It would be the ultimate dream of a sports fan to become a professional athlete and make an absurd amount of money. Fancy cars. Big house. Life could not get any better, right? Well, as Lee Corso famously says, not so fast, my friend.
You constantly hear in the sports world of professional athletes facing difficult personal economic strains after their playing days are complete—but how? How do these athletes who make millions on top of millions, year after year, go broke and lose everything they have worked so hard for? Unfortunately, there is not an individual aspect that can be highlighted to explain this phenomenon.
Sports Illustrated estimated in 2009 that 78 percent of NFL players are bankrupt or facing serious financial stress within two years of ending their playing careers. Moreover, 60 percent of NBA players are broke within five years of retiring. While these numbers are staggering, a deeper explanation will hopefully clear up your possible utter confusion.
First and foremost, it is an extremely difficult transition being an 18-to-22-year old college kid with little-to-no money, then making the jump to the professional athlete waters with more money than any normal college student could imagine. Put yourself in the aforementioned situation and you would not hesitate to live life large in terms of expenses.
Moreover, most professional athletes have not seen this type of money before they come to their respective leagues, and they might not have received proper money management advise during their college playing days.
People have no problem bringing to light the financial struggles of any professional athlete across any sport. You almost cannot go a day in a slow sports week without hearing the current dire financial situations of names like Latrell Sprewell, Vince Young, Michael Vick or Warren Sapp, to name a few.
Additionally, we hold these athletes to such an elite status—as we should due to their athletic ability and high income—which makes it easier for people to dissect their every financial move. It really is not fair for people to do that and here is why:
Professional athletes want to suck up their athletic notoriety for all it is worth during their playing days. Who is to blame them? Due to their notoriety, agents and “sales people” come knocking, wanting them to invest in a restaurant, a new clothing line or a “new project.”
As a result, they are promised big dividends for their investment, making it seem like a home run. However, according to under30ceo.com, it’s estimated that less than one in two dozen private investments actually pan out as they’re advertised.
Take, for instance, MLB center fielder Torri Hunter. In a piece that appeared in Sports Illustrated, Hunter went in on a project, which included a new inflatable raft invention that you could place under your furniture, where in the case of a flood, everything floats. The project eventually sank, and Hunter’s $70,000 investment was gone.
Even more stunning is the fact he was almost swindled in another investment of $500,000 before he eventually sought out additional financial advice and was steered away. But sure, let us continue to blame these professional athletes.
While the spending problem among professional athletes has grown out of control to a certain extent—especially in the National Football League— Commissioner Roger Goddell has taken the appropriate steps to help the players sustain financial stability. At the 2012 NFL Rookie Symposium, Adam “Pacman” Jones shed light on his quick trigger with his cash, including one weekend where he spent $1 million, allowing the future superstars to have a perspective of how money can be gone in a blink of an eye. Also, companies like Pro Athlete Business Group, whose goal is to “empower athletes to create successful business opportunities after their pro career,” have played a stake in controlling this problem.
Whether you dislike a professional athlete because he is on your rival team, it is still a sad reality. These athletes are some of the most athletically gifted, hardworking and driven people in the world yet, at the end of the day, they find themselves more often than not and for whatever reason in a financial situation they cannot get out of.
But don’t be so quick to blame them.
What do you think is the most prominent cause for professional athletes’ financial troubles? Should there be precautions implemented in college to prevent irresponsible spending? Let Rex know what you think by sending him an email at sports@dailycardinal.com.
