Pro athletes who are broke

Pro athletes who are broke

Recently, I watched a Netflix documentary called Broke. I had no idea that just after 5 years of retirement, an estimated 60% of former NBA players are broke.

After 2 years of retirement, 78% of former NFL players have gone bankrupt or are under financial stress.

According to Sports Illustrated.

Everybody's not a millionaire in sports, but they are spending like they are. They have an entourage, they make it rain in clubs every night with private tables everywhere they go. They get the VIP sections, and they are out there living it big. Many of them have gambling problems, spending problems, and drug problems. 

No one teaches them about money, and many come from single parent, low income households. They have never seen that type of money before. They don't understand that Uncle Sam takes half. Then they have to pay 3% to their agents, and they have lawyers and press people on their payroll. They got a mortgage or more than one mortgage. They got multiple car payments and big spending habits, and this money goes quickly.

. 

Then there are the people who are coming after players with “investments” and actually only 1 out of 30 of these investments work out. Many players' own families and agents are taking and losing their money. 

Many guys have problems saying no to family and friends, and so they keep sucking them dry. They feel like they owe them or are made to feel like they are distancing themselves from them, so they try to make it up with money.  

And with fame and money, there is always the baby mama drama. Women who are just after athletes for their money.

Here is an alarming fact, 60% of players divorced three years after leaving the sport. Of course, there is child support or multiple child support they must pay.

They forget that they will have medical bills later on that will come in hard and fast and forever. The NFL has the lowest salaries, the shortest career, and the most injuries.

Then there is the bankruptcy that many have gone through. Mike Tyson made 400 million and went bankrupt. George Foreman went bankrupt and had to come out of retirement and start hawking things to help him stay afloat but many aren't that lucky to get a second chance and end up working blue collar, low paying jobs afterwards. From rags to riches back to rags again. The fall from grace is real for the majority of the sports players.

So today, my friends, yes, when you look at these professional athletes, remember this is not going to last forever. If you're pushing your children, know that they need a backup plan. We need to change what we teach our children in college so they are smarter when they get out in the real world. We need to do better and teach them better so we don't hear so many stories of broke athletes. It's up to us to be the change we want to see.

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