pro athlete salaries continue to rise. According to ESPN’s 2014 survey of worldwide sports salaries, seven professional athletes earned at least $31 million last year. At the same time, however, a 2013 Gallup poll found that nearly half of Americans making over $240,000 annually do not feel good about the amount of money they have to spend.
“There’s a common misconception that the super wealthy are immune to the financial problems often faced by low and middle income consumers,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “That’s one of the reasons we created this new blog post and infographic to show that the same money management principles apply across all income levels and just one or two bad decisions or missteps can lead to financial ruin.”
The Talking Cents blog exposes wealthy pro athlete Mike Tyson as an example of a sports star who experienced financial trouble. Although he made more than $300 million throughout his career, he frivolously spent his money on expensive mansions, jewelry, cars, and even a Bengal tiger. Ultimately, Tyson filed for bankruptcy in 2003, turning to exhibition matches to help pay off his debts.
“The stories of pro athletes like Tyson, former New York Giant Lawrence Taylor, and former NBA champion Antoine Walker remind us that even the wealthy can find themselves in financial hot water.” added Trumble. “Our recent post to the Talking Cents blog delivers an opportunity to show that no one is perfect and that there is no shame in seeking the help of trained financial professionals.”
The Talking Cents Blog aims to help consumers find ways to live a financially healthy life by improving and changing budgeting, shopping, credit usage, credit card debt management, and money management techniques. The Talking Cents blog is home to the Talking Cents Guy, who shares financial advice and tips based on his own experiences, and his team of experts. Through the blog, they share personal finance tactics that help consumers save money and achieve financial peace of mind. By visiting http://talkingcents.consumercredit.com/, consumers can access this financial guidance from Talking Cents Guy and his team of knowledgeable contributors.
ACCC’s Talking Cents Blog and additional resources can be found online at ACCC’s website, consumercredit.com.
ACCC’s certified and experienced counselors offer a variety of financial education, counseling, and debt management services to help consumers achieve long-term financial health and stability. These financial education programs enable consumers to better understand and manage their finances.
ACCC is a 501(c)3 organization, that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling. call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. ACCC provides individuals with practical debt solutions for solving financial problems and recognizes that consumers' financial difficulties are often not the result of poor spending habits, but more frequently from extenuating circumstances beyond their control. As one of the nation's leading providers of financial education and credit counseling services, ACCC’s certified credit advisors work with consumers to help them determine the best plan of action to get out of debt and regain financial stability. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources, log on to ConsumerCredit.com or visit TalkingCentsBlog.com.