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Let's not forget that a lot of these athletes have been sheltered from the real world because of their incredible athletic abilities. So when they have to face life after their pro careers, they're not prepared to handle it, and probably have been picked clean by so-called friends and advisors aka vultures.
I read an article written by a guy who was an accountant for professional athletes. He said that most of them live paycheck to paycheck and blow their money on depreciating assets instead of putting it away. It's all about the nicest jewelry, cars, boats, and showing up the money.
They started having a seminar for NFL rookies that is mandatory about how to handle money.
I know that if I could get my hands on what some of them make in a single game, I would never be broke again.
I dont get it either. I may good coin with Big Oil, but one league minimum contact is more than I make in 3 years. Some backups making 3 mil a year is more than my projected 20 year earnings. Sad.
That player probably got the loans based on earning potential becuase it likely didnt have the cash yet. When he gets his signing bonus, he needs to pay them all off but he probably wont.
Exactly what happens. Car dealers will sell young athletes a nice ride with 'potential signing bonus' as collateral. Heard a discussion where a guy thought he was late first round material and wanted the tricked out SUV. But the dealer and "associates" had him as a 3rd round at best...
Let's not forget that a lot of these athletes have been sheltered from the real world because of their incredible athletic abilities. So when they have to face life after their pro careers, they're not prepared to handle it, and probably have been picked clean by so-called friends and advisors aka vultures.
Very true. I've kind of felt sorry for some of these guys when the real world slaps them in the face. Many never dreamed they would consider themselves fortunate if they got a good sales job that paid 80k/year.
But then again they all worked hard to get to the league...but many not so much on the books. So I dont feel all that bad, I just recall spending several weekends in the lab/library while they were getting laid by cheerleaders...damn..now I have even less sympathy.
I read an article written by a guy who was an accountant for professional athletes. He said that most of them live paycheck to paycheck and blow their money on depreciating assets instead of putting it away. It's all about the nicest jewelry, cars, boats, and showing up the money.
They started having a seminar for NFL rookies that is mandatory about how to handle money.
I know that if I could get my hands on what some of them make in a single game, I would never be broke again.
But you're also older and wiser. We all say we would do better but in reality most of us would do what they do with money at that age. Just look at all the foreclosures and high credit card debt. Don't believe it, then you're in denial.
And to say that article is misleading is an understatement. Most football and basketball players only play for a few years. Not every one has long careers making millions.
NFL money is not like NBA or MLB money at all. You have to perform to get paid in the league and they pass players around so much that they can never get paid until the end.
You'd think their agents would wise them up to what they needed to do for longterm investments and need to save money for later in life.
Clark Howard talks to the NFL rookies, but doubt if they pick up much from listening to him. Maybe he opens their eyes.
Unfortunately the agents often don't care about their long term. These guys would be better off if they just put the money in a savings account and got an allowance. They tend to think the level of income is going to remain the same and they spend money that way. When the career ends, many owe a lot of money on depreciating assets and don't have a lot of business sense.
You have to perform to get paid in any league or have a job at all?
Player turnover is actually higher in the NBA and MLB where trades are far more prevalent.
NBA money is guaranteed is all I was saying fool. Miss me with the cuteness.
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