How Do Athletes Go Broke?! The Five Biggest Reasons Pro Athletes Lose Money | Spolitics

[@King_Grizzly]

Rest in peace, Left Eye

[@jeffreyfoss7369]

I don't think she's dead.. just like Tupac.

[@ncbrothad]

As a parent of a NFL player, I stay on him and thankfully he is very modest. They get paid over 32 or 33 weeks yearly. Plus for any future NFL parents be careful of people trying to give your child loans, because the interest on those loans are crazy. I told him with the money you make you don’t NEED any loans just live with in your means..BTW that was his agent that setup that meeting with the financial guy…STAY ALERT…

[@dameonwilliams5317]

I’m retired military so we do get a bit of financial literacy training. I can’t understand why most athletes don’t put their money somewhere like Ally bank and get 4% interest daily on their money. Do the math of what a $1million in a savings account at 4% interest would pay you monthly/yearly. It’s free money!

[@ncbrothad]

@ many get better rates than that

[@JustAGrl007]

Thankfully he has a watchful parent 🙏🏾

[@TheRebelutionary1]

Agent was double dipping on that deal.

[@Obiahjones]

Good for you

[@ChrisSain1]

Phenomenal piece @Jemele Hill!!! As a former athlete, I now dedicated my days teaching personal finance and financial literacy to "everyday" people and former athletes. From how to read a chart, to trading options and investing down to the right fixed assets to consider. This is needed. The information is needed. Thanks for an amazing piece.

[@Zagirus]

I would not consider trading options a good way to teach financial literacy; it is pure gambling.

[@thegodblogger3812]

Even for 9 to 5ers who make what we generally consider "good money," many of them are working broke because they don't know how to manage their money; living above their means; riding the credit card rollercoaster; subsidizing family and friends; flexing and flossing for people who don't matter....

[@hiyellagal]

There is a popular KZbinr that told a story of his grandmother. He said she made $22K per year, but had people in her family that made $80K coming to her to borrow money. His grandmother was a saver and they were spender's. I don't feel sorry for ANYBODY that makes a good salary and can't handle their finances.

[@thegodblogger3812]

@@hiyellagal Totally agree.

[@VvVT734]

@@hiyellagalwell in this case these guys be anywhere from 18-22 years old when they start making all this money. They spend most of their time trying to play sports and get to where they are they don’t learn basic life skills. And even then they’re so young they don’t know what they don’t know.

[@fullofgraceandtruth85]

Honestly, all those things could happen without trying to flex. Life has a way of getting to us all at times. Be humble and seek ye first the kingdom of God ❤

[@mr.worldfree3333]

Sir that is an incorrect statement. 9 to 5 ers are not making enough

[@toddthomas2321]

Jemele HAS done It again. GOLDEN journalism for The Folk!

[@Braktooth]

Excellent. Every rookie should have to watch this.

[@MrZlathan3]

Shaq: "He asks me if I can afford it so I get mad and buy 3." It's sad how easily our egos can be manipulated to empty our pockets and enrich our exploiters.

[@Jaqlin1979]

It's mens ego's. Lol that's yall own fault🤷‍♀️🤣

[@rayj.9568]

I believe that I would not have bought merchandise from a salesman who said that to me. There are other dealerships out there.

[@hpadams7361]

Yessss! So you bought three cars! OMG...I guess you really showed him. 🙄 That man was laughing all the way to the bank! Shaq has plenty of $$ now, but we definitely need to remember this as a learning lesson - millionaire or not.

[@donatapowell8143]

Exactly! How dumb was he. I would have taken my custom elsewhere. Anyone who offends or disrespects me is not getting my money.

[@drk.i.a.2969]

​@@donatapowell8143he took it as a dis but it wasnt...nothing wrong with what he said in the business people go the whole distance taking 2hrs at least or 1hr with all the checks they hv to do then say I don't hv that much Ill comeback later. Its life man.

[@craigbilbrew8984]

OMG!!!!! I'm a teacher and I've been trying to teach this to my students for years!!!!! I cannot THANK YOU enough for this video!!!!!

