Wikipedia Says Athletes Blow Their Fortunes After Two Years Away

[rhinefire]

The personal finances of professional American athletes are so often handled so badly that, according to a 2009 Sports Illustrated article, 78% of National Football League players are either bankrupt or in financial trouble within two years of retirement by buying too much hard liquor, specifically vodka and rum, and an estimated 60% of National Basketball Association players go bankrupt within five years after leaving their sport.[SUP][1]


[/SUP][SUP]This is hideous note is despite counseling by the NFL. How stupid are these athletes? What does this say about the "education" they received in college? This is proof that sports are for income to the schools only.[/SUP]

 

[Fisher]

I have seen it happen to retired pro athletes in my area. Their extended families and their entourage bleed them dry with "sure fire" money making schemes.

 

[SmokeAndMirrors]

I have seen it happen to retired pro athletes in my area. Their extended families and their entourage bleed them dry with "sure fire" money making schemes.

Yup. Not an uncommon affliction for any rich and famous retired person. But also...

Football Searches for the Cause of Another Tragedy | TIME.com

We are only just beginning to understand what is happening to these guys' heads over the course of their careers. But if it's enough to make them go on a high-speed police chase, kill themselves, and abuse medication, I think it's enough to make them spend money poorly.

 

[Fisher]

Yup. Not an uncommon affliction for any rich and famous retired person. But also...

Football Searches for the Cause of Another Tragedy | TIME.com

We are only just beginning to understand what is happening to these guys' heads over the course of their careers. But if it's enough to make them go on a high-speed police chase, kill themselves, and abuse medication, I think it's enough to make them spend money poorly.

While the head trauma may part of it sometimes, a lot of these athletes were not exactly required to make any academic effort ever. The ones I know who were produced locally were pretty coddled to keep them academically qualified when they were in school in the years following pass-to-pay claiming a great many of the starters and destroying all the winning traditions people were so fond of. My city has never produced any real superstar athletes, but has put quite a few solid performers into the NFL. We have had a lot of people get signed to baseball contracts as well, but most of them linger in the farm leagues only getting sporadically called up.

 

[SmokeAndMirrors]

While the head trauma may part of it sometimes, a lot of these athletes were not exactly required to make any academic effort ever. The ones I know who were produced locally were pretty coddled to keep them academically qualified when they were in school in the years following pass-to-pay claiming a great many of the starters and destroying all the winning traditions people were so fond of. My city has never produced any real superstar athletes, but has put quite a few solid performers into the NFL. We have had a lot of people get signed to baseball contracts as well, but most of them linger in the farm leagues only getting sporadically called up.

Yup, we had quite a few of those ourselves. I don't understand why we give scholarships to places of education to people that the schools don't even intend to actually educate. I mean, I get the money motivator of it, but it's a sad statement about the state of our "higher education."

I'm just quite curious as to the impact brain issues may have.

 

[Fisher]

Yup, we had quite a few of those ourselves. I don't understand why we give scholarships to places of education to people that the schools don't even intend to actually educate. I mean, I get the money motivator of it, but it's a sad statement about the state of our "higher education."

I'm just quite curious as to the impact brain issues may have.

I think it is ultimately about getting more money for people who pissed theirs away. I really have trouble believing that people who have ever really had their bell rung would somehow be surprised to discover that it is bad for you. While I think that it is an interesting area of investigation, I still don't buy nor will I ever buy that the root of the violence is in the concussion. If anything it would be in the nature of the sport and the win at all cost attitude programming some to believe that not getting what they want is unacceptable and not getting what they want makes them a loser. IDK.

 

[sawyerloggingon]

Getting one of these big athlete contracts is a lot like winning the lotto and very often those people end up broke too.

 

[sawyerloggingon]

Yup. Not an uncommon affliction for any rich and famous retired person. But also...

Football Searches for the Cause of Another Tragedy | TIME.com

We are only just beginning to understand what is happening to these guys' heads over the course of their careers. But if it's enough to make them go on a high-speed police chase, kill themselves, and abuse medication, I think it's enough to make them spend money poorly.

Everybody these days is looking for an excuse to not take responsibility for their lives, yaaaawn.

 

[SmokeAndMirrors]

I think it is ultimately about getting more money for people who pissed theirs away. I really have trouble believing that people who have ever really had their bell rung would somehow be surprised to discover that it is bad for you. While I think that it is an interesting area of investigation, I still don't buy nor will I ever buy that the root of the violence is in the concussion. If anything it would be in the nature of the sport and the win at all cost attitude programming some to believe that not getting what they want is unacceptable and not getting what they want makes them a loser. IDK.

I don't know, man. You should read a little more about the subject.

Are some of these people just jerks? Sure, probably.

But for someone to kill themselves and for their suicide note to basically say, "Hey, will someone please look at my brain?" is pretty telling. Obviously he wasn't looking for money. How is he supposed to get money when he's dead?

And besides that, for the most part, it's not the players who are really pushing for this research. It's the neurologists. The players would often rather not know.

Repetitive brain injuries -- even sub-concussion level injuries -- are known to cause other things as well, not just potential violence. Dementia, Parkinsonian symptoms, etc, which a lot of these player have.

