NFL players often times end up going bankrupt because they are not well educated on how to manage their money well. They make great amounts of money as pro athletes and some do not know how to manage this money or how to save it. Some do not take any advice about how to invest their money. Others are influenced to make poor decisions on spending money, especially money they do not have. Pro athletes get so used to making millions of dollars that they often times get so used to certain lifestyles that are unnecessary and are slowly leaving their pockets empty.Spending money on items such as new cars, expensive homes, clothes and shoes. Studies have shown that one of the main reasons why they spend like crazy is because a football player's life …show more content…
Whenever guardians, college boards, and alums screen forthcoming operators and money related organizers, it empowers the competitor to settle on a superior decision. Like many other college student they were not well educated on saving money or how to handle it. Steignberg, L. (2015, February 9)
The NFLPA has attempted to ensure players financially. They have a program that investigates budgetary organizers and just permits referrals to the organizers who they support. The NFLPA offers instruction in the money related zones in an assortment of ways. Before athlete's sign in to go to drafting they are encouraged to pick a qualified professional adviser to aid them with their money and create a budget. Young NFL players not knowing what to expect are asked by financial advisors to sign power of attorney which allows them to withdraw money and make investments without the consent of the football players. Some other problems that these young athletes face is lack of preparation for their second career after retiring and also lack of awareness in realizing how rapidly their sports career can be terminated. This can be due to death, injury or lack of skill. Some early years after retiring are wasted due to the fact that a plan was not created of how they would support themselves or what their new upcoming career afterwards
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NFL quarterback, Charlie Batch, actually went bankrupt after his retirement from the NFL for investing money in real estate and losing most of it. He filed for bankruptcy protection in December of 2010, this occurred after his real estate venture defaulted on a $1.15 Million mortgage with Dollar Bank. Some of the property held by his company were actually placed into receivership. A judge allowed for a Real Estate company to pursue a claim against Batch ranging of a worth of $820K and that could actually cost him to give up both of his
On average division one athletic programs lose an average of 11 million dollars every year.(NCAA.org) With the 460,000 college athletes(NCAA.org) to monetarily compensate for their time athletic programs. College athletes should not get paid. College athletes should focus on getting a degree, forming unions, and negotiate benefits. If players start to get paid for playing in college athletics the sport will no longer be considered amateur.
With the revenue quickly escalating, college athletes appear more as employees because of the money they are generating for their school program (Berry III,
“I don’t know how old my phone is, but it was $10” - Andrew Luck. This is very ironic because Andrew Luck is one of the best quarterbacks in the NFL and he just signed the most expensive contract with the Indianapolis Colts in NFL history worth $122 million over 5 years plus a $32 million signing bonus. If he has a $10 cell phone then that leaves a lot of money to donate or do whatever he wants. But he also risks his life every time he goes out on the field because it is a known fact that concussions kill people. Plus he already acquired a couple injuries in the past and he just turned 27 on September 12th.
Football is generally a very dangerous sport, especially at the college level. The players are taking very high risks and are not being compensated for it. According to the Abc news article, “college players
Between Tv deals, ticket sales, and jersey sales there is plenty of money to go around in college athletics, and it is time that the NCAA steps up and compensates athletes. College athletes are stuck in a brief conflict where they think they deserve to be paid just like the pros do. They consider their sport as a job and think they deserve to be paid just like the coaches do. Colleges make a lot of their money through the sports department. Ticket sales are a big way colleges bring in big money.
The NFL offers it’s player referrals to financial advisors, and they also require their draft picks to attend a seminar about said financial advisors (“5 Reasons Why”). In the article NFL Salaries: After NFL Draft, Rookies Get Rich, Try Not To Go Broke Jeff Carbone of Cornerstone Financial Partners states: “It’s the excitement of being rich. The biggest thing we tell clients is that it’s not about being rich, it’s about creating wealth, and being wealthy and maintaining wealth for your family’s life. ‘Rich’ is a flash in the pan. ‘Wealth’ is created to last.
College athletes put in a lot of time, effort, and work into the sport they’ve played since they were young, but they aren’t getting paid for it. These student athletes deserve to be paid because they put in countless hours of hard work and balance sports with school work. The first reason athletes in college do deserve to be compensated is because they don 't have time to fit in work with a school and athletic schedule. College athletes don’t have time to get a real job. Student athletes have a very busy schedule, they don’t have time to fit in a job.
American football has many different aspects that helped change America today. Football has earned millions of fans to the game every year. The sport has changed and helped various people strive through life. At the same time, football has caused many downsides that have changed people’s lives forever. Through the beginning to now, football has been filled with many impacts and injuries that have changed the game.
Are they students or employees? They spend more time with the sport than in school. Student athletes should be acknowledged for their performances. College athletes should be paid to play because they bring money into the school, advertisement, and they perform the same tasks of pros. College kids bring in thousands of dollars every game day.
People know that doctors and firefighters save lives, while athletes play a game to make money. Even teachers pay isn’t anywhere near to athletes; they educate the generation’s youth so they can make a difference in the future. So many jobs that are very important don’t get paid as much and that money can go towards better causes. But these are only some of the reasons that pro athletes get paid too much.
The price tag for NFL is a couple hundred million dollars(Zimmerman). Over 40% of NFL that is not playing anymore have characteristics of having a severe injury to the brain. The NFL found that it was 271 concussions in 2015 (Burdick). Eighteen people have died while playing football in 1905 but there was a gathering that made changes to guaranteed players safety. This is why people need to have the proper gear.
Athletes - Paid for Their Worth Most people think that athletes are overpaid and see huge contracts come out every year. It’s not everyday that an athlete wakes up to a 20 million dollar contract. In fact, they actually worked for it over many years of training and dedication. Pro athletes are paid exactly what they deserve because they work hard and sacrifice more than most people think. It's not just businesses paying them; people do things like buy merchandise, tickets to the games and support their favorite teams while the athlete does the “dirty” work of performing.
The ESPN documentary “Broke” explains that players made bad investments and made payments to relatives and friends only to see their money quickly disappear (“NFL Salaries”). An example of child support causing a professional athlete to go broke is that Travis Henry, a NFL player, spends $170,000 yearly on child support for nine children (“Why NFL Players Really Go Bankrupt”). This amount of money spent on child support, can put a significant hole in even the richest person’s pocket. Aside from child support, some athletes are left to the debt of divorce. Divorce puts a strain on individuals because not only do they have to give their spouse part of their belongings, but, they are also left with paying all of the legal fees ( “5 Reasons Why”).
Professional athletes are extremely overpaid for the “jobs” that they do. They only entertain for a living and get paid millions of dollars per season. Each sport is different in how they pay their athletes, and the difference in salaries from one player to another can be in the tens of millions of dollars. These athletes are paid for jobs that they only do for a certain number of games and do not even play the games over the course of an entire year. In most professional sports, they play in games for only a few months and then have a few months off.
In the early stages of the American Football system, most players had to have a normal day job on top of playing, because there was no money to be made in pro football.” (Two Sides To Every Coin, are Professional Athletes Paid Too Much? BleacherReport.com) Do you know those animal commercials that shows all those pets stranded, hurt, hungry, thirsty that need a home? Well if national athletes weren’t paid so much, money could go toward them instead of relaxing on a couch with food and popcorn while animals and people suffer and in some circumstances,