Posted on 06/14/2015 11:29:02 AM PDT by nickcarraway
You are barely out of your teens, and have been signed to a multiyear, multimillion-dollar contract by a pro team. You can expect another $20 million to $30 million in endorsement deals, and are positioned to become a brand unto yourself: another LeBron, Brady, Kobe, Jeter.
What’s even more incredible? If you were to find yourself in this scenario, you would most likely wind up dead broke, if not bankrupt and homeless, by the time you turned 40.
“Lots of players are having financial trouble, but they won’t talk about it,” says ex-NBA player Adonal Foyle, author of the new book, “Winning the Money Game: Lessons Learned From the Financial Fouls of Pro Athletes”.
(Excerpt) Read more at nypost.com ...
“WOW, a 10 million dollar contract. I’ll buy a 20 million dollar house.”
This is why the really smart players like LeBron James, Kobe Bryant, Earvin “Magic” Johnson, and several others, have already carefully planned out their post-NBA careers. As such, they likely won’t fall into the the issues mentioned in this article.
And then there are some parents (Mychal Thompson) who “give” their pro athlete sons an allowance and make sure they don’t squander it.
Good grief. I've had two responses to my post claiming stuff that is pure assumption about me personally and they are not even close. I simply gave an explanation as why some highly paid athletes end up going broke. I believe one of the reasons is because some usually young and talented athletes don't understand that the money did not come from working. Since they play all the time whether on or off the field they don't comprehend that that money that came effortlessly will someday stop and they will not be able to just decide to play video games and have the money keep coming.
If you want to argue playing music or playing baseball is work, fine. I would argue you have no actual experience in either because you would know that anyone coming even close to pro level has been passionate about playing long before doing it for a living was even a factor. No one started playing accountant as a child, because accounting is work.
And no, I'm not an accountant.
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