New York Jets backup quarterback Mark Brunell filed for bankruptcy protection in 2010. He owes $7.4 million.
Brunell was forced to file for bankruptcy because of two failed business partnerships. These included a real estate development company called Champion LLC and a partnership that invested in 12 Whataburger restaurant franchises in the Jacksonville area, according to The Florida Times-Union.
When investing in real estate or a real estate development company, an athlete needs to be able to finance it for five to 10 years to give the business time to get off the ground, Chasnoff says.
A good rule of thumb on any investment is to spend as much time thinking about what will happen if it fails as you do thinking about what will happen if it succeeds, he says.