Monday, February 9, 2015

Once the cheering stops: The life of a retired pro-athlete

 While the life of a professional athlete can be glamorous one -- attention, popularity and a pretty sweet pay check, the shelf life of a good professional athlete is often a short one. Athletes spend their whole lives identifying themselves with their sport. Being an athlete is who they are, and often they do not know how to be anything else, or who they are once they can no longer compete.

Most athletes who retired before the age 35, find it a hard transition once they hang up their jersey for the last time. However, the problem with adjusting to a normal lifestyle starts long before retirement. Many professional do not have a degree, some haven't sat in a classroom since their senior year of high school. Those athletes that do go to college have an immense amount of resources, a strong support network, fans, and set schedule. Once a player gets drafted, he/she is further pampered, living a lavish lifestyle of private planes, delicate dinners and a system of coaches and teammates that want to see him/her succeed.

The ESPN 30 for 30 documentary Broke, highlights problems professional athletes face upon retirement, and there are a bunch. The most prominent, and perhaps the most obvious problem acknowledged by the athletes is that many of them do not have any business experience. When twenty year olds are getting million and millions of dollars, money most kids their age couldn't even dream of, it is more often then not spent, leaving athletes broke or nearly bankrupt by the time their career ends. Their huge paychecks often go to lavish cars, expensive jewelry, houses, they are still kids at this point in their lives and have little to no sense of long term planning.

However, Broke dives into problems that are not necessarily obvious. Such as the gambling habits of many professional athletes, or the fact that they are subject to high tax rates on top of having to pay lawyers and agents. Many athletes who get traded have to start over in new cities, putting more financial toll on them and their families. Some athletes have the right idea, of investing their money into a business, but with no guidance or experience, many athletes invest their savings into dead end businesses, retired wide receiver Andre Rison recalls professional athletes investing in car washes.

More expensive than a failed car wash business, however would be family. Evander Holyfield, a retired boxer has eleven children by nine woman. Child support is another reassuring theme in Broke, many athletes reminisce on woman throwing themselves at them, specifically trying to get pregnant and rich in the profess. While eleven children is an extreme case, many professional athletes have a hard time adapting into a parenting position, especially when they are used to being on the road for long periods of times. Other athletes are sought out by family and friends for financial support, especially those who come from rougher neighborhoods.

With an average NFL career lasting between three and four years, and leave permanent damage on your body, it is unfortunate that these young athletes are unable to see the bigger picture. Then again, no one can blame a 21 year old for not thinking " am I really going to need this money in 20 years?" I know I don't think like that. Unfortunately stupidity is not always the case for bankruptcy among professional athletes. Some have the right intentions, making investments and supporting their family, but do not have the proper education or experience to truly be successful.

I believe that athletes and sport organizations often forget or overlook the fact that the shelf life of an athlete, while glamorous is extremely short. Athletes are bombarded with celebrity status, fans, and loaded paychecks it's easy to see how their money disappears long before they even hang up their jerseys for the last time. I believe that leagues could easily do a better job preparing their athletes for a future outside of professional sports, through various retirement and mentoring programs. Athletes are individuals with a phenomenal work ethic and discipline. They are able to accomplish things that only a small portion of the population can do, but it's a shame that society only sees them for what they are work for 3 to 4 years out of their life.

3 comments:

  1. Hey Nicole,

    Great post. I found the topic very interesting. I haven't really been able to analyze the life of the retired professional athlete and how it can truly be a troubling time for these professionals.

    How do you think the leagues could better prepare these athletes? What type of mentors do you think they need? Do you think a financial advisor upon signing their contract would be a good step?

    ~Jack J.

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  2. I know the leagues have tried programs that involve financial counseling and a big buddy mentoring system, but it's so over shadowed by all the glam of professional sports it isn't really something that gets brought up ever. In addition, these leagues have billions and billions of dollars, which is generated by the athletes, it seems fair that they should at the very least try and provide stronger services for them once they are done playing. - Nikki

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  3. Very nice job looking at all the factors that can cause retired athletes financial distress. Make sure you are citing the sources you used to look up this information to provide some evidence. Sources should be cited in text as well as at the end.
    ~Brittainy

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