60% of all NBA players end up poor

Re:60% of all NBA players end up poor by dlikhten on Friday July 08, 2011 @04:15PM (#2743910)

Cool. Not a big surprise. Take a person who is focused on playing sports, sports, sports, training, sports, and oh yea, training who also is poor, and shove money in their face the thing they will do is buy everything they could.

The problem is that most people didn't get the necessary financial education.

The bigger problem is that I doubt these people are very good at math and financial management so they probably ignored the warnings of "I need x dollars per year to sustain this life style, if I get fired tomorrow due to uncontrollable circumstances I am fucked". In the end lots of money needs investing. This is a problem for the middle class and even bigger for the upper.

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Re:60% of all NBA players end up poor by streptomycin on Friday July 08, 2011 @04:18PM (#2743920)

Another large factor is that, often when athletes realize they need to save/invest money, they get scammed in bad investment deals. A shady businessman will hire a former athlete as a representative to sell risky investments to current athletes, who then lose tons of money even though they were just trying to invest their money for the future.

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Re:60% of all NBA players end up poor by hezekiah on Friday July 08, 2011 @04:40PM (#2744002)

I have seen this literally - it's low down but it does happen.

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Re:60% of all NBA players end up poor by peterb on Friday July 08, 2011 @04:26PM (#2743944)

It doesn't just happen to athletes. I saw the same thing happen in the high tech world during the dot-com bubble.

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