ESPN has a story on the bankruptcy of Mark Brunell. Brunell invested in businesses in which he did not have more than enough cash to cover the liabilities. Mark Brunell was one of the best QB’s in the NFL in the 90’s and I am certain that he is a good man. Brunell invested in a number of different real estate ventures that have led him to the doors of bankruptcy. The only way that he can escape his creditors is through bankruptcy. Don’t blame Brunell though. This can happen to just about anyone when you allow yourself to become overextended.
It’s estimated that Brunell made over $50 million dollars during his playing career. It’s believed that Brunell now has less than the $3 million dollars needed to cover the loan repayment. While we shouldn’t mire in the misery of others, you can learn an important lesson from the Mark Brunell case. You have to live within your means. Even athletes have to budget their money. They make a great sum of money for a limited time and need to adjust their spending so that they can maintain their standard of living after the glitz, glamour, and big contracts are long gone.