[@marieaug9322]

You should show this to your athletes, you must have them, the coaches won't. They'll never forget you.

[@thehulk1177]

I concur, as a regular guy who’s retired now. The more you make, the harder it is to budget. Because everyone wants to congratulate themselves for working hard.

[@victorsmithsr5144]

Excellent journalism! Thank you for the insight.

[@jamesjones4309]

She is talented.

[@jmw797]

"We don't have reckless spending habits, we just have crazy overhead" haha. You have crazy overhead because of reckless spending.

[@jasonwood8023]

Jewelry...cars..clothes.. mansions....entourage...... extended family. I truly respect the way players like Steph Curry and Jayson Tatum handle their finances. If I recall, Tatum lives off his endorsement money and saves/invests his NBA money.

[@kingmaafa120]

Blondes 😅

[@ricee6384]

Shaq started that. Many NBA players do it now.

[@mathewmcfool]

ESPN did you dirty. You still my homegirl from His & Her's, FDT. It's good to see you sista, I saw you on I think it was TNT a couple times before a game. Stay uplifted, I rock with you, peace!

[@AccentBwoy]

Nah she did herself dirty

[@simongomez4544]

Yup I agree, she did herself dirty, I also think she took Michael Smith with her, sad.

[@kibzzinho2240]

As a regular guy who experienced his 20s...there's no evidence of any money I made in that period but regular guys, our best earning years might still be ahead of us...these athletes get all their money in their 20s. Every single dude around them is making dumb decisions...its contagious. Regular guys can say, "I need to get my shit together" and can increase their earnings...Athletes don't have that opportunity. Its probably too late

[@GaCountryGal]

Very good commentary. I'm a self made (black woman) millionaire in Georgia. If its not on sale or clearance I don't buy it. My pension pays my living expenses. I started investing 30 years ago while working a full time state job.

[@Gullahbae]

What did you invest in?

[@GaCountryGal]

I invested in everything, especially technology and pharmaceutical stocks. Amazon stock was only $16 a share when I brought. Also, foreign investments and dividend investments are great. The key is telling family no and knowing where your money is going. I don't invest in commodities such as silver gold or bitcoin. The rate of return is less when you sell.

[@mokahgirl5165]

​@GaCountryGal Any tips for someone with no knowledge of stocks but wants to dip their toe in? Books, classes, etc that you took that helped you get started.

[@GaCountryGal]

Sure read Peter Lynch's books. My supervisor gave me his first book years ago when I was working. I tried dollar cost averaging as a beginner. I also tutor several professional athletes and a couple of teachers here in Georgia. I chose to remain private. The number one thing you must do is knowing where every dollar goes. Being self made is great but the most satisfying thing for me is the freedom. I hope this helps you.​@mokahgirl5165

[@Argemirel]

Congrats on becoming a millionaire. If you don’t mind me asking what sector of dividend stocks do you like to invest in?

[@MrGchild14]

In a small but similar way this is how it is serving in the military. We’re use to getting a check every 2 weeks but when you get out it’s a bit of a shock and struggle. Especially if you serve 20 or more years.

[@sus-tw2ls]

Most people get a check every two weeks. How's that a shock

[@seabea1526]

Excellent discussion.

[@Micnify]

Good job, Jemele ❤!! Thank you!! Mic'MMXXV 😮!!

[@thisizdub]

Here's the terrible part about the TLC situation. They sell 10 MILLION. Record label spent 3 MILLION on the project. If the album was $10 a copy then that's 100 million dollars made. Of that $10 per copy Tlc made 56 cents which leaves $9.44 cents which is over 90 million they're making as a company. TAKE YOUR MONEY FROM THAT instead of the 5.6 million they made

[@jaylewen3140]

I agree but if the Record companies become altruistic and pay the artist fairly, then the Record companies would give up control. Imagine wat would happen if the artist didn’t need the record companies and could go directly to the consumer.

[@LexLuger-g4y]

That's what I was thinking

[@diaprojectdiss2142]

"But, I was born to sing!" Sharkbait attitudes.

