Another large factor is that, often when athletes realize they need to save/invest money, they get scammed in bad investment deals. A shady businessman will hir

Another large factor is that, often when athletes realize they need to save/invest money, they get scammed in bad investment deals. A shady businessman will hire a former athlete as a representative to sell risky investments to current athletes, who then lose tons of money even though they were just trying to invest their money for the future.