Luther Ellis files for bankruptcy...

[RedRamage]

Ex-Detroit Lions lineman Luther Elliss files for bankruptcy, citing 'bad choices' | Detroit News - - MLive.com)

This is a bad situation for him... I certainly appreciated him as a player and it's heart breaking to see someone lose all his money. He states in the story that he hopes that his story is a cautionary one to other athletes... but beyond that it can be a cautionary tale for all of us. Get your finances in order and start planning for the future.

[djhutch]

I couldn't for the life of me figure out how anyone who made that much money can end up broke. Then I read he has 11 kids.

[Vonlenska]

11 kids, damn. 5 Biological but still.

[cruzer1]

There's nothing wrong with bankruptcy. It's not the end of the world.

[darko31]

No Big deal. He is still pulling 350K a year from the NFL for a pension. He discharge his debts in bankruptcy, learns to reign it in a little bit, and he's got a fresh start.


You won't see big Luther working as a walmart greeter any time soon.

[Hongbit]

Originally Posted by darko31

No Big deal. He is still pulling 350K a year from the NFL for a pension. He discharge his debts in bankruptcy, learns to reign it in a little bit, and he's got a fresh start.


You won't see big Luther working as a walmart greeter any time soon.

Your figures are way, way off.

It looks like he's eligible for somewhere around $4000/mo and he can't start drawing his pension until he's 55.

When Should You Draw Your NFL Pension? | RetiredPlayers.Org

[DTroppens]

I don't feel bad for anyone that made millions and lost it.

Idiot savings plan...
Open 30 savings accounts with $50,000 in each one so you don't have to worry about the FDIC limit anytime soon - don't touch that money unless everything else goes "bankrupt." No matter what happens you'll still have well over $1 million.

[Shinzaki]

Originally Posted by DTroppens

I don't feel bad for anyone that made millions and lost it.

Idiot savings plan...
Open 30 savings accounts with $50,000 in each one so you don't have to worry about the FDIC limit anytime soon - don't touch that money unless everything else goes "bankrupt." No matter what happens you'll still have well over $1 million.

What? No... if you want "safe money" and are worried about bankruptcies, open a single account with a firm like Morgan Stanley. Buy CD's in increments under $100,000 from multiple institutions. If the brokerage goes under, you're OK because they're simply warehousing the CD's that are issued by the individual banks...