How Would You Go Broke?

20 Questions | Total Attempts: 33

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How Would You Go Broke?

70% of all professional athletes will go broke within five years of retiring from their sport. There are many reasons why this occurs, but they can be grouped into five categories. This quiz asks a series of questions which can help determine what may be a hurdle to your financial success. These questions may be targeted to professional athletes, but are applicable to everyone. As anyone can find themselves on the receiving end of a nice sum of money, it is important to identify the risks that you may face.


Questions and Answers
  • 1. 
    Which professional sport do you or would you play?
    • A. 

      Baseball

    • B. 

      Football

    • C. 

      Basketball

  • 2. 
    After receiving your signing bonus, how much do you think Uncle Sam will take?
    • A. 

      10%

    • B. 

      20%

    • C. 

      40%

    • D. 

      60%

  • 3. 
    What are you going to do with your first pay check?
    • A. 

      Strip Club

    • B. 

      Buy Mom a new house

    • C. 

      Throw a party

    • D. 

      Buy a new car

  • 4. 
    Who do you hire as your agent?
    • A. 

      Trusted relative

    • B. 

      Trusted friend

    • C. 

      Someone who was recommended to you

    • D. 

      Do it yourself

  • 5. 
    Who do you hire as your manager?
    • A. 

      Your agent

    • B. 

      A relative

    • C. 

      A trusted friend

    • D. 

      Someone who was recommended to you

    • E. 

      Do it yourself

  • 6. 
    Who do you hire as your accountant?
    • A. 

      Your agent or manager

    • B. 

      A relative

    • C. 

      A trusted friend

    • D. 

      Someone who was recommended to you

    • E. 

      Do it yourself

  • 7. 
    How big do you want your house to be?
    • A. 

      Small, yet comfortable.

    • B. 

      Average size.

    • C. 

      Deluxe apartment high rise in the sky.

    • D. 

      B.I.G.

  • 8. 
    A big signing bonus comes to you. Your first impulse would be to:
    • A. 

      Spend it on things I want, including gifts for others

    • B. 

      Immediately put it somewhere safe.

    • C. 

      Put off making any decisions until I felt less overwhelmed.

    • D. 

      Figure out ways of investing it to get the best possible return.

    • E. 

      Give most of it away to organizations that can make the world a better place.

  • 9. 
    When it comes to dealing with money:
    • A. 

      I make sure it never influences my life choices.

    • B. 

      I enjoy spending it on gifts and anything else that gives me pleasure.

    • C. 

      I think about it a lot and strategize how to make more of it.

    • D. 

      I hold onto it and enjoy thinking about the security it provides.

    • E. 

      I try not to think about it and hope it will take care of itself.

  • 10. 
    My financial objective is:
    • A. 

      To save enough money now so I never have to worry about it.

    • B. 

      Nothing.

    • C. 

      To have enough of it to ensure that I can buy whatever I want.

    • D. 

      To have enough to satisfy my basic needs, and then give the rest away.

    • E. 

      To make as much of it as possible, as quickly as possible.

  • 11. 
    After an athletic victory you drive away in what kind of ride?
    • A. 

      Really nice pick-up truck

    • B. 

      Escalade with 24's

    • C. 

      Custom Ferrari

    • D. 

      Bicycle

    • E. 

      I have a driver

  • 12. 
    You have a chance to enter the draft at the end of your junior year of college. Do you skip your senior year or graduate?
    • A. 

      Skip my senior year, I'll be drafted high

    • B. 

      Graduate, but potentially go down in the draft

  • 13. 
    As far as paying taxes is concerned:
    • A. 

      I'm always astonished to find out how much tax I owe.

    • B. 

      I save regularly for taxes, and usually file my return well before it's due.

    • C. 

      I hate the whole thing and try to get it done with as little fuss as possible.

    • D. 

      I always have to scramble to get my return done and find cash to pay my taxes.

    • E. 

      I take pride in paying less on my increased income, if I can.

  • 14. 
    My dream vacation is:
    • A. 

      Miami, Vegas, or in any party town with a pool

    • B. 

      Paris or New York City

    • C. 

      Disney World

    • D. 

      Hometown

  • 15. 
    If I could be on a TV show, I would pick:
    • A. 

      Cribs.

    • B. 

      The Apprentice.

    • C. 

      Cops.

  • 16. 
    My family:
    • A. 

      Is part of the reason I work so hard.

    • B. 

      Is who I credit for my success.

    • C. 

      Are my role models.

    • D. 

      Are dead to me.

  • 17. 
    How many children do you want to have?
    • A. 

      0

    • B. 

      1

    • C. 

      2

    • D. 

      3

    • E. 

      4

    • F. 

      5+

  • 18. 
    If you had a concern about being rich, it would be:
    • A. 

      You wouldn't know how to manage all that money.

    • B. 

      You might spend it all without saving.

    • C. 

      Fear? NO FEAR!

    • D. 

      You could lose all of your money and end up with nothing.

    • E. 

      My buddy is making more on investments than I am.

  • 19. 
    You go out for dinner with a few good friends. When the check comes, you:
    • A. 

      Gladly pick up the tab for the whole table...and sometimes even for the new friends you made at the next table!

    • B. 

      Pull out your calculator to calculate exactly how much everyone owes.

    • C. 

      Quickly throw down your credit card without even picking up the bill.

    • D. 

      Pick up the tab because you love treating your friends, or at least pay for those who have less money than you do.

  • 20. 
    Which of the following best describes your beliefs about money?
    • A. 

      Managing money is overwhelming.

    • B. 

      Save it for a rainy day.

    • C. 

      Wealth corrupts people.

    • D. 

      Easy come, easy go.

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