Chris Henry passed away

The Cincinnatti Bengals' player Chris Henry died last week following major trauma sustained in a fall from a flatbed truck. The truck was being driven by his fiancee Loleini Tonga during a domestic argument between the two that had begun in a home and continued outside.

According to TMZ, Henry had turned over control of his personal finances to the Bengals due to his notorious difficulties managing his own money. He has previously had a car repossessed and last year his own attorney declared him "broke".

Another one bites the duss...

Giant magazine announced Monday (November 30) that it will suspend printing of the bi-monthly magazine, and focus its efforts online, with the launch of GiantLife.com.

The magazine was acquired by Radio One in 2007, but over the past few years, the ecomonic downturn has hit magazines hard. King closed its doors earlier this year, followed by the closing of Vibe. Now, Giant is following suit.

GiantLife.com is the new focus, where they will feature celebrity profiles, coverage of cultural events and special features of emerging talent in the African American community like JET does.
Giant's final cover will feature Alicia Keys, and will hit newsstands December 15.

Earl, Earl, Earl...

DMX is going to have to book a fight each day for about a year. Between the State of NY and the IRS, he (and his wife Tashera) owes $1.5 million.

Antoine Walker is broke

Former NBA star Antoine Walker is broke--in millionaire's terms. The former forward made roughly $110 million over the span of a 12 year career including salary, adidas endorsements, and a cover for NBA Live 99. He still has over half that money left, but he is over $4 million in debt and facing check fraud charges. The Boston Globe gave a partial accounting of what he did with his money: two Bentleys, two Mercedes, a Range Rover, a Cadillac Escalade, a bright red Hummer--all customized/pimped/tricked out--he supported an entourage of 70 friends and family (isn't that how MC Hammer went broke?) and he built his mama a mansion in the Chicago suburbs, complete with an indoor pool, 10 bathrooms, and a full-size basketball court. At least he took care of mama and isn't facing child support charges.

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Jasmine Guy you just filed for divorce what you gonna do now?

file for bankruptcy...
Guy filed for divorce through the L.A. Superior Court from her husband of 11-years, Terrence Mitchell Duckett. In the divorce settlement Guy received custody of their 10 year-old daughter, cars, jewelry, furniture and art work. Guy also owes back taxes and penalties adding up to $123,503. The debt has forced Guy to file for Chapter 13 bankruptcy. Her ex also owes a whopping $94,354. (note: in bankruptcy you cannot include any federal or state income taxes)

Why do so many pro ballers go broke?

New studies show that within two years of retirement 78% of NFL players are bankrupt or in severe financial distress. Within five years of retirement an estimated 60% of former NBA players are broke. A large number of former MLB players befall similar fates. This sounds incredible considering the minimum sallary for NFL rookies in 2009 is $310,000. Players who last for two years receive a minimum salary increase to $460,000.

There are a number of factors at play in the rapidly diminishing wealth of retired athletes, the economy being the latest addition to the list. Professional athletes pawned around 400 rings last year on championship-rings.net, a 33% increase over the previous year almost wholly attributed to the flailing economy. Failed investments and incompetent and/or fraudulent money managers also figure prominently in cautionary tales. Add in a growing entourage, alimony, and child support and you have a recipe for disaster.

Former NBA baller Shawn Kemp has at least seven children by 6 women and Travis Henry has nine children by nine women. Both have seen their fortunes fall (and in the case of Henry, his freedom taken away) by child support obligations. Prior to calling off his divorce to wife Shaunie, Shaquille O'Neal was chafing at the amount of money requested by his estranged wife yet, spent approximately $875,015 each month, including $26,500 for child care, $24,300 for gas and $17,220 for clothing.

Former pressure by industry vets on rookies to make expensive purchases and splash cash around has been replaced by advice for temperance and moderation in spending, entertainment, and socializing. Rather than phone numbers of groupies, athletes now exchange contact information for good financial planners.

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