30 for 30 Broke Reflection by Ryan O’Charchin

In the 30 for 30 going broke film, most of the athletes income went towards new cars, jewelry and child support, so they would have no savings left after they’ve retired because they spent it all trying to one up their teammates and it would leave them bankrupt or in debt.

The root of the problem for most of these athletes is divorce. Some athletes ex-wives try to get pregnant and have a kid then divorce them just for the money. Some of these athletes had multiple kids with different women so a proportion of their income went straight towards child care. If you had 9 kids with 9 women that would be a good amount of your money within a few years just gone because of bad judgement.

Keeping up with the Joneses is a really good way to throw away your money pretty fast. You only really need one car you don’t have to get the newest car every year, you don’t need to spend 50k in one day on gold chains and you don’t always have to be the most competitive with who can throw their money away the fastest!

The average person can learn more examples of needs/wants and compare their own needs and wants a bit easier, just from watching these athletes just blowing their money on the newest hummer or the newest jewelry.

The worst decision that these athletes made was how they spent their money because they didn’t even think about spending in the future and they were caught up with spending at the current time, they thought there was no way anyone could spend that much money but they found a way to become bankrupt after their careers.

If I was one of these athletes financial planners I would tell them that they need to think about saving for the future so they can live throughout their life without being broke. So I’d tell them not to go out and gamble with their friends every weekend and that they don’t need the newest hummer or the biggest chain out at the time.