Jack Johnson has become the latest in a long line of professional athletes to somehow run out of money despite incredible earnings. Johnson is a defenseman for the NHL's Columbus Blue Jackets, and he played for the United States during the 2010 Winter Olympics.
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According to The Columbus Dispatch, on the morning of October 7, Johnson filed for bankruptcy, claiming assets of less than $50,000 and debts in excess of $10 million. Johnson has played in the NHL for nine years, earning more than $18 million in during his career, and he is slated to earn around $5 million for the 2014-15 season with Columbus.
"I'd say I picked the wrong people who led me down the wrong path," said Johnson. "I've got people in place who are going to fix everything now. It's something I should have done a long time ago." Johnson has very little left of his earnings so far, and a sizable portion of his future earnings are already spoken for so that he can pay down some of his outstanding debts.
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Johnson got himself into this mess slowly over the years, taking out several high-risk loans that featured elevated interest rates. He defaulted on some of the loans, leading to huge penalty fees and the need for more loans at even higher interest rates.
The worst part is that his own parents are the ones who put him in this position. Believing that he did not possess the knowledge to manage his finances, Johnson gave his mother his power of attorney and let her manage his earnings. She took out high interest loans for exorbitant sums and even borrowed money against his future earnings.
When people would call Johnson about the financial issues, his parents would tell him not to worry about it.
Johnson was recently supended for an illegal hit. See the reaction below.
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