78% of NFL players are bankrupt in 2 years ..... - GoFuckYourself.com

L-Pink · 09-19-2009, 12:16 PM

These college grads earn millions but are bankrupt or in severe financial distress within 2 years of retirement. WoW! (not to mention health issues)

http://sports.yahoo.com/nfl/blog/shu...urn=nfl,190555

.

DWB · 09-19-2009, 12:22 PM

I'm curious, what percent of the NFL is African-American?

L-Pink · 09-19-2009, 12:23 PM

Quote:

Originally Posted by DirtyWhiteBoy

I'm curious, what percent of the NFL is African-American?

That would be 77% I believe ...

(I have no idea)

.

Aquarius · 09-19-2009, 12:29 PM

I read something very similar about NBA players.

Lace · 09-19-2009, 12:29 PM

They've gotta live their lavish lifestyles...Bentleys, beamers and benz's don't come cheap, nor do their houses.

L-Pink · 09-19-2009, 12:32 PM

Quote:

Originally Posted by Aquarius

I read something very similar about NBA players.

Same article states NBA ... 60% broke within 5 years of retirement. And they make much, much more.

.

pr0 · 09-19-2009, 12:32 PM

People spend all of their $ showing off to all their old friends & family at first.

Then they spend all of their $ showing off to all their new "rich friends".

By the 3rd cycle.....called "realization" they are usually on the bench & 5 minutes away from losing their job.

This isn't just NFL players.....its all people that come from nothing into $ quickly.

When you come from nothing its very hard to understand the importance of saving. Since you grew up in an atmosphere where "check to check" was the norm. When the fam got the big "xmas bonus" it was immediately spent on some big ticket Item. It has to be unlearned. It's a vicious cycle.

kane · 09-19-2009, 12:39 PM

Sports Illustrated did a great story on this. Basically about 75% of all pro athletes are broke within 5 years of retiring/leaving their sport.

That number is a little bit misleading though. Take for example the NFL. The average NFL career lasts 3.5 seasons. So if you are a third string guy making 300K a year for say 4 years that means you made 1.2 million over your career. After paying agents, lawyers and taxes you probably have about 40-50% of that left. So say you have half of it left. That means you made about 150K a year for 4 years. Even if you save 75% of that you aren't going to be rich when you leave the sport.

For every guy that makes millions there are a bunch that make the league minimum and don't last very long. You have to factor all of those guys into the mix.

The article also said the other big reason is divorce. These guys get married then when the career is over a lot of them end up divorcing and losing a big chunk of their money. They also make very bad investment decisions. Instead of investing in solid, boring stuff with decent returns they want clothing lines and night clubs and things that are sexy, but almost always fail.

It was a pretty eye opening article.

kane · 09-19-2009, 12:42 PM

Quote:

Originally Posted by pr0

People spend all of their $ showing off to all their old friends & family at first.

Then they spend all of their $ showing off to all their new "rich friends".

By the 3rd cycle.....called "realization" they are usually on the bench & 5 minutes away from losing their job.

This isn't just NFL players.....its all people that come from nothing into $ quickly.

When you come from nothing its very hard to understand the importance of saving. Since you grew up in an atmosphere where "check to check" was the norm. When the fam got the big "xmas bonus" it was immediately spent on some big ticket Item. It has to be unlearned. It's a vicious cycle.

That is some of it too. The article I read said that these guys weren't like businesspeople who had worked for 10-15 years to get the money they now hard, but were more like 22 year olds who had won the lottery and had no idea what to do with the money.

I remember reading an intgerview with a former NFL QB named Drew Bledsoe. He was saying that when he got drafted and signed his contract that one day his bank account had a balance of -$1.57 the next it had a balance of 3.5 million.

They get this money and think it will never end and go crazy with it. It is kind of like how a lot of people who win the lottery end up broke.

Angry Jew Cat - Banned for Life · 09-19-2009, 12:43 PM

Quote:

Originally Posted by DirtyWhiteBoy

I'm curious, what percent of the NFL is African-American?

Quick rundown of Google's firstpage SERPS tells me somewhere around 65-70%. Only about 6% in coaching positions.

Joe King · 09-19-2009, 12:47 PM

Quote:

Originally Posted by DirtyWhiteBoy

I'm curious, what percent of the NFL is African-American?

andrej_NDC · 09-19-2009, 01:51 PM

They are stupid, just like everyone else making money with sport. Simple as that.

