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Professional athletes can earn sizeable paychecks while in the game, but thanks to bad investments, freeloaders and poor second career planning, many ...
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Okay -- on championships and hopes to cash in on the good life.
But -- professional athletes don't manage their finances properly -- fame and -- indeed gone after their careers took off.
-- the common misconception that all athletes and million dollar paychecks but that's far from reality he's.
You think that all athletes make so much money that how could they possibly in the financial stress.
But what you find especially football as a lot of contracts -- guarantees.
On the money that they make in a short career really these last a lifetime but many fat like they're bringing home Saturday fake -- the majority of athletes don't.
-- -- Enormous amount -- -- that star quarterback or you know.
Star forward or.
Now -- something like that.
So if you look at the normal tendency of income that.
They're normal professional athlete -- It's not enough due to sustain -- standard of living thereafter.
According to Sports Illustrated 78% of and a fellow players will file for bankruptcy her face financial hardships just two years after -- -- last game.
And BA players face a similar fate with 60% of players going broke -- years and retire.
The guys are bolts right and so part of the -- of -- the -- is the funding.
And if you look at rap videos online.
-- -- -- the club maker covering all the things to Mercedes that was like that's all part of the lifestyle culture.
And because they're adults they are very few people that just basically -- stop don't do it this -- After signing -- first deal athletes are often hit with friends and family members looking for a loan are financing for their next great idea.
Unfortunately most cities ventures don't work out.
Do they have a business proposal do they have collateral.
-- to have a relationship with the bank are you simply sticking this is this alone is this an investment or is this gift if it's an investment.
What are you looking to get in terms of return on the investment.
To avoid being sidelined by finance is once they leave their sport experts -- athletes to surround himself with the right advisors willing to -- now.
It's incumbent upon -- as agents to hope these young man that's symbol of professional team around one of advisors are different president as a cabinet.
Composed of very specific experts in different areas -- vice president.
It's hard to convince any moment now to start -- -- at stake but athletes must establish credit plant since their careers can be over an instant.
At the end of the day.
You know the Dallas Cowboys.
For the second was a valuable sports franchise in the world that two point one billion dollars.
Jerry Jones is going to be -- The cowboys are going to be okay because they have a level of safeguard.
This built and that that makes them to some degree impenetrable.
Athletes don't.
Economies of scale are quite literally the David and Goliath the finances.
For foxbusiness.com.
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