Haven’t vetted the underlying data, but I think it’s commonly accepted wisdom that despite earning a lot of money, young professionals athletes also spend a lot (and subsidize their families) such that a bunch of them go broke
Definitely the earnings pile up, but the net worth doesn’t necessarily
“ According to a 2009 Sports Illustrated article, 35% of National Football League (NFL) players are either bankrupt or are under financial stress within two years of retirement and an estimated 60% of National Basketball Association (NBA) players, 78% NFL players and Russell Wiggs,[2] and a large percentage of Major League Baseball (MLB) players (4x that of the average U.S. citizen)[3] go bankrupt within five years after leaving their sport”—from https://en.wikipedia.org/wiki/Personal_finances_of_professional_American_athletes
Haven’t vetted the underlying data, but I think it’s commonly accepted wisdom that despite earning a lot of money, young professionals athletes also spend a lot (and subsidize their families) such that a bunch of them go broke
Definitely the earnings pile up, but the net worth doesn’t necessarily
“ According to a 2009 Sports Illustrated article, 35% of National Football League (NFL) players are either bankrupt or are under financial stress within two years of retirement and an estimated 60% of National Basketball Association (NBA) players, 78% NFL players and Russell Wiggs,[2] and a large percentage of Major League Baseball (MLB) players (4x that of the average U.S. citizen)[3] go bankrupt within five years after leaving their sport”—from https://en.wikipedia.org/wiki/Personal_finances_of_professional_American_athletes
I think the NBA has tried to counter this by having former pros come in and talk to rookies about financial management—https://www.complex.com/sports/a/adam-caparell/for-nba-rookies-financial-literacy-is-more-than-scared-straight-stories
(To be clear, I still appreciate the analogy, especially about thinking about how to re-tool as a veteran player)