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Originally Posted by SoCali E90
can you just sum it up for us? plus the text is so small my eyes were going blurry
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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.
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• 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.
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