[@stevewaldman371]

tlc was hosed for sure, they were the talent but the record company was just a bunch of greedy mfers.

[@OOL-UV2]

New talent always gets hosed unless they’re Nepos born with clout. T-Boz and Chilli are still doing the thing and still making money.

[@wiredamp6070]

I was fortunate enough to play with and against several former NFL players through high school and college. They weren’t the mega salaried players, but were in the low millions range. After 5-6 years in the league they were back in the same neighborhood I live in, asking for a coaching job at the local high school. They no longer had an income coming in. The saved money dwindled down fast. I spent 30 years in the fire department and made great money and retired with an excellent lifetime pension. Financially I was much more stable than these former professional athletes. I learned from them that it’s not always about an athlete making dumb decisions and mistakes with his money. When the money source is cut off……IT’S CUT OFF!!!

[@stingrey1571]

i knew a couple of nfl players. they said the same thing. the superstars live modestly. meanwhile the 3rd string nose guard is balling like he's travis kelce. guys on the fringe who could get cut at any moment would show up to practice in a brand new luxury cars. while the hall of famer is driving a toyota highlander.

[@Dinan5iver2]

What you do with the money and how you invest that money matters also.

[@natep1325]

Congratulations on 30 years. It's a great career, I spent 32 years in the FD and agree 💯 with you!!

[@chloelageaux769]

Great video! The bottom line is to be smart with your money, whether it's a little or a lot!

[@VSmoothTwentyTwo]

Thumbnail with athletes who has done great money management 😂

[@andrewivery2459]

FICA isn't the enemy. State and federal taxes are. FICA is only 6.5%. Federal can hit 35% depending on your income. FICA is social security, Medicare, Medicaid...

[@kodakjack]

To me fica is a enemy because by the time we get there it won't be available to us. Just wasted money, but I hate taxes in general

[@natronmeans6264]

@@kodakjack Your Parents and other family members plus the populance benefit from it so how is it an "enemy"?..

[@kodakjack]

@natronmeans6264 that don't benefit me, if it's not there for me who gon help me. And my parents are deceased

[@natronmeans6264]

@@kodakjack Sorry to hear that.. SS, Medicaid & Medicare is there for you too if you're in the low Income bracket.. We can't discount Millions of other Parents etc. who would suffer without those programs I don't mind paying those Taxes might be it's the Humanist in me..

[@Retired_Life_1]

33 year accountant and financial advisor here. While taxes are a significant expense it comes down to regulating one's expenses (lifestyle), too many children, and no prenup. In short financial literacy is woefully deficient.

[@alphaomega1351]

I'm thinking extended family members may be the biggest problem. 🤔

[@daniellel.909]

Especially with black athletes, because they feel like they have to take care of everybody.

[@HermannEdmund]

No, the biggest problem is the athletes themselves

[@robertiwhite]

Biggest problem baby mamas 18 years of child support

[@blackdragon6]

All the above

[@bcranford714]

ESPN 30 for 30 broke was the greatest 30 for 30 ever.

[@nr30199]

Great episode I remember one athlete saying his friends knew his pay schedule better than he did

[@iandhr1]

The players unions in various sports should sponsor money management classes for their members. Teach them about how to invest and grow their money and plan for their future.

[@stingrey1571]

they do. but you have to remember these are 20 years olds. you can talk to them until you're blue in the face. they're 19, 20, 21, they think they are going to play forever and the money is going to last forever, and those horror stories. that is THAT guy, not me.

[@MatthewParksSr]

I told my son earlier on about the power of cash, if he were to make it as a pro athlete. I explained to him that a house is an asset if you own it, but a liability if you do not. If you get a large windfall, purchase a house you can afford. Houses typically appreciate, so you have an asset that you can sell or rent, and now it makes money for you. Pro athletes made well about inflation, so live within your means and stack your paper. Invest it in places a mixed portfolio. If you want some high-risk/high-reward action, it is like gambling in Vegas. Go into the casino with an acceptable amount of disposable income that you are both prepared to and have accepted that you may lose. Stack the rest of your paper somewhere safe. Once you "win" your original investment, take that out and place that on the stack. Pay from that point on with the house's money. This is the same for opening a restaurant, a car wash, or a detail shop.

