Originally Posted by SoCali E90
can you just sum it up for us? plus the text is so small my eyes were going blurry
Kinda hard to sum up as it touched base on many principles. But here..
Athletes go broke because:
-they make bad investment decisions, ie opening restaurants, night clubs, etc.
-they get divorced after the career ends.
-they are seen by financial personnel as people with a lot of money who are easy to conveyed into a scheme.
-too trusting with money and hand out money 'just because' to friends and family.
-they don't understand that the money they make is suppose to outlast their career as an athlete, which is pretty short.
And there are a slew of examples, ie Scottie Pippen.
• 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.