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Summary of (How and Why) Athletes go Broke - Essay Example

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Summary There are four main reasons why most professional athletes eventually lose all their money; their temptation for tangible possessions, misplaced trust, family matters, and great expectations. Peak earnings period for athletes is shorter than in other professions…
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Download file to see previous pages Ismail Rocket admits that he has lost millions of dollars out of total ignorance. Athletes tend to invest in highest-caliber private deals no more than 1 in 30 of which every works out as advertised. Conservative spending seems like a boring idea to the athletes. Instead, they prefer investing money in inventions, nightclubs, and other innovative ideas with a thrill of tangibility. The inflatable raft invention that Hunter invested $70,000 about five years ago was one such trap. The investment partner asked Hunter to invest up to $500,000 more. Upon Hunter’s refusal, the investment partner vanished along with the original money. Much money is lost when athletes attempt to sell their possessions at a much lower than justified price in urgency to make up for other losses they are incurring. An example is provided by Muhammad who after having his music company sued offers his 8,200 sq. foot lakeside estate with unique features for a price that is $800,000 lesser than his original demand. Athletes get into sports at such an early age that they miss out on colleges and are not formerly equipped with the knowledge of finance and accounting. Neither have they much sense nor much time to get into the intricate details of their financial matters. Saving and growing money requires very critical decisions that cannot be made without careful assessment of the pros and cons of each option. Lack of awareness about the industry standards robs athletes. Athletes give their financial matters in the hands of novice and often unfaithful friends and family members in their attempt to assist their friends and family members financially. They are careless and irresponsible in distribution of authority to others regarding their own financial matters. In 2001, Strickland asked his dad who was a retired lieutenant colonel in the Air Force to look over a real-estate deal in Georgia that was on sale for $1.8 million but whose price had been appraised by $3 million. His father clearly wasn’t capable of making the right decision and consequently, Strickland had to far overpay for the piece of land than what it was worth. Most players don’t know how well they are doing because their financial matters are entirely in the hands of others. Many of the people they trust are actually frauds. Kirk Wright, the fund manager of Atlanta hedge was convicted on 47 fraud and money laundering counts and he had more than eight NFL players in his client list. Overpaying is common among athletes. A former major Dominian Republic leaguer who got his financial matters taken care of by an adviser he had trusted for 18 years paid $5,000 on two cars’ insurance monthly while Hunter could get away with paying only $250 a month for three cars. Divorce is the worst thing that can happen to an athlete financially. Pro athletes have a high divorce rate. Half of their net worth is routinely lost in divorce proceedings. The fact that most divorces happen in retirement after termination of the peak earnings period complicates the matters further. Athletes have a much lower prenups percentage compared to nonathletes that are at the same economic level. Calling off nuptials cost Dikembe Mutombo $250,000 when just a day before marriage, Michelle Roberts refused to sign a premarital contract. Children and aversion to family planning are additional family related causes. Athletes are ...Download file to see next pagesRead More
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