78% of retired NFL players go bankrupt or enter financial distress.

Discussion in 'NFL Football Forum' started by fnordcircle, May 1, 2012.

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  1. fnordcircle

    fnordcircle brady plz PatsFans.com Supporter

    It's old but with the indignant posts cropping up RE: Welker I figure it's a good time for what I assume is a repost here (saw it on Reddit)

    Recession or no recession, many NFL, NBA and Major League - 03.23.09 - SI Vault

    Give it a read and think about this the next time you want to get self-righteous about a player trying to maximize their earnings. Only a fool wouldn't consider that they themselves could fall prey to this were the situations reversed.
    Last edited: May 1, 2012
  2. CheeseMonkeys

    CheeseMonkeys 2nd Team Getting Their First Start

    #11 Jersey

    Doesn't Welker make 9 million off the franchise tag? That's a ton of cash and he'll be jeopardizing his chances at making the hall of fame by passing up the opportunity to catch 120 passes from TFB and contribute to a SB win.
    Last edited: May 1, 2012
  3. TyronePoole

    TyronePoole Banned

    If he gets hurt on that contract after taxes, agent fees etc. That's about $5 million for the rest of his life. that's not bad money but it's not a ton of money, certainly a lot less than you'd expect for an elite athlete in the most popular sport in The United States.
  4. TyronePoole

    TyronePoole Banned

    btw I'm sure the medical bills a lot of these guys have to deal with are staggering
  5. Armchair Quarterback

    Armchair Quarterback In the Starting Line-Up

    #37 Jersey

    I won't get self righteous about maximizing earnings but I will get self righteous about going broke after being given a $20,000,000 head start.

    I have little sympathy for someone who squanders a fortune on investing in every dumb idea they're told about, having someone unqualified handle your money, spending money on cars, rims, aquariums, exotic pets, entourages, 500 pair of shoes or having a dozen children each with a different baby mama.

    And don't even get me started on the stupid ******* jewelry they spend their money on. Watching the draft I noticed they pretty much all had spent money they haven't even made yet on those hideous looking watches the size of a laptop, it's like they can't wait to piss it away fast enough.
    Last edited: May 2, 2012
  6. Armchair Quarterback

    Armchair Quarterback In the Starting Line-Up

    #37 Jersey

    Case in point, a man should never where a watch like this. And he hasn't even made dollar one yet. Mike Pouncey from 2011 draft. [​IMG]
  7. VrabelJr

    VrabelJr In the Starting Line-Up

    #50 Jersey

    Here's to hoping Brandon Jacobs ends up in that 78%
  8. TruthSeeker

    TruthSeeker PatsFans.com Supporter PatsFans.com Supporter

    This has very little to do with maximizing earnings and a whole lot to do with preservation of capital.
  9. TheBeers

    TheBeers Third String But Playing on Special Teams

    :eat3: ahahahahaha lololololol :rofl:
  10. supafly

    supafly PatsFans.com Supporter PatsFans.com Supporter

    #32 Jersey

    That's pretty much the solution that many of the players dismiss.

    Just the interest alone off of some of those signing bonuses would allow a person to live a somewhat lavish lifestyle, without tapping into their capital too much (should they choose, obviously).

    I think the bottom line is that when they do walk away from the game, they likely have a good chunk of money that they earned. The ability to slow down their spending at that point, and cherish the material possessions that they already have such as cars, houses, etc should be common sense.

    I have no sympathy whatsoever for someone who's dumb enough to spend tens of millions of dollars and allow themselves to become dead broke.
  11. supafly

    supafly PatsFans.com Supporter PatsFans.com Supporter

    #32 Jersey

    Sad thing is...it's butt ass ugly. Much like Maurkice and the team he plays for.

    You'd think with all that money that most have, they could at least purchase some respectable looking jewelry...I know I could.
  12. aurakilla

    aurakilla Third String But Playing on Special Teams

    didnt some idiot NBA player blow 10k on lottery tickets?

    it amazes me the income these kids get for 1-3 years and they save none of it.....
  13. RelocatedPatFan

    RelocatedPatFan In the Starting Line-Up

    The NFL has programs for these guys on how to set themselves up for life after football. I'd like to see a breakdown because they probably include those players who have a very short shelf life in the NFL. Though a great amjority of them are probably aware their bubble players and (i would hope) see that every season is a gift.
    Surely you meant to say Bernard Pollard?
  14. Sporin

    Sporin Practice Squad Player

    Similar to lotto winners and many others who experience a massive windfall but never have the education or positive support system to spend, save, and invest wisely.

    Some (most?) people are absolutely stupid about money.... and this is often magnified by impoverished upbringing as many athletes today have had.


    The "maximize their earnings" thing is fine with me, but let's not fool ourselves into thinking that getting 10M a year instead of 9M a year is the difference maker in long term financial stability. That long term stability is about planning, patience, and self control, not the total dollar figure.
  15. fnordcircle

    fnordcircle brady plz PatsFans.com Supporter

    So what makes you guys think you would be the special 22% who doesn't end up struggling financially after their football career ends? And the parallel has already been drawn with lottery winnings causing issues.

    Anyone who goes from nothing to being a millionaire overnight struggles with not ending up worse than when they started. Going from having $200 to your name to, say, $2m is a staggering change and it is very easy to lose perspective and to not understand that even though $2m seems like an unending supply of money - it really isn't. Lose a chunk of it to the government. Buy your mom a house. Buy yourself a house and suddenly you're broke.

    It's really only hubris that would make anyone think they would be immune to this.

    And to handwave away the fact that an extra million or two increases someone's chances of avoiding financial failure is ridiculous. The difference between $9m and $10m is substantial and could be the difference between a player becoming financially solvent or busted.

    I'm not even going to comment on the jewelry bull**** because it smacks of thinly-veiled racism which this board always toes the line on anyways.
  16. Sports and entertainment are one of the few areas that can generate huge earnings independent of financial acumen.

    Building great wealth through advanced pump technology has financial proficiency as an inherent requirement. If not, it's bankrupt.
  17. Armchair Quarterback

    Armchair Quarterback In the Starting Line-Up

    #37 Jersey

    Oh good, you're gonna call in the race card. Now that's bull****.

    What do you want us all to do? Have a good cry for all the multimillionaires who piss it all away?

    Or is this just a way of showing that you're above all of us knuckledraggers and mouthbreathers because you have compassion and understanding?
  18. Patsfan_22

    Patsfan_22 Practice Squad Player

    These players earn so much more than the average American lets not have a pity party for them. 9 million dollars a year is absolutely stupid money, I don't have a problem with Welker demanding more because his skillset is in high demand but to feel sorry for all these millionaires is insane. You should save your pity for people that truly deserve it, not idiots that throw themselves 861,000 in debt before they even get drafted (Dez Bryant).
    Last edited: May 2, 2012
  19. Haley

    Haley In the Starting Line-Up

    No Jersey Selected

    So...is your solution to a gambling addiction to give the addict a higher salary?

    Honestly, this is pretty ridiculous. These people are financially irresponsible. Perhaps they need more financial education but I don't see why irresponsibility means they deserve higher pay. By your own argument, they would end up even worse off!
    Last edited: May 2, 2012
  20. NEGoldenAge

    NEGoldenAge Banned

    The median househould income in MA is about $62,000, which is usally the sum of two incomes. Let's say that the average person works 45 years.

    62,000 * 45 = $2,790,000

    Now that you can see what an average household will make in their entire lifetime, perhaps you can form a sound opinion on this subject.

    Sorry, I don't think I can help you with whatever psychological condition caused you to play the race card in this situation.
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