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3. Major injuries often cut a professional athlete’s career short, leaving those that depended on their bodies their entire lives for earning potential without an adequate alternative skill to earn money after their professional sports careers end.

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2.While average salaries are high, $1.4MM in 2005 in the NFL, and $2.7MM in 2006 in major league baseball, many players believe that their careers will last much longer than 4 years. They figure that it will always be the other guy that is out of the profession soon and not him, so they fail to not only preserve wealth, but also they fail to grow what they already have.

Most professional athletes suffer from young person’s disease – invincibility. They feel as though short-lived careers will happen to the other “guy” or the other “girl”, not him or her, and consequently fail to adequately manage their finances during their often, very short-lived, prime-earning years. Of course, there are always exceptions, such as New York Giant’s running back Tiki Barber, who has decided to walk away from the game during the prime of his career to preserve his health and purs… Continue

Mike Tyson shows what led to the end of Mike Tyson. It is werid how we can look back on this understand Mike might have had real mental problems then. All the while Mike Tyson was building a name brand for the rest of his life. Dispute making a reported 300 million in his career mike tyson filed for bankrupcy and aparently did not handle his finaces very well according to some observers. He had a very good nintendo video game out in the 1980s calle punch out. Continue

It is no surprise that so many professional athletes have difficulty with their financial affairs, according to a white paper released last month by Rothstein Kass.

Two-thirds of pro athletes aren't focused on the business side of their careers, and less than a third are concerned about h… Continue