Sports Illustrated - 60% of NBA players broke within 5 years
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!
Source: SI - How (and Why) Athletes Go Broke
Comments
players just need to care about their money. if they don’t show interest, why should anyone else? i know that’s harsh, but it’s a reality.
what kind of values to most players in the NBA have?
I’m not surprised by this statistic. I’m actually surprised it’s not a bigger percentage.
[...] be correct to point out how 60% of them have next to nothing just 5 years after retirement. Sports Illustrated told me [...]
I’m twelve years old from Richmond,Va my dad told me today that i have to look at this because i always look at the nba like it’s okay im going to get a lot of money and and be alright but this message taught me something if im going to the nba I have to get my mind focused so i can make it and not be greedy from my fame so Thank You for this message
Sports Illustrated 60 of NBA players broke within 5 years Any way I will be subscribing to your feed and I hope you post again soon.2010-6-8
Man, this was eye-opening…good find.