I can take or leave Rick Reilly, but this is a good column:
http://sports.espn.go.com/espnmag/story?id=3469271</p>
http://sports.espn.go.com/espnmag/story?id=3469271</p>
60% of NBA players are broke within 5 years of career's end
- Thread starter Eureka Dog
- Start date
..and learned advanced reasoning and mathematical skills, instead of being used up by a rapacious Minor League system...no, wait.
bonedaddy401 said:
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I've also heard that the leeches drain these players as well. For many of them, they have big families and a large group of "friends" that essentially drain everything they make. I've heard stories about Justin Reed having to basically give his paycheck directly to a money manager to ensure that he doesn't end up having other people mooch it off him. And apparently, he'd go out with some of his teammates who make more than him, yet he'd have to pick up the tab because they had other people draining their funds.
The thing is that the NFL, NBA, etc usually try to warn athletes of this - they just get caught up in the lifestyle. Then you have all the leeches borrowing money, running up debts, etc.
Financial management should be required courses in Jr. High and HS and college should require Personal Finance and as require course.
Financial management should be required courses in Jr. High and HS and college should require Personal Finance and as require course.
RebelBruiser said:
</p>I have a buddy who's a money manager with several pro athletes. He sits down with them and makes a budget. He knows they want to live the life, so he'll set out a certain amount of money for the athlete to splurge with. The rest goes to bills and savings. The players make HUGE money before they're 30, but after that you never know where the money's coming from. By setting the majority of it aside, the athlete can retire on a good income and use his retirement to do whatever he wants, instead of having to work to make ends meet.
Yea, that's the problem. You can't play sports until you're 50 or 60. Retirement hits for most of these guys by the time they are 30. The lucky ones last until they are almost 40. That's a lot of life left to live, and a lot of these guys don't understand the concept that they can't spend all of their money. You actually have to have some left over to live on when you are done.
Yeah, one of the seldom few of his ramblings that I enjoyed. Anyway, in it he said Bender grew up wanting to play in the NBA and be rich like all players. Then he got into the NBA, saw the owners, and decided he wanted to be rich like them. Apparently he's got a few booming ventures going, and he's also doing his part with some housing help down in NO.
Irondawg said:
</p>Kind of wonder why it isn't, eh? We're put through 4 years of English and History but nothing on Finance and Economics. It's probably better for the oligarchs that the masses don't know much about finance and other useful life tools. Keep paying attention to Brittney and large grown men chasing a ball.
Let's don't forget the idiots that loan them all of that money. They deserve some props as well.
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