There was an interesting yet somewhat depressing article on boxing great Thomas the “Hitman” Hearns in the Detroit News last week. Hearns earned millions as a professional fighter yet now finds himself being forced to sell off his assets and memorabilia at auction in an attempt to pay back his creditors. The story for Hearns is not unlike fellow well past his prime boxer Mike Tyson, who was forced to file bankruptcy in 2003 despite earning over 400 million dollars in his fighting career. To be fair, financial peril is not reserved for pro boxers, the Toronto Star estimates that 60% of NBA players are broke within five years of their last game which is why I suppose it comes as no surprise that an article in the News also reported that former Detroit Piston Rick Mahorn has recently filed for bankruptcy. Citing bad investments, Mahorn filed Chapter 7 bankruptcy on Dec. 8, listing $228,603 in assets and $518,688 in liabilities. Like so many Americans, Mahorn was behind on his mortgage and was the defendant in a lawsuit brought by his mortgage holder, U.S. National Bank.

The lesson is simple: if you live above your means you will end up living by someone else’s rules. With the economy in its current state, many are forced into bankruptcy by the unexpected loss of a job or unforseen tragedy. Stories like those of Thomas Hearns and Rick Mahorn serve as cautionary tales. Hope for the best plan for the worst.