PERFORMANCE TASK(S): Use GRASPS

Students will show that they really understand by evidence of

How will students demonstrate their understanding (meaning-making and transfer) through complex performance?

Students will demonstrate the ability to transfer wise money-making decisions through various simulation case assignments.

Performance Task 1

Goal: Your goal is to demonstrate how money management and budgeting impact us as individuals as well as our overall global economy. Your task is to manage a 1-million-dollar annual budget of a professional athlete. See the athletes listed below.

Role: You are a potential business manager for professional athletes possessing a 1 million dollar + budget. In reviewing the daily expenditures of a professional athlete what are some changes the average professional athlete could have made to successfully maintain a good budget? The annual expenses for this budget is mortgage payment $8500.00, college loans $2500.00, utilities expenses $10,000.00, and Automobile loans are $17,000.00 and clothing $10,000.00.

Audience: You are presenting this research to a class of introduction to business students.

Situation: As a business manager for a professional athlete with the desire to remain financially solvent, you will develop an effective yearly budget. At this point, the athlete is splurging on many luxury items. You are conducting this research to share with your classmates the importance of good individual money management and its impact on the global economy.

Product: You will create a 5 page MLA report of your findings and a 1-6 Power Point presentation slide outline. This product will illustrate the negative effects of poor money management habits of the former professional athlete that the student has been assigned. Each student is to find at least six positive strategies this former athlete could have done to circumvent his unsuccessful financial loss. Using the worksheets provided in Microsoft Excel, you must compute the take home pay prior to developing a budget.

25 Rich Athletes Who Went Broke

Athletes may boast eye-popping sports abilities, but when it comes to money, their inner klutzes come out. 78% of former NFL players are broke or financially stressed after retirement, and 60% of former NBA players go broke five years after retiring, according to Sports Illustrated. Broke athletes are practically an epidemic. Read about the 25 athletes who went broke below, and youll understand why.

(Note: We estimated most athletes earnings. Some numbers may be low.)

25. Raghib Rocket Ismael

Notre Dame/Dallas Cowboys star; received the largest 3-year deal in football historyEstimated lifetime earnings: $20 Million

No jail time, drug charges or bankruptcy here, just bad business moves. Financial vultures bled Ismaels riches by selling him their fool-proof investments. After bypassing the NFL as the presumptive #1 pick, Ismael went to the Canadian Football League and signed the largest deal in their history.

He played two years in Canada and 10 in the NFL, earning an estimated $18 million to $20 million in salary alone. He then started to invest in a series of ventures that went bust, including a Rock n Roll Caf, COZ Records, a movie, cosmetics, nationwide phone-card dispensers, and caligraphy proverbs kiosks.

Today, Ismael does a sports talk show for the Dallas Cowboysand looks very closely at any money he makes.

24. Scott Eyre

World Series champion, pitcher for the Philadelphia PhilliesEstimated lifetime earnings: $10 Million

Eyre, like many of us, was taken for a fool during last years stock market/investment madness. His money grew tied up in the $8 billion fraud allegedly perpetrated by Texas financier Robert Allen Stanford. Eyre told the New York Post that 99% of his fortune is frozen and possibly gone. After admitting that he was broke, the Phillies agreed to advance Eyre a portion of his $2 million salary.

23. Evander Holyfield

4-time Heavyweight Champion of the WorldEstimated lifetime earnings: $250 million

He had a deal with Diet Coke, a video game, the Real deal record label, the Real Deal grill, and appeared in numerous TV appearances and 3 films. Then, there was the dancing thing. One wonders how Holyfied had time to lose money. The answer: Children. Holyfield fathered 11 of them.

Im not broke; Im just not liquid, 45-year-old Holyfield claimed when he narrowly avoided charges that he was around $9,000 behind in court-ordered child support payments. The banks foreclosed on his $10 million dollar home. Even a landscaping firm says the former champ owes them $500k for yard work. Ever since Tyson bit his ear off, it seems everyone wants a piece of the Champ.

22. Jack Clark

MLB player since 1975Estimated lifetime earnings: $20 million

When Jack Clark declared bankruptcy on listed debts of $11.4 million and assets of $4.8 million, his lawyer made a statement. He had some expensive hobbies, and I think they got ahead of him.

