Deonta Pittman
Ms. Frank
Academic Reading & Writing
February 17, 2015

Nothing Lasts Forever

Since the early 1900s, college athletes have been getting drafted into the professional league of basketball, football, baseball, hockey, and more. Also following the draft process, is a rookie contract that entitles new professional athletes with specific salaries for the year. With this contract, athletes are able to live comfortably, pursuing the sport they love, but many somehow find themselves in financial troubles. The majority of their troubles come from spending insane amounts of money, not being able to make smart choices with their money, and having trouble getting a job after being released from professional sports. When you offer a high amount of money to a twenty year old teenager, they spend large amounts, if not all the check, on several valuables. Joe Nocera stated in the Entertainment and Sports Programming Network (ESPN) documentary 30 for 30 - Broke, “The trait is called ‘sudden wealth effect’. It’s not like how people could win the lottery.” So with sudden large amounts of money, athletes spend recklessly on houses, jewelry, cars, and tailored suits. According to ESPN documentary 30 for 30 – Broke, most athletes first spend their paychecks on their parents. They buy their mothers and fathers new things they’ve never been able to afford. For example, if a rookie linebacker received his first salary paycheck, more often than not, the linebacker would buy his mother an expensive house to share some of his success with. Another example would be, a National Basketball Association (NBA) rookie gets his first paycheck, and instinctively goes and buys his supportive father that nice Dodge 4x4 he’s always wanted. Along with buying expensive things, are the athletes’ inability to be money smart when experiencing sudden wealth. When athletes are in season they are receiving checks week after week. This leads professional athletes into making poor decisions with their money, and almost spending all of their check, instead of investing or saving that money. What most rookie athletes don’t know is that, when that last game comes around and off-season begins, they’re done receiving their weekly checks. So then they have to rely on their off-season workout bonuses to make it through the spring and summer. This is an easy indicator that NBA, National Football League (NFL), National Hockey League (NHL), and Major League Baseball (MLB) athletes spent way too much money. When it comes to investing, many athletes invest in the wrong things at times. Many think they’re going to get profitable returns, but instead are screwed over by bad business outcomes. For example, according to Yahoo Sports, as well as going to prison for dog fighting charges, “In 2008, Vick also filed for Chapter 11 bankruptcy, because he was unable to repay $6 million in loans used to invest in a variety of business ventures, which included a car rental operation in Indiana, real estate in Canada, and a wine shop in Georgia.” Likewise, when an athlete is enjoying their time in professional sports, many don’t think about that one lingering factor that comes after being abruptly released. Athletes get so caught up in the moment of fame and fortune, unaware that it all must come to an end eventually. These athletes believe that their training and competing is a career, but don’t realize that competing in professional sports is nothing but an opportunity. According to Bernie Kosar, a former NFL quarterback stating in 30 for 30 – Broke, “The average career back then, and still now is really less than three and a half years.” So with this situation, athletes still have half of their lives to pursue. Many athletes now have to find real jobs, and provide for themselves and their families some other way. This leads athletes into tough situations, since many have little, if any, working skills that can enter them into a high-paying profession. For example, according