Why Athletes Go Broke Analysis

541 Words3 Pages
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
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