Why Professional Athletes Go Broke? Young athlete’s main goal to attain is to become a professional athlete. Plenty wants to become a professional athlete due to the money, others for the love of the particular sport that they are interested in. There is a downside in becoming a professional athlete, that many young players are not aware of. This downside is that professional athletes’ go broke faster than they are drafted into the leagues. Many professional players such as NBA and NFL players go broke due to career duration, overspending, family issues, and lack of financial knowledge. When trying to become a professional athlete, one must start playing sports as early as possible (Ferguson 34).Playing sports comes with many sacrifices. Athletes must commit time to practice and traveling. Moreover, they must spend money on equipment, clothing, and food (37). Once in high school, senior athletes have scouts that come out to see them play. Most of these scouts are from college teams, and others are from …show more content…
The NFL offers it’s player referrals to financial advisors, and they also require their draft picks to attend a seminar about said financial advisors (“5 Reasons Why”). In the article NFL Salaries: After NFL Draft, Rookies Get Rich, Try Not To Go Broke Jeff Carbone of Cornerstone Financial Partners states:
“It’s the excitement of being rich. The biggest thing we tell clients is that it’s not about being rich, it’s about creating wealth, and being wealthy and maintaining wealth for your family’s life. ‘Rich’ is a flash in the pan. ‘Wealth’ is created to last. So we talk about making sure they understand that concept. Accordingly, professional athletes need to be smart about their money. Former offensive lineman, Jeff Byers said it best when he stated, “You have to live significantly below your means. As a 22-year-old making $400,000, you have to act like you’re a 22-year-old making 60,000” ( “NFL
During this year’s college football bowl season, the spotlight turned away from the actual games and towards conversations surrounding star players skipping bowl games. LSU running back, Leonard Fournette and Stanford running back, Christian McCaffrey both decided to skip the final game of their collegiate career in fear of injuring themselves prior to the NFL draft- a highly controversial move that makes sense. While these players get an incredible athletic and academic experience playing college football, there’s only one thing on these players’ minds: the league. Players are willing to put their body on the line while these universities are making millions of dollars off them just for the chance to a part of the 1.6% of college football players to be drafted by an NFL team. These players dream of the NFL for many reasons, whether it’s the love of the game, competitive drive, or to simply support their family.
Professional athletes are some of the most highly paid-individuals in the world. These athletes earn incredible salaries that can range from tens of thousands to millions of dollars per year. Many people find it difficult to comprehend why some people earn such exorbitant salaries, while others struggle to make ends meet. In this essay, we will discuss the reasons behind these high salaries and the potential downsides to them.
The National Football League has been around since the year 1920, growing from “14 member teams in 1920 to the current 32 teams today.” Depending on the contract with their current NFL team, the total contract of a player worth can be a huge some of money; we are talking tens of millions of dollars. Some would say these players deserve these seven or eight figure contracts, as they entertain millions around the world, and are part of the big business we call the NFL. Others would argue that they are paid too much money to do a sport that some High School students have to pay to play.
For evidence, according to “Are Teens Too Young to Go Pro” by Mary Kate Frank, athletes that are paid have less time to explore other interests in their lives. The article states, “Devoting all your time to a sport means that there is little time to explore other interests… As adults, might players who went pro as teens regret missing out on those experiences?” (Frank “Are Teens Too Young to Go Pro”). The athletes did not have any time to explore other interests because of the immense amount of pressure put on them by these NIL deals.
Although college athletes may be on a scholarship that is paying for their education, they also work countless hours on their craft and make millions for their
The first reason why professional athletes are not overpaid is because they have to cover injury costs. In sports such as football or basketball, the event of an injury is present in every season, every game, even practice. Since most major
People know that doctors and firefighters save lives, while athletes play a game to make money. Even teachers pay isn’t anywhere near to athletes; they educate the generation’s youth so they can make a difference in the future. So many jobs that are very important don’t get paid as much and that money can go towards better causes. But these are only some of the reasons that pro athletes get paid too much.
Athletes Are Overpaid Athletes have always gotten more money than they deserve. As a result, athletes are overpaid and sources say “more money causes more problems.” Athletes get paid unnecessary amounts of money each year that they have no clue what to do with it all so they spend it on stuff they don’t need! For example, this pro athlete has 8 cars and he is complaining he needs money to pay for his ferrari that is just ridiculous if they have that many have that many cars! To add on, 60-85% of athletes go bankrupt within 2-5 years or retirement or they end of having financial problems and can’t afford stuff they claim they need when they clearly don’t.
Athletes - Paid for Their Worth Most people think that athletes are overpaid and see huge contracts come out every year. It’s not everyday that an athlete wakes up to a 20 million dollar contract. In fact, they actually worked for it over many years of training and dedication. Pro athletes are paid exactly what they deserve because they work hard and sacrifice more than most people think. It's not just businesses paying them; people do things like buy merchandise, tickets to the games and support their favorite teams while the athlete does the “dirty” work of performing.
This downside is that professional athletes go broke faster than they are drafted into the leagues. Many professional athletes such as NBA and NFL players go broke due to career duration, overspending, family issues, and lack of finance knowledge. When trying to become a professional athlete, one must start playing sports as early as possible (Ferguson 34).Playing sports comes with many sacrifices. Athletes
There are some debates whether professional athletes are being paid too much. However, there are some issues to be discussed, but the problem is that how do we define overpaid? some professional athletes might earn millions of dollar, but most people or those jobless for a long period don’t get their equal amount of money for living. The professional teams, however, spend too much money on these players, causing the wealth disparity between the big market team and the small market team become obvious and find it difficult to turn over the vicious circle. That is to say, the big market team own a lot of fund to purchase best players and vice versa.
Not all constantly blow their money on things they don’t particularly need. They still have to provide their families with food and clothes and other possible necessities. They also have to pay for their family to do things. If the kids want to play sports, they have to pay for the gear. Lastly, athletes have to pay for bills and food and other necessities.
Professional athletes are extremely overpaid for the “jobs” that they do. They only entertain for a living and get paid millions of dollars per season. Each sport is different in how they pay their athletes, and the difference in salaries from one player to another can be in the tens of millions of dollars. These athletes are paid for jobs that they only do for a certain number of games and do not even play the games over the course of an entire year. In most professional sports, they play in games for only a few months and then have a few months off.
Wouldn't it be amazing if you were making millions of dollars for something that you are passionate about? One athlete is extortionately paid for playing soccer in Europe; this outstanding athlete is Cristiano Ronaldo. He makes approximately 93 million dollars a year for playing soccer, endorsements, and shoe sales. There has been a history that professional athletes have been paid millions of dollars just to play a child’s game. However, when professional teams started to form they were not even getting paid but just playing for fun.
People know that doctors and firefighters save lives, while athletes play a game to make money. Even teachers don’t get paid as much; they educate the generation’s youth so they can make a difference in the future. So many jobs that are very important don’t get paid as much and that money can go towards better causes. But these are only some of the reasons that pro athletes get paid too much.