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78%
Aug 30, 2019 12:22:26 GMT -5
Post by moose1970 on Aug 30, 2019 12:22:26 GMT -5
"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."
and i thought that they were set for life!
has this stat changed much in the past 10 years?
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78%
Aug 30, 2019 13:21:30 GMT -5
Post by rgs318 on Aug 30, 2019 13:21:30 GMT -5
Nope. My neighbor, Beasley Reece, was saying this over 20 years ago. He wanted players to get financial advice from someone hired buy the team to avoid just this situation. Most never even get a chance to build up a nest egg. He invested all income outside of his salary and was well off financially in 10 years. Teams still do not help players to make wise financial decisions (long or short term).
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78%
Aug 30, 2019 13:44:46 GMT -5
Post by Tom on Aug 30, 2019 13:44:46 GMT -5
Nope. My neighbor, Beasley Reece, was saying this over 20 years ago. He wanted players to get financial advice from someone hired buy the team to avoid just this situation. Most never even get a chance to build up a nest egg. He invested all income outside of his salary and was well off financially in 10 years. Teams still do not help players to make wise financial decisions (long or short term). The Celtics were doing this in the 60's and maybe 50's. The article is from 2009 and I think it is way more common today for teams to help players with financial planning for this reason. In many cases you're getting some not well educated 22 year old kid getting handed a big payday and they just fly through the money Football is especially tough where the average playing career is something like three years and other than a few marquee players don't make stupid money
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78%
Aug 30, 2019 13:46:03 GMT -5
mm67 likes this
Post by KY Crusader 75 on Aug 30, 2019 13:46:03 GMT -5
I think one issue is that the players are often swayed by the blandishments of financial advisors and hucksters who don't have their best interests in mind. For example, if a team "strongly suggests" that the players use some conservative advisor, can you just hear the agents and hangers-on and opportunists saying "they're trying to hold you back; man, you're smart, don't listen to them." The posses that some players have also chew up considerable cash.
Some of the players also compete with each other in the arena of new sports cars, fabulous cribs. flashy jewelry, etc. I love hearing about the 5th year players--stars or journeymen-who instead are driving an 8 year old Ford they bought used when they signed.
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78%
Aug 30, 2019 16:37:22 GMT -5
Post by rgs318 on Aug 30, 2019 16:37:22 GMT -5
BR used to point out how players got huge signing bonuses and often blew it quickly on gifts and a lavish lifestyle. Then they got their first tax bill (a huge one) with no way to pay it all. Even with a payment plan, many never got out from under. Add to that those who were cheated by trusted advisors and the list can get long indeed.
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78%
Aug 30, 2019 18:31:39 GMT -5
Post by Crucis#1 on Aug 30, 2019 18:31:39 GMT -5
RGS, is BR still your neighbor?
Very nice gentleman. When he started out in broadcasting, he lived in CT, and belonged to Wampanoag CC, which has been the home to our local Holy Cross club receptions. Met him several times through mutual friends.
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78%
Aug 30, 2019 19:22:17 GMT -5
Post by rgs318 on Aug 30, 2019 19:22:17 GMT -5
No. He moved to FL with his family when the Giants traded him to the. Bucs.
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78%
Aug 31, 2019 11:14:11 GMT -5
Post by moose1970 on Aug 31, 2019 11:14:11 GMT -5
btw, 50% of NFL players hold a college degree. for NBA players its more like 21% with a college degree.
makes the term "student-athlete" sound like a joke!
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Post by HC92 on Aug 31, 2019 18:44:47 GMT -5
I had dinner with an NFL agent with one of my classmates in 1991. The agent was telling us how he made all his clients agree that they wouldn’t spend more than some relatively small amount ($5k?) before talking it through with him. One of his clients who was a very successful NFL player for a long time was there too and really appreciated the forced financial discipline.
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