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Why Athletes Go Broke Essay

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Why Professional Athletes Go Broke? Young athlete’s main goal to attain is to become a professional athlete. Many want to become a professional athlete due to the money, others for the love of the particular sport that they are interested in. There is a downside in becoming a professional athlete, that many young players are not aware of. This downside is that professional athletes go broke faster than they are drafted into the leagues. Many professional athletes such as NBA and NFL players go broke due to career duration, overspending, family issues, and lack of finance knowledge. When trying to become a professional athlete, one must start playing sports as early as possible (Ferguson 34).Playing sports comes with many sacrifices. Athletes …show more content…

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”). Last, but not least, supporting family members can cause a professional athlete to become broke. Family members of professional athletes feel like when the athlete goes pro, that the athlete should take care of them. Athletes that succumb to this end up losing a significant amount of their earnings. Luther Elliss, a player from the Detroit Lions, was over generous with his money by helping his family members pay for weddings and landscaping (“Why NFL Players Really Go Bankrupt”). Helping family members seem like the right thing to do, but professional athletes must be careful not to overdo

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The cost of a single professional athlete can vary from one dollar to thousands of dollars. The objective of the game is to invest in a player that you believe can play above his/her worth believed by the company. By the end of the game for the athlete, the reward or loss is proportionally factored into what you payed for. This means that the more money you put into a player, the higher the reward or loss is. Looking at the size and worth

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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.

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Although, what they fail to realize is they lose sight of what is important. That is, it is important for their children to enjoy the sport and for the parents to not get caught up in the hype that the child will one day be a professional athlete. They are kids; they need to be able

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They have to put in work on and off the field of court. Three, the coaches and everybody else but the players are paid. These kids take time from their school work and personal things to get things done for their sports team and don’t get anything in return. “Nick Saban will make $11 million in the year of 2018 coaching the football team of Alabama University.” (www.espn.com/college-sports/story/_/id/6778847/college-athletes-deserve-paid.)

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For evidence, according to “Are Teens Too Young to Go Pro” by Mary Kate Frank, athletes that are paid have less time to explore other interests in their lives. The article states, “Devoting all your time to a sport means that there is little time to explore other interests… As adults, might players who went pro as teens regret missing out on those experiences?” (Frank “Are Teens Too Young to Go Pro”). The athletes did not have any time to explore other interests because of the immense amount of pressure put on them by these NIL deals.

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After graduating from High School one may choose to further his or her education through college. People do this for many reasons. Some people do it for professional benefits, while others do it for sports athletics. This paper will be focusing on those who do go to college for athletic benefits. Specifically, this is focusing on how these college athletes do not get paid and why they should be paid.

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Carnoch also writes about the example of poor money management for athletes and how it negatively affects these once amazing athletes: “Up to 21% of professional athletes that used to have a career in collegiate and professional sports are now working ordinary and common jobs that even potentially pay minimum wage salaries” (Carnoch). These athletes earned millions of dollars, but by the time that they are about 45 years out, some of them run out of money because they do not spend their money properly and use it to buy luxurious items that they do not actually need. Clearly, with the emergence of the possibility of college athletes being paid, our modern society today results in more people specializing in sports over education, even though education is far more valuable to people because knowledge and information are power. DiLascio states even more statistics that indicate the already shift of athletics over academics: “In the past twenty years, the percentage of ineligible athletes do to academic concerns has risen from three percent to eleven percent, and most of these ineligible athletes do not succeed at the collegiate level which crushes their dream of playing in the NBA”

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Although college athletes may be on a scholarship that is paying for their education, they also work countless hours on their craft and make millions for their

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Many athletes especially aren’t born into families with financial stability. However, this conflict has a simple resolution, pay the

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Athletes may have worked their way up to success but the homeless children didn’t plan to be homeless, starving children didn’t wish to be starving, these children also do hard work but they get nothing in return. People may give them a meal but that only fills you one day not the rest of your life. In conclusion, athletes should donate more to charities and not take life for granted because some kids only wish to see the daylight of tomorrow. Life has more to it than only thinking about yourself so think about donating to charity once in

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Not all constantly blow their money on things they don’t particularly need. They still have to provide their families with food and clothes and other possible necessities. They also have to pay for their family to do things. If the kids want to play sports, they have to pay for the gear. Lastly, athletes have to pay for bills and food and other necessities.

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