I read the post I'm going to share in the actual ESPN magazine and after a quick search I found it online. Which begs the question (that was for Ben)... if they are going to post the article online why spend all the money on printing? I don't really mind because my subscription to ESPN the magazine came by way of airline miles (I actually have so many magazines some get thrown directly in the trash). Further proof that the magazine industry is having issues I guess.
To explain the title, you know how when election rolls around celebrities (actors probably more so than athletes) are suddenly political experts. Put them in an academic debate and they'd probably be convinced they won. Understanding how to handle money, I bet similarly they know they are aces.
So the article I thought was an interesting quick read is here (I'm not about to do the fancy make it look nice like Josh just did below):
ESPN the Magazine Story
I was shocked by the basis of the article:
"Filing for bankruptcy is a long-standing tradition for NBA players, 60% of whom, according to the Toronto Star, are broke five years after they retire. The other 40% deliver the Toronto Star."
Do you think the stars are more likely to end up bankrupt or these are the more pathetic players? I think its probably about the same odds for both. I guess one financial truism I've been thinking about is that its not how much you make but rather how good you are at managing your finances or more your spending. But I don't want to delve into finances much since this is a sports blog...
3 comments:
They should all do what Vai Sikahema did. Beat the shiz out of bums like Canseco.
it's an interesting question. it'd be interesting to make a quick study of what athletes do after retirement/being forced out, etc.
sorry for the excessive comments. i should just thrown it all into one.
i guess going from making ridiculous amounts of money and getting used to a corresponding lifestyle for 10 years (give or take) and then going to being unemployed is a shock to the system. most of us know that we're going to be working for a good 30+ years, get used to not being able to buy expensive things whenever we want, and that type of lifestyle becomes a way of life, so retirement isn't that big of a shock to the system.
just my initial thought on the subject.
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