Pro Athletes Going Broke

Imagine you are barely out of your teen years and have been signed to a multiyear, multimillion-dollar contract by a pro sports team. You can expect another $20-30 million to $30 million in endorsement deals and are positioned to become a brand unto yourself to be another LeBron, Brady, Kobe, or Jeter. Now try to stomach the thought that because you’re in this scenario you’re statistically more than likely to wind up broke by the age of 40. Imagine losing millions upon millions of dollars and thinking of the fact that you’ve gone from rags to riches just to end up back where you started just a few years later.

This, unfortunately, has been an epidemic that has plagued many athletes and it seems to not be showing signs of slowing down.

There has been a long and storied history of professional athletes making millions upon millions of dollars throughout their careers and somehow managing to not have enough to get by once they retire.

The most famous to lose all of their fortunes include Mike Tyson, Allen Iverson, Michael Vick, and Scottie Pippen. People tend to only hear about how large athletes’ new contracts are worth or how much they just lost and unfortunately there is no shortage of examples of this occurring. In the present paper information will be provided about why and how professional athletes lose all of their profit after retirement and provide a solution that could potentially stop this problem. The following literature review will be used to demonstrate and support those solutions.

Get quality help now

Dr. Karlyna PhD

Verified

Proficient in: Communication

4.7 (235)

“ Amazing writer! I am really satisfied with her work. An excellent price as well. ”

+84 relevant experts are online

Hire writer

Professional Athletes Go Broke

On July 1, 2013 CBS Money Watch published an article called Why Athletes Go Broke: The Myth of The Dumb Jock. The article gives an in depth analysis of why and how pro athletes lose all of their money within a short time after they retire. The article in particular focuses on NFL and NBA athletes citing information from Sports Illustrated magazine that 78% of NFL players lose all of their money within two years of hanging up their cleats…