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', 'hosts': [], 'plaintextPrimaryHeadline': "'Broke' Director Opens Up on Why It's Easy for Pro Athletes to Squander Their Fortunes", 'tags': ['Sports', 'Billy Corben', 'Cory Hepola', 'Broke', 'Adrian Peterson'], 'availableStandoutArticleInventory': True, 'stationURL': '', 'shortHeadline': "'Broke' Director Opens Up on Why It's Easy for Pro Athletes to Squander Their Fortunes", 'noIndexNoFollow': False, 'breadcrumbs': [{'hidden': False, 'text': 'Sports', 'url': '//www.audacy.com/sports'}], 'authors': ['Hey Its Cory Hepola'], 'componentVariation': 'article', 'sources': [{'text': 'RADIO.COM'}], 'slugLock': True, 'fullWidthLead': False, 'textTags': ['Sports', 'Billy Corben', 'Cory Hepola', 'Broke', 'Adrian Peterson'], 'primaryHeadline': "'Broke' Director Opens Up on Why It's Easy for Pro Athletes to Squander Their Fortunes", 'content': [{'data': {'text': '(<a href="https://wccoradio.radio.com/articles/director-broke-billy-corben-tells-cory-hepola-why-its-easy-athletes-adrian-peterson-loose"><strong>WCCO</strong></a>) - The news that Adrian Peterson is in debt and being sued for failure to pay back a loan shocked many—including<a href="https://wccoradio.radio.com/articles/cory-hepola-adrian-peterson-needs-take-responsibility-blowing-100m"> our own Cory Hepola</a>—but there was at least one person who wasn\'t that surprised.', 'componentVariation': 'paragraph'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-0@published'}, {'data': {'text': '"The truth is, as surreal as that sounds, it is so easy to do," said Billy Corben, the Miami-based documentary producer and director behind 2012\'s "Broke," an ESPN 30 for 30 doc which took a close look at how professional athletes often end up squandering their wealth.\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-1@published'}, {'data': {'_version': 2, 'contentId': '9ZDQOlVSar4', 'videoType': 'Editorial', 'isPlaylist': False, 'videoTitle': 'Broke', 'videoValid': True, 'channelName': 'ESPN Shows', 'videoSource': 'video', 'videoDuration': 4665, 'videoThumbnail': 'https://i.ytimg.com/vi/9ZDQOlVSar4/maxresdefault.jpg', 'previousTypeRelated': False, 'origSource': 'https://www.youtube.com/watch?v=9ZDQOlVSar4'}, 'original_ref': 'www.audacy.com/_components/youtube/instances/251564-2@published'}, {'data': {'text': 'Corben, who has produced several notable documentaries, including the Cocaine Cowboys series and The U, said that "Broke" was meant as a call-to-action, and it\xa0resonated with many pro athletes.\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-3@published'}, {'data': {'text': '"To their credit, a lot of the athletes at the time were tweeting things to the effective of \'I\'m not going to be in \'Broke II,\' and here we are probably ready to unfortunately launch a sequel," he said during an interview an interview with Hepola.'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-4@published'}, {'data': {'url': 'https://twitter.com/CoryHepola/status/1154067492559556609', 'html': '<blockquote class="twitter-tweet"><p lang="en" dir="ltr">When Adrian Peterson retires, should the <a href="https://twitter.com/hashtag/Vikings?src=hash&ref_src=twsrc%5Etfw">#Vikings</a> retire his #28? <a href="https://twitter.com/hashtag/SKOL?src=hash&ref_src=twsrc%5Etfw">#SKOL</a> <a href="https://twitter.com/wccoradio?ref_src=twsrc%5Etfw">@wccoradio</a></p>— Cory Hepola (@CoryHepola) <a href="https://twitter.com/CoryHepola/status/1154067492559556609?ref_src=twsrc%5Etfw">July 24, 2019</a></blockquote>\n'}, 'original_ref': 'www.audacy.com/_components/tweet/instances/251564-5@published'}, {'data': {'text': 'At the root of the problem, Coben explained, is the nature of how professional athletes get their first big pay check.\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-6@published'}, {'data': {'text': '"This is what we call a sudden wealth event. Oftentimes, players come from very humble beginings and suddenly, almost overnight, are multimillionaires. And when you don\'t have the experience of preserving wealth and growing wealth, it\'s a very onerous and complicated process," he said.'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-7@published'}, {'data': {'text': 'He then added:'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-8@published'}, {'data': {'text': '"And of course, as, as we\'re seeing, allegedly in the Peterson case, the individuals that athletes often trust with the responsibility of preserving and growing their wealth, can\'t be trusted."'