Sunday, June 8, 2014

Professional Athletes, Bankruptcy, Financial Stress

Think your multi-million dollar draftee into the pros has it made? Better think again --

Congratulations, you were drafted! Prepare to go broke. | The Big Picture: "The data on professional athletes are startling: Shortly after they retire, nearly four of five NFL players are bankrupt or under financial stress, according to Sports Illustrated. Joblessness and divorce are the main reasons. It’s marginally better in the National Basketball Association, where after retirement nearly two of three players are broke within five years. Why does this happen? There are lessons here even for those investors who cannot hit a jump shot. Let’s look at the reasons so many athletes go broke.”"

read more at: Barry Ritholtz: Professional athletes need to learn to keep their finances in good shape

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