Though if these kids are not smart enough to hire a legit finicianl adivsor that's on them. They get told in rookie meetings by NFLPA how there is advise to them on how to manage money they don't take it that's on them.
Hence the 78% rate SI reported. That's a high number. I did read the original 2009 article by SI, that was cited by Investopedia, and it did add some more context: "By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce".
Look at guys like Vick who had reported lost 9 figures in their career. You have to be special level of stupid to blow $100 million bucks on stuff and go broke.
That’s stereotyping. His issues came from his legal issues. You can have liquid cash and still file bankruptcy. I won’t mention names but some famous individual who just lost an election filed 3x.
True but sports players have probably the highest rate of bankruptcy. Vince Young perfect example of a guy who had million dollar talent but a 5 cent brain.
One of the problems, not making excuses but some get 5 year contracts and injury cuts 75% of that projected income.
That's why these players need to be smart contracts outside of 1st round picks are not guaranteed never know when you can get hurt and have that payday gone.
You have proof of that? Bankruptcy laws are actually a easy way out especially in some LLC’s and S corps
And how many kids out of college with massive student loans borrow beyond their means. It’s not a broad brush
I think actually a lot of kids because of massive student debts were living with their parents longer because of this they were unable to buy new homes at least now after 08 and the housing market fell apart and new lending rules were put in place.