DaddyHalbucks · 09-19-2009, 01:56 PM

Quote:

Originally Posted by kane

Sports Illustrated did a great story on this. Basically about 75% of all pro athletes are broke within 5 years of retiring/leaving their sport.

That number is a little bit misleading though. Take for example the NFL. The average NFL career lasts 3.5 seasons. So if you are a third string guy making 300K a year for say 4 years that means you made 1.2 million over your career. After paying agents, lawyers and taxes you probably have about 40-50% of that left. So say you have half of it left. That means you made about 150K a year for 4 years. Even if you save 75% of that you aren't going to be rich when you leave the sport.

For every guy that makes millions there are a bunch that make the league minimum and don't last very long. You have to factor all of those guys into the mix.

The article also said the other big reason is divorce. These guys get married then when the career is over a lot of them end up divorcing and losing a big chunk of their money. They also make very bad investment decisions. Instead of investing in solid, boring stuff with decent returns they want clothing lines and night clubs and things that are sexy, but almost always fail.

It was a pretty eye opening article.

Interesting analysis.

ilnjscb · 09-19-2009, 02:00 PM

Quote:

Originally Posted by L-Pink

That would be 77% I believe ...

.

hahahahahahahahaha

After Shock Media · 09-19-2009, 02:01 PM

Like pro said few understand savings.
Hell even bring that topic up here and people laugh at you and think your a silly fuck putting away or suggesting to put away large chunks of your money.

epitome · 09-19-2009, 02:05 PM

Quote:

Originally Posted by L-Pink

These college grads earn millions but are bankrupt or in severe financial distress within 2 years of retirement. WoW! (not to mention health issues)

http://sports.yahoo.com/nfl/blog/shu...urn=nfl,190555

I think the "college grad" term should be used loosely. A lot of these folks are given sports scholarships and their professors look the other way when they should be flunking out of school.

Many of these guys tend to think that their cousin, a hustler, is a legit financial consultant and be able to successfully manage millions of dollars each year.

When will sports stars / celebrities realize that most restaurants go bankrupt? Just because you sink $10 million into the decor does not mean you will be a success.

billyb · 09-19-2009, 02:15 PM

This is not just for athletes, it is for bands, singers, actors and also people who put a lot of their hard earned money into the stock market. The stock market is a good investment if you have safe investments, but what is that now?.

Hell GM was one of the best stocks you can get, now look at it. You also have to remember as others have said before, these athletes have so many people to pay off. Once they pay all of them and pay their taxes they have nothing left.

Sometimes I guess the saying is true, the more you make the more you spend. This industry is nothing different. How many companies wasted hundreds of thousands of dollars getting AVN booths and paying for all of the employies and talents room and board.

Most of these athletes do not come from money, it should be mandatory for all kids to be taught econ 101 in school. It's sad because they will never be able to make anywhere near what they were making in sports or as I said in other entertainment careers.

kane · 09-19-2009, 02:16 PM

Quote:

Originally Posted by epitome

I think the "college grad" term should be used loosely. A lot of these folks are given sports scholarships and their professors look the other way when they should be flunking out of school.

Many of these guys tend to think that their cousin, a hustler, is a legit financial consultant and be able to successfully manage millions of dollars each year.

When will sports stars / celebrities realize that most restaurants go bankrupt? Just because you sink $10 million into the decor does not mean you will be a success.

Yep, in the article I read there is a story about a guy named Rocket Ismael. He was a big time NFL receiver. He had his dad handle his business matters because he didn't want to be ripped off. His dad is a good guy and had just recently retired from the air force. He wasn't going to rip him off, but he really knew nothing about investing or business so he ended up buying into some bad land deals and a few other things.

L-Pink · 09-19-2009, 02:20 PM

Maybe the NFL's rookie camp should consist of one solid week of basic money management and tuff-luck stories from broke vets.

.

Profits of Doom · 09-19-2009, 02:35 PM

Quote:

Originally Posted by L-Pink

Maybe the NFL's rookie camp should consist of one solid week of basic money management and tuff-luck stories from broke vets.

.

