The Wasted Wealth of Pro Athletes

 

 • By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

Wow!  This is some kind of story.  I knew that many athletes lose a lot of their loot on silly things.  But I had no idea it was at this rate.

I think that many athletes are so focused on their careers, that they allow others to do their decision making for them. 

I am reminded of how Earvin “Magic” Johnson got into business years ago.  He knew nothing about business but knew he wanted to be as successful if not more successful as he was during his NBA playing days. 

Instead of being a knucklehead trying to play ball with the big boys of the business world, he humbled himself and sought being mentored by more than a few very successful businessmen who had a track record.  He specifically made it clear that he didn’t want to be the front man for anyone.  He wanted to learn how they made decisions so that he could make his own when the time came. 

The proof is the pudding. 

Magic waited till his playing days were pretty much over before he really got heavily involved in the business world so he could do his due diligence.   One can read Oscar De La Hoya’s book where he talks in great detail of how he’s worked with the best to be mentored into the business world.  It’s sad to hear how so many other athletes in 2009 still waste their wealth and do not learn from these examples. 

The truth that they don’t get is that they have to work even harder in the business world than they did on their athletic gifts.  This is mostly because they are not familiar with how the game of business is played nor their ever changing rules of engagement. 

Oprah said it best.  “Sign your own checks.”  But hell you’ll still sign anything someone else tells you if you don’t know any better.

I understand how most are confused and frustrated with the learning curve.  But as the saying goes, “if you think education cost, try ignorance.”

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One thought on “The Wasted Wealth of Pro Athletes

  1. Rich says:

    This is what happens when you allow kids to focus on sports and pass them through the education system because they can jump high, hit hard, and shoot well.

    A fool and his money will soon part!

    Most of these guys can’t balance a check book, let alone run a business. That’s why they spend till it’s gone.

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