30 for 30 Broke
By: Terrell Smith Owens
One of the worlds weirdest problems is how a pro athlete that has a income of around a million dollars are going broke. My guess is they went bankrupt beacause they could not keep control over their money so they spent it gave it away and most of the time payed child taxes with prices that should not exist. So how do these athletes pay for all of this well the sports salaries change in the 1990’s from 19 thousand then now average 5 million. The thing that most contributed to that change is The American economy getting better. I going to try to explain the term “Keeping up with the Joneses”. It’s trying to have nice things that are better then other people’s and your teammates because everything is a competition but this also leads to bad money management decision because you are always spending a lot of money and then you don’t put any away in a savings account after you retired your broke. The lesson that the average person could learn from these stories is that If you come across lots of money save it and don’t spend it. If I was a financial planner, I would handle my pro athlete’s money with care I would suggest him to start saving so when he retires he will not be broke? I think that the worst financial decision some of these athletes made that affected their lives for many years after they lost the majority of their money is they hade so many kids the expenses for their child tax was brutal they should have never had that many kids