Sports Illustrated - 60% of NBA players broke within 5 years

[Brock Landers]

Most of us do not have much sympathy for athletes that get paid millions and turn out to be broke few years after they retire. But after reading this article, you might.
According to SI, “within five years of retirement, an estimated 60% of former NBA players are broke”.
It makes you wonder is there an ongoing systemic risk? Should the professional leagues intervene?
During this recession, we have seen many millionaires lose tons of money. But with athletes, the situation intensifies by the fact that they are often young, uneducated, inexperienced, and distracted by their sudden fame.
SI did an excellent job in coving this topic from many different points of view. This article is a must read!

http://vault.sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm

[unde0087]

still no sympathy, if you want me to be sad for these morons then you are mistaken. It isn't that hard to take some of the millions and put it into a savings account. And if they wanted to become educated they could stay in school for 4 years before going pro, as most go early when they aren't even good enough.

I am sorry but if you are making millions and then are broke 4 years later, you are just a dumbass.

[mathdotcom]

Because they are primarily black athletes. Duh. Do the same study on (poorer) NHL players and you will find very few go broke.

[AMBlai01]

Why would I have sympathy that they are not making good decisions with their money? I understand that many are uneducated but it doesn't take much for them to hire someone to take care of their finances that is educated and can make sure that their millions will be safe for years to come.....

[Brock Landers]

really good article, amazing how many bad choices these people make with their money

[ItchyHooHoo]

Dont forget they draw a pension. I believe its roughly 90k a year. If you call that broke than im heading for the projects.

[ItchyHooHoo]

I guess baseball players dont fit the mold. Ryan Howard lives on my street. He paid full cash for a 11,000 sq ft estate. john Kruk lives 3 blocks away. Stunning to say the least.

Damm nba

[Rich Boy]

I am sorry but if you are making millions and then are broke 4 years later, you are just a dumbass.

Amen.

[Flyers09]

no way nhl players go broke, they are white no offense, black man wants to looks good first, win 2nd, white man wants to win first, look good 2nd.......(whitemen cant jump) im not racist its just how it is....

[ItchyHooHoo]

no way nhl players go broke, they are white no offense, black man wants to looks good first, win 2nd, white man wants to win first, look good 2nd.......(whitemen cant jump) im not racist its just how it is....

[Flyers09]

[ItchyHooHoo]

philly in the house. im in nj

[Brock Landers]

An aversion to family planning goes hand in hand with neglect of other forms of financial foresight, which can affect what happens to athletes' fortunes even after they die. Hall of Fame linebacker Derrick Thomas, who died at 33 following a January 2000 car crash, had ignored the urging of his financial adviser to make a will, and his entire estate was left for the court to divide, touching off a legal battle among the five mothers of his seven children. (Of the estimated $30 million Thomas had earned in the NFL, he had only $1.16 million in valued assets at the time of his death.)
"Derrick didn't care about meeting with his planner, and we tried to set him up to do it 10 times," says Steinberg, who was his agent. "The sad truth is that there was a certain group of athletes who actually believed that if they ever sat down to write their wills, they were going to die."

[Willie Bee]

It makes you wonder is there an ongoing systemic risk?

Might make you wonder, but I do not wonder at all, nor do I have any sympathy for the morons.

[StyleQ]

no way nhl players go broke, they are white no offense, black man wants to looks good first, win 2nd, white man wants to win first, look good 2nd.......(whitemen cant jump) im not racist its just how it is....

It really is racist, generalizing the actions of a certain group and applying it to an entire race is racist smart one.

[pavyracer]

SBR invented racism so it doesn't strike me at all that this kind of discussion is encouraged openly.

[SBR Lou]

SBR invented racism so it doesn't strike me at all that this kind of discussion is encouraged openly.

I don't consider any of the statements made so far 'racist'. Maybe they are off color, but people are entitled to their opinions and so long as the line isn't crossed, I don't see a problem. If those posts were moved, we'd hear about 'censorship'.

[StyleQ]

well If I made comments such as "all white people" or "white people do this" and then add any negative activity after that... I'm sure it wouldn't be OK. But whatever, most of these guys making these comments are uneducated ignorant individuals regardless.

[pavyracer]

well If I made comments such as "all white people" or "white people do this" and then add any negative activity after that... I'm sure it wouldn't be OK. But whatever, most of these guys making these comments are uneducated ignorant individuals regardless.

If you say "Richkas is an uneducated trail trash redneck that stiffs people left and right and lives in a double wide trailer with his mom" it is not racist and is encouraged at SBR.

If you replace Richkas with "All white people" you are in trouble.

[Flyers09]

im sorry but i got that quote from the movie, White men cant jump....lol...and sorry again but it is so true, the statement that is....

[Flyers09]

also...i watch the nba and see it alllll the time wherever i go...but w/e thats how it is...and i dont even care...i use to wanna look good first then win second until i got my ass kicked in middle school then i quickly changed my actions, apparently nba players dont get the picture like i did.....makes me sick they go broke, they have what 100million in there banks? wow..the statement i made deserves to be said if thats what they do after 5 years...

[Flyers09]

philly in the house. im in nj

lets go f-l-y-e-r-s ! and e-a-g-l-e-s- F it and s-i-x-e-r-s !!!

[Bread]

really good article, amazing how many bad choices these people make with their money

[MilfDriller]

please remind me of the great and vast civilizations that Sub-Sahara has produced?

End of story. 100 years from now... 200 years from now... 300 years from now... will it be any different?

Will horses change? Nope, horses will be horses. You can't change nature.

[Flyers09]

please remind me of the great and vast civilizations that Sub-Sahara has produced?

End of story. 100 years from now... 200 years from now... 300 years from now... will it be any different?

Will horses change? Nope, horses will be horses. You can't change nature.

i agree

[pico]

nba players = lotto winners

[james4512]

...

[Flyers09]

...

i can see this post getting banned,

[MB]

...

Unnecessary

[MilfDriller]

The truth is a dangerous thing.

[Flyers09]

truth hurts

[Brock Landers]

Watch at 2:15..."the black guys, help the white guys"