Most retired sports stars are broke after 3 years

[eliza61]

So I'm watching the Eagles playing today and surfing the web and I come across an article that says
78% of NFL players are broke within 3 years of playing.
60% of NBA players are in the same boat.

League minimum is $300,000 and after 1 year your salary jumps to 450K and some how they still blow all that cash.

Talk about wasting a god given talent.

Here's the entire article.

http://www.businessinsider.com/10-ways-sports-stars-destroy-their-finances-2009-9

Isn't there a saying about a fool and his money?

 

[BeachGirlFLA]

It seems like the vast majority of them don't plan for their lives after their careers are over (and/or they trust the wrong people.)

 

[LadyZolt]

Same thing is true for lottery winners -- many of them just burn through that money and are right back to nothing. But then again, we have many people in America who live way beyond their means even without the lottery or super huge salaries. And honestly, you hear people say money doesn't buy happiness, which I totally think is true, so why do so many act like it does?

 

[MM27]

Ever watch CRIBS on MTV? When they show sports stars' homes, they always go into the garage and show the cars lined up. I understand spending a little money on a nice car, but they tend to go a bit crazy with the purchases and instead of one they end up with 5 (or more). I think more times than not, it's a case of someone with nothing suddenly hitting it rich and thinking that the money is going to last forever.
Should we feel sorry for them? I don't.

 

[ma2jr]

great article...

to bad it doesn't apply to Michael Vick

 

[BeachGirlFLA]

ma2jr, I agree but look at it this way...Vick is such an idiot that when he is retired, it will apply to him.

 

[Schmeck]

Don't forget the subculture that surrounds these athletes - from a young age their talent in sports has made them stand out, made them feel that being able to throw or catch an object was sooooooo important, and that once they made it to the big time, all would be theirs.

So they spend years getting a lot of stuff handed to them (college tuition, especially) and if they make it past that level, then they think they are set for life, as that's what they've been hearing from everyone around them, including family and friends. Why budget that money when they've finally 'made it big'? Hey, the endorsement money is going to come rolling in, and then maybe I'll make a rap/hip-hop album, start my own clothing line, and all. I mean, hey, I'm all that, I can catch a ball you know!

No, I don't feel sorry for them at all either. I hate the uber-sports mentality in the United States.

Now, back in 'the old days' guys barely got paid to play sports, had day jobs in the off season, and played until they couldn't stand the pain hammered on their bodies anymore. Then the lucky ones went on to work in some other business. Those guys I feel sorry for, because they wrecked their bodies for the love of the sport they played, and they didn't get enough compensation for it.

 

[disney1990]

I think that most people live up to what they make.
If they make $50,000 a year, they have the lifestyle to go with that salary.
If they make $100,000 a year, they have the lifestyle to go with that salary.
If they make $500,000 a year, they have the lifestyle to go with that salary.

DH & I have always made it a point to be able to live on one of our salaries, allowing us to save for a rainy day -- because we all know that one day it is going to rain.

 

[Ronda93]

They have hit a one-in-a-million jackpot with athletic talents. Later when they invest in restaurants, clubs and real estate they expect the same lightning to strike.

Ronda