It does, the NFL and the NBA both have mandatory rookie symposiums where they receive financial and personal advice about everything from hiring a legitimate financial adviser to avoiding leaches and hangers on. It doesn't matter though, since you can't tell shit to a 21 year old that fucking knows it all...

woj · 09-19-2009, 02:40 PM

It's not just athletes, ANYONE who makes quick easy $$ often ends up like that...

lazycash · 09-19-2009, 03:38 PM

The biggest reason is because the average career of an NFL player is 3.3 years. However, most players figure they are going to be the exception and will have a 10-12 year career and continue to escalate in earnings along the way. So they spend accordingly and then in 4 years they find themselves out of the league and have very little to show for their earnings. Lets be realistic also, most college athletes place very little importance on education and don't earn their degree, thus having little to fall back on once they are out of the league and need to find a way to make a living.

ToplistBlog_Com · 09-19-2009, 03:47 PM

Quote:

Originally Posted by lazycash

The biggest reason is because the average career of an NFL player is 3.3 years. However, most players figure they are going to be the exception and will have a 10-12 year career and continue to escalate in earnings along the way. So they spend accordingly and then in 4 years they find themselves out of the league and have very little to show for their earnings. Lets be realistic also, most college athletes place very little importance on education and don't earn their degree, thus having little to fall back on once they are out of the league and need to find a way to make a living.

GAMEFINEST · 09-19-2009, 03:54 PM

save ...save ..save

ProG · 09-19-2009, 03:55 PM

The other 22% is kickers and practice squad guys. So let's say 100% of NFL starters end up bankrupt, lol.

Zuzana Designs · 09-19-2009, 03:57 PM

It's not how much you make, but how much you save!

dyna mo · 09-19-2009, 04:07 PM

i think the player's union has a shitload to do with it- toughest of the top 3 sports by far however-

The average MLB player plays for nearly 6 seasons. The average salary is $3 million dollars. During the course of his career, the average professional baseball player will earn $18 million dollars.

The average NBA player enjoys a career that spans 5 years. The average player will earn nearly $4 million dollars per year, providing average career earnings of $20 million.

The average NFL player plays only 3 years. He stands to make $770,000 a year, bringing the average career earnings of an NFL player to $2,310,000 – a mere 12% of the MLB player and 11% of an NBA player.

dyna mo · 09-19-2009, 04:12 PM

there are also no *average* players, there are the have's and have not's. you are either making a shitload in the nfl or you are a grunt. very few in the middle of the salary scale.

so most of the players on a 60 man team roster are making closer to the bottom than the average.

sucks, all the while jerry jones got a billion dollars from tax increases where the stadium is and 150 million from the nfl to pay for his new stadium.

scuba steve · 09-19-2009, 04:25 PM

Quote:

Originally Posted by kane

Sports Illustrated did a great story on this. Basically about 75% of all pro athletes are broke within 5 years of retiring/leaving their sport.

That number is a little bit misleading though. Take for example the NFL. The average NFL career lasts 3.5 seasons. So if you are a third string guy making 300K a year for say 4 years that means you made 1.2 million over your career. After paying agents, lawyers and taxes you probably have about 40-50% of that left. So say you have half of it left. That means you made about 150K a year for 4 years. Even if you save 75% of that you aren't going to be rich when you leave the sport.

For every guy that makes millions there are a bunch that make the league minimum and don't last very long. You have to factor all of those guys into the mix.

The article also said the other big reason is divorce. These guys get married then when the career is over a lot of them end up divorcing and losing a big chunk of their money. They also make very bad investment decisions. Instead of investing in solid, boring stuff with decent returns they want clothing lines and night clubs and things that are sexy, but almost always fail.

It was a pretty eye opening article.

any link to this article by chance?

GatorB · 09-19-2009, 04:40 PM

Quote:

Originally Posted by kane

Sports Illustrated did a great story on this. Basically about 75% of all pro athletes are broke within 5 years of retiring/leaving their sport.

That number is a little bit misleading though. Take for example the NFL. The average NFL career lasts 3.5 seasons. So if you are a third string guy making 300K a year for say 4 years that means you made 1.2 million over your career. After paying agents, lawyers and taxes you probably have about 40-50% of that left. So say you have half of it left. That means you made about 150K a year for 4 years. Even if you save 75% of that you aren't going to be rich when you leave the sport.

