In my opinion pro athletes are not much different from lottery winners. Yes they did have to work at it harder and for longer then paying a couple of bucks for a lotto ticket but the result is the same. They're poor, they're poor, Bam they're rich beyond their wildest dreams. Nothing prepares you to know how to handle a change like that. I'd guess you could add musicians and movie starts to the same class.
Completely concur. The thing is with athletes and celebs I actually do not empathize with their financial implosions. Unlike many of the working class athletes and celebs have access to resources most of us rarely can access. However like us their CHOICES can define their lives. I feel if highly paid athletes are proactive and somewhat humble they can amass and keep a fortune to comfortably live on for generations. Sure the odds are stacked against athletes who suddenly came into millions. Often times they become targets for unethical financial advisors who do not act as fudiciaries and/or they voluntarily enter into business ventures they may not fully understand. However, at the end of the day it is still their decision on the lifestyle they lead (regardless if they can actually afford it or not) and the buck stops must with them.
On a related note here are 9 of the Most Financially Irresponsible NBA Players in History
http://bleacherreport.com/articles/1085063-the-9-most-financially-irresponsible-players-in-nba-history Does it take an Ivy League MBA graduate to understand, one day the money will run out? Sooner or later the individual will face the reality they created of their own chosing. Until they take an active role with their finances, they will always be in the dark and increase the chances of failure.
For every athlete that runs out of money and declares bankruptcy there are a few that buck the trend. There was one particular NBA player featured in a financial magazine who did this and it is really interesting to hear his own words. Unfortunately I cannot locate the article or recall the player. I just recall a few things he was college educated and graduated and originally did not plan on going into the NBA. I think he was studying business and he might've been with the LA Lakers. If anyone knows post up the article to share. Thanks.
Lastly, not sure if this was previously mentioned but it is also interesting to note that the NBA is already forcing players to save towards retirement.
http://www.bloomberg.com/news/2012-07-12/nba-players-forced-to-save-toward-retirement-for-first-time.html and still players have a hard time controlling themselves.