 

[SmokeAndMirrors]

Everybody these days is looking for an excuse to not take responsibility for their lives, yaaaawn.

It's not the players who are pushing this. It's neurologists. They've seen a weirdly high number of football players come through with dementia, mood disorders, untraceable pain, and Parkinsonian symptoms.

I don't know how having the shakes or forgetting your own birthday is something you can "take responsibility for" or not.

 

[Goshin]

It's not the players who are pushing this. It's neurologists. They've seen a weirdly high number of football players come through with dementia, mood disorders, untraceable pain, and Parkinsonian symptoms.

I don't know how having the shakes or forgetting your own birthday is something you can "take responsibility for" or not.

Well now I'm glad I quit fighting in the ring in my early 20s.

 

[sawyerloggingon]

It's not the players who are pushing this. It's neurologists. They've seen a weirdly high number of football players come through with dementia, mood disorders, untraceable pain, and Parkinsonian symptoms.

I don't know how having the shakes or forgetting your own birthday is something you can "take responsibility for" or not.

I don't know smoky, football has been around a long time and helmets then were not near as good as today and you didn't hear about this stuff.

 

[rhinefire]

It's not the players who are pushing this. It's neurologists. They've seen a weirdly high number of football players come through with dementia, mood disorders, untraceable pain, and Parkinsonian symptoms.

I don't know how having the shakes or forgetting your own birthday is something you can "take responsibility for" or not.

Granted the NFL is responsible for how the game is played but this season look for many, many leg injuries which will start the conversation all over again. Bottom line is how do you play a violent game nonviolently?

 

[SmokeAndMirrors]

Granted the NFL is responsible for how the game is played but this season look for many, many leg injuries which will start the conversation all over again. Bottom line is how do you play a violent game nonviolently?

I'm not necessarily saying they should or shouldn't change anything. I'm about as anti-authoritarian as its possible to get, when it comes to what people do with their bodies.

However, the present research being done is obligatory if players are to make informed decisions, and doctors/coaches/etc are to be accurately appraised of possible complications they might encounter with players.

 

[SmokeAndMirrors]

I don't know smoky, football has been around a long time and helmets then were not near as good as today and you didn't hear about this stuff.

And you know this how?

 

[Dr. Chuckles]

Yup. Not an uncommon affliction for any rich and famous retired person. But also...

Football Searches for the Cause of Another Tragedy | TIME.com

We are only just beginning to understand what is happening to these guys' heads over the course of their careers. But if it's enough to make them go on a high-speed police chase, kill themselves, and abuse medication, I think it's enough to make them spend money poorly.

It's actually a pretty big trend in pro-baseball and basketball, as well. So I am unsure you can claim it's due to repetitive head injuries

 

[Dr. Chuckles]

Getting one of these big athlete contracts is a lot like winning the lotto and very often those people end up broke too.

yeah, these aren't exactly people amounting money due to their savvy financial management

 

[Higgins86]

Not surprising when you consider the backgrounds and education of a lot of these athletes

 

[Rainman05]

Most professional athletes in the NFL are idiots, so that's to be expected.

 

[The Man]

Not surprising when you consider the backgrounds and education of a lot of these athletes

Their upbringings, sure, but most of them are handed top-notch college educations because they're good at sports.

 

[Higgins86]

Their upbringings, sure, but most of them are handed top-notch college educations because they're good at sports.

how many of them stay for the duration though?

 

[The Man]

how many of them stay for the duration though?

In football, baseball (those who go to college) and other sports, most of them do.

In basketball, very very few of the superstars stay more than a year or two, so you have a point there.

That said, they are still handed/offered a top-notch education on a silver platter. An education where if they stick with it and and earn a degree, even if they don't get drafted to the pro leagues they could still get a great job and make a good living without any student loan debt. Whether or not they take advantage of it is up to them.

 

[Helix]

one would have to look at it as a lifetime of a pretty good yearly salary over the course of seven to ten years. the same is true for a musician who makes it, although that career is generally even shorter. there's a pressure to display opulence that one would have to ignore.

my advice would be to hire a good financial planner, buy a nice but not unaffordable house with cash, maybe waste some money on a neat car, and save / invest everything else. and make sure that you can afford to keep the house if something ends your career.

 

[imagep]

I've been wondering how Marcus Lattimore is going to handle is money (only because he is from my home town). All expectations were for him to be a first round draft pick, with a huge mega million contract, but due to two injuries in two years it didn't happen. I've heard that he did end up with a $300k/yr 5 year contract (but have not verified it). It's gotta be terribly disappointing to him to have to accept that he is not going to instantly become rich. Then to top it off he has no college degree (drafted his Jr. year of college), and will not be licenses/qualified to teach school even if he can wrangle a coaching job after his pro career ends.

So what do you do to preserve $300k/yr (which is only guaranteed for five years)? After taxes, thats maybe $200k at best. Not enough to purchase a mansion or even enough to buy his mama a mini-mac-mansion, and not gonna be enough for a high end Italian sportscar. Maybe enough to purchase a VW Jetta, a darned nice entertainment system, and max out his IRA. If I was a bank, I don't think I would offer him any credit extending beyond a five year term.

 

[Dr. Chuckles]

I think lat is already on the injured list for the 49ers. I wonder how many credits he had left for a degree