An average professional baseball player has a career that last 5.6 years and he makes around $17 million during this time. An average professional basketball player has a career that spans five years with career earnings of $21 million. An average professional football player has a career of 3.5 years with career earnings of $6.7 million dollars. Agents eat up a lot of this money. Also keep in mind these are averages, some of the elite players make a lot of money on endorsement deals even if for a brief period of time.
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.
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.
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