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There's a pretty substantial amount of financial guidance available to pro athletes. I keep seeing this mentioned here but it's just wrong. They aren't broke be

There's a pretty substantial amount of financial guidance available to pro athletes. I keep seeing this mentioned here but it's just wrong. They aren't broke because there's nobody telling them "hey don't blow all your money." Every team in every sport has an orientation for new players, and nearly every major sport athlete has an agent with an MBA. They're broke because they spend it anyway. You can lead a horse to water but you can't make it drink. Many of them come from the sorts of backgrounds where you spend the money when you've got it, so that's what they do. But they've all been advised differently.

scott_s 14y ago
I don't think it's just their backgrounds. Most people who make a lot of money also spend a lot of money. The difference is that most people who make a lot of money will do so for a lot longer than an average of 6 years. I bet that if you fired someone from the financial industry who made $1 million a year for 6 years after college, and somehow took away all of their prospects for a professional salary, they would also have financial trouble.