TIL up to 78% of NFL players go bankrupt or fall into severe financial stress within just two years of retirement.

Read more: https://www.kiplinger.com/personal-finance/602725/how-nfl-draftees-can-avoid-going-broke

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  1. However as part of their introduction to the NFL has among other seminars/mandatory requirements for rookies is financial planning seminars to try to reverse that trend. Wasn’t always the case, and I’m not sure how long exactly they’ve been doing that.

  2. They’re kids who don’t realize that million dollars year for three or four years doesn’t make you a millionaire for life. That big house and fancy care are affordable now, but won’t be in five years when you’re out of the league and have to rely on the education you were supposedly getting while in college.

    You go from being a well-treated athlete your whole life to an ordinary thirty-year-old with a busted knee eating a 1,000 calories a day too much. The one million you have left can last a pretty long time if you immediately sell everything and go full normal person, but it’s a rough transition.

  3. Not just NFL, but people in general. This happens a lot to Lottery Winners too.

    You get a huge influx of capital, and get used to an elevated cost of living lifestyle. Take that income away, or run out of funds, and you crash HARD when you’re no longer able to accomodate it.

    It’s a rare person indeed who can handle even just $1m responsibly, let alone $40m/year

  4. One of the things I am so proud of myself for doing 30 years ago is realizing that I shouldn’t buy all the things that people my age were buying when I finished college. I did the math and realized they were overspending, engaging in “conspicuous consumption” and not saving. I resisted the peer pressure to live the same lifestyle. Also didn’t follow my parents’ and older siblings’ example of overspending on luxuries. Because of that, I’ve always had plenty of savings, made tons on interest/investments, and can retire comfortably whenever I’m ready. And I haven’t been a penny pincher, I just avoided splurging and flossing.

  5. The 30 For 30 ESPN documentary “Broke” is about athletes and money management. It’s pretty interesting and even if you aren’t a sports fan I recommend it. You’d probably enjoy it.

    It might be on Hulu but it’s definitely on ESPN+.

  6. Most NFL careers are very short. The median salary in the NFL is $860,000 and the median career is 3 seasons – you are washed up at 25 or 26. Buy a fancy house and a couple of high end cars and you’ve run through the average NFL players career take-home salary.

  7. You know what you’re not doing while you’re playing celebrity, working out, performing athletic feats for the crowd … you’re not learning money management.

    Plus a lot of NFL players make good money, but not millions of dollars a year.

    … and I’m bet it’s hard to be humble when you’re friends are out buying mansions and naked super model yacht adventures and you’re still working on that mortgage.

  8. That’s a surprisingly high number, but I can see how they tend to lean towards depreciating assets instead of appreciating assets. They need some Grant Cardone advice

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