The problem many of these athletes have is they become rich so fast and even with financial advisors, they often make bad decisions because they’re young. Most of them live a lifestyle of thinking they’ll be working for years so they blow through their money and in what seems like a blink of an eye, their careers are over. Baseball and basketball players certainly have more money to work with but many of them also put themselves in a lifestyle they can’t sustain. In other words, they might be driving a Bentley for a few years, but you’ll see them in a Toyota Camry a few years later.
Many young kids have dreams of becoming a pro athlete thinking they’ll become rich and famous which is true, but they don’t realize that they’ll only be rich and famous for a few years then they’ll need to make a living doing something else. For many of them education is on the back-burner because they just don’t realize that their long-term livelihoods are tied to their level of education. Getting them to understand and believe this reality is another thing altogether.