Sports & Money: Former NFL star Bernie Kosar sacked

For any aspiring young athlete, here's another example of how glory on the athletic field doesn't necessarily translate into success in the financial game of life.

The latest proof came Friday, with news that ex-Cleveland Brown quarterback Bernie Kosar had landed in bankruptcy court.

I used to be startled by news of a star professional athlete lying in financial ruin.
Not anymore. They are so common, from NFL Hall of Famer Johnny Unitas to Olympic gold medal figure skater Dorothy Hamill.

Bernie's in bankrutpcyKosar, who also was with the Miami Dolphins, listed debts of about $50 millioon and assets of less than $10 million in Chapter 11 bankruptcy reorganization documents in Florida.

The filing listed Kosar's largest unsecured creditors, owed a combined $19.5 million, according to a Miami Herald report. Of that total, about $1.5 million was owed to the Browns.

Kosar has suffered financially in recent years, including the demise of a steakhouse business.

I don't know a thing about Kosar's sad story. And it is sad.

But in presentations I've made to student-athletes at several Big XII schools over the past year, my message has revolved around the need to learn how to manage money. Don't rely on someone to take care of it for you.

At least know enough to ask good questions to those who want to handle your money.

If you're looking for a resource to teach your high school or college-age child about their financial future, download The Hartford's Playbook for Life

In March Sports Illustrated reported on the penchant for some athletes to lose a ton of money.

An interesting stat you don't find on the sports page: At least 78 NFL players lost more than $42 million combined between 1999 and 2002, according to the NFL Players Association.

Athletes earn a lot of money -- they also burn through it too. Kosar is just another sad story.