Rich professional athletes squandering their millions has become a sad clich?.
A Sports Illustrated article this year showed how shockingly common financial ruin is:
- By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
- Within five years of retirement, an estimated 60% of former NBA players are broke.
- Numerous retired MLB players have been similarly ruined.