How And Why Athletes Go Broke Analysis
Pablo S. Torre, an ESPN sportswriter wrote an article about athletes who make millions just to lose it all in the end. Athletes need to worry about maintaining their wealth rather than becoming richer by investing in business deals. Tubbs explained how and when they begin earning income (often in school, through illicit payments from agents); how their pro salaries are invested(blindly); and when the millions evaporate (before they know it). Torre focuses on a couple of athletes who engage in fraud deals, fail to learn the basics of budgeting, and filing for divorce. Ismail, an NFL player who engaged in fraud deals did not know who he was working with. He trusted the guy and never kept track or monitored the money. He lost millions because of the risky investment and lack of judgment of the person he was getting involved with. Magic Johnson, an NBA player acknowledges that he never taught the business side of things. He trusted friends of a friend to take care of his money coming in and out. When in reality this friend of a friend knew absolutely nothing about accounting. Filing for divorce is one the biggest reasons athletes go broke. Mark West, an NBA player explains how once you are retired, it’s a huge lifestyle change. Going from never being home, to always being home. West also stated a reason why he cheated
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Many of the athletes spent money impulsively on things that they did not need. They wanted to keep up with other athletes that they played with so they fit in. Also, they invest in business arrangements that end up failing. Athletes have no sense of money when it comes down to investments because they think they will never run out and always have it. They want to become richer instead of maintaining their wealth. Reading this article showed me from an athlete's point of view how they perceive making millions and then end losing it all to bad
Many of the athletes spent money impulsively on things that they did not need. They wanted to keep up with other athletes that they played with so they fit in. Also, they invest in business arrangements that end up failing. Athletes have no sense of money when it comes down to investments because they think they will never run out and always have it. They want to become richer instead of maintaining their wealth. Reading this article showed me from an athlete's point of view how they perceive making millions and then end losing it all to bad