Why 70% of NFL Players End Up Broke...

[@eljay3390]

Cars, jewelry, and women!! The need to flaunt their wealth is why they go broke!! Buying things that depreciate in value

[@jdredwine7224]

That isn't most of the league though just the top 10% of the league. Half of the league is late round picks, undrafted free agents and on their first contract. League minimum is in year 1 $795,000. Half of that after taxes and agent fees and you may be in an expensive city like NY, SF, LA, or MIA. That is why players talk about that 2nd contract. Most players don't make it that far, thus unless you are a 1st round pick you are back to broke.

[@jdredwine7224]

Another thing to consider is half of the league is either late round picks or undrafted. League Minimum is $795,000. After agent fees and taxes you can cut that in half. Many late round picks won't make it past a year, 2 if lucky. There are superstars and then there is a 6th round pick to undrafted free agent making league minimum or barely above it living in a place like San Francisco/San Jose region, or NY metro living on $450k after taxes. That isn't life changing money, especially in expensive cities. Most people that think NFL money they think of players like Patrick Mahomes, Justin Jefferson or a top 5 pick that just signed a 4 year $40M deal, but that isn't 99.99% of the league.

[@bradleysample3246]

Football players also have health concerns to consider as they age which can be very costly

[@seen48]

Players are so young and they need a parent or mentor to help guide them. Hiring a financial advisor just at the bank level is the absolute safest. Not the best returns, but you’ll get returns. Finding an independent advisor would be the best but hard to find a trustworthy one. I’m a regular guy and got screwed from a private guy. Lost money over a 10 year span where I should have made money without even trying. Still angry about that.

[@ToneyHolley]

Spot On!

[@aaronbischoff721]

They spend so much money on stupid stuff like cars, jewelry and some have many kids with several women. Making bad investments and don’t have the knowledge on how to manage that money

[@vart7767]

man they are just kids in reality fast cars , faster women and money money money

[@Cindo-x7y]

That as much their schools fault

[@Jm-Gonz]

78%. Of all pro athletes in this country end up broke with 5 years of their career ending

[@JulieHewes-lt9lk]

That may be true. However, a lot of that has to do with their intelligence, or lack there of.

[@patrickjeffers7864]

A financial advisor said most if his clients didn't know how to open a bank account, and allowed their accountants/financial advisors to pay their bills(that means they have daily access to the players' checking accounts).

[@JulieHewes-lt9lk]

What?! They didn't learn any financial responsibility taking all those college level classes?

[@andrelockridge9109]

State & Local individual income taxes,and state capital gains taxes are deductible from federal taxes.

[@crimcrusader8459]

There is also the matter of signing bonuses for those who get drafted in the early rounds, with the bonuses getting smaller on later rounds.

[@cjcec6949]

They need to teach financial literacy classes in high school!!!!! They teach everything else that doesnt matter

[@Thomas1701E]

They have symposiums and seminars and speakers, but the guys are sitting there thinking about spending their money on themselves, family, and freinds. I'd put $500,000 in a few S&P500 ETFs and never think about it until I'm 50. They should make this mandatory on a scale basis for all pro players - and a rule they can't touch the funds.

[@goldennugget1014]

And when there is a stock market crash they will all sue the league for tying up their money in it.

[@JulieHewes-lt9lk]

What, on top of everything else, we need to protect the over paid, under educated stupid people? Give me a fuckin break!

[@AtomikFajita]

Flexing will get you broke quick.

[@JJ-rf7dg]

Injuries, divorces and lavish houses and cars and bad investments

[@the1andonlyyoungone561]

You have to understand a lot of the guys come from nothing never had anything and when they get the money they don’t have anyone telling them how to save or invest so they just blow it and scree themselves for the future that’s why the nfl needs to help these young guys and get them financial advisors so they don’t end up up broke

[@vart7767]

true

[@ImGoingSupersonic]

Everyone knows blowing money isn't the right thing to do. If you need to be told that, something wrong with your brain.

[@Cindo-x7y]

I've never met, in 35 years of doing ministry to tough guys, a guy that didn't have a positive Male role model to teach him. They just chose to follow bad

[@dacoolboy2449]

I think it ultimately comes down them living extravagant lifestyles and spending money on a bunch of things they don't need. I think if they made better financial decisions, they would be way better off. The financial literacy rate in America is atrocious. I took some classes in high school that taught me how to properly handle money and be smart with it and I try my best to make smart financial decisions. I remember Tyler Lockett, receiver for the Seattle Seahawks did an interview with one of my favorite rappers Lecrae for his finance curriculum and he seems to get it. I remember he said he didn't buy his first house until his fourth year in the league

[@Steverino70]

i have a fix. 25% of all NFL earnings must be placed in annuity paid out over 30 years, managed by seasoned accredited professionals supervised by the players union. Hardship cash outs must be approved by the union and cannot exceed 50% of the overall principle over the 30 year period. This is the only way to protect the players from themselves.

[@matty2timez708]

$1.2 mil is absolutely NOT life changing money. Especially for a 20-something. roughly 50% gone in federal/state tax, 10-20% agents fees. Which means 60-70% of the $1.2M gone before you even get a dime....So, rough estimate is $840k in taxes..GONE...so $360K left over....So tell me HOW this is life changing? This is why the NFL has a "class" for rookies on how to save your $$$. I guess 78% don't listen or take it seriously...

[@NAT-turners-Revenge]

Yep.... they feel invincible and a new contract will be on the horizon

[@josephpasquarella2123]

It’s more like $400k something depending on what state your in. As someone who grows up poor and in a bad neighborhood, I assure you that is life changing money

[@noahpassmore6452]

Regular people don’t take it seriously lol

[@flushedwalruses23]

great video

[@peteywheatstraws4909]

They have no economic discipline. In addition to that, the focus in the States is always raw arithmetic, and not how it's applied.

