Why do many high-paid athletes go broke after retirement? Many suggest it is due to lack of planning, but it comes down to more than that. It can be compared to that of lotto winnings where all of a sudden you are on easy street with no worries and plenty of money to throw around. The “throwing around of money” becomes so habitual that much like any drug, it becomes routine and hard to control.
Now take the aforementioned and add youth to the equation and you have a dangerous recipe for later day poverty. The age 21 “never say die” attitude (even more exemplified by athletes) also implies “never go broke”. The “new” and “young” money can be a disastrous combination.
Athletes who plan for retirement usually fair better, but while the spotlight is shining and the after game parties are stirring, players are not thinking about old age. Most are not thinking of old age even when they reach old age! However, there is hope and The Sports Archives would like to share an infographic from www.sportsmanagementdegreehub.com depicting five NBA stars who shoot for “nothin but net” worth.