78 percent of NFL players are bankrupt...within two years | TigerDroppings.com

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Mizzou23
Missouri Fan
Missouri
Member since Mar 2012
1261 posts

78 percent of NFL players are bankrupt...within two years


quote:

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 and that 60percent of NBA players are broke within five years of retiring from the game



USA Today Article really makes me think about the situation of paying college athletes. I am not saying they do not deserve a cut, maybe split merchandise sales with them. But the best payment these guys can get is learning how to properly manage their finances. And make them have some sort of a degree before they leave even if it is just an associates.







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beaver
USA Fan
The 755 Club
Member since Sep 2009
39690 posts

re: 78 percent of NFL players are bankrupt...within two years


germans





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genro
Penn Fan
Tuscaloosa (not Austin)
Member since Nov 2011
30484 posts

re: 78 percent of NFL players are bankrupt...within two years


Many NFL players come from poverty.

When you come from poverty, you can't fathom a million dollars. It literally seems infinite to you.


That's why a lot of lotto winners go bankrupt too.






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piggidyphish
Auburn Fan
Birmingham
Member since Jul 2009
14578 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

bankrupt or facing serious financial stress within two years of ending their playing careers


Like trying to pay for multiple house and awesome toys? Woe is them.






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Bengalroar
LSU Fan
Member since Aug 2013
887 posts

re: 78 percent of NFL players are bankrupt...within two years


To be fair, the govt takes over half of it, after their agents take about 10%. then wives, gfs, and family take the other half.





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ProjectP2294
Penn Fan
St Louis County
Member since May 2007
31628 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

agents take about 10%

hmmm






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Goldrush25
Washington Fan
San Diego, CA
Member since Oct 2012
4542 posts
 Online 

re: 78 percent of NFL players are bankrupt...within two years


Nah, but they can afford to drop $15k on Vegas trips according to some people.


This post was edited on 11/7 at 2:21 pm


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idlewatcher
LSU Fan
Houston
Member since Jan 2012
8898 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

Many NFL players come from poverty.

When you come from poverty, you can't fathom a million dollars. It literally seems infinite to you.


That's why a lot of lotto winners go bankrupt too.


Don't they have some sort of financial learning course in the NFL?






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Rouge
USA Fan
deep in dem backchannels
Member since Oct 2004
96576 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

Don't they have some sort of financial learning course in the NFL?
yes






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EarthwormJim
LSU Fan
Member since Dec 2005
9766 posts

re: 78 percent of NFL players are bankrupt...within two years


What constitutes a NFL player? Is every undrafted free agent considered an NFL player?

It's not that surprising that the percentage is that large when most of them might be on a team for a couple years max and most aren't signing multimillion contracts.






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8485 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

Don't they have some sort of financial learning course in the NFL?


Yup. At the rookie symposium I believe.






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Dr RC
Texas A&M Fan
Dallas
Member since Aug 2011
14190 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

Many NFL players come from poverty.

When you come from poverty, you can't fathom a million dollars. It literally seems infinite to you.


That's why a lot of lotto winners go bankrupt too.





when people come from nothing and are never taught how to manage money they end up blowing it all b/c they don't know any better.

IMO the average pro athlete going broke so quickly is a condemnation of the colleges who clearly did little to prepare them for the real world.

This is actually a bigger issue I have with colleges and universities in general though. As far as I'm concerned every single school should have financial management classes as a requirement to graduate. In fact, I think it should also be taught in high schools starting freshman year.


quote:

ZereauxSum

Yup. At the rookie symposium I believe.


and that isnt near enough education for people to change years of never knowing anything about keeping your finances in order.



This post was edited on 11/7 at 2:28 pm


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Mizzou23
Missouri Fan
Missouri
Member since Mar 2012
1261 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

Don't they have some sort of financial learning course in the NFL?


It's part of the Rookie Symposium which lasts like a week. You can't learn to handle millions in a week class. The NFL needs to do a better job of guiding these athletes as well. The point I was intending to make is I can understand how easy it could be to say "hey I am gonna make millions so why try to learn anything." The rule of only being away from high school for 3 years to play in the NFL and only 1 year to play in the NBA should be changed. You should be required to have some sort of degree to play in both leagues. That way you ALWAYS have something to fall back on.






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Rouge
USA Fan
deep in dem backchannels
Member since Oct 2004
96576 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

What constitutes a NFL player? 
52-man roster, PUP, or IR at least one week during the regular season or post season

believe that covers the player classifications






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Emiliooo
LSU Fan
Member since Jun 2013
3741 posts

re: 78 percent of NFL players are bankrupt...within two years


They make millions of dollars. If they don't know how to handle it, then it's their own damn fault.







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jcole4lsu
Virginia Fan
The Kwisatz Haderach
Member since Nov 2007
26942 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

Many NFL players come from poverty.

When you come from poverty, you can't fathom a million dollars. It literally seems infinite to you.


That's why a lot of lotto winners go bankrupt too.


yup. easy come, easy go.
Its the players fault though. They could collectively bargain a more robust pension plan if they were willing to take less money up front - but they wont.






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LSUnowhas2
LSU Fan
Baton Rouge
Member since Sep 2004
21818 posts

re: 78 percent of NFL players are bankrupt...within two years


so they can manage money poorly while they are still in college?





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sugar71
UCLA Fan
baton rouge
Member since Jun 2012
1679 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

What constitutes a NFL player? Is every undrafted free agent considered an NFL player?

It's not that surprising that the percentage is that large when most of them might be on a team for a couple years max and most aren't signing multimillion contracts.


Ding. Ding .Ding.

This

.That is why most names of all of these bankruptcies, which are public record , are never released in the articles. 99% of them would be unknown.


It's headline grabbing sensationalism & those envious of pro athletes eat it up.


CNN Headline did a teaser recently about a Dallas Cowboy arrested for murder & I wondered had Irvin ,Aikman,Smith,etc...had gone & done it.

When they returned from the commercial it was a 2 year Practice squad guy I had never heard of. But if one says NBA, NFL,etc.....people will tune in/read. He probably is one of those ex 'NFL' bankruptcies .


If I sign a ten day contract with the Lakers I am an ex NBA player.












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A2
Southern Cal Fan
NoVa
Member since Nov 2012
1425 posts

re: 78 percent of NFL players are bankrupt...within two years


quote:

Don't they have some sort of financial learning course in the NFL?


It's part of the Rookie Symposium which lasts like a week. You can't learn to handle millions in a week class. The NFL needs to do a better job of guiding these athletes as well. The point I was intending to make is I can understand how easy it could be to say "hey I am gonna make millions so why try to learn anything." The rule of only being away from high school for 3 years to play in the NFL and only 1 year to play in the NBA should be changed. You should be required to have some sort of degree to play in both leagues. That way you ALWAYS have something to fall back on.


Andre Collins handles financial advising for the NFLPA for players that seek investment advice. Obviously not as many do as they should.






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Rickety Cricket
Navy Fan
Premium Member
Member since Aug 2007
34698 posts

re: 78 percent of NFL players are bankrupt...within two years


Matt "LTD" Flynn will be part of that statistic.





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