Current Events > I find it hilarious how most pro athletes go broke within a couple years.

(+) Yeah! (+)

Total idiots.

According to a 2009 Sports Illustrated article, 78% of National Football League (NFL) players are either bankrupt or are under financial stress within two years of retirement and an estimated 60% of National Basketball Association players go bankrupt within five years after leaving their sport.

https://en.wikipedia.org/wiki/Personal_finances_of_professional_American_athletes

How would YOU be financially solvent with $21 million? How could you feed your kids on that??
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ESPN had a story yesterday about how much certain players pay in taxes and steph and lebron have insane taxes

http://www.espn.com/nba/story/_/id/20715128/nba-player-salaries-take-home-pay
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I find it sad. People don't automatically learn money management just because they've had wealth thrust upon them. Add in all of the leeches trying to get a piece of it (family members, sketchy money managers, people with "investment opportunities") and it's no wonder a lot of them go bankrupt.
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Well a lot of the players who go broke have no financial education, have been poor their entire lives, and all of a sudden get a multi million dollar check in the mail, of course they are going to blow it. Then add in all the scam artists and moochers, it makes sense. There was a good documentary on ESPN about it a few years ago. There were crazy stories, some guy had like 35 cell phone accounts, all for "friends" who were like "Dude I was there for you growing up, hook me up!"
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AlephZero posted...

I find it sad. People don't automatically learn money management just because they've had wealth thrust upon them. Add in all of the leeches trying to get a piece of it (family members, sketchy money managers, people with "investment opportunities") and it's no wonder a lot of them go bankrupt.

Hey, its not their fault that most pro athletes are morons and are easily ripped off.

AngelsNAirwav3s posted...

Well a lot of the players who go broke have no financial education, have been poor their entire lives, and all of a sudden get a multi million dollar check in the mail, of course they are going to blow it. Then add in all the scam artists and moochers, it makes sense. There was a good documentary on ESPN about it a few years ago. There were crazy stories, some guy had like 35 cell phone accounts, all for "friends" who were like "Dude I was there for you growing up, hook me up!"

See Vince Young's $5000 a week Cheesecake Factory budget.

https://www.sbnation.com/2012/9/20/3359698/how-vince-young-allegedly-spent-5000-a-week-at-the-cheesecake-factory
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Yeah TC, other people's struggles are hilarious!
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AngelsNAirwav3s posted...

Well a lot of the players who go broke have no financial education, have been poor their entire lives, and all of a sudden get a multi million dollar check in the mail, of course they are going to blow it. Then add in all the scam artists and moochers, it makes sense. There was a good documentary on ESPN about it a few years ago. There were crazy stories, some guy had like 35 cell phone accounts, all for "friends" who were like "Dude I was there for you growing up, hook me up!"

30 for 30: Broke

It is a very interesting look at the finances of pro athletes and why they go 'broke'. Def worth a watch.
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judasmaiden15 posted...

ESPN had a story yesterday about how much certain players pay in taxes and steph and lebron have insane taxes

This is because they have incompetent accountants who don't recognize all the loop holes the wealthy use to avoid paying taxes. If the accountant is competent, they're embezzling from them and blaming it on high taxes.

Magic Johnson credits his business degree and his mentor Jerry Bus for teaching him how to keep his money.
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Tanoomba posted...

Yeah TC, other people's struggles are hilarious!

lol if a multimillionaire goes broke within a few years, it is nobody's fault but their own. They get no sympathy from me, and yes, I think it is hilarious.

Lack of empathy isn't a trait to be proud of imo.
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EmpressRolab posted...

According to a 2009 Sports Illustrated article, 78% of National Football League (NFL) players are either bankrupt or are under financial stress within two years

Worth noting here that the average NFL career lasts ~3 years
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AlephZero posted...

Lack of empathy isn't a trait to be proud of imo.

thats nice

EmpressRolab posted...

Tanoomba posted...

Yeah TC, other people's struggles are hilarious!

lol if a multimillionaire goes broke within a few years, it is nobody's fault but their own. They get no sympathy from me, and yes, I think it is hilarious.

Same thing happens to people who win the lottery. There's enough cases where we can conclude that there's something not right about how some people function when it comes to future planning and consequences. We're a "gratification now" species, mate.
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Tanoomba posted...

Same thing happens to people who win the lottery.

Which is also hilarious. Poor stupid people will always be poor and stupid. You can hand them wealth on a silver platter and they will still find a way to fuck it up.

Tanoomba posted...

EmpressRolab posted...

Tanoomba posted...

Yeah TC, other people's struggles are hilarious!

lol if a multimillionaire goes broke within a few years, it is nobody's fault but their own. They get no sympathy from me, and yes, I think it is hilarious.

Same thing happens to people who win the lottery. There's enough cases where we can conclude that there's something not right about how some people function when it comes to future planning and consequences. We're a "gratification now" species, mate.

Makes you wonder how many people below or towing the poverty line keep themselves there because of horrible financial and investing decisions.
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I would also assume that the vast majority of those players "under financial stress" are the ones that were only in the league for a couple years making minimum salary and/or dealing with the long-term consequences that a sport like football takes on your body. "Hilarious"
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Child support destroys allot of them too

Mizznox posted...

I would also assume that the vast majority of those players "under financial stress" are the ones that were only in the league for a couple years making minimum salary and/or dealing with the long-term consequences that a sport like football takes on your body. "Hilarious"

I do think it is funny how playing football literally makes you stupider due to the constant concussions. Those guys are all pretty dumb to begin with, playing football just makes them dumber.

GymTanSoccer posted...

