30 for 30 Broke

30 for 30 Broke
By: Jenna Traub

30 for 30 broke is a movie about sport’s athletes and how they went from making millions of dollars a year to being broke. These athletes start their career at around the age of 21 and of course they don’t know what to do with the type of income they are making and what to do with all that money. These athletes go on to spend their money on cars, houses, fancy clothes, jewellery, dropping 20 grand at a bar and so forth. Spending this amount on money on their wants relates to the term “keeping up with the Joneses” which is a mental competition between athletes, meaning if a person has the newest car or the biggest house other athletes go out and buy something cooler and this lead to many athletes wasting their money on things they don’t need. They are irresponsible with their money and don’t think about savings so I believe this is the root of the problem on why athletes go bankrupt. Other reasons athletes have reached the point of bankruptcy is; they invest in many companies they may not know much about and the companies themselves go through their own money problems. Another reason is athletes tend to give money and pay for their families houses, cars, and much more and they end up paying for 5 different house mortgages. Also some athletes end up having 8 children with 8 different women and have to pay child support which can cost up to $17,000 a month. A main reason though athletes can go broke is they didn’t put enough money away into savings when they were making millions of dollars and since their careers last only about 10 years or shorter they are out of job and income and have all these expenses they have to pay without enough money put away or even a solid plan for what they should do, this I believe is the worst financial decision they could make. If I were a sports athletes financial advisor, I would make sure they had enough money put away in savings incase all of sudden their career is over and they need to fall back on some sort of money. I would also encourage them to have a solid career after their major sport league career so they continue to have an income to raise a family and pay for their certain needs. The average person after watching this movie learns how important saving is and that having a financial advisor who you can trust will help you save money and prepare you for the worst. If I were a financial advisor of a professional athlete, I would make sure they put a portion of their makings to savings so they are are prepared if anything happens to their career. I would also advise them to think about what they are buying and if it’ll really benefit their life. Also I would advice them to have another career they can fall back on when they’re career’s are over because they will all be over sooner than they think.