Well, most of us have heard the stories about NFL players going broke after retirement. It’s a shame really. It’s like they hit the financial lottery only to blow it all on foolish things like yachts, cars, and Cheap Jerseys from china other things that can’t bring in a steady income. Of course, I’m sure there are some NFL players who save their money and live comfortably, but what percentage of them go bankrupt?
To answer this question, the National Football League Players Association (NFLPA) has studied the financial statuses of retired players and found that between nine and thirteen percent of former NFL players later declared bankruptcy. That’s a high number for sure, but it’s also important to remember that players are not required to declare bankruptcy when they go bankrupt. It’s just a way to protect their assets and help them get back on their feet. So, the actual number of retired NFL players who are underwater is higher than that.
One way to look at the issue of former NFL players going broke is to compare it to the general population. It turns out that NFL players are actually more financially secure than the rest of us. Only 4.1 percent of U.S. citizens declared bankruptcy in 2019, which means NFL players are twice as likely to stay financially afloat.
Maybe the reason retired NFL players tend to fare better than the average Joe is because their training and lifestyle while playing equips them with the skills to be successful after they hang up the cleats. They also have the advantage of earning a large income for the period of their career, which makes it easier to survive financially since they’re used to living off of a larger salary.
However, this doesn’t mean they’ll automatically be fine long-term. In addition to the threat of bankruptcy, they also face the challenge of adjusting to life without football, which can be a huge psychological and emotional transition. That’s why the NFLPA is invested in providing programs and counseling services to help them transition into the next stage of life.
But what about the players who go bankrupt? Sadly, they often lack the financial literacy and resources needed to survive and thrive in the post-NFL world. And many find themselves relying on friends and family for support or taking lucrative jobs that don’t provide the long-term security they need.
It’s also true that some players are overly ambitious and end up taking on more financial responsibility than they can really afford. This could be anything from investing in out-of-the-line businesses to pricey homes and cheap jerseys cars. And while some of these investments may pay off in the short term, the long-term consequences may be crippling.
Finally, injuries can have a big impact on the retirement plans of NFL players. Even though they have access to top-notch medical care, some injuries can be costly and debilitating–and they often leave the player with few income options after they retire.
There’s no question that the NFL has one of the highest percentages of retired players going broke; however, it’s important to note that there are a lot of variables that go into it. Players who make smart decisions, plan accordingly and save responsibly can do well, no matter what their past looks like.