[@Drewaps928]

Money management must be one of the toughest things to master for most of us.....especially those who start 'poor' and all of a sudden get that windfall. It is easy to sit by my computer and say that these guys are wasteful. I feel sorry for most of these athletes (black athletes in particular) because they have to 'take care' of a good number of people. White athletes rarely experience that because their loved ones are already rich so they don't have to share their wealth. Starting from zero or negative is the reason black athletes end up broke after their careers are over. These guys unfortunately feel obligated to take care of other people. Maybe we get someone who will teach these guys on proper financial management from the very day someone signs that lucrative contract. It's a sad vicious circle as people continue to make the same mistakes over and over again.

[@Mronpointwithrighteour1]

Love the content sister. Keep it up

[@Wealthbywisdom]

Great job Jemele Hill! There's another reason at play here. In fact it's the reason why most people especially black people don't have any wealth to speak of to pass on to the next generation. That reason is financial illiteracy. Almost no one understands how money works and how to leverage financial tools that will allow them to create, grow, preserve and successfully pass on financial wealth . This is my passion, Imma keep grinding until I'm invited on your podcast!

[@deidreturner8009]

Love it keep educating my people

[@keekee8760]

Great video, thank you for sharing .

[@MillionaireJoe]

This is getting ridiculous at this point. We live in the information age where we carry access to the canon of all human knowledge in our phones. Plus there have been tons of documentaries and Podcast conversations talking about athletes going broke…yet they KEEP going broke! You can’t keep saying “I didn’t know” The same way you learn, practice, work on, and perfect your game as an athlete you probably should put just as much… if not more energy into learning how to manage and handle the most money you’ve ever made in your life

[@bkburnaz]

Ms hill Killin it, I miss this great video, his and hers vibes

[@GaryThompson-gq4nl]

Your dedication will forever show

[@_CoachW]

One addition I would make is the contract that Pebbles set TLC up on was shady on top of the usual paperwork. She actually got publishing money, that is never allowed. Publishing money is songwriter/publishing company and that's it. The fact that Pebbles was taking Left Eye's songwriting money just shows how important it is to have representation and understand your financial agreements.

[@ExposedRoot]

Great breakdown. Easiest to understand.

[@215Legend]

Great pod Janelle!!

[@ragingbull3157]

Nice work Jemelle 🙏

[@smellsuperb1]

They have financial literacy classes for athletes in pro sports, many of them don't pay attention or think the ramifications will come to them. My son is a budding college athlete and I'm having this talk with him now. Have no idea if he's going to be good enough to be recognized on even the local stage, but he's going to have the tools hopefully to navigate his finances no matter if he's an athlete or just a business owner.

[@laidrymoueletnguimbi702]

Great insights Jemele !

[@AmericaRewind-db8ko]

I've always wondered what happens to the "baby mothers" of athletes-do they end up going broke as well? Is there any data on this? Anecdotally, I've heard of family members who receive cash also struggling financially.

[@jumpman366]

They were also broke lmao

[@fromhigherground4272]

For some reason I was thinking about the same thing, and my conclusion was - too many hangers on and not having a good mentor and financial advisor.

[@patrick7228]

Some companies automatically contribute a percentage of your check to a 401 (k), and you don't have a choice. Others automatically contribute to a retirement account unless you opt out. Pro leagues should do the same. That much money at such a young age is often going to be wasted unless you are wise beyond your years or have someone knowledgeable to help.

[@Junior-qw2ge]

Great video Jemele! New sub here!

[@rissadabney947]

Thank you because I didn’t know that

[@iceewhaturdoin3207]

Your salary is not your families lottery ticket.

[@jjmars9160]

@6:40 Dude said it was not because of reckless spending. No, most of it is due to being reckless and irresponsible spending. Multiple Baby Mamas, fancy cars, excessive jewelry, etc. Especially conniving women only want your money. Dudes need to use the head on their shoulders and not the one in their pants.

