Connect with us

Sports

Why Do Athletes Go Broke? This Financial Planner Authors Book to Help

Published

on

Why Do Athletes Go Broke? This Financial Planner Authors Book to Help

Throughout the years, a lot of professional athletes have amassed massive fortunes only to end up nearly broke at the end of their careers. But how?

Well, successful financial planner Don Padilla has written a book breaking down the reasons why athletes, who made millions during their playing careers, end up broke shortly after they retire.

“Despite those amazing salaries, 78 percent of NFL players, 60 percent of NBA players and a large percentage of MLB players file bankruptcy within five years of retirement,” said Padilla, National Football League Players Association (NFLPA) Registered Player Financial Advisor and author. “Over the years, through interviews with athletes and market research, I have identified four major reasons for this epidemic that is running rampant in the world of professional sports. If these issues are not addressed, it doesn’t matter how much money athletes make during their careers — they will spend it all and then some, often leaving them worse off than they were before they started playing.”

READ ALSO  ‘Ronaldo’s Transfer To Juventus Historic Error’- Ex Real Madrid President Speaks

According to Padilla, these four major reasons include: Living beyond their means, poor investment choices, family pressures, and bringing the wrong people into their trusted circle.

Despite appearing to be simple pitfalls to stay away from, it’s happened time and time again. You’ve heard the stories. Former NFL star Vince Young nearly blew through his $ 26 million fortune by hiring the wrong people and adopting reckless spending habits; NFL legend Warren Sapp filed for bankruptcy in 2012, four years after retiring; and who can forget reports of Allen Iverson’s financial struggles, despite earning more than $ 150 million?

READ ALSO  Usain Bolt Wins 100m Race At Diamond League In Monaco

These are some of the stories Padilla wants to prevents with Not Another Broke Athlete, which he calls “a spiritual awakening”, not just for athletes, but also for anyone who wants to break the chains of poverty or change their mindset on finances.

Padilla, himself, knows the struggle firsthand. He’s been kicked out of his home, broke, almost bankrupt, on the brink of divorce and — despite those setbacks — became and stayed a millionaire.

READ ALSO  Super Eagles Coach, Rohr, Reacts To Eagle’s Russia 2018 Draw

“Being a former athlete, I know how important it is to manage your money and think long-term stability,” says NFL legend Warren Moon. “This book does wonders in giving athletes financial direction. I believe every athlete – rookie, current, or former athlete – should be reading this book.”

Padilla’s Not Another Broke Athlete is scheduled to hit bookstores and Amazon in October. Until then, you can visit his website here.

Use your ← → (arrow) keys to Continue Reading

Advertisement
Click to comment

We LOVE Feedback!! Be the First to Comment

Title

Sports2 weeks ago

English Clubs Make European Football History With All Four Finalists

English clubs have created European football history by taking all four final spots in the continent’s two major competitions.  ...

Latest News2 weeks ago

Why we arrested Naira Marley – EFCC

The Economic and Financial Crimes Commission has confirmed the arrest of popular singer, Afeez Fashola, otherwise known as Naira Marley,...

Education Gist2 weeks ago

JAMB Finally Reveals Why It Won’t Release 2019 Results Now

The Joint Admissions and Matriculation Board, JAMB, has continued to explain why it is yet to release the result of...

Education Gist2 weeks ago

JAMB Result: How to Check 2019 JAMB UTME Results Online

Latest Update: JAMB is yet to release the 2019 UTME results. Candidates are advised that the results of the 2019 UTME...

Sports2 weeks ago

[Goals Highlight] Chelsea 3 – 0 Watford (Watch Here)

Chelsea boosted their chances of securing Champions League football next season with victory over Watford at Stamford Bridge to move...

Series Movie4 weeks ago

Avengers: Endgame 2019 Download English 480p 720p

Avengers: Endgame Download English 480p 720p 1080p Avengers: Endgame Download English 480p 720p Genres : Action, Adventure, Fantasy Resolution : 480p , 720p , 720p HEVC...

Education Gist4 weeks ago

‘Avengers: Endgame’ Fan Beaten Man Outside Hong Kong Movie Theater Over Spoilers

Avengers: Endgame finally made its global release, and overexcited fans are getting beat up for it. According to AsiaOne, a man was beaten in...

Entertainment4 weeks ago

Nigerian Dancer Korra Obidi Goes Nude For Maternity Shoot

Nigerian dancer, Korra Obidi releases stunning nude shots from her maternity shoot . The Instagram famous dancer ,who is married to an...

Sports4 weeks ago

Ronaldo Scores 600th Club Goal As Juventus Hold Inter Milan

Cristiano Ronaldo scored the 600th goal of his club career to earn Italian champions Juventus a 1-1 draw away to Inter Milan...

Celebrity Gists4 weeks ago

Drake Says Meek Mill Should Be Allowed to Attend Basketball Game In Toronto

Drake has spoken up for Meek Mill after news surfaced that a judge refused to grant his request to attend the 76ers-Raptors playoff...

Celebrity Gists4 weeks ago

‘Keep your horrible opinion to yourself’ – Actress, Ini Edo and a fan clash over her choice of shoes

Nollywood actress, Ini Edo and one of her Instagram followers clashed on Saturday evening over Ini’s choice of shoes.   The fan...

Celebrity Gists4 weeks ago

Actress Regina Daniel And Her Alleged Billionaire ‘Husband’ Ned Nwoko Make First Public Appearance Together (Photo)

After numerous reports on social media, actress Regina Daniels and Ned Nwoko have made their first public appearance together. Billionaire...

Celebrity Gists4 weeks ago

Meet Top 15 Most Influential Instagram Comedians With Verified Accounts

These megar stars have stormed social media with their craft and have become household names. Maraji Instagram is a photo...

scholarships1 month ago

Google announces certifications scholarships for 30,000 Africans

Agence France-Presse Google on Monday said it was offering scholarships to 30,000 mobile developers as part of its commitment to...

Series Movie1 month ago

FULL: Game Of Thrones Season 8 Episode 1 (S08E01) HD

Download Game Of Thrones Season 8 Episode 1 (S08E01) Mp4 PC, Utorrent, Avi, Subtitles, Mobile, High Quality, Full Episode, Watch...

Hottest Gist2 months ago

First Quarter of 2019 Gone!! Are Your Plans For 2019 Working Out Already?

Hello Everyone, Happy last day of the 3rd month of 2019 😄 In case you don’t know, today is the...

Sports2 months ago

BREAKING NEWS! Barcelona Complete Signing Of Super Eagles Star Alex Iwobi

This is seriously BREAKING THE INTERNET!!! We have just been informed that Barcelona have completed the signing of Arsenal forward...

Celebrity Gists2 months ago

See Why Etinosa Undressed Herself On Instagram Live

Actress and Comedian, Etinosa Is The Subject Of A Twitter Debate After she voluntarily undressed herself to flaunt her body on Instagram....

Hottest Gist2 months ago

11 Steamy Movies on Netflix With S*x Scenes Better Than P*rn

Porn films on Netflix, No shade to good porn, but sometimes you just want a little something more, like a...

Latest News2 months ago

Senate Committee Approves N30,000 As New Minimum wage

A new minimum wage of N30,000 has been approved by the Senate Committee on New National Minimum wage. Senate The...




css.php