Professional Athletes Ill-Equipped for Life After Sports

Althoughbig-time athletes may seem financially secure, a high proportion ofprofessional athletes are completely unprepared following their often-shortplaying careers.

Theaverage NFL career is 2.7 years and careers in other major sports leagues lastonly slightly longer.  Athletes may comeinto sudden wealth, but they are particularly challenged when it comes to managingtheir lifestyles sustainably, investing their wealth wisely, and staying awayfrom unscrupulous advisers.  An estimated78% of pro football players are in financial distress two years after theircareer, and around 60% of pro basketball players are broke five years aftertheir career.

DavidEmma, a registered investment adviser who focuses on families with proathletes, stresses the importance of a second career.  Emma says, “At 35, you’re too young to donothing.  If you meet the right people,you can do great things.”

See Andrew Osterland, Athletes Finish Out of the Money,Investment News, Aug. 11, 2013.