Why Do Rich Athletes Go Broke So Quickly?
By Dave Ramsey
Sports Illustrated recently published a revealing article about the financial struggles of many former professional athletes.
Within two years of retirement, 78% of former NFL players have gone bankrupt or are in financial distress because of joblessness or divorce. Sixty percent of NBA players are broke within five years of retirement.
Think about that. Eight out of every ten NFL players are bankrupt or under financial stress within two years of leaving the league. These are guys that have made an absolute minimum of nearly $400,000 a year!
NFL stands for “not for long.” The average player lasts only 3.7 years in the league. So if a player lasts four years and makes the minimum salary—with the minimum increasing for each year of service—he can expect to make nearly two million dollars. Two million dollars!
So how does this happen? How can someone blow that much money in that short amount of time?
It’s pretty simple, really. Athletes blow money the same way the rest of America blows money! There’s no difference!
Sure, they have more to burn through. But what’s the difference between a guy who is spending $50,000 a year on a $40,000 income and the guy who is spending $500,000 a year on a $400,000 income? Neither one has any clue how to make a plan for his money!
Too many Americans work their whole lives and have nothing but a MasterCard, student loan, and car payment to show for it. That’s stupid!
Maybe you think, “Well they are just dumb football players.” But some of those football players are smarter than some of us ever thought about being. At least they had a goal and purpose for their lives. At least they reached the top of their profession. Sure, we can fuss at them for squandering it all away—but too many of us do the exact same thing.
So before you start judging athletes for burning through millions, take a look at your finances. How many stupid decisions are you making with money?
Don’t buy a car you can’t afford! Don’t get in over your head with some tricked-up mortgage! Stop piling up debt on your credit cards! Get a clue!
It’s ridiculous to work your butt off your entire life and retire broke. Professional athletes have no excuse for it, and neither do you.
Make a plan, stick to it, and get your life on track financially! Make it happen!
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The Often Overlooked Ingredient for Winning More
By James Smith
It’s the one thing every one of us is familiar with, the one thing we’re able to accomplish, and even the one thing we have done our whole life. Yet, when it comes to winning, many of us lose so much because of this one key ingredient. Amazingly, you’re doing it right now, but are you doing it to win?
If you study winners, over-achievers, the movers, the shakers, the top percentage in any class – regardless of gender, race, age, or religion, you will find a constant thread that’s so common it’s almost scary. And here’s where the really scary part comes in. The ones who are not part of the over-achievers group are actually partaking in this common thread even more, yet they’re not reaping the benefits. Now that’s insulting, unfair, and downright cruel. But it’s all by choice, our choice!
The ingredient I’m speaking of is Managed Pain. Huh? Yes, let me explain. We’ve all heard “No Pain, No Gain,” but it’s interesting to note when you study the core differences between winning and losing you will not discover a lack of talent, knowledge, brilliance, hard work, or raw skill. What you will find is those who consistently win have learned how to manage the pain they face on the way.
I’m referring to pain as anything that’s not pleasurable, such as; inconvenience, change, effort, sweat, boredom, confusion, loneliness, fear, etc. Winners realize pain for the proper purpose is productive. You see, all of us will go through a lot of pain in life. Winners spend more of their time going through pain that aligns with their goals, their vision, or their purpose. Amazingly, those who aren’t winning are also dealing with pain and to make it really bad, the pain they’re in is often not for a proper purpose! Why is this? Lots of reasons: not knowing our purpose, not having written goals or visions, afraid, no system in place, or we simply give up on our inner capabilities. Regardless of why, those who miss out on the winning certainly don’t miss out on the pain. What a letdown. If we’re going to go through pain anyway, shouldn’t it be planned, managed, and on purpose as much as possible?
I spent many years running from pain. To put it simply, I’m a pleasure junky. But the more I ran from pain, the more pain I went through because there’s pain on all roads, even the detours. I’ve finally learned that pain is a major part of winning. It’s the pain from losing that makes the pleasure from winning so wonderful. Think about this: thirst is what makes water so valuable. Being cold is the only way we can ever appreciate and enjoy being warm, or vice versa.
Did you know when you grasp the idea that pain is part of the process you can instantly win more out of life than you’ve ever imagined? Your new perception will tell you recessions, layoffs, or other unforeseen adversities are part of the process. Instead of getting a bad attitude and immediately running from it you will stop, analyze the situation, check it against your goals or visions for life, and if it lines up you will go through the pain instead of take a detour!
What kind of detours have you taken to cope with pain drugs, food, work, shopping, gambling, gossip, religion, sports, or other addictions? Have they let you down? If not, they will. Stay on the winner’s highway and go through the pain if there’s a proper purpose. You’ll be glad you did.
Knock ‘em alive!
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