Agents take no more than 3% taxes on $300K would total less than 25%. Lawyers shouldn't take very much. So really one should have at least 65% left over. So at least $750K. The average American would earn about less than $175K BEFORE taxes in that time. Plus you forgot players get signing bonuses too.

So he made MUCH more than the average American in that time. And he got a free colllege education and NFL players do get pensions. So really no excuse. What rule says that just because you were some 5th round draft pick that manage to last 4 years in the NFL as 3rd string player that that means you're entitled to something and you no longer can get a real job? If your 22 when you get drafted and last 4 years you're 26. So what is stopping that guy from getting a job?

Mutt · 09-19-2009, 04:44 PM

the nature of football makes it the worst for having a strong players union to help protect the players - huge rosters, the majority of the players are interchangeable playing 'non skill' positions, there's a huge class of NCAA graduates every year who can take those jobs, football is by far the most violent sport and serious injuries affect most players, easy to be replaced in the draft by somebody who isn't dinged up yet. Hard to have a strong union when 2/3's of it is constantly changing and the superstars of the NFL have never shown they care much about a strong union - an 'i gots mine' attitude. The NFL union has never had a really strong union leader, Gene Upshaw was their leader for decades until his death a year or two ago.

What's most shameful about the NFL is that there are hundreds of ex-NFL'ers from the 60's and 70's who are dealing with major medical conditions directly caused by football and no money or insurance. Today's players and the NFL are making billions and the players union and the NFL owners have done very little for them. There's a group of ex-players like Mike Ditka, Joe Delamieleure fighting hard to shame the bastards into taking care of the guys who helped build the NFL into what it is today.

Like somebody else posted, all the major sports leagues these days do provide seminars about personal finances and all the other perils that come with being a pro athlete making a lot of money. But I guess few listen, the black guys who mostly come from the hood are hard to reach - their homeboys are the only people they listen to, see Michael Vick.

Sad but not really, they have nobody to blame but themselves and they're still young enough to do what the rest of the world who didn't win the genetic athletic lottery has to do - work for a living.

GatorB · 09-19-2009, 04:46 PM

Quote:

Originally Posted by dyna mo

i think the player's union has a shitload to do with it- toughest of the top 3 sports by far however-

The average MLB player plays for nearly 6 seasons. The average salary is $3 million dollars. During the course of his career, the average professional baseball player will earn $18 million dollars.

HUGE difference between MEDIAN and average. Take 5 guys, 4 earn 1 million 1 guy earns 26 million. So AVERAGE salary is $6 million, but let's face it 80% of those 5 guys don't earn near $6 million

Quote:

The average NBA player enjoys a career that spans 5 years. The average player will earn nearly $4 million dollars per year, providing average career earnings of $20 million.

5 years is barely out of his rookie contract. No rookies make $4 mil a year anymore in the NBA. So please your stats are way off again.

Quote:

The average NFL player plays only 3 years. He stands to make $770,000 a year, bringing the average career earnings of an NFL player to $2,310,000 ? a mere 12% of the MLB player and 11% of an NBA player.

Bullshit. NFL players already get 60% of all revenue. Gee how much more do you want to give them? Are the owners entitled to any money?

GatorB · 09-19-2009, 04:46 PM

Quote:

Originally Posted by Mutt

the nature of football makes it the worst for having a strong players union to help protect the players - huge rosters, the majority of the players are interchangeable playing 'non skill' positions, there's a huge class of NCAA graduates every year who can take those jobs, football is by far the most violent sport and serious injuries affect most players, easy to be replaced in the draft by somebody who isn't dinged up yet. Hard to have a strong union when 2/3's of it is constantly changing and the superstars of the NFL have never shown they care much about a strong union - an 'i gots mine' attitude. The NFL union has never had a really strong union leader, Gene Upshaw was their leader for decades until his death a year or two ago.

What's most shameful about the NFL is that there are hundreds of ex-NFL'ers from the 60's and 70's who are dealing with major medical conditions directly caused by football and no money or insurance. Today's players and the NFL are making billions and the players union and the NFL owners have done very little for them. There's a group of ex-players like Mike Ditka, Joe Delamieleure fighting hard to shame the bastards into taking care of the guys who helped build the NFL into what it is today.

Like somebody else posted, all the major sports leagues these days do provide seminars about personal finances and all the other perils that come with being a pro athlete making a lot of money. But I guess few listen, the black guys who mostly come from the hood are hard to reach - their homeboys are the only people they listen to, see Michael Vick.

