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So did you start a thread about the 78% of nfl players who file bankruptcy within a single year of being out of the league, or do you just dislike the nba?
re-read the whole thread and answer that yourself. Im only talking about nba players here. it seems like your the one that brought the nfl into the conversation.
No I love the nba, its my favorite sport to watch. Im talking about the nba because this is the basketball forum, not football.
I seriously doubt it's *most* players. You only hear about the most egregious examples.
Pippen actually got ripped off to some extent and won a court case where he at least got some of the money back.
About 2/3rds of professional athletes have spent all their money within 5 years of retirement.
They are huge targets for scams and bad investment ideas on top of living an extravagent lifestyle and most professional athletes only play for about 3 years and most never know when that huge paycheck is going to stop.
I also read an article about a guy who is a financial advisor for athletes and said a majority live paycheck-to-paycheck before they pick up his services. A lot of them are like regular people who by the time pay day comes, they need it or cant even eat. Basically, they manage money like the average person but their expenses are just much, much larger.
About 2/3rds of professional athletes have spent all their money within 5 years of retirement.
They are huge targets for scams and bad investment ideas on top of living an extravagent lifestyle and most professional athletes only play for about 3 years and most never know when that huge paycheck is going to stop.
I also read an article about a guy who is a financial advisor for athletes and said a majority live paycheck-to-paycheck before they pick up his services. A lot of them are like regular people who by the time pay day comes, they need it or cant even eat. Basically, they manage money like the average person but their expenses are just much, much larger.
I would have to see some hard stats supporting those figures...
I mean there are over 2K professional athletes playing in the NBA, NFL, NHL, and MLB every year. I just can't believe that over 1300 of them will be broke. That's just on the high side. Sure we can point to a few athletes here and there but 2/3rds or 78% is just an absorbant figure. The only articles that state these figures always say it is "estimated" or "projected"... not that it is fact.
Lots of NBA players dont come from money. The peers they had growing up are the people they trust. Too often the player gives that peer (and more likely family member) some startup money for a business or something. The business is poorly planned and fails...like clubs and music careers. Player means well by trying to help his friends, but that combined with an extravagant lifestyle go through the money quickly. Even when the players agent tries to give him a spending budget...you can lead a horse to water but you cant make him drink.
Most NBA players are like average Joe USA, and have very little concept of what it takes to be financially healthy. Its just on a much bigger scale. As average Joe might blow more than he has on a 55 inch flat screen, NBA player blows it on a Maybach. If you want evidence of this, check out lottery winners 10 years later. Many are flat broke for the same reason, and they arent athletes, just average Joes who came in to a whole lot of money over a relatively short period of time.
The NBA should really move towards mandatory rookie and player financial education, like the NFL has been pushing. It might not fix everything, but it might make a few players think before they buy that 150k gold chain.
Most working stiffs will work 40 plus years and retire close to if not broke. I think it's all relative. A person making millions will live a million dollar lifestyle and a person living a middle calass lifestyle will live a middle class lifestyle. In both cases most people don't plan or save. How many readers have a long term financial plan?
On another note there are some people in other parts of the world who might thnk someone making 30K a year is wealthy and wonder how they can retire broke.. Charge it............
It's that old saying, it's not what you make but what you can save. Most pro athletes have no concept of how to save money or invest properly. That is the real problem.
It's that old saying, it's not what you make but what you can save. Most pro athletes have no concept of how to save money or invest properly. That is the real problem.
but hey, you gotta admit, a person who have lived the high life for 15 years in the nba, and becomes broke later on and works at a normal job to make money, is still better than a average joe that is broke and working a normal job to get by. at least the nba player get the fame, fortune, chicks, high life for x amount time, while a average joe just works hard to not be homeless...
I would choose to be a nba player and live it up, then become broke like a average person rather than just being a average person that is broke
I have read articles about most nba players going broke after retirement, such as antoine walker, latrell spreewell, scottie pippen, etc.
I can see from their standpoint, they cant live normal lives, if they live in an average house, people will plan and rob them because they have money, they have to live in more secure places.
anyways, for the lowest pay player is over 500k per year, while the average player makes 5 million a year. 5 million dollars, even after a 50% tax, is still 2.5 million. I know for a fact that even doctors and lawyers cant save that much (2.5 million) and hold that in their hand in their lifetime. most doctors and lawyers have tons of student loans and will start to make money in their 40's, and retire at their 60's. they only have 20 years of "earning time".
I dont understand how nba players can blow that much money. heck, if I had even 1 million right now, I will study and learn how to fix homes and learn about the renting business. I would pretty much just buy a fourplex and just live off rent and retire. Im pretty sure the cash flow after prop taxes and expenses would be more than enough for me. Or at least put that in a CD and work a part time job and live off interest and slowly take an amount that is reasonable if I need it.
What's interesting is how little time the media spends talking about ex-athletes that have gone on to be highly successful in business like Magic Johnson, or Junior Bridgeman who parlayed an NBA career into a business that runs over 100 fast food restaurants. The guy is worth over $200 million. Or Dave Bing who went on to start a company called Bing Steel.
There are any number of successful guys that done well in business after their playing days are over they just are not discussed. It could be that the sports media has a bias that focuses on stories where athletes have a negative financial outcome.
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