Professional male athletes in America tend to be idolized for their unique talent and their opportunities to make money. They are in the high income tax bracket and most of the time live lavishly. Typically the "shelf life" of any athlete is relatively short with an average of 3.5-5.6 active playing years. Also, the average salary for a professional male athlete is around 3.4 million dollars annually. Most people would be shocked to find out that more than half of every professional athlete in the United States declare bankruptcy after 5 years of retirement due to the lack of professional financial guidance and out of control spending. The executives of these organizations should provide resources to assist the athletes with their money management to ensure financial security.
There are many different variables when referring to male athlete's financial difficulties. For example socioeconomics, financial literacy, and family relationships are just a few factors that play a huge roll in an athlete's finances. Most professional athletes come from low income areas or communities riddled with poverty which makes it harder for some to deal with large salaries. According to ESPN's documentary "Broke" many athletes did not have a bank account or were completely ignorant to the entire banking system. Former NFL player Troy Bell stated, "Some guys didn't even know how to write a check because they never had to." Another NFL player that shared a suprising testimony was Bart Scott, "I cashed my first NFL check at a cashing joint and they laughed at me." By as early as 20 years old these men were making millions of dollars and were financially illiterate.
Seventy-eight percent of professional male athletes involved in the NFL declare bankruptcy after two years of retirement while sixty percent of NBA players go broke after five years of retirement. These harsh facts are due to out of control spending.
