It is a very sad cycle of events for those athletes who worked so hard to reach their level of financial prowess, only to lack an understanding of how to retain their economic security and spread their wealth throughout their entire lifetime.
Often today professional leagues run seminars for rookies to discuss the pitfalls of suddenly striking it rich playing a game, and educate them on how to maintain their vast wealth while still living a less than prudent lifestyle.
This lack of financial education is not only found in athletes, but in most Americans. Poor financial strategies – or even the very lack of any financial strategies, send millions of people needlessly into debt every year.