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-9@published'}, {'data': {'text': 'Corben outlined several factors that tend to be at play when athletes lose their fortunes, like conspicuous consumption, injuries, family obligations, lack of financial literacy and being targeted by unscrupulous individuals.\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-10@published'}, {'data': {'text': 'Athletes, he said, like anyone else,\xa0feel the "Keeping up with the Jones" effect.'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-11@published'}, {'data': {'text': '"When you are competitive people, which athletes are by their very nature and profession, you will get into competitive spending and will want the fanciest car that, and the best suits (compared with) your fellow players in the locker room."'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-12@published'}, {'data': {'text': 'He said colleges and universities should do more to teach elite student altheltes about financial literacy.'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-13@published'}, {'data': {'text': '"They know that some percentage, a very tiny percentage, mind you, but a percentage nonetheless of this exclusive group of students are going to become\xa0overnight multimillionaires. And I feel they need to take a more active role in preparing them for that sudden wealth event."'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-14@published'}, {'data': {'url': 'https://twitter.com/BillyCorben/status/1154066185148862464', 'html': '<blockquote class="twitter-tweet"><p lang="en" dir="ltr">After $100 million in career earnings, NFL star Adrian Peterson is nearly $10 million in debt after conspicuous consumption and "trusting the wrong people". Somebody should make a documentary about this. <a href="https://twitter.com/hashtag/BROKE?src=hash&ref_src=twsrc%5Etfw">#BROKE</a> <a href="https://t.co/lBVAS8rGjt">https://t.co/lBVAS8rGjt</a></p>— Billy Corben (@BillyCorben) <a href="https://twitter.com/BillyCorben/status/1154066185148862464?ref_src=twsrc%5Etfw">July 24, 2019</a></blockquote>\n'}, 'original_ref': 'www.audacy.com/_components/tweet/instances/251564-15@published'}, {'data': {'text': 'And athletes are not alone. Corben\xa0pointed out that anyone who experiences a "sudden wealth event," like winning the lottery or inheriting a fortune, face similar risks.\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-16@published'}, {'data': {'text': 'And another factor to consider — most people\xa0start off at the bottom rung of their respective industry, and slowly work their way up, gradually making more money along the way—but that process is flipped on its head for pro athletes.\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-17@published'}, {'data': {'text': '"They\'re making more money than they\'ll ever see in their lifetime when they\'re 20 something years old. And any of us would find exciting ways of squandering that kind of money," he said.\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-18@published'}, {'data': {'text': 'Corben\'s latest documentary, <a href="https://magiccityhustle.com/" target="_blank" rel="nofollow">Magic City Hustle</a>, \xa0follows several former players for the Miami Hurricanes who get an unexpected chance to turn pro, except... not in football. Watch the trailer to understand:\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-19@published'}, {'data': {'_version': 2, 'contentId': 'EZPE1KtMqFs', 'videoType': 'Editorial', 'isPlaylist': False, 'videoTitle': 'MAGIC CITY HUSTLE', 'videoValid': True, 'channelName': 'MiamiFilmFestival', 'videoSource': 'video', 'videoDuration': 147, 'videoThumbnail': 'https://i.ytimg.com/vi/EZPE1KtMqFs/hqdefault.jpg', 'previousTypeRelated': False, 'origSource': 'https://www.youtube.com/watch?v=EZPE1KtMqFs'}, 'original_ref': 'www.audacy.com/_components/youtube/instances/251564-20@published'}, {'data': {'text': 'Listen to his full interview with Hepola here:\xa0'}, 'original_ref': 'www.audacy.com/_components/paragraph/instances/251564-21@published'}, {'data': {'clipSrc': 'https://omny.fm/shows/cory-hepola/10am-broke-athletes-increased-death-rate-dr-love', 'clipURL': 'https://omny.fm/shows/cory-hepola/10am-broke-athletes-increased-death-rate-dr-love/embed?style=cover', 'embedSize': 'wide-image'}, 'original_ref': 'www.audacy.com/_components/omny/instances/251564-22@published'}], 'stationLogoUrl': '', 'secondaryArticleType': '', 'subHeadline': 'The ESPN 30-for-30 film "Broke" looked at how and why athletes can squander millions. 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Video

