Why Do Pro Athletes Almost Always Go Broke?

They earn millions playing pro sports and doing product endorsements, yet consider these startling statistics:

Similar to lottery winners, with no financial prowess or discipline, most pro athletes go completely broke in less than 10 years after retirement.

In fact, 60% of retired basketball players go broke in 5, and 78% of football players in 2! Athletes are forced to sell their homes, sell their championship rings, and file for bankruptcy.

Here's an interesting article on the 6 main reasons pro athletes go broke after their careers are over: http://www.cosmoloan.com/money-management/the-6-main-reasons-why-most-pro-athletes-go-broke.html

From the Upcoming ueue, submitted by mrmunchies.

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Newest 5 Comments

Yeah, jeez, seems like a lot of haters here but one can understand why people are jealous. It's not surprising though, from a young age, these people are told they can do no wrong, they are preyed upon my others, any mistakes they make are often washed away and they are allowed to do whatever they want. Later, they are given millions of dollars and somehow we denigrate them because they haven't invested wisely in T-Bills, and municipal bonds?!?

I also think major league sports should all have minor leagues. College football and basketball is relaly the only venue atheletes have for getting to the pros, let's not be surprised that some aren't really college material. What other choice do you have if you want to become a pro basketball player?
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