Topic > Why Athletes Go Broke - 1354

There is enormous pressure put on professional athletes who earn millions of dollars every year to support their loved ones. “If you haven't experienced it yourself, there's no way to describe it.” This is how one professional athlete described the pressure from family and friends to share the wealth (Why Athletes Go Broke: The Myth of the Stupid Athlete). Magic Johnson became a very successful entrepreneur after playing in the NBA, Johnson believes it is beneficial if friends and family are not part of an athlete's investments or business ventures. An athlete hiring a friend to do useless work is much more beneficial to the friend than to the athlete. An athlete does not need help from friends to prosper while the athlete's friends rely on the athlete's wealth to live (Tower,4). Many different people will stretch the definition of friend to try to indulge in the luxurious lifestyle that an athlete lives. “In any business where you make a lot of money, there are people trying to get their hands on it.” Levi Brown said. All sorts of people flock to the athletes to try to get into the athletes' pockets (ProLivsey 3Athletes Often Fumble the Financial Ball). Regardless, athletes want to demonstrate memory of a hometown or group of people who supported the individual on the path to becoming a professional athlete. Buying houses and cars for friends and family is a way to show that money hasn't changed the athlete (Why Athletes Go Broke: The Myth of the Stupid Athlete). Divorce, marriages, and affairs that lead to child support and alimony payments are detrimental to a professional athlete's finances. The divorce rate for professional athletes ranges from 60 to 80 percent, which is much higher than the general public. It's definitely mediocre for athletes, but it works to their detriment when it comes to making financial decisions (Why Athletes Go Broke: The Myth of the Stupid Athlete). Works CitedFarrell, Andrea. “The Collapse of Sports Stars' Money.” January 31, 2014.Web.McCaffrey, Gene. Personal interview. March 1, 2014.Pagliarini, Robert. “Why Athletes Go Broke: The Myth of the Stupid Athlete.” July 1, 2013.Web.Sladky, Lynn. “Professional athletes often miss the financial ball.” April 4, 2012.Web.Torre, Pablo. “How (and Why) Athletes Go Broke.” March 23, 2009.Web.