30 for 30 Broke

30 for 30 Broke

By: Yinling Chan

Throughout the years, many pro athletes are going broke, and many of them end up filing for bankruptcy. Since the 1990’s to present time, the salaries for these athletes have changed drastically. It went from about 4.3 million for one season during the 1990s while today, it would be around 24.8 million a season. The cause of their bankruptcy is that they tend to overspend a lot. The term “Keeping up it the Joneses” was very popular, and it meant some sort of a ‘competition’ amongst the pro athletes. The ‘competition’ was to see who could have the best, hot, and expensive new item and compared it with other pro athletes to boast about it and whomever has the ‘best’ thing ‘wins’. Also, being the new family member to receive a ginormous amounts of money, their family members, relatives and even relatives that they didn’t know that had, approaches to them asking for sponsorship because they’re ‘family’ because family’s are supposed to support each other. So the pro athletes constantly had to pitch in money one-sidedly and that led to the athletes to use up their hard earned savings that they’ve worked blood, sweat and tears and watch their money slowly disappear. Another thing that led them to lose their money was, bad habits and addictions like gambling and drug usages. There were many instances where the athletes have to amount to getting a financial planner/agent to manage their money for them, but they end up being cheated on and getting their money stolen by their untrustworthy, dishonest financial planner/agent. I believe that from this occurrence, many average people can learn about their financially planning your income and controlling your expenses. Also, you don’t have to feel the need to take care of others before yourself, as you need to live as well. Don’t fully trust anyone, as you may not know their actual intention for approaching you. If I was a financial planner for a pro-athlete, I would act like an Asian mom and force an expense plan for them on how much money they can spend a month and what they spend it on.

 

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