Sad but not really, they have nobody to blame but themselves and they're still young enough to do what the rest of the world who didn't win the genetic athletic lottery has to do - work for a living.

your entitre rant is bullshit.

GrouchyAdmin · 09-19-2009, 04:48 PM

Dumb shits who play kids games for big money and are not kids age are bad with money - FILM AT ELEVEN!

kane · 09-19-2009, 04:59 PM

Quote:

Originally Posted by GatorB

Agents take no more than 3% taxes on $300K would total less than 25%. Lawyers shouldn't take very much. So really one should have at least 65% left over. So at least $750K. The average American would earn about less than $175K BEFORE taxes in that time. Plus you forgot players get signing bonuses too.

So he made MUCH more than the average American in that time. And he got a free colllege education and NFL players do get pensions. So really no excuse. What rule says that just because you were some 5th round draft pick that manage to last 4 years in the NFL as 3rd string player that that means you're entitled to something and you no longer can get a real job? If your 22 when you get drafted and last 4 years you're 26. So what is stopping that guy from getting a job?

From what I understand most agents get 10% not 3%, but maybe some agents will take less to get a client that is going to get a huge contract.

As for taxes, 25% is probably too low. It all depends on where you live. If you live in a state where there is a state income tax that can range from 6-8% then federal on that amount of money can be around 20-25% and they pay social security on the first 100K or so.

As for signing bonuses, that number often includes the signing bonus. In the NFL if you are not picked in one of the top 3-4 rounds chances are you will be offered a contract making the league minimum which is about 285K. They tend to sign a guy for 3 years just in case he turns out to be a really good player and they offer very little in the way of a signing bonus.

I'm not saying just because they played in the NFL that they deserve to never work again. I understand that they make far more than the average person does and there is no excuse for them to not get a job when they leave the game. Most of them do just that. The point of my post was to illustrate how being a pro sports player doesn't mean you are rich and you blew threw millions. Pro sports is just like the real world. About 10% of the guys make about 90% of the money. The rest can make very good money, but they often leave the game and are not multi-millionaires like a lot of people think.

kane · 09-19-2009, 05:00 PM

Quote:

Originally Posted by scuba steve

any link to this article by chance?

Yep, I had it bookmarked

http://sportsillustrated.cnn.com/vau...ine/MAG1153364

Pleasurepays · 09-19-2009, 05:16 PM

its because these people don't work for their money. they work to be good athletes and they work hard to win the game, season, championship etc... but they don't work for money. they go out and play a game and get a retarded check for it. thats the root of the problem. they almost always come from poor backgrounds and never had money. if they were building businesses to earn that money, they would have a better grasp of money, their finances and how to manage money and wouldn't be bankrupt

gecko · 09-20-2009, 12:32 AM

Piss poor money management, not surprised

L-Pink · 09-20-2009, 12:08 PM

So I'm watching the Jets/Patriots knocking the shit out of each other and can't help thinking that on any given play only 5 of those guys will have any money when they quit.

.

TubeTitans_SusieQ · 09-22-2009, 12:44 PM

Quote:

Originally Posted by l-pink

that would be 77% i believe ...

(i have no idea)

.

ha ha ha

GTS Mark · 09-22-2009, 12:59 PM

Quote:

Originally Posted by L-Pink

That would be 77% I believe ...
.

Classic

SteveHardeman · 09-22-2009, 01:25 PM

98% of GFY Ballers never had enough money to rupt their bank. So, is it better to have had and lost or never to have had at all?

smax · 09-22-2009, 01:30 PM

Quote:

Originally Posted by dyna mo

sucks, all the while jerry jones got a billion dollars from tax increases where the stadium is and 150 million from the nfl to pay for his new stadium.

Jerry put up around 700 mil of his own money to build the stadium

Titan · 09-22-2009, 01:57 PM

1 million dollars isn't shit and will not last you long. Agent 10%, Lawyer & Financial 10%, Taxes 30%, Entourage 30% and you are left with 20% of your original bankroll. If you make 4 million dollars in your career thats 1 million or less left over. After buying a house and a couple cars and some nice dinners you have spent ALL of your money.

Titan · 09-22-2009, 01:58 PM

People who are really rich have earned large salaries for extended periods of times and horde all of their money. The richest people I know are also the cheapest.

