5 Reasons for Bankruptcy
- Overspending- Athletes see their salaries as infinite and spend their money without any thought of savings.
- Career Duration- Average career span of MLB is 5.6, NFL 3.5, NBA 4.8. As these professional athletes only work in their prospective fields they do not work for a long period of time. They make their millions and spend it quickley where they do not save for later.
- Lack of Finance Knowledge- Professional athletes do not take in account they do not play forever and spend way too much without saving.
- Poor Investment Decisions- Athletes are targeted for poor sales or investment pitches
- Associating with the Wrong People- Often athletes do not know who is paying their bills. They basically have no knowledge to how it is being spent and their savings are hurt by this.
