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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:

From the Upcoming ueue, submitted by mrmunchies.

Part of what makes me think the NFL and NBA need minor league systems instead of using colleges for that purpose. You'd think a free college education would provide someone with the tools to manage their finances.
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I'd hate to think what I'd have done at age 22 with the money these young athletes get. Major league sports should offer required counselling to all rookie athletes. Finances, personal responsibility, behavior, etc. Most of these athletes are right out of college or even younger and handed millions of dollars. They might not listen but if they bring in older, more experienced athletes, especially those that had the problems they will face, then maybe they'll have a chance to remain solvent after retirement.
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Well at least they had that luxury and all that wealth some time, if even only two years. They owned that flashy car and house. They had the girls flocking towards them.
Later in life they can say- Hey yeas nowadays I do shitshovelling. but back then I had it all and that is more than 90% of the rest can say.
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Guess they can't comprehend the notion that once they stop jumping thru hoops and prancing around catching balls their source of easy cash will basically dry up. DOn't they usually have an entourage of helpers to pay. Plus it's probably hard to go from a lavish lifestyle to something more penny pinching. That's why Mr Shak O'neal is trying to branch out more in TV, with a personality outside of basketball. At least the other guys will have their enduring fame with hordes of loyal drunk guys wearing their jerseys to sports bars and getting into fights. I don't hate jocks but I am more of the greaser type myself. Let's be honest. They aren't getting scholarships based on their GPAs, obviously. How about poor ol' Michael Vick? Where ya think he's heading? Hopefully he's learned a little the last couple of years.
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you should link to the original sports illustrated article that this cosmoloan article rips off and barely credits. it's much longer and more detailed.
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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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