The financial problems of a slew of professional athletes have been in the news recently. In Georgia, football player Terrell Owens has made headlines with his child support payment issues. NBA star Allen Iverson's name came up, too, when a Georgia court ordered that his accounts be garnished to pay an outstanding debt -- a debt that adds to a pile of other unpaid bills and missed child support payments.

Why is it that professional athletes, especially pros who are retired, have so much trouble holding onto their fortunes? According to MSNBC, at least 75 percent of retired NFL players are broke within two years of departing the playing field. For NBA players, 60 percent go broke within five years of leaving the league. Iverson reportedly earned $154 million in salary while he was playing pro ball. Where did it go?

One money manager says that part of the problem is the short-term nature of professional athletics. The peak earnings period is much shorter in pro sports than it is in any other profession. In the NFL, for example, players' careers last an average of three years. A financial misstep during that period can have long-term ramifications.

Certain life style choices are common among young star athletes, and those choices always come with a price tag. Long-term obligations, particularly child support and spousal maintenance, accrue during the peak years and continue into retirement. Sports Illustrated estimates the divorce rate among professional athletes (in all sports) to be between 60 and 80 percent. An athlete can sell a mansion at a loss, but failure to pay child support will have more serious consequences.

Some players fall victim to the feeling of invincibility. Like teenagers, they believe they are immortal, so they don't plan for career-altering situations like injuries. Some players trust the wrong people and make foolish investments -- in this respect, they're not too different from us. And, some players realize they have a short time to make it in the professional leagues, so they focus on their health and their skills and leave the money to take care of itself.

The result is a lifetime of financial uncertainty for their children and significant others. The players may be the victims of a Ponzi scheme, but they aren't the only ones to pay the price for foolish choices.

Source: Huffington Post, "Allen Iverson Broke? He'd Be Far From First Star Athlete To Face Bankruptcy," Harry Bradford, Feb. 16, 2012