Jesus Creed

Jesus Creed

Pro Athletes and Financial Ruin

posted by Scot McKnight | 8:33pm Sunday September 20, 2009

Rich professional athletes squandering their millions has become a sad clich?.

The 10 ways sports pros blow their cash

Sports Illustrated article this year showed how shockingly common financial ruin is:

  • By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
  • Within five years of retirement, an estimated 60% of former NBA players are broke.
  • Numerous retired MLB players have been similarly ruined.



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Rick

posted September 21, 2009 at 9:38 am


Some on this list can be applied to all people, but some are profession/income specific. I know the NCAA does try to give their players some training so that they are prepared for that next potential step. Deciding to apply that training is another issue.



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ChrisB

posted September 21, 2009 at 10:47 am


How much of this is due to taking kids who grew up with nothing and making them rich with little education?
Still, it’s not universal. A friend recently posted something about a Houston Texans player he met who drives an old pick-up and lives in a modest apartment because “you never know when it’s all going to end…I gotta be smart now.”



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Rick

posted September 21, 2009 at 11:21 am


ChrisB-
Good point. I do think it is interesting about the player you mention because I have heard the need for big houses comes from the issue of privacy. Unless they are in a gated community, the claim goes, they feel vulnerable to any and all.



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