[@MrDiplomatSwag]

Id like to see the comparison between black woman and black male athletes going broke. I feel like the ladies are more responsible which is why we never hear about them being down and out.

[@L3L3Lee]

❤👏🏿👏🏿👏🏿👏🏿 Amazing breakdown

[@jasonwhite6463]

It is amazing that so many of these issues boil down to a lack of self-control. With the discipline it takes to be a pro athlete, you would think these pitfalls would be avoided.

[@londrahunter8554]

Contract negotiating has to become most taught skill and training. When you’re the Asset, you bring the Value. Demand value for the asset in contracts. It’s like rappers go to trial with Public Defenders for their 😢lawyers. Crazy! Especially when corporations they contract with has hundreds of lawyers on staff. Don’t spend until you learn what to do with it. Rich and wealthy people are not Big spenders; but, poor people with money are.

[@MichaelGandy-rc6tv]

The NBA, NFL, and MLB have seminars on financial literacy beginning with a players rookie year. BUT ego gets in the way and the players never attend classes.

[@Worldaffairslover]

This is so true. I have a special name for financial decisions that require a certain level of consistent cash flow. If your money stops tomorrow, are you ok or are you in deep dookie water

[@cloveloliphant8537]

Great Content 🎉🎉🎉🎉 Thank You 🙏 👏 🙏 👏

[@MrEhu3]

Professional athletes go broke for 1 reason, they don't take their collegiate experiance serious. Stuff they learn after they retire is what they could have learned when they were in college but they didn't invest in that knowledge.

[@nancynevels2238]

GREAT INFORMATION MA'AM!!😮😮😮😮😮😮

[@vernelledouglas1801]

Eye-opening. Financial Literacy is essential. Investing, endorsements and staying away from certain people and things must be observed as well.

[@stingrey1571]

i work in child support. i had a case with an nfl player. he agreed to pay a year's worth of child support during 4 months.

[@duaneacarterii]

This is the best work you put out to me in awhile

[@altonweaver7757]

AWESOME VIDEO and INFORMATION! Subscribing!

[@sjay2177]

Thanks Ms Jemele..great content

[@tavarisjones551]

Doesn't cost $233k/yr to raise a child in the US. That number is likely from birth through college. Athletes like most people are financially illiterate. Its just way worse for athletes because most only have a few years to make their entire lifetime of money...

[@neojason8349]

I heard a retired athlete say when you stop playing you have to stop spending like you are still playing. Also not all of the athletes get paid the same. If you are bench rider you still need plan for when you leave the game because most bench riders and second stinger are only making a couple hundred k a year.

[@sweetpeasbackyardgarden1236]

This was awesome info.

[@1kontrabida]

FIrst video on youtube that explained well why athletes lose money. GREAT video and u earned a sub!

[@freedomfighter4990]

Jemele -- thanks again for this informative video! If you have a chance, are there players reps in each of the pro sports who act as a liaison between the players & the NFL/NBA/MLB that you could interview? Can you ask each of them what training classes or seminars they offer to newly-signed ballers to explain to them that you only get paid during the actual season, that every city you play in taxes you, that athletes pay 50% income tax on their earnings vs the reduced tax rate of 15% the hedge fund managers enjoy due to the carried interest loophole? These are some of the factors that contribute to so many pro athletes ending up broke after retirement, but nobody ever talks about them. Or about why it seems that so few White athletes suffer the same fate.

[@tacrewgirl]

Yeah I'm curious about the disparity between athletes and ethnic background and how that affects life after retirement.

[@valrice817]

Great info! I always wonder how professional athletes go broke!😮😢

[@marcustalley5536]

Nasty work with that jock tax.

[@philipmeyer8801]

Got teary eyed from laughing when she said "carry the one"

[@hog561]

Great video 👍👍 Go Green ✨👊🏽✨

[@marcelbishop94]

Dope content

[@alondonarrington]

@Jemele Hill MUCH of this could be alleviated if they just understood TAXES and the tax deferment of IULs and FIAs as early as High School. In this day and time (especially in 2026), ALL young black kids (in and out of sports and entertainment) should learn TRUE economics ASAP!

