Many would think that when you are an athlete that the money you make can last you a life time. That is a common misperception because many athletes go broke after retiring. In a 2009 “Sports Illustrated” they claimed that an astonishing 78% of NFL players go broke three years after retiring. And 60% of NBA players go broke five years after retiring. Many of these athletes when they are young make bad choices and bad investments. On Tuesday, October 2, ESPN will release another 30 for 30 Film called “Broke”. This film is based on how athletes blow off so much money and end up broke after they retire. Another bunch of reasons that they go broke is because they make bad investments, giving out money to inflated networks of friends and family, and wasting money on unnecessary things such as double bowling alleys. When many athletes are young they don’t know the importance of money and how much you can do with it. Phil Hanson former Buffalo Bills defensive end once said to his teammates, "A dollar saved today is 10 dollars tomorrow." Many of his teammates at the time such as Marcellus Wiley, ESPN Analyst, said that they didn’t know the true value of the dollar and many of them were more obsessed with having more expensive things than the next guy. Many times these young kids think that they are invincible and that they will never go broke, but when reality sets in its too late. Another ESPN Analyst Hugh Douglas said that he lived cheap because he knew that if he lived that luxurious life he would be broke. Maybe this will change something, but until then many athletes will have to figure out how to make good investments and learn how to budget their money. Someone once that this lifestyle is a blessing, but also a curse because you live a lifestyle that not many other people can live it, but you have to know how to budget your money.
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