Once the cheering stops: The life of a retired pro-athlete

"Havin money's not everything, not having it is"- Kanye West

Most kids dream of making the pros not only for the love of playing a sport but because of the money and fame that comes with.  There is a common misconception that these athletes are truly rich.  The average NFL player's career lasts 3 and a half years.  A player might sign a 6 year 10 million dollar contract but none of that money is guaranteed.  A player can leave the NFL having only made a couple million dollars.  With that million dollars comes taxes and bills for houses, cars, and even friends and family.

So what happens to athletes when they retire?

Professional sport careers have an expiration date where as life doesn't.  Many athletes are stuck and still coping for years with the transition into a "civilian" life style.  Most believe they could go into sports broadcasting but only a few can actually make it.  Life for the athletes who had a plan after the NFL looks like successful investing to business ownership to finding hobbies and careers that make the individual happy.  Life after sports for an unprepared retired athlete looks like bankruptcy to minimum wage to an unfulfilled feeling towards life.

What are the challenges in transitioning to retirement?

In professional sports you are "masters" at the job you are doing.  After sports you start at the bottom and are no longer familiar with being the best.  Many athletes are prideful and competitive basically the reason why they are as successful as they are in sports which explains the difficulty in accepting they won't make as much money or attention as they had when active in professional sports.  These reasons are why I believe it is a struggle for many retired athletes.  US society also contributes to this problem by putting professional athletes on such a high pedestal.  So much is expected from a person that they feel as if they are unworthy when they can't perform anymore.

I have to admit that I am guilty of assuming the financials of professional athletes and putting them on the same level as successful businessmen who have steady annual gains.  With the trusting news source reporting how much each athlete makes it becomes hard to really think about all of the expenses that come with.  I am not stunned by the problem.  A lot of the problem is due to education, age, and socio-economic status.  A rags to riches story at the age of 21 who wouldn't want to live the lifestyles of the rich and famous?  Music also has such a tremendous influence on young athletes but I'll save that for another blog post.

Bottom line: Educate athletes on financial literacy at a young age and if it doesn't work then it's on them to live with the consequences.

References:

ESPN 30 for 30 "Broke"
https://learn.colorado.edu/d2l/le/content/59211/viewContent/1376820/View