The beautiful, the strong, and the successful: These three adjectives are commonly used to describe star athletes nationwide, whose appearances fatten their bank accounts with millions of dollars multiple times per year. Whether it’s talent or a lifetime of training, famous athletes rapidly become household names for their prowess and riches. However, the heights of wealth are a precarious place to be in – and falling down hurts.
Fiction and Reality
The latest hit series from HBO, Ballers, shows a seemingly whimsical story: a former star footballer turned financial adviser picks new clients – his colleagues from the field, busy hemorrhaging money to hangers-on, luxurious lifestyle, and plenty of poor financial decisions. As whimsical and hilarious as it may appear, it is the unfortunate reality for a great many sportsmen.
Just how many? Across the three largest sports leagues in the United States – NBA, NFL, and Major League Baseball – you can expect that within two years of retirement, roughly four in five players will wind up in major financial trouble or outright bankruptcy. After five years from retirement, three out of five will have burned through the money they earned during their career.
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