Congratulations, you were drafted! Prepare to go broke.



My Sunday Washington Post Business Section column is out. This morning, we look at how often pro athletes manage to go financially bust.

The print version had the headline Congratulations, you were drafted! Prepare to go broke!, while the online version is merely Professional athletes need to learn to keep their finances in good shape.

In the column, I detail why pros go broke (Youth and inexperience play a large part in it) as well as what they can do to avoid the most common fate of the pro athlete.

Here’s an excerpt from the column:

“The data on professional athletes are startling: Shortly after they retire, nearly four of five NFL players are bankrupt or under financial stress, according to Sports Illustrated. Joblessness and divorce are the main reasons. It’s marginally better in the National Basketball Association, where after retirement nearly two of three players are broke within five years.

Why does this happen? There are lessons here even for those investors who cannot hit a jump shot. Let’s look at the reasons so many athletes go broke.”

I really like what the Post did in the dead tree version of the paper — nice art work, including a good table:
click for larger version

athlete bust



Professional athletes need to learn to keep their finances in good shape
Barry Ritholtz
Washington Post, June 1 2014

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