Wednesday, August 19, 2009

The Reasons Why Pro Athletes Usually Go Broke

"My family got all over me because they said Bush is only for the rich people. Then I reminded them, 'Hey, I'm rich.'"
-Charles Barkley, on why he voted for President Bush

"We might make a lot of money but, we also spend a lot of money."
-Patrick Ewing, discussing fans' perception of NBA players as they were on strike for more money.

Ah, superstar athletes. They earn millions playing pro sports and doing product endorsements, yet consider these surprising statistics:

-Similar to lottery winners, with no financial prowess or discipline, most pro athletes go completely broke in less than 10 years after retirement.

-60% of retired basketball players go broke in 5 years, and 78% of football players in 2 years! Athletes are often forced to sell their homes, sell their championship rings, and file for bankruptcy.

Crazy eh? Here’s an interesting article on the 6 main reasons pro athletes go broke after their careers are over: Link.

1 comment:

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