Child support destroys allot of them too

Also their own fault lmao

EmpressRolab posted...

Tanoomba posted...

Same thing happens to people who win the lottery.

Which is also hilarious. Poor stupid people will always be poor and stupid. You can hand them wealth on a silver platter and they will still find a way to fuck it up.

It's not like these people sit down and say to themselves "Okay, my plan is to lose everything, and make things difficult on myself."

It's easy for us to cave in to that reptilian part of our brains. Awareness and self-control aren't as common as you would think.
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EmpressRolab posted...

Total idiots.

It's not as funny as people who are broke all their life and never see real money because they aren't smart enough to get rich, right?
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Mizznox posted...

I would also assume that the vast majority of those players "under financial stress" are the ones that were only in the league for a couple years making minimum salary

Was just about to post this. It's not really all that surprising in regards to NFL Players. Minimum salary is like 500k or something similar. Keep in mind that they only see about half of it. Then they have to take care of themselves and probably take care of a lot of leeching friends and family.
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Being able to manage finances is less of a smart thing and more of an education thing. I'm the CPA son of two CPAs. I'm literally trained to monitor finances. My little brother is a nuclear engineer and much smarter than I am and if weren't for my parents and me I think he'd be living paycheck to paycheck. He has gotten better, but only because we have taught him.

Many athletes grew up poor. Financial planning and savings are not a priority when your main focus is just getting your paycheck to cover your expenses. School districts in these areas are also typically weaker than in more affluent areas so they don't get the same classroom opportunities either. Then suddenly millions of dollars are thrown on them and they do what they have grown up doing all their life, spend it. Throw in predatory friends and family, property taxes on a house they could afford while they were playing and it's easy to see how they end up where they are.

It's sad. We should have compassion for these individuals who broke out of poverty only to have behaviors learned through poverty reclaim them.
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Actually? So do I. The sad reality is that people look up to them and they're passing down a stupid message. Having money does not mean that you should spend it.
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they didn't become rich because they were smart.

I'm sure a lot of them have single digit IQs.

The vibe I get from the TC is he's a bitter and unathletic nerd who needs to belittle others struggles because he was picked on as a kid. Let go of your hate buddy
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It's not really surprising. You have a random person likely from a poor family thrown into riches and they'd have no idea what to do. Especially so because they are so young when they sign those deals. If I was suddenly on a million dollar salary at 22 I'd have no fucking clue either.
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MC_BatCommander posted...

It's not really surprising. You have a random person likely from a poor family thrown into riches and they'd have no idea what to do. Especially so because they are so young when they sign those deals. If I was suddenly on a million dollar salary at 22 I'd have no fucking clue either.

I would be able to maintain it lmao

they should give me their millions

...its not about how much you earn, its about how much you keep.

belee dat bbygurl
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Well when they coast through school having passing grades given to them and their only marketable skills chasing people or tossing a ball around, they've got pretty limited options.

Something tells me TC got picked on in school by athletes
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The_Russians posted...

Well when they coast through school having passing grades given to them and their only marketable skills chasing people or tossing a ball around, they've got pretty limited options.

With smart money management, you don't need to have other options. Even with the average career being 3 years at the minimum $450,000 per year. A player who has saved could at the very least have a giant headstart on savings and the money to easily go back to college and get a new degree/develop new options.

The people making millions per year could live comfortably for the rest of their lives without working if they had better financial education.
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tbh a lot of athletes get taken advantage of too, it's not all young guys blowing money on cars and mansions. when you are 20 years old and earn like $2 million a year as an NFL player, you're not just the same guy earning a higher income, you're thrust into a world where people are coming to you with sponsorships, business opportunities, investments, asking for favors, etc.

it is a difficult thing to navigate for anyone, especially when you are a college kid drafted into the NFL who is probably not greatly educated to begin with, might be from a poor background, etc. if some business guy comes to you and says he wants money to invest in a sneaker line for you, and then somehow things get fucked up and you lose the money (or he says you lose it), shit like that, what do you even do?
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Same reason many lottery winners blow it all in 3 years: Yacht parties with whores and drugs for all their friends every day.
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The Great Muta 22 posted...

The vibe I get from the TC is he's a bitter and unathletic nerd who needs to belittle others struggles because he was picked on as a kid. Let go of your hate buddy

lol u mad

The_Russians posted...

Well when they coast through school having passing grades given to them and their only marketable skills chasing people or tossing a ball around, they've got pretty limited options.

pretty sad that society puts them on a pedestal tbh.

Gheb posted...

The_Russians posted...

Well when they coast through school having passing grades given to them and their only marketable skills chasing people or tossing a ball around, they've got pretty limited options.

With smart money management, you don't need to have other options. Even with the average career being 3 years at the minimum $450,000 per year. A player who has saved could at the very least have a giant headstart on savings and the money to easily go back to college and get a new degree/develop new options.

The people making millions per year could live comfortably for the rest of their lives without working if they had better financial education.

Well yeah, obviously. Hell, with wise investments they could even live comfortably just off of that and not have to work again.

But gaudy expensive jewelry, 20 cars, and multiple houses tho lmao

They like to gamble
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most pro athletes don't get paid as much Superstar players...

...you give a 22 year old kid with 6 year longevity in his sport at best a couple million dollars....He's not going to be very smart with it..."im pro, i just made 4 million in one year, i'll make 4 million next year, I can spend 3 million on this house right now..."....then they're out of the league in 5 years and are struggling to pay off cars, homes, and other things because they thought the money was endless...
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People are bad with money, especially stupid people.
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People have better get organized.
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GeneralZhao posted...

Something tells me TC got picked on in school by athletes

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