12 Nov WHEN WHAT YOU HAVE IS NOT ENOUGH

I have seen examples of people who achieved highly successful careers but were still unsatisfied with their situation. Something compels them to make decisions that, in several cases, are financially disastrous. They passed up certain high levels of earnings, probably with the expectation that they would earn even more significant amounts. Many of us would gladly trade places with them and do not understand why their ambition, needs, or greed caused them to reject the fortune they have attained.  Is it greed – or stupidity? I am sure there are psychological explanations for this, and I encourage these professionals to provide their answers. Why do they receive earnings far more than the average American but still want even more?

There are several anecdotal examples in the entertainment business and professional sports, such as:

Mclean Stevenson and Pernell Roberts

McLean Stevenson was an actor on M*A*S*H, one of the most popular television series for eleven seasons in the 1970s and 1980s. He reportedly resented his supporting role and asked to be released from his contract in the middle of the third season.  After leaving M*A*S*H, his acting career declined, and he never achieved similar success in another role.

Pernell Roberts also had a lead role on the highly successful Bonanza television series in the 1960s, leaving prematurely after the 1965 season, at the height of its popularity.  He disagreed about how his character was portrayed and the show’s direction. The show continued to be popular and continued for another eight seasons.  Although he later appeared on another television series, Trapper John MD, a spin-off from M*A*S*H, he never achieved the success he had with Bonanza.

Two other examples are actors David Caruso and Shelley Long. Caruso was an actor on the hit television series NYPD Blue.  He left the series at the beginning of the second season because he wanted a more prominent role and money.  NYPD Blue ran another ten seasons.  He had a role in CSI Miami in 2002 but has not been heard from since 2017.

Shelley Long was the lead female character in the smash-hit television series Cheers, for which she won an Emmy in 1983. However, she decided to leave the show after five seasons, ostensibly to pursue a writing career. Cheers ran for another six seasons but never achieved fame after leaving. Long was replaced by Kirstie Alley, who became a significant TV star.

There are many examples in the world of professional sports, such as:

Latrell Sprewell was a star NBA basketball player for three teams from 1992 through 2005.  He was offered a contract of $21 million for three years and turned it down.  He did not accept another contract after the 2004-5 season because he said the offers were too low. He said he had a “family to feed.”¹ He left the NBA and his $21 million offer.

Tim Lincecum was a highly accomplished baseball pitcher. He is one of only two pitchers to win multiple World Series, two Cy Young Awards, throw multiple no-hitters, and be elected to multiple All-Star games. Lincecum declined a five-year contract for $100 million in 2011.  In 2012, he led the league in losses and was never a dominant pitcher again.  He ended up taking a two-year contract for $40 million. It was not a bad paycheck, but a lot less than $100 million.

Juan Gonzalez – was one of the most dominant baseball players of the 1990s.  He was voted the Most Valuable Player in 1996 and 1998.  In 2000, the Detroit Tigers offered him a contract that would have been the richest in baseball history, an eight-year deal worth $140 million.  Gonzalez declined the contract and had a terrible season in 2000, including missing 47 games due to injury. He then settled for a one-year contract with the Cleveland Indians for $10 million.  His baseball career was over by 2005, and he lost about $100 million, which he would have received if he had taken the Tigers offer.

Terrell Pryor was a talented wide receiver who played for nine NFL teams.  He had an exceptional season in 2016, and the Cleveland Browns offered him a four-year, 32-million-dollar contract, which he declined. Pryor took a one-year $8 million agreement with the Washington Redskins and was never the same again.  He remains unsigned since 2019.

Many other professional athletes passed up lucrative contracts, gambling that they would do better but lost.

These actors and athletes did not have a “crystal ball” to see the future and realize they received the best financial offer they would ever get. They excelled at acting or their athletic careers but not at making financial decisions. The result was that they shortened their careers and earnings.  Perhaps this occurred because the professional athletes and entertainers listened to their agents, who told them how great they were (possibly to become their agent) and convinced them they were worth more than the actual market value. But each person is responsible for their own financial decisions.  Sometimes, what you have is just not good enough.

¹ https://finance.yahoo.com/news/latrell-sprewell-declined-21m-nba-191820120.html