Professional athletes go bankrupt at an alarming rate.
Athletes lose their money more than normal.
Cyndeowp says. “They hear it from agents, teammates and even the leagues they play in. Sports Illustrated estimates 78% of NFL players face financial trouble within two years of leaving the game, and another 60% of NBA players are in the same boat five years after retirement.” It is because most athletes lack guidance and financial knowledge. Some athletes go from having not a lot of money to having a lot which leads to a lot of impulse buying. Not to mention most careers are short, so if the money is not saved right it can go.
Some people bring up the fact that not all at least go broke, and they make so much money while they are playing. Also better management of money is more normalised. But there is a lack of planning for retirement and there is the risk of injury and even career ending injuries.
What needs to change is how athletes take care of their money and set themselves up for retirement. They can’t play forever, and they need to prolong their wealth. They don’t have unlimited money, but for a lot of them they aren’t used to having money and need to find managers or learn how to manage their money.
The money they receive can last for a while, but athletes aren’t trained on how to keep wealth.
