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78 percent of NFL players are bankrupt...within two years
Posted on 11/7/13 at 2:09 pm
Posted on 11/7/13 at 2:09 pm
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.
17
Posted on 11/7/13 at 2:10 pm to Mizzou23
germans
Posted on 11/7/13 at 2:11 pm to Mizzou23
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 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.
Posted on 11/7/13 at 2:12 pm to Mizzou23
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.
Posted on 11/7/13 at 2:17 pm to piggidyphish
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.
Posted on 11/7/13 at 2:18 pm to Bengalroar
quote:
agents take about 10%
hmmm
Posted on 11/7/13 at 2:20 pm to ProjectP2294
Nah, but they can afford to drop $15k on Vegas trips according to some people.
This post was edited on 11/7/13 at 2:21 pm
Posted on 11/7/13 at 2:20 pm to genro
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?
Posted on 11/7/13 at 2:22 pm to idlewatcher
quote:
Don't they have some sort of financial learning course in the NFL?
yesPosted on 11/7/13 at 2:23 pm to Mizzou23
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.
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.
Posted on 11/7/13 at 2:25 pm to idlewatcher
quote:
Don't they have some sort of financial learning course in the NFL?
Yup. At the rookie symposium I believe.
Posted on 11/7/13 at 2:25 pm to genro
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 11/7/13 at 2:28 pm
Posted on 11/7/13 at 2:26 pm to idlewatcher
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.
Posted on 11/7/13 at 2:27 pm to EarthwormJim
quote:52-man roster, PUP, or IR at least one week during the regular season or post season
What constitutes a NFL player?
believe that covers the player classifications
Posted on 11/7/13 at 2:33 pm to Mizzou23
They make millions of dollars. If they don't know how to handle it, then it's their own damn fault.
Posted on 11/7/13 at 2:38 pm to genro
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.
Posted on 11/7/13 at 2:49 pm to Mizzou23
so they can manage money poorly while they are still in college?
Posted on 11/7/13 at 3:01 pm to EarthwormJim
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.
Posted on 11/7/13 at 3:07 pm to Mizzou23
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.
Posted on 11/7/13 at 3:14 pm to Mizzou23
Matt "LTD" Flynn will be part of that statistic.
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