[@kennethcooper9152]

I’m sorry that’s when you ignore your family. You don’t owe them anything.

[@arrakian]

Jemele, you out here looking like a Cass Tech senior. Aging where? 😊

[@williamjones0815]

Good job, Jemele😮

[@blackdragon6]

Musicians hardly make anything off of their music (unless they're HUGE mega stars). Their main source of income is merch/endorsements and grueling touring almost all year round. The time they do have off it's when they're back in the studio working on their next project, restarting the cycle over again. The entertainment industry is a big illusion 90% of the time.

[@antoinewright4612]

An athlete is not obligated to take care of ADULT family members no matter who they are. If an athlete is waived or loses his or her profession or a contract is not renewed, then where will that family member be at? You got them buying their parents houses and bailing loved ones out of situations they got themselves into. Parents are grown so they can buy their own house and relatives can take care of themselves. It’s called being GROWN...

[@sugarbear2304]

Outstanding!

[@midnightcry50]

I'm not a sports person but that was very good information.

[@SincereGiggles]

Everything looks amazing.

[@franciscokipette9754]

Amen Sister 💯💯

[@kennethcooper9152]

You know it cracks me up because all these record producers that they have now and they had back van like in the 60s. They’re in to rip the singer off. They should get a lot more than what they’re getting. They’re the ones that are making the songs to bring them money why don’t they give a bigger percentage? It’s stupid.

[@Chicago48]

When was this recorded and what time span is she talking about?

[@Chicago48]

This is why I keep seeing footballers doing endorsements & Advertising. Easy quick money.

[@ghost245353]

Family, children spouses, ego, duration of income

[@jamaalcobb]

I begin experiencing financial hardships about 2 weeks later 😅

[@telephonic]

Left Eye was so damn smart.

[@theeggreat4]

Crazy the label made 80 million while they got 5.6 and still had to break some of that down with the label

[@SandraPerkins-h7l]

I'm not a math wiz but I ascertained that the money was not what it seemed.

[@TwoHawksHunting]

When you know better, you do better. These young athletes need a lot of financial guidance from people they can trust.

[@franklinbruce7121]

❤ the SUBJECT……. DEFINITELY could apply to more than just athletes 💯💯💯💯

[@SuperHAMILTON91]

Control all of your Assets period.

[@aiconic10]

They signed a bad deal from the get go. There was also a conflict of interest in the attorney suggested by their own label. They're kids. No understanding of how the machine works. The label should be ashamed of itself.

[@smellsuperb1]

Mark Cuban said the best three ways for an athlete to go broke are: 1. Opening a restaurant 2. Starting a record label 3. Giving it to family I would throw shady and impossible investments in there.

[@megamanxhunter]

I would add having many children, and excessive spending, addiction (alocohol, drugs).

[@smellsuperb1]

​@@megamanxhunterit's not common for all athletes to have a bunch of children, that's a wildly overrated narrative. We see a few examples and assume it's all of them. I'm not downplaying it, just referring back to accuracy.

[@CamronWilliams-ii4tl]

Keep it up

[@Swagandkicks]

What does music has to do with sports and TLC?

[@Dinan5iver2]

The moral of the story is that people unaccustomed to large monetary windfalls are unaware of the pitfalls that can arise. Many, whether they’re athletes or artists, think those dollar signs on the contract will materialize into their bank accounts in the same amount and this just isn’t so. The point is that without properly managing your finances you’ll end your career, be that in athletics or entertainment, where you likely began… broke.

[@josephyoung4299]

Travis Hunter take notes. 😅

[@bobbullethalf]

It all starts with financial literacy that for some reason is not a stand-alone class in high school. All kids need to be taught what money is and how to use it as a tool and just not blow it on a car, jewelry, nightclubs, strip clubs or women.

[@Sam-yg3vd]

Hello Jemele! With this kind of knowledge, I think you need to make yourself a job, just to educate them. May God bless you.

[@MrMoraltv]

This one was a good one jemel