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Why Athletes Go Broke Essay

1715 words - 7 pages

Immense pressure is put on professional athletes making millions of dollars every year to support loved ones. “If you haven’t experienced it yourself, there is no way to describe it.” That is how one professional athlete described the pressure put on by family and friends to share the wealth (Why Athletes Go Broke: The Myth of the Dumb Jock). Magic Johnson has become an extremely successful entrepreneur after playing in the NBA, Johnson believes it is beneficial if friends and family are no part of an athlete’s investments or business endeavors. An athlete hiring a friend to do a pointless job is much more beneficial for the friend than the athlete. An athlete does not need the help of friends in order to prosper while friends of the athlete rely on the athlete’s wealth to live (Torre,4). Many different people will stretch the definition of friend in order to try and indulge in the luxurious lifestyle an athlete is living. “In any business where you make a lot of money, there are people trying to get their hands on it.” said Levi Brown. All sorts of people are flocking to athletes to try and get in the athlete’s pockets (Pro
Livsey 3
Athletes Often Fumble the Financial Ball). Regardless, athletes want to prove the remembrance of a hometown or group of people who supported the individual on the way to becoming a professional athlete. Buying houses and cars for friends and family, is a way of showing that money hasn’t changed the athlete (Why Athletes Go Broke: The Myth of the Dumb Jock).
Divorce, marriages and affairs that lead to child-support and alimony payments are detrimental to a professional athletes finances. The divorce rate for pro athletes ranges from 60-80% which is much higher than the general public. It is highly suggested that every professional athlete make a prenuptial agreement despite most athletes marrying a highschool sweetheart. (Torre,5-6) Most divorces occur after a professional athlete reaches peak earnings and after the athlete’s career has ended. The wife, in most cases, still manages to leave with half of the athlete’s wealth. Divorces occur right after a career is over because the athlete is now home all the time and the couple is spending more time together than ever before. Husband and wife simply get annoyed with each other because the athlete is now home all of the time, leading to divorce. (Torre,6). Not just marriage but affairs with random women can be disastrous for a professional athlete’s financial situation as well. Many women try to get pregnant with an athlete’s child in order to ensure receiving money in the form of child support each month. Former NBA forward Shawn Kemp has seven children with six different women, paying thousands of dollars for each child every month. (Torre,6).
It is essential that an athlete properly invest money in order to receive returns that will further increase the wealth that an athlete already has. Alan Lancz, a wealth manager who works with a number of professional...

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