[@techgeek4499]

How is that possible? Even $400,000 after taxes and agent fees is still a decent amount of money. Thats $33,333 a month. You can cut that in half and still haven’t plenty left over. If you get that for 3 seasons that’s a lot of money and you can build wealth with that.

[@jdredwine7224]

That is good money if you are going to turn that into a 30 year career, but most of these players won't see a 2nd contract, most won't make it past year 1 or 2. It isn't life changing money and once you are cut, now what? Keep in mind $400K won't go far at all in some of these cities.

[@tfsnousa]

Most are supporting a posse of hanger ons and buying garbage

[@brianjohnson9456]

Also, don’t forget about the shady businesses which have sprung up around these players whose goal it is to come up with scam after scam to milk the players of their $$!!

[@abeeiland2996]

Taxes, taxes and more illegal taxes by federal, state and county elected officials.

[@paulradice3534]

Taxes take 1/2 then agent fees

[@untiltheyfeelmysound]

i wonder how athletes find people they can trust especially financial advisors

[@Stephen-to7jx]

I don't think Tom Brady is broke

[@peteywheatstraws4909]

He didn't say "Why 100% of NFL players end up broke."

[@Stephen-to7jx]

@@peteywheatstraws4909 Why is Tom Brady in the thumbnail?

[@Sammackk7]

He is compared to his neighbors 😂😂😂

[@andrelockridge9109]

Tom Brady is an outlier,his ex wife was wealthy in her own right and had a greater networth. Also he wasn't from a poor family,Didn't need to support an army of relatives. He didn't need to display his success thru buying wasteful high end luxury gods.

[@Traye76]

Vicky isn't broke either. He said he took advantage of every opportunity to league offered regarding financial issues.

[@JulieHewes-lt9lk]

Those dancing around and making fools of themselves after making a play, are no doubt the ones that end up broke. Enjoy your exotic cars and your gold necklaces. Quite certain your not going to be able to fall back on your earned degree.

[@ImGoingSupersonic]

Agree. It's cringe.

[@Colt-ii4qn]

They’re brain dead to begin with 💀

[@Stayoutofthewater522]

They are used to being idolized and treated like kings and they start to believe it. Everyone reading this has listened to these so called college graduates giving interviews and you know they have been given a degree for sports. They don’t get the education they need to prosper.

[@vart7767]

I read a story about beast mode he never touched his NFL money he lived off the endorsement money very smart man! LISTEN TO THE VETS ABOUT MONEY!

[@Bushidough]

If you’re just smart about money you don’t need t listen to vets, because not all vets are financially smart.

[@adamclark9004]

Yeah most players don't get endorsements

[@sbj7517]

Here is the solution. Live within your means.

[@1911Earthling]

I consider myself very rich I have all the necessities of life in ABUNDANCE!

[@Cindo-x7y]

We are talking about college graduates. It's their fault they are making babies and not learning how to spend less than they make. If I bought a phone that cost me $300 its because I had $10,000 stashed away. The 1st touch screen samsung cost that, but I'm just a 8th grade dropout, what do I know

[@camerondelamotte159]

dont hire a player "agent" merry new year

[@techgeek4499]

Don’t buy houses. That’s a huge liability. Too much overhead.

[@JulieHewes-lt9lk]

Overhead?! What is this of what you speak?

[@ClassicJukeboxBand]

I bet 75 percent of hockey players don't go broke...

[@check2000]

This is old news, no excuses anymore! this information been available for decades now.

[@GeraldDrake-p4r]

No money, no honey!

[@7timecenturycyclistvespada982]

My career as a operator in a propane bottle manufacturer plant I am living paycheck to paycheck what was my useless point🤔😂

[@mrfarenheit9159]

300 grand can be blown pretty fast

[@mja91352]

So: you are and aunt when you sign the contract, but a child who needs help afterwards? How about taking responsibility for your own life? Radical and unpopular idea, but, hey, let's give it a try!

[@Ken-rv2qg]

70 % of you are wrong it has nothing to do with cost of living, let’s try it’s the cost of hitting their heads over and over which doesn’t help with their spending and life choices, concussions alter one’s brain and yes with other injuries and pain killers for them concussions go on unnoticed and lack of research knowledge are challenging

[@Hazeleyedbri]

because they don't know how to say the word NO to everyone

[@NAT-turners-Revenge]

They follow ridiculous bling/rap/flash culture. And, live for the immediate

[@arturoporraz6046]

Because they believe that making millions is enough to have the life of an arab prince and no, it is not like that at all

[@Tee-q2h6d]

Narrator I sit on saying after taxes “that’s only x million in a year. Meanwhile the average single American makes $54,000 per year or $1.1 million in 20 years! BEFORE TAXES! Maybe I should have added “ ONLY” to that!

[@davidruzylo8617]

Abuse they are black?

[@jamesskinner7185]

It’s probably a cultural thing😂😂😂😂

[@terrywinningham5405]

Could it be low IQ’s?

[@NAT-turners-Revenge]

Nope, bad culture of bling... we've seen many intelligent businessmen have greed be their downfall

[@stevencharles4333]

Limited education + living the lifestyle = insolvency. But yeah, we're not talking about a group of people known for being big picture thinkers Starts in high school. . . . ego, entitlement, coddling. Never hear if players are graduates or how many credits away from even graduating "college". Keep in mind during recruitment, special terms and conditions granted as part of the "scholarship!", such as even going to class or meeting with "tutors."