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Sports Illustrated had a great article about why athletes go broke: https://www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke https://www.si.c
by RcouF1uZ4gsC 7y ago
Sports Illustrated had a great article about why athletes go broke: https://www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke https://www.si.com/vault/2009/03/23/105789480/how-and-why-at...
It seems that many athletes do realize their timeframe and try to invest so they have money afterward. Unfortunately, many make bad investments. Many athletes like the concreteness of investing in a business where you know the people, over the abstractness of putting money into an index fund, though the first comes with a lot higher risk than the second. Many times they are preyed upon by unscrupulous business people because of this.
- clairity 7y agoi know that there are organizations that provide business education to professional athletes. it seems to be too little however, given the stories/anecdotes you hear. i'd go so far as to suggest that all pro athletes should be offered a mini-mba program of business courses as rookies: statistics, economics, marketing, accounting, finance, and strategy (and possibly financial valuation, operations and organizational behavior too). that way, they'd have the basic tools to evaluate the investment opportunities that will inevitably seek them out.
- lonelappde 7y agoWhy doesn't the NBA start an incubator where they rent out player likenesses to companies and take a percentage? That way the player gets nice endorsement money without worrying about business stuff
- barbecue_sauce 7y agoI don't think the players' union would be cool with that.
- caseyf7 7y agoTop business schools have already tapped this lucrative market and offer offseason programs to professional athletes.