Can you believe this. According to Clark Howard on CNN along with multiple sources on "google', etc, 78% of NFL players file for bankruptcy only 2 years after retirement.
whether the stats include players who tried out but failed to make an nfl team...you take a serious financial gamble when you invest all of your time and money into playing a game where the payoff is high but the chances of making it to the elite ranks are very low. a lot of players have nothing to fall back on when their playing days are cut short or dreams of making it pro are never reached.
that said, a lot of players enjoy fancy cars, bling and strip clubs.
As regards those players who received big money during their
NFL days, why do they feel it's necessary to invest in potentially unstable businesses(Restaurants, Car dealerships, etc)rather than safeguard their money and live like Kings? Hell, even if they just bought CDs they'd be safe..
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
your finances, eventually, you'll lose it all and a lot of these guys have no other skills but playing sports. Once they retire, they don't make another dime.
If I were to make $2M per year, I put almost all that money in t-bills and the interest alone will be enough. Then again, I wouldn't live an extravant lifestyle anyhow.
Another reason why I will NEVER have a agent or someone
"to handle MY MONEY" if I ever won like 100 million or more in the Lottery .......That is why GOD gave us a brain, good accountants, H@R Block and calculators.
Its not an excuse for their lavish tastes and living, but people often forget to pretty much halve whatever salary these guys are making in order to discuss what they really earn in a year.
I always thought it was 45% at a certain income level (400Kish and above). I was wrong.
35% is still a pretty damn big chunk of change. Their free-spending stupidity probably gets magnified by the fact they're not making as much as they think when they sign for that gigantic contract extension.
Note: this is certainly not a woe-is-the-rich-athlete post.
I wonder if anyone has proposed taking a percentage of players salaries and putting it into some kind of annuity or trust that they can't touch until they retire from the game.
and the medicare tax is applied to every dollar of earned income; there is no limit. The social security tax is applied to a wage base. That wage base is adjusted each year for inflation and is currently around $105,000 I believe.
This is just some statement on some guy's blog without citing or linking to any source that I can find. My 5 yo daughter just told me that less than 1/10th of one percent of pro football players ever file bankruptcy. Gee, which source is more credible?
"By common estimates among athletes and agents, the divorce rate for pro athletes ranges from 60% to 80%." Always wondered how folks like athletes & musicians who are always away from home can stay married. Guess they don't.
You are correct in your assessment. The need for the bling, the posse, the 22" rims and the free wheeling and spending, and the listening to bad advise are the main reasons they go broke.
I agree with what you said until you mentioned H&R block. That place is the bottom of the accounting food chain with many employees not even certified accountants. The place belongs under "scam".
I cleary gave credit to Clark Howard on CNN for reporting this. Afterwards, the same article you provided a link for was present earlier in the thread.
Try reading next time and do better than an "awful job".
"Seventy-eight percent of former NFL players are bankrupt or under financial stress within two years of retirement."
You left out the or, which is very important, considering that the link Gary posted clarifies that stress, "because of joblessness or divorce." So what the article is saying is that within 2 years of leaving the NFL 78% of players are bankrupt, divorced, or unemployed, HUGE difference to 78% of players filing bankruptcy.
and he did misquote the report as well. However, the original report, and the article you linked, both show that the 78% entails a lot more then just bankruptcy. So congrats, Clark Howard joins you in butchering the facts of this case.
I gave credit to him in my opening. He interviewing Atlanta Braves by the way "Brian McCann was one of them. I'm not as anal as you so "no" I didn't record the material and upload it to prove a point to anal prick.
Take the article for what it apparently not worth to you or the anal society.
they both add up bankruptcy and financial issues don't they? WTF is the agenda here? Do the anal people have anything else to do? Ironically, the same post was made on 3 different sites with zero anals. Shocking!
All I asked was why you put a link up that didn't go with your post. You claim to quote Clark Howard and yet didn't link him. You linked something else; something that didn't back up your post.
If expecting a link to support a post makes me anal, then, I'm an asshole.
to prove Clark didn't pull it out of his ass. Moments later, another poster posted a link to Sports Illustrated. The players are having financial difficulites and 78% of them have these issues (bankruptcy or the highway to bankruptcy) only 2 years after retirement. Who cares how they got there (ie divorce, bad investments, or speaking online to anal idiots)
that said, a lot of players enjoy fancy cars, bling and strip clubs.
How (and Why) Athletes Go Broke - ( New Window )
it's a complete and utter scandal what goes on with college athletics
Heck not to mention the average salary isn't even a million.
If I were to make $2M per year, I put almost all that money in t-bills and the interest alone will be enough. Then again, I wouldn't live an extravant lifestyle anyhow.
And yes, the drugs, for those that are into that or find their way into it, seem so wipe them out even faster.
35% is still a pretty damn big chunk of change. Their free-spending stupidity probably gets magnified by the fact they're not making as much as they think when they sign for that gigantic contract extension.
Note: this is certainly not a woe-is-the-rich-athlete post.
So, actually people are paying slightly less marginally once they get over $100,000
somehow they always forget about that one when they talk about how much rich people pay in taxes
the people who really get screwed by taxes are single people with no kids who don't own a home and make between 50,000-90,000
I wonder if anyone has proposed taking a percentage of players salaries and putting it into some kind of annuity or trust that they can't touch until they retire from the game.
1) The threadstarter headline is very misleading. Awfuyl job there guy.
2) The prime cause of bankruptcy are child support payments to multiple kids/mothers.
How (and Why) Athletes Go Broke - ( New Window )
I cleary gave credit to Clark Howard on CNN for reporting this. Afterwards, the same article you provided a link for was present earlier in the thread.
Try reading next time and do better than an "awful job".
Try not to be anal either unless you're sold these are actually sound business people.
You left out the or, which is very important, considering that the link Gary posted clarifies that stress, "because of joblessness or divorce." So what the article is saying is that within 2 years of leaving the NFL 78% of players are bankrupt, divorced, or unemployed, HUGE difference to 78% of players filing bankruptcy.
Take the article for what it apparently not worth to you or the anal society.
If expecting a link to support a post makes me anal, then, I'm an asshole.
Get a life