We see it all the time in the news; an athlete that once made millions is now filing for bankruptcy. And yea, it’s mostly due to all the usual suspects of cars, groupies, entourages, and other stupid extravagances. But the new ESPN documentary Broke points out that maybe that outcome isn’t that crazy when young competitive athletes come across too much money too fast.
According to a 2009 Sports Illustrated article, 60 percent of NBA players are broke within five years of retirement. For 78 percent of NFL players, it takes only three years. Sucked into bad investments, stalked by freeloaders, saddled with medical problems, and naturally prone to showing off, many pro athletes get shocked by harsh economic realities after years of living the high life. Drawing surprisingly vulnerable confessions from retired stars like Keith McCants, Bernie Kosar and Andre Rison, as well as Marvin Miller, the former executive director of the MLB Players Association, this fascinating documentary digs into the psychology of men whose competitive nature can carry them to victory on the field and ruin off it.
Sidenote: Jalen Rose has some good points on this topic too.
Source: Mr. World Premiere & ESPN