Car dealership trips up Deuce McAllister
Former New Orleans Saints running back Dulymus Jenod "Deuce" McAllister had more success on the field than he did selling cars. In 2009, Nissan sued McAllister's car dealership in federal district court for the return of vehicles valued at almost $5.7 million. Soon after, the dealership filed for bankruptcy.
"It's basically the tough economic times that we're in," McAllister told The Associated Press.
Benjamin F. Renzo, author of "Hall of Fame: How to Manage Financial Success as a Professional Athlete," is a big proponent of athletes trying to build successful businesses.
Even so, a lot of players don't hire advisers who understand the risks of starting a business, Renzo says. Some athletes have their agents advise them on these issues. But they're not qualified to give financial advice.
Athletes should invest only what they can afford to lose. Private investments should only make up about 10 percent to 15 percent of an athlete's investing net worth, Chasnoff says.
"You don't want to be swinging for the fences," Chasnoff says. "It's not a prudent way to go about accumulating wealth."