Like everything else in life, money comes with choices. The choice to build an emergency fund, the choice to spend it all in one place, the choice to invest, the choice to use diversification and spread your money into different places, etc. However, many of these choices most people make aren’t good ones and have a lasting negative impact on the rest of their lives. For example, in the beginning of ESPN’s 30 For 30, they stated the statistic of, “By the time they have been retired for two years, 78 percent of former NFL players have gone bankrupt or are under financial stress; within five years of retirement, an estimated 60 percent of former NBA players are broke.” Later on in the film, they have the players themselves talking about how they messed up with their money and what they spent it on, ranging from the newest cars, to thick and heavy gold chains, to huge mansions. These all had one thing in common: they weren’t necessary purchases and they were just trying to “Keep Up With The Joneses”. In the article, “Why Keeping Up With The Joneses Will Make You Broke,” it says that everyone has experienced need to keep up with the Joneses at one point in their life, which …show more content…
When an athlete trusts too much he can duped into scams made by greedy people who just want their money and know they can take advantage of them. When they trust too little, he won’t accept good financial advice that could ensure financial stability for life. Another reason in this article why athletes go broke is because they feel a need or responsibility to pay back their family and friends who supported them to get where they are today. In order to avoid the stereotypical “money changed you” saying, Professional athletes often go to extreme measure to prove a
That was his mother’s entire annual paycheck! The scholarship suddenly seemed like it would be a drop in a basin of debt. Unfortunately, this situation is similar to that of many college athletes,over eighty six percent of who are poverty-stricken, coming from low-income families, and almost all of them are bombarded with high fees. Though they are in dire need of help, the NCAA, otherwise known as the National Collegiate Athletic Association, refuses to aid these athletes, saying that the players should not receive salaries or any other monetary compensation.
In modern society, as Americans we often take money for granted. However, as stated both directly and indirectly in this work, there is much more to life than economics. We are fortunate enough to live in a community that does not discriminate based on financial standing to the extent that it once did. Nonetheless, it does not matter what your current financial standing is as long as you have people that care about you. The Youngers in A Raisin in the Sun always attempted to help each other whether they were in financial prosperity or turmoil.
Major college football and basketball programs bring in millions of dollars a year for their university and the NCAA. Many people claim the players are the reason these programs make so much money and should be compensated for their work. At first this seems to be logical, but there are many flaws with paying athletes. However, athletes should be able to pursue business opportunities. College athletes should not be paid for playing sports, but should be able to have an outside income.
One of the arguments people use to say paying athletes in college is that the student athletes would be irresponsible with the money they recieve. That however, is a terrible argument. Teaching students athletes/young adults how to manage their money is an essential skill that many kids do not have the ability to learn until they are out of college. If there are two children, and one gets an allowance and the other does not, the child that receives the allowance every month or week, will learn how to spend and save the money more effectively than the child that does not an allowance. Giving the child the opportunity to learn how manage their money and learning how to spend it on the correct things is important at a young age.
If a player spends all of his salary while playing in the NFL there is a good chance they will go broke after football. Many athletes’ parents express to them that they need to save their money, but that doesn’t always work out. In today’s society, many are judged by what they own, not by what they want, and that can make it difficult for these people to listen to their peers telling them to do all of this
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).
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
Are they students or employees? They spend more time with the sport than in school. Student athletes should be acknowledged for their performances. College athletes should be paid to play because they bring money into the school, advertisement, and they perform the same tasks of pros. College kids bring in thousands of dollars every game day.
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 - 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.
In all jobs if you work harder you get promotions and aggrandized greenback. The second factor that plays a role in giving athletes extra wealth is that they are risking injuries every single time they execute their performances. There have hundreds of people
Last, but not least, supporting family members can cause a professional athlete to become broke. Family members of professional athletes feel like when the athlete goes pro, that the athlete should take care of them. Athletes that succumb to this end up losing a significant amount of their earnings. Luther Elliss, a player from the Detroit Lions, was over generous with his money by helping his family members pay for weddings and landscaping (“Why NFL Players Really Go Bankrupt”). Helping family members seem like the right thing to do, but professional athletes must be careful not to overdo
Athletes are overpaid and are very irresponsible and don’t deserve to make what they do. Athletes are way too overpaid and are not responsible enough to handle all their money. To start off, 78% of athletes are either bankrupt or in financial trouble two years into retirement. This is because they will buy anything.
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.
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.