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Why do athletes think that their money is never-ending?
Why do athletes think that their money is never-ending? Many have such an opportunity to never have to work again after their playing career if they invest their money correctly. Sadly, the case of Antoine Walker is one that all too common. Many athletes take care of extended family and friends in an unlimited fashion. Some have a wife who hasn’t learned to deal with the finances. There are times that the wife’s family becomes a financial burden as well. They don’t know how to say no or they are guilted into financially supporting people.
It is disappointing to hear that someone who earned over $100 million dollars in their career must file bankruptcy. Where were the financial advisers? Where was a wife or family member who just put their foot down and said “No more!”?
Many athletes enter into the arena of professional sports with no solid financial background. What is the NBA, NFL, MLB, and NHL doing to prepare them? Yes, they have rookie symposium and brief seminars to remind them of the dangers of picking the wrong financial advisor or agent. But it was one of the league approved financial advisors who stole tens of millions of dollars from several NFL athletes. What else can they do to prevent more than 60% of retired NBA players of being broke five years after they retire and over 70% of retired NFL players after two years.
How about teaching financial skills in the offseason or requiring a return to school to graduate, if they have not already? What about putting a certain amount of their salaries in trusts that are available in increments over a period of time? Something has to be done. Athletes’ bodies take a lot of wear and tear over their careers. Not just from their game play, but from the endless practices, and prescription drugs they take to disguise the ailments they face daily. There are those whose bodies can’t take the grind of a regular 9 to 5 job. Many have not developed other skills or knowledge required to go into other fields.
There are a plethora of athletes who view their athletic careers as a lifestyle versus a job. They feel they must own at least 4 cars, have a huge mansion (or two), travel first class only, wear the latest and greatest fashions, own hundreds of shoes, and buy jewelry like groceries. They carry wads of cash and feel insecure if they don’t have at least a grand on them. Electronics are bought like candy. Who, in their circle, is courageous enough to tell them not to make these purchases without risking being cutoff. The spending goes on and on. It’s a continuous downward spiral.
Don’t get me wrong, there are those that realize they are earning a large sum of money for a short period of time. They are methodical about where their money is disbursed. They surround themselves with a small circle of people who prove trustworthiness. They keep a guard as to who they let in their world. I wish there were more financial success stories.
I hope to never hear another story like this again. Unfortunately, I will.
One Response to “Why do athletes think that their money is never-ending?”
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This is so true! I always wondered how athletics was so broke after receiving millions of dollars.