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To: nickcarraway
From a 2013 CBS Moneywatch article; "A Sports Illustrated article reports the grim statistics -- 78 percent of NFL players face bankruptcy or serious financial stress within just two years of leaving the game and 60 percent of NBA players face the same dire results in five years."

Good points raised in both of these articles including the aspect that the mind-set & personality types (Type 'A') of a pro-caliber athlete is very different from money conserving type. Mike Tyson & Warren Sapp are good examples of this. The point of child support for children getting into big money also applies to the above personality as well.

I know that the various players' associations are trying to help their members here but that too has its own set of problems. Try telling a 20yo with a single mother and 5 siblings that he needs to watch his money, not give it to those who have supported him all his life! Add his extended family, friends and neighbors and money flows like water!

7 posted on 06/14/2015 11:52:16 AM PDT by SES1066 (Quality, Speed or Economical - Any 2 of 3 except in government - 1 at best but never #3!)
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To: SES1066

They had a great segment on ESPN with a financial planner on this subject a while back. The pointed out that one of the challenges with professional athletes is that their careers are “backwards” from a financial planning perspective. With almost any other career, a person doesn’t enter their peak earning years until they are in their 40s and 50s. With an athlete, their peak earning years can be over by the time they’re 30-35. As a result, even good financial planners would often make mistakes when advising their clients on protecting (and growing) their assets for the rest of their lives.


11 posted on 06/14/2015 12:21:46 PM PDT by Alberta's Child ( "It doesn't work for me. I gotta have more cowbell!")
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