Percentage of bankrupt NBA and NFL players.

                    Professional Athletes get paid more in their short careers then most American's do in their entire life, but "Despite those staggering salaries, many stars end up dead broke. And many Americans wonder how that’s even possible. Yet it happens all the time. Athletes lose their money at an alarming rate. Analysts at Mint.com report that 60% of NBA players file bankruptcy within five years of retirement. Football players are even worse. More than 78% of NFL stars will file for bankruptcy within five years. Major League Baseball (MLB) players have only mildly better luck, filing for bankruptcy four times more often than the average U.S. citizen." (Preston) Its clear to see from the percentages that there are a lot more NFL players that file for bankruptcy then any of the other two major sports in America.
                     It is surprising that their would be a higher percentage of bankrupt NFL former players, because the NFL itself offers a Rookie Symposium which is "an orientation for all rookies drafted by the NFL. The program offers rookie players the chance to learn about life in the NFL—the development, conduct, engagement, and responsibility necessary to succeed—and prepare them for their career as professional football players." (NFL Life line) It also has a NFL Transition Assistance Program which is "an overview of the transition from the NFL to other professional pursuits. Through a combination of academic topics and success stories from guest speakers, the program supports former NFL players through the successes and challenges of a second career." (NFL Life line) The NFL has a life line which players can call free and it is confidential.
                     The NBA percentage rate didn't surprise me that much till I found out that there is a Rookie transition held every year "The program is a league-wide mandatory initiative for rookies entering the NBA that helps provide young players with information and resources that enable them to proactively make quality decisions and successfully adapt to the lifestyle and challenges of the NBA." (Remme) The program addresses "the business of basketball, continuing and technology education, drug and alcohol education, financial education, health and safety, legal education, media and image communications and professional ethics." (Remme) I understand that not all NBA players end up bankrupt, but 60% is still too high considering the fact that within the first year of their career they have to attend the Rookie transition seminar.
              


Works Cited

• Preston, Chris. "Five Reasons Professional Athletes Go Broke." N.p., 25 Mar 2013. Web. 29 Mar. 2014. http://www.wyattresearch.com/article/five-reasons-professional-athletes-go-broke/. 
• "Life." NFL life line . N.p.. Web. 29 Mar 2014. http://nfllifeline.org/life/. 
• Remme, Mark. "Rookie Transition Program Helps Players Adjust To NBA Life." NBA, Minnesota Timberwolves, n. d. Web. 29 Mar. 2014. <http://www.nba.com/timberwolves/news/rookie-transition-program-helps-players-adjust-nba-life>.

Bankruptcy of Professional Athletes

According to Dictionary.com Bankruptcy is "the state of being or becoming bankrupt." The topic that I will be addressing in my blogs, will be how a majority of former professional athletes have filed for bankruptcy after their career is over. Most professional athletes have at most three years of college and as little as just a high school diploma. They also have probably never learned how to do their taxes. Jacqueline Palank from the Wall Street Journal says that most athletes "[are] expecting to score touchdowns, make slam dunks and hit home runs for a decade but really only playing the game for a few years. It’s facing huge health-care bills from the injuries you constantly sustain. And it’s not being able to say no to the family and friends that helped you rise up the ranks, even if you didn’t even know you had those family and friends." (Palank)  I agree with the points she brings up. The points lead me to believe that college athletes that are expected to go pro should be required by their school to take finance and accounting classes, in order to set them up for a successful career and life.  

In my future blogs, I will use some former athletes like Warren Sapp and Curt Schilling who have gone through bankruptcy as examples. I will also research the percentage of previous players who have filed for bankruptcy in each professional sport. I will try to seek journalists from ESPN and other sports media outlets for sources.