"In our early 20s we don't always make the best decisions. For most of us, those decisions aren't catastrophic," said Ryan Wibberley, CEO of CIC Wealth in Rockville, Maryland.
For players in the National Football League, it's a different story.
"It's very common to spend recklessly," said former NFL tight end Steve Maneri. "It's really hard as a young athlete; you don't really understand the value of a dollar."
For that reason, nearly 80 percent of retired NFL players go broke in their first two years out of the league, according to Sports Illustrated.
Mario Henry was one of them.
"I wasn't a marquee player, I was let go before my third year so I didn't qualify for a pension. Guys like me go in and out," he said. "I spent two years in the NFL and four to five years trying to get back in the NFL. My money ran out."
Henry signed with the Patriots in 1994 and went on to play for Buffalo. He said he was making about $107,000 a year.