NFL power agent Leigh Steinberg, the inspiration for the legendary movie Jerry Maguire, has filed for Chapter 7 bankruptcy protection.
According to ABC News, Steinberg?s debt is between $1 million and $5 million dollars.
Steinberg?s reign as the king of NFL agents was fueled by acquiring high profile clients such as Troy Aikman, Ben Rothlisberger, and Steve Young, and has been credited to have invented the modern sports agent.
Since 1989, Steinberg has represented at least 6 of the #1 overall draft picks in the NFL, according to the New York Times.
Steinberg attributes his rapid descent into bankruptcy to his alcoholism as well as a sour business deal that was made by one of his employees.
In December 2011, a warrant was issued for Leigh?s arrest for skipping a court hearing that involved $1.4 million in unpaid rent.
Leigh?s decline in the wake of a struggling economy is hard to be empathetic towards due to the millions of families struggling with much lower incomes. However, there are lessons to be learned from a super agent?s fall from power.
What You Can Do To Stay On Top Of Things
In an age where online banking, electronic bill pay, and online stock trading have become common, it?s not hard to keep an eye on your finances. It?s important to know your balances and even more important to know where your money is going.
For someone like Leigh Steinberg, it can be easy to ignore bank accounts and other financial information due to the level of wealth he was dealing with.
Although most of us don?t have the financial prowess that Steinberg had before filing Chapter 7 bankruptcy protection, we all need to be diligent in our finances.
Having access to your financials is a luxury of the technological age we live in. The ease of access is unprecedented and can make a previously cumbersome act of balancing your checkbook into a five-minute ordeal.
It?s Not The End
Leigh Steinberg was famous for negotiating multimillion-dollar deals while serving as a power agent for NFL superstars. His tenacity and grit were so profound that it sparked a hit movie in Jerry Maguire.
Despite being know for success, Steinberg is dealing with his financial woes the same way he dealt with the NFL owners when negotiating deals: with well thought out strategy.
He has realized that his option to file for Chapter 7 bankruptcy is the right move for himself and has made every effort to start anew.
He knows some of his best days are behind him, but who?s to say there aren?t some waiting just around the corner for him.
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