Why Athletes Go BROKE

In 2009 Sports Illustrated reported that 78% of NFL players are broke or under serious financial stress within two years of retiring. It has been repeated for seventeen years. In 2015 four economists matched every player drafted from 1996 to 2003 against federal bankruptcy filings: 1.9% within two years, 15.7% within twelve. One in six is still far too many. And the same paper found that players who earned more did not go bankrupt any less often. So if it was never the size of the paycheck, what was it? 0:00 The Myth of the Broken Athlete 1:15 The Reality of Bankruptcy Rates 2:43 The Anatomy of a Paycheck 4:26 The Cost of Permanent Spending 11:37 The Art of Keeping the Wealth