Thursday, October 11, 2012

Financial Fitness for the Very Rich: ‘Broke’

Forgive this blogger for the lateness of this review, but CPAs with an interest in financial literacy, financial planning and/or sports should set their DVRs for a rerun of the second-season premiere of the “30 for 30” film series, “Broke.” Directed by Billy Corben (who also directed the University of Miami football documentary “The U” in the first season of “30 for 30”), the film focuses on the alarming numbers of professional athletes who go broke after their playing careers are done.

A 2009 Sports Illustrated article, “How (and Why) Athletes Go Broke,” goes into detail on, well, how and why athletes go broke. One of the athlete workshops mentioned in that article is shown in the movie, and workshop leader Ed Butowsky plays a prominent role.

For those sports fans out there looking for some nostalgia, among the players interviewed are:
  • Former NFL players Andre Rison, Bernie Kosar, Dante Wesley, Keith McCants and Leon Searcy
  • Former NBA players Jamal Mashburn (who, it should be noted, has been remarkably successful as an entrepreneur post-retirement) and Antoine Walker
  • Former MLB players Curt Schilling (whose video-game company, 38 Studios, recently filed for bankruptcy), Cliff Floyd and Homer Bush (another post-retirement success story)

Another strong presence is former NFL player and coach Herm Edwards, who runs league workshops on financial literacy. The criticisms presented in the AV Club review of the movie are valid — Corben might have done better to narrow his focus onto fewer subjects — but overall, it’s a fascinating look at how even multimillionaires can lose it all.

"Broke" next airs on Saturday, Oct. 13, at 6:30 p.m. on ESPN Classic.

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