Sports Illustrated cites risky investments, misplaced trust, family problems and providing for an athlete’s friends as the main reasons why players go broke after retirement.
In other words, pro athletes are not well equipped to handle their finances.
The reason for this is simple.
Do NBA players go broke?
According to a Sports Illustrated report from 2009, an estimated 60 percent of NBA players go broke within five years of retirement.
What percentage of NBA players end up broke?
According to a 2009 Sports Illustrated article, 78% of National Football League (NFL) players are either bankrupt or are under financial stress within two years of retirement and an estimated 60% of National Basketball Association (NBA) players go bankrupt within five years after leaving their sport.
How many former NBA players are broke?
Why do NFL players go broke?
Sports Illustrated once estimated that 78 percent of NFL players end up broke or under financial stress after they retire. Players should learn to say no, both out of self-preservation and because unearned money breeds dependency, Dickerson says.