EthnicLover · 09-22-2009, 02:21 PM

Ignorance is the culprit here. It just so happens that NFL players make more money than the average person. Even if an NFL player who only lasts three seasons and makes around $1 million total saves half his money he will be in a solid position (of course living way beneath his means). But how many 21 to 24 year olds do you know will save half of their income?

This is not rocket science.

Choopa Phil · 09-22-2009, 02:37 PM

1 rule to always live by is pay yourself first...sock that money away 40% or go home...

09-19-2009, 12:16 PM	#1
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	78% of NFL players are bankrupt in 2 years ..... These college grads earn millions but are bankrupt or in severe financial distress within 2 years of retirement. WoW! (not to mention health issues) http://sports.yahoo.com/nfl/blog/shu...urn=nfl,190555 .

09-19-2009, 12:29 PM	#5
Lace Too lazy to set a custom title Industry Role: Join Date: Mar 2004 Posts: 16,116	They've gotta live their lavish lifestyles...Bentleys, beamers and benz's don't come cheap, nor do their houses. __________________ Your Paysite Partner Strength In Numbers! StickyDollars \| RadicalCash \| KennysPennies \| HomegrownCash

09-19-2009, 12:32 PM	#7
pr0 rockin tha trailerpark Industry Role: Join Date: May 2001 Location: ~Coastal~ Posts: 23,088	People spend all of their $ showing off to all their old friends & family at first. Then they spend all of their $ showing off to all their new "rich friends". By the 3rd cycle.....called "realization" they are usually on the bench & 5 minutes away from losing their job. This isn't just NFL players.....its all people that come from nothing into $ quickly. When you come from nothing its very hard to understand the importance of saving. Since you grew up in an atmosphere where "check to check" was the norm. When the fam got the big "xmas bonus" it was immediately spent on some big ticket Item. It has to be unlearned. It's a vicious cycle. __________________ __________ Loadedca$h - get sum! - Revengebucks - mmm rebills! - webair (gotz sErVrz) Last edited by pr0; 09-19-2009 at 12:33 PM..

09-19-2009, 02:01 PM	#15
After Shock Media It's coming look busy Join Date: Mar 2001 Location: "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn". Posts: 35,299	Like pro said few understand savings. Hell even bring that topic up here and people laugh at you and think your a silly fuck putting away or suggesting to put away large chunks of your money. __________________ [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]

09-19-2009, 02:40 PM	#21
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	It's not just athletes, ANYONE who makes quick easy $$ often ends up like that... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

09-19-2009, 12:22 PM	#2
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	I'm curious, what percent of the NFL is African-American?

09-19-2009, 12:29 PM	#4
Aquarius Confirmed User Join Date: May 2004 Location: Mom's basement Posts: 4,754	I read something very similar about NBA players.

09-19-2009, 12:39 PM	#8
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	Sports Illustrated did a great story on this. Basically about 75% of all pro athletes are broke within 5 years of retiring/leaving their sport. That number is a little bit misleading though. Take for example the NFL. The average NFL career lasts 3.5 seasons. So if you are a third string guy making 300K a year for say 4 years that means you made 1.2 million over your career. After paying agents, lawyers and taxes you probably have about 40-50% of that left. So say you have half of it left. That means you made about 150K a year for 4 years. Even if you save 75% of that you aren't going to be rich when you leave the sport. For every guy that makes millions there are a bunch that make the league minimum and don't last very long. You have to factor all of those guys into the mix. The article also said the other big reason is divorce. These guys get married then when the career is over a lot of them end up divorcing and losing a big chunk of their money. They also make very bad investment decisions. Instead of investing in solid, boring stuff with decent returns they want clothing lines and night clubs and things that are sexy, but almost always fail. It was a pretty eye opening article.

09-19-2009, 01:51 PM	#12
andrej_NDC Registered User Industry Role: Join Date: May 2004 Posts: 7,760	They are stupid, just like everyone else making money with sport. Simple as that.

