You know how certain celebs are always screwing up their financial affairs? Then they have to do some really embarassing project to get some money back. The Toronto Star even posited that 60 percent of NBA athletes go broke within five years of retirement.) Brian Cuban (attorney for Dallas Mavericks owner and billionaire blogger Mark Cuban's enterprises) has figured out why! It's because they lack life skills. They're not total idiots—they just trust the wrong people.

"While good business sense is often lacking, I view many of their mistakes as being more mistakes of trust, credibility and lack of life experience than anything else... Sometime mistakes are made and bad judgment is used in who we hire and hang out with..."

He talks to sports agent Jordan Woy, who says:

Most athletes play for four to ten years if they are lucky. After they pay taxes (can be 40 to 50%) and agent fees and buy their first homes, cars, outfits, jewelry (plus, cars, clothes and jewelry for friends and family), they are left with very little. When they first "strike it rich" all of their longtime friends and family expect help. Most athletes feel obligated to help everyone out at first then they wise up. They also want to keep up with their teammates. If someone buys a Bentley, they have to buy one; if someone buys a $75,000 watch, they have to buy one to keep up the appearance. Then, of course, when the career ends and they are still living in a multi million dollar house, driving 3 expensive cars (and insurance), traveling in private planes and taking Limo's when they go out on the town, reality sets in. The money dries up very quickly.

[Brian Cuban]