30 for 30 Broke Reflection

30 for 30 Broke
By: Ken Gabales
Why athletes go broke all the time? Athletes go broke so fast because they are so competitive with themselves and others. “I want this, I want that.” “They have THAT car? I’m going to buy the newest one.” They have all this millions and they spend it on useless toys that are ridiculous. Unlike normal people, athletes earn income of millions and millions in a year than what average high paying jobs can get in our lifetime. But do they have a savings account to keep this income? No! Athletes do not and spend it all like they are going to be rich forever and with this expenses, athletes go broke and bankrupt and then be on dept. Sports salaries change overnight in 1995 when a whole bunch of players got signed into a $85 million contracts and when athletes have this kinds of money, they want to buy toys or jewelry that other players don’t have and this is called “keeping up with the Joneses” and when they buy and buy, athletes don’t think of how much money is being spent and this leads to bad money management. If had this kind of money, I would save up for my retirement savings plan instead of spending it on useless accessories, because it will be pain, if I had such a bad buying habit. I mean, if I get to be a pro athlete’s financial planner, I would say, “hey man, I would like to help you save more and spend less, so forget what other athletes have and focus on the future where your rich and they’re not!” and later on he would thank me for making rich, yes!. To me, these pro athletes worst decision wouldn’t be that they spend too much money and time on what cars or “blings” and not keeping
the money instead.