09-19-2009, 02:15 PM	#17
billyb Confirmed User Join Date: Jul 2008 Location: Los Angeles Posts: 184	This is not just for athletes, it is for bands, singers, actors and also people who put a lot of their hard earned money into the stock market. The stock market is a good investment if you have safe investments, but what is that now?. Hell GM was one of the best stocks you can get, now look at it. You also have to remember as others have said before, these athletes have so many people to pay off. Once they pay all of them and pay their taxes they have nothing left. Sometimes I guess the saying is true, the more you make the more you spend. This industry is nothing different. How many companies wasted hundreds of thousands of dollars getting AVN booths and paying for all of the employies and talents room and board. Most of these athletes do not come from money, it should be mandatory for all kids to be taught econ 101 in school. It's sad because they will never be able to make anywhere near what they were making in sports or as I said in other entertainment careers.

09-19-2009, 02:20 PM	#19
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Maybe the NFL's rookie camp should consist of one solid week of basic money management and tuff-luck stories from broke vets. .

09-19-2009, 03:38 PM	#22
lazycash Troll Patrol Industry Role: Join Date: Aug 2002 Location: Local Socal Posts: 15,214	The biggest reason is because the average career of an NFL player is 3.3 years. However, most players figure they are going to be the exception and will have a 10-12 year career and continue to escalate in earnings along the way. So they spend accordingly and then in 4 years they find themselves out of the league and have very little to show for their earnings. Lets be realistic also, most college athletes place very little importance on education and don't earn their degree, thus having little to fall back on once they are out of the league and need to find a way to make a living. __________________ "WTF, on google you can find the answer to every question in human history, EXCEPT how to convert cams.. Its crazy..." VenusBlogger

09-19-2009, 03:54 PM	#24
GAMEFINEST Make STACK$ Industry Role: Join Date: Nov 2006 Location: sexy time Posts: 14,439	save ...save ..save __________________ Compound interest.

09-19-2009, 03:55 PM	#25
ProG Confirmed User Join Date: Apr 2009 Posts: 1,319	The other 22% is kickers and practice squad guys. So let's say 100% of NFL starters end up bankrupt, lol. __________________ History will be kind to me for I intend to write it.

09-19-2009, 03:57 PM	#26
Zuzana Designs All Your Design Needs Industry Role: Join Date: Feb 2005 Location: [email protected] Posts: 20,855	It's not how much you make, but how much you save! __________________ Website Design - Consulting - Development sarah [at] zuzanadesigns.com - See Our Work

09-19-2009, 04:07 PM	#27
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 65,670	i think the player's union has a shitload to do with it- toughest of the top 3 sports by far however- The average MLB player plays for nearly 6 seasons. The average salary is $3 million dollars. During the course of his career, the average professional baseball player will earn $18 million dollars. The average NBA player enjoys a career that spans 5 years. The average player will earn nearly $4 million dollars per year, providing average career earnings of $20 million. The average NFL player plays only 3 years. He stands to make $770,000 a year, bringing the average career earnings of an NFL player to $2,310,000 – a mere 12% of the MLB player and 11% of an NBA player.

09-19-2009, 04:12 PM	#28
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 65,670	there are also no average players, there are the have's and have not's. you are either making a shitload in the nfl or you are a grunt. very few in the middle of the salary scale. so most of the players on a 60 man team roster are making closer to the bottom than the average. sucks, all the while jerry jones got a billion dollars from tax increases where the stadium is and 150 million from the nfl to pay for his new stadium.

09-19-2009, 04:44 PM	#31
Mutt Too lazy to set a custom title Industry Role: Join Date: Sep 2002 Posts: 34,431	the nature of football makes it the worst for having a strong players union to help protect the players - huge rosters, the majority of the players are interchangeable playing 'non skill' positions, there's a huge class of NCAA graduates every year who can take those jobs, football is by far the most violent sport and serious injuries affect most players, easy to be replaced in the draft by somebody who isn't dinged up yet. Hard to have a strong union when 2/3's of it is constantly changing and the superstars of the NFL have never shown they care much about a strong union - an 'i gots mine' attitude. The NFL union has never had a really strong union leader, Gene Upshaw was their leader for decades until his death a year or two ago. What's most shameful about the NFL is that there are hundreds of ex-NFL'ers from the 60's and 70's who are dealing with major medical conditions directly caused by football and no money or insurance. Today's players and the NFL are making billions and the players union and the NFL owners have done very little for them. There's a group of ex-players like Mike Ditka, Joe Delamieleure fighting hard to shame the bastards into taking care of the guys who helped build the NFL into what it is today. Like somebody else posted, all the major sports leagues these days do provide seminars about personal finances and all the other perils that come with being a pro athlete making a lot of money. But I guess few listen, the black guys who mostly come from the hood are hard to reach - their homeboys are the only people they listen to, see Michael Vick. Sad but not really, they have nobody to blame but themselves and they're still young enough to do what the rest of the world who didn't win the genetic athletic lottery has to do - work for a living. __________________ I moved my sites to Vacares Hosting. I've saved money, my hair is thicker, lost some weight too! Thanks Sly!