Ya think? The man owned 18 automobiles, including a 1990 Ferrari that cost $717k alone. His three customized, tricked out 1992 Mercedes Benzes cost around $125k each. All in all, he still owes money of 17 of his cars, as well as the failed drag racing course he meant to race them on. Add to that half a mil in back taxes, and you have some expensive hobbies, indeed.

21. Johnny Unitas

Hall of Fame quarterback, 3-time MVP, Superbowl champion, 10-time Pro Bowl selectionEstimated lifetime earnings: $4 million

Widely considered one the best pro football QBs of all time, Johnny Unitas set several records that may never be beaten on the football field, like 47 games with a touchdown pass in a row.

He starred in professional football before salaries were measured in millions. His yearly contracts ranged from $7,000, his first in 1956 with the Colts, to $250,000 plus a $175,000 bonus in his last one with the San Diego Chargers in 1973.

After his playing days, he made some money as a TV commentator for CBS. He also invested in tanked business ventures, including a chain of bowling establishments, a prime-rib restaurant, an air-freight company, and Florida real estate investment. He and his wife, Sandra Unitas, filed for personal bankruptcy protection in 1991 after investing in a failed Reisterstown circuit-board manufacturer. He died 11 years later with a lawsuit from his estate hanging over all of his businesses.

20. Deuce McAllister

New Orleans Saints all-time rusher, 2-time Pro Bowl starEstimated lifetime earnings: $70 Million

John Elway got out of the car dealership business early, but Deuce McAllister Nissan, based in Jackson, Miss., didnt fare as well. The business recently went bankrupt, with McAllister owing Nissan more than $6.6 million plus almost $300,000 in interest on his car dealership. Reports are that he will seek bankruptcy protection. If you want that new Deuce Pathfinder, you better pick it up in a hurry.

19. Bjorn Borg

11 Grand Slam titles; former #1 mens tennis player in the worldEstimated earnings: $4 million + $4 million in endorsements per year

Borgs famous Swede cool never made it off the court. After retiring from tennis, Bork overdosed on drugs. Some people speculate that it was a suicide attempt, though Borg denies it. His wife left him after that. Borg then courted a string of women, one of whom police busted on possession of cocaine. He tried launching a clothing line, but failed miserably. Years later, Borg has rebounded after starting an underwear line and a new dating site.

18. Rollie Fingers

Hall of Fame pitcher, 3-time World Series champ; last played for the Milwaukee BrewersEstimated lifetime earnings: $8 Million

Fingers retired in 1985 and made it four years before investments in pistachio farms, Arabian horses and wind turbines took him down. He filed for bankruptcy in 1992. Creditors claimed he owed more than $4 million; he listed his assets at less than $50,000. He resolved his predicament by selling baseball cards and going back to work. In 2007, a dispute over back taxes flared up, but Fingers was able to prove he did indeed pay, and was cleared of all wrongdoing.

17. Sheryl Swoopes

3-time gold medal Olympian, 3-time MVP for the WNBA, first pro womens basketball playerEstimated lifetime earnings: $50 Million

Swoopes, the Michael Jordan of the WNBA, scored her own Nike deal for the Jordan-inspired Air Swoopes brand. Swoopes, a marketing machine, enjoyed a stint as the face of the WNBA, but her fortunes didnt last. She filed for bankruptcy in 2004, citing mismanagement by her agents and layers. She owed nearly $750,000.

16. Scott Harrison

First Scottish boxer to gain the World Boxing Federation featherweight titleEstimated lifetime earnings: $5 million

The pride of Scotland had problems with drinking, drugs and consequently the law. A world champion in 2003, Harrisons life later spun out of control. In 2006, he pulled out of a fight to check into rehab.

It didnt work. The same year, police in Spain arrested him on charges of auto theft and assault. Officials stripped him of his title and his license to box for failing to show up for a fight and weigh in. Early in 2007, police arrested Harrison for valium possession, police assault, resisting arrest, and refusing to leave a pub. A few months later he was arrested again for starting a fight in a brothel. By July 2007, the ever-classy Harrison declared bankruptcy after losing his last fightover unpaid taxes.

15. Leon Spinks

Beat Muhammad Ali for the heavyweight title; Olympic gold medalistEstimated lifetime earnings: $4.5 million over two fi