Why 70% of NFL Players End Up Broke...
In this video, we examine the startling issue of NFL players declaring bankruptcy just a few years after retiring despite earning millions of dollars on the field. We examine the causes of this tendency, such as bad money management, careless spending, and the physical and psychological costs of playing professional football.
We explore the difficulties that come with unexpected affluence and how these athletes might better prepare themselves for life after football through expert interviews and real-world examples of players who have faced financial struggle after leaving the NFL. We also talk about possible solutions, such financial education and support programs for players, and the part the NFL and its franchises may play in this.
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They have symposiums and seminars and speakers, but the guys are sitting there thinking about spending their money on themselves, family, and freinds. I'd put $500,000 in a few S&P500 ETFs and never think about it until I'm 50. They should make this mandatory on a scale basis for all pro players - and a rule they can't touch the funds.
great video
I think it ultimately comes down them living extravagant lifestyles and spending money on a bunch of things they don't need. I think if they made better financial decisions, they would be way better off. The financial literacy rate in America is atrocious. I took some classes in high school that taught me how to properly handle money and be smart with it and I try my best to make smart financial decisions. I remember Tyler Lockett, receiver for the Seattle Seahawks did an interview with one of my favorite rappers Lecrae for his finance curriculum and he seems to get it. I remember he said he didn't buy his first house until his fourth year in the league
You have to understand a lot of the guys come from nothing never had anything and when they get the money they don’t have anyone telling them how to save or invest so they just blow it and scree themselves for the future that’s why the nfl needs to help these young guys and get them financial advisors so they don’t end up up broke
true
They spend so much money on stupid stuff like cars, jewelry and some have many kids with several women. Making bad investments and don’t have the knowledge on how to manage that money
man they are just kids in reality fast cars , faster women and money money money
$1.2 mil is absolutely NOT life changing money. Especially for a 20-something. roughly 50% gone in federal/state tax, 10-20% agents fees. Which means 60-70% of the $1.2M gone before you even get a dime....So, rough estimate is $840k in taxes..GONE...so $360K left over....So tell me HOW this is life changing? This is why the NFL has a "class" for rookies on how to save your $$$. I guess 78% don't listen or take it seriously...
I don't think Tom Brady is broke
I read a story about beast mode he never touched his NFL money he lived off the endorsement money very smart man! LISTEN TO THE VETS ABOUT MONEY!
If you’re just smart about money you don’t need t listen to vets, because not all vets are financially smart.
Abuse they are black?
because they don't know how to say the word NO to everyone
Could it be low IQ’s?