09-19-2009, 04:48 PM	#34
GrouchyAdmin Now choke yourself! Industry Role: Join Date: Apr 2006 Posts: 12,085	Dumb shits who play kids games for big money and are not kids age are bad with money - FILM AT ELEVEN! __________________ AIM: GrouchyGfy

09-19-2009, 05:16 PM	#37
Pleasurepays BANNED - SUPPORTING TUBES Join Date: Aug 2002 Location: I live in a pile of boogers Posts: 11,913	its because these people don't work for their money. they work to be good athletes and they work hard to win the game, season, championship etc... but they don't work for money. they go out and play a game and get a retarded check for it. thats the root of the problem. they almost always come from poor backgrounds and never had money. if they were building businesses to earn that money, they would have a better grasp of money, their finances and how to manage money and wouldn't be bankrupt

09-20-2009, 12:32 AM	#38
gecko ****** Join Date: Jun 2002 Posts: 21,846	Piss poor money management, not surprised __________________ [email protected]

09-20-2009, 12:08 PM	#39
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	So I'm watching the Jets/Patriots knocking the shit out of each other and can't help thinking that on any given play only 5 of those guys will have any money when they quit. .

09-22-2009, 01:25 PM	#42
SteveHardeman Confirmed User Join Date: Jul 2008 Location: Atlanta Posts: 1,728	98% of GFY Ballers never had enough money to rupt their bank. So, is it better to have had and lost or never to have had at all? __________________ BrokeAmateurs And ErosPOV And GirlsGoingSolo And PureAshley Sign Up At AmateursConvert.com Questions? I-C-Q: 3Five1FiveFive3476

09-22-2009, 01:57 PM	#44
Titan Confirmed User Join Date: Jun 2002 Location: teencash.com Posts: 994	1 million dollars isn't shit and will not last you long. Agent 10%, Lawyer & Financial 10%, Taxes 30%, Entourage 30% and you are left with 20% of your original bankroll. If you make 4 million dollars in your career thats 1 million or less left over. After buying a house and a couple cars and some nice dinners you have spent ALL of your money. __________________ TEEN CASH - EXCLUSIVE TEEN NICHE REALITY SITES Check out our Newest Site: Teen Porno Pass - Free Hosted Galleries, Flash Galleries, Tube Content, & Great Support Sample Galleries: Movie Gallery 1 Flash Gallery 1 Pic Gallery 1

09-22-2009, 01:58 PM	#45
Titan Confirmed User Join Date: Jun 2002 Location: teencash.com Posts: 994	People who are really rich have earned large salaries for extended periods of times and horde all of their money. The richest people I know are also the cheapest. __________________ TEEN CASH - EXCLUSIVE TEEN NICHE REALITY SITES Check out our Newest Site: Teen Porno Pass - Free Hosted Galleries, Flash Galleries, Tube Content, & Great Support Sample Galleries: Movie Gallery 1 Flash Gallery 1 Pic Gallery 1

09-22-2009, 02:21 PM	#46
EthnicLover Confirmed User Join Date: Feb 2007 Location: S. California Posts: 1,584	Ignorance is the culprit here. It just so happens that NFL players make more money than the average person. Even if an NFL player who only lasts three seasons and makes around $1 million total saves half his money he will be in a solid position (of course living way beneath his means). But how many 21 to 24 year olds do you know will save half of their income? This is not rocket science. __________________ Honest adult reviews? - Adult Reviews Ethnic paysite owners? - Get reviewed Follow me? - Twitter Porn

09-22-2009, 02:37 PM	#47
Choopa Phil Confirmed User Join Date: Apr 2009 Posts: 3,965	1 rule to always live by is pay yourself first...sock that money away 40% or go home... __________________ AIM - Choopa Phil Email - [email protected] A World Wide Leader In Hosting! * CHOOPA.COM *