78 percent of NFL players broke after 2 years

[whiteathlete33]

I found this article online. According to this 78 percent of NFL players are broke after 2 years of retirement. How stupid can these players be? Once you have a substantial amount of money like they make all you have to do is invest in mutual funds or property. It is not very difficult to protect your money. http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Why-do-so-many-NFL-players-go-bankrupt-?urn=nfl,190555

 

[white is right]

If you see how "Large" they are living it's obvious. These guys gross 1 million plus and spend about 90 percent of their after tax pay. With little post career job skills, it's inevitable as the sun rising in the east and setting in the west.

 

[Fightingtowin]

Same thing happens to lotto winners. Give somebody a bunch of money who didn't really earn it because they're good with money and they go broke.

 

[white is right]

If "Jesus" Vick was living pay stub to pay stub is there hope for a journeyman defensive back that wants to live like a homie from a rap video...

Edited by: white is right

 

[Bear Backer]

Same thing happens to lotto winners. Give somebody a bunch of money who didn't really earn it because they're good with money and they go broke.

Yes it does, especially if the person winning is "lower class" than the people who are used to having a little bit higher standard of living. Rags to riches to rags stories are not at all uncommon when it comes to people coming into large sums of money either via lottery, lawsuits or inheritance.

 

[Electric Slide]

The big mistake these guys, and many lotto winners, is that they don't spend a small amount of that money and hire a trusted financial advisor. One great point I saw in the articles is that many athletes can literally make a few million vanish into the thin air by purchasing too many cars. Instead of getting two or three $100,000 cars, which they can afford by the way, they end up getting 5 or 6 half-million dollar cars. One fifth of the value is lost when it's driven off the lot, and continues to depreciate from there. While it is very easy to think if we fell into that kind of money that we would be smart and do things right (of course we would splurge on some things), I like to think I would first thing, before I even bought a steak dinner or anything else, would be to ask around and research a trusted financial advisor to find the best way to minimize taxes, what bills to pay first, what kind of accounts to set up, etc. After I had that figured out then I would go have fun

 

[Electric Slide]

By the way, there is a show on TLC called "Lottery Changed my Life." There's actually a marathon going on right now. They show some people who actually have done the smart thing, didn't quit their job, and in fact invested some money in their own business they already had. Another guy decided to invest along with others in a battery store chain, and it turns out to be more or less recession proof, and they were able to open two other locations with the income from the first. I'm sure the NFL is the same way if you really looked into it, that some (a minority though) are actually smart with their money.

 

[Alpha Male]

I'm guessing roughly 30% .

 

[DixieDestroyer]

Most "affletes" never learned basic, 101 financial management, nor had any money growing up...thus aren't used to having $. I've overheard coloreds talk about quitting their jobs if they won $1-2 million in the lotto. Little did they factor the massive cut Uncle Scam & attorneys take out of those winnings.

 

[chris371]

I've overheard coloreds talk about quitting their jobs if they won $1-2 million in the lotto.