Why Athletes Go Broke

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Immense pressure is put on professional athletes making millions of dollars every year to support loved ones. “If you haven’t experienced it yourself, there is no way to describe it.” That is how one professional athlete described the pressure put on by family and friends to share the wealth (Why Athletes Go Broke: The Myth of the Dumb Jock). Magic Johnson has become an extremely successful entrepreneur after playing in the NBA, Johnson believes it is beneficial if friends and family are no part of an athlete’s investments or business endeavors. An athlete hiring a friend to do a pointless job is much more beneficial for the friend than the athlete. An athlete does not need the help of friends in order to prosper while friends of the athlete rely on the athlete’s wealth to live (Torre,4). Many different people will stretch the definition of friend in order to try and indulge in the luxurious lifestyle an athlete is living. “In any business where you make a lot of money, there are people trying to get their hands on it.” said Levi Brown. All sorts of people are flocking to athletes to try and get in the athlete’s pockets (Pro Livsey 3 Athletes Often Fumble the Financial Ball). Regardless, athletes want to prove the remembrance of a hometown or group of people who supported the individual on the way to becoming a professional athlete. Buying houses and cars for friends and family, is a way of showing that money hasn’t changed the athlete (Why Athletes Go Broke: The Myth of the Dumb Jock). Divorce, marriages and affairs that lead to child-support and alimony payments are detrimental to a professional athletes finances. The divorce rate for pro athletes ranges from 60-80% which is much higher than the general public. It is highly s... ... middle of paper ... ...athletes but it works to their disadvantage when it comes to making financial decisions (Why Athletes Go Broke: The Myth of the Dumb Jock). Works Cited Farrell, Andrew. “Sports Stars’ Money Meltdowns.” 31 January 2014.Web. McCaffrey, Gene. Personal Interview. 1 March 2014. Pagliarini, Robert. “Why Athletes Go Broke: The Myth of the Dumb Jock.” July 1, 2013.Web. Sladky, Lynn. “Pro Athletes Often Fumble the Financial Ball.” 4 April 2012.Web. Torre, Pablo. “How (And Why) Athletes Go Broke.” 23 March 2009.Web.

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