I recently watched a documentary by ESPN called Broke regarding the sad reality of the percent of professional athletes that end up in financial ruin shortly after their careers are over. Click here to watch the full documentary.
Below is a screen shot showing the statistics of retired professional athletes.
I found this documentary to be a glaring example of how the wealth we so desire can actually consume us. Most of us will shake our heads in disgust by these statistics, but I would wager that the only difference between their financial habits and that of most Americans is that they just have more money to lose. The problem is fundamentally the same! A millionaire with poor financial habits will go broke just as quickly as one with the same habits making middle class wages. If you do not manage the little you have, you will certainly not be able to manage millions.
We spend our entire childhood and young adult lives in a quest to acquire the skills needed to earn a nice living, however we spend very little time educating ourselves on what to do with the money we make. You don’t have to make hundreds of thousands of dollars a year to have wealth, but you do have to know what to do with the money you earn in order grow it to greater levels. Use this as a motivator to become disciplined to study and increase your financial intelligence. When you manage your wealth correctly, you will not become a victim of it.
Do you think these athletes are different than the average American in debt? I would love to hear your thoughts on this issue! Click here to leave a reply.