'Broke' Director Opens Up on Why It's Easy for Pro Athletes to Squander Their Fortunes

The ESPN 30-for-30 film "Broke" looked at how and why athletes can squander millions.

By Hey, it's Cory HepolaJul 25, 2019

(WCCO) - The news that Adrian Peterson is in debt and being sued for failure to pay back a loan shocked many—including our own Cory Hepola—but there was at least one person who wasn't that surprised.

"The truth is, as surreal as that sounds, it is so easy to do," said Billy Corben, the Miami-based documentary producer and director behind 2012's "Broke," an ESPN 30 for 30 doc which took a close look at how professional athletes often end up squandering their wealth.

Corben, who has produced several notable documentaries, including the Cocaine Cowboys series and The U, said that "Broke" was meant as a call-to-action, and it resonated with many pro athletes.

"To their credit, a lot of the athletes at the time were tweeting things to the effective of 'I'm not going to be in 'Broke II,' and here we are probably ready to unfortunately launch a sequel," he said during an interview an interview with Hepola.

At the root of the problem, Coben explained, is the nature of how professional athletes get their first big pay check.

"This is what we call a sudden wealth event. Oftentimes, players come from very humble beginings and suddenly, almost overnight, are multimillionaires. And when you don't have the experience of preserving wealth and growing wealth, it's a very onerous and complicated process," he said.

He then added:

"And of course, as, as we're seeing, allegedly in the Peterson case, the individuals that athletes often trust with the responsibility of preserving and growing their wealth, can't be trusted."

Corben outlined several factors that tend to be at play when athletes lose their fortunes, like conspicuous consumption, injuries, family obligations, lack of financial literacy and being targeted by unscrupulous individuals.

Athletes, he said, like anyone else, feel the "Keeping up with the Jones" effect.

"When you are competitive people, which athletes are by their very nature and profession, you will get into competitive spending and will want the fanciest car that, and the best suits (compared with) your fellow players in the locker room."

He said colleges and universities should do more to teach elite student altheltes about financial literacy.

"They know that some percentage, a very tiny percentage, mind you, but a percentage nonetheless of this exclusive group of students are going to become overnight multimillionaires. And I feel they need to take a more active role in preparing them for that sudden wealth event."

And athletes are not alone. Corben pointed out that anyone who experiences a "sudden wealth event," like winning the lottery or inheriting a fortune, face similar risks.

And another factor to consider — most people start off at the bottom rung of their respective industry, and slowly work their way up, gradually making more money along the way—but that process is flipped on its head for pro athletes.

"They're making more money than they'll ever see in their lifetime when they're 20 something years old. And any of us would find exciting ways of squandering that kind of money," he said.

Corben's latest documentary, Magic City Hustle, follows several former players for the Miami Hurricanes who get an unexpected chance to turn pro, except... not in football. Watch the trailer to understand:

Listen to his full interview with Hepola here:

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