{"id":15846,"date":"2019-06-24T08:32:00","date_gmt":"2019-06-24T12:32:00","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/hall-of-fame-fall-of-shame\/"},"modified":"2019-06-24T08:32:00","modified_gmt":"2019-06-24T12:32:00","slug":"hall-of-fame-fall-of-shame","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/06\/24\/hall-of-fame-fall-of-shame\/","title":{"rendered":"Hall of Fame, Fall of Shame"},"content":{"rendered":"\n
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\nFootball star Travis Henry learned the hard way that fathering children is expensive.<\/p>\n

\nNot even the $20 million Henry earned over a seven-year career in the National Football League was enough to support his offspring. Of course, having 11 children by 10 different women contributed to the financial strain.<\/p>\n

\nHenry claimed to be broke in 2009 after he was arrested for nonpayment of child support. At the time, an attorney for the 30-year-old Henry estimated that his client owed about $170,000 annually to the mothers of his children.<\/p>\n

\nThe one-time \u201cMr. Florida Football\u201d bemoaned his predicament in a New York Times interview: \u201cI\u2019ve lost everything in this mess I\u2019ve gotten myself into.\u201d<\/p>\n

\nThe Travis Henry story is not atypical. Young athletes and big money continue to be a potent cocktail for potential misery. In Henry\u2019s case, his NFL orientation included a session on family planning and the financial dangers of having children out of wedlock.<\/p>\n

\nHenry admitted that he paid no attention. And that highlights the difficulty sports leagues, agents, family and loved ones face in trying to steer athletes toward sound financial principles.<\/p>\n

\nThe reality is most athletes are not making the $20 million that Henry made. Yet, peer pressure might motivate them to live a similar lifestyle \u2014 be it cars, or travel or haphazardly having children.<\/p>\n

\n\u201cIt\u2019s OK to say \u2018No,\u2019\u201d said Gerald Graves, head of wealth management, West Coast, for the financial firm Boston Private.<\/p>\n

\n\u201cI think a lot of people aren\u2019t familiar with asking questions and saying \u2018No.\u2019 When we start off in the business world, we learn over a number of years that when somebody offers you a business idea, you ask, \u2018So what is that going to cost?\u2019 Well, [athletes] haven\u2019t been trained to do that.\u201d<\/p>\n

\nFor Henry, financial pressures led him down the road to bigger problems. He was released by the Denver Broncos in June 2008 \u2014 one year into a five-year, $22.5 million contract \u2014 amid reports of a looming drug suspension. NFL contracts are not guaranteed.<\/p>\n

\nOn Sept. 30, 2008, Henry was arrested by federal drug enforcement agents and accused of being \u201cthe ruthless ‘money guy’ in a cocaine trafficking ring.” He would later plead guilty in a deal that sent him to federal prison for three years.<\/p>\n

\nRead the rest of the story in our Online Virtual Issue.<\/a><\/h3>\n

Read the original article at InsuranceNewsNetMagazine.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Football star Travis Henry learned the hard way that fathering children is expensive. Not even the $20 million Henry earned over a seven-year career in the National Football League was enough to support his...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/15846"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=15846"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/15846\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=15846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=15846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=15846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}