When your loved ones ask for help, your first instinct is probably to say yes, no matter the situation. No one wants to turn down a family member or friend in need, but constantly sacrificing your resources can become a dangerous cycle.
Carrying debt such as loans, medical bills, and credit card balances can have lasting negative effects on your financial health, especially when your inability to pay it off leads you to bankruptcy.
Former MLB starting pitcher Livan Hernandez has filed for bankruptcy. Throughout a 17-year career, he made more than $53 million. Today, he says he’s worth less than $50,000.
In a recent interview with ESPN E:60, running back Trent Richardson revealed that friends and family spent $1.6 million of his NFL earnings over the course of 10 months in 2015.