I actually watched ESPN last night... and it's not even college basketball season. Boyfriend sure was a happy camper... What did I watch?? Part of the 30 for 30 series. This one was titled 'Broke'.
The title refers to this fact:
60 percent of NBA players go broke.
78 percent of all NFL players go broke.
When they say 'broke' they described it as either going bankrupt or being in extreme financial distress.
Does anyone else find this insane? How is this reality?
Anyone making millions & millions of dollars should not go broke. Period.
The documentary said that obviously the income was a shock to most of these athletes when they go from quote on quote 'nothing' read 'normal' status to millionaire in the blink of an eye.
Apparently alot of these atheletes don't understand taxes either. If you make a million... you don't pocket a even close to a million. (Sadly enough).
They also touched on how atheletes are the most competitive people out there, not only with the sport, but with life in general. If one guy shows up to practice with some big gold chain around his neck, hey... why don't I go buy a ferarri? That'll show him!
Why are professional sports teams not taking the initiative to educate these men on finances before they create these messes? I think with these statistics it should be a requirement.
Did you see this documentary?? Do these stats seem crazy to you too?
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