Luther Ellis
Former Detroit Lions defensive lineman Luther Ellis made more than $11 million during his playing career. But when Ellis filed for bankruptcy in 2010, there wasn’t necessarily anything egregious in his list of liabilities, unlike many other NFL players who went broke. Sure, there were a few things like a Rolex watch, and a $1.6 million home that was barely worth half of that amount due to market conditions in Detroit, but other than that, it was simply a matter of investments and expenditures exceeding the money they were earning him. Ellis admitted that, at one point, he had to borrow money from friends and his church to make ends meet. Ellis uses his experience to educate young players on the need to be cautious when investing your savings into businesses you aren’t familiar with.