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October 05, 2012

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I am going to check it out as well--my husband DVR'd it for us. Very excited!

I sympathized with the NFL players and most of the athletes. The future medical bills + no education on money management + short, short careers is a real triple whammy. They are more like lottery winners than anything else, and they have to train for a dozen years to even get a dime for their skills.

I'd like to think I'd manage money if I was blessed with such talent and drive, but that's pure speculation.

There are successes.

Billy Sims played for the Lions in the early 80's and had a short career. They just opened a Billy Sims BBQ joint near our work. The place is always packed. Come to find out he has 40 restaurants in Oaklahoma and is looking to add another 20 starting here in Michigan.

William "The Refrigerator" Perry is a mason in Alabama. Not what I would expect but at least he is employed.

But alas there are the others who loose it all.

We watched the program and I agree with the sentiments above. There was one other thing that caught our attention but seems to pass by others who comment:

Big name colleges recruits high school students with the promise: "We're going to get you into the pros!" In the time the students are there, these supposed institutions of learning don't educate or prepare these kids for their lives as money makers. No investment classes. No classes on managing your money.

All while they (the colleges) rake in billions of dollars form these athletes and paying them nothing. Not even preparation for the day then they (the students) will receive more money than they'll ever need.

Why is nobody pointing a finger at these institutions of higher learning?

@ William @dropdead money

I have to laugh. Are you serious? These are the same institutions that are charging tens of thousands of dollars to attend and people are borrowing the money and will only get jobs where the pay is low and you will never be able to pay off the debt.

According to them it is not there responsibility to find you a job to pay off that debt.

They would say the same about an athlete.

Some of the San Francisco 49'ers made a bundle of money and went on to do very well financially in their retirement. A few prominent names are Joe Montana, Steve Young, Ronnie Lott, Brent Jones, Dwight Clark, Jim Plunkett, and Jerry Rice and none of them ever came under fire for breaking the law.

Are you kidding me. Having known many professional football players who now work different odd jobs I do not feel sorry for them. They get a decent retirement package that includes insurance and monthly pension stipend. Oh I wish I'm that lucky in retirement.

@Matt: "After his NFL retirement, [Sims] lost millions through numerous bad business deals and risky investments."
(from wikipedia)
http://en.wikipedia.org/wiki/Billy_Sims

I watched this program was a bit surprised at the end when they scrolled through a list of famous (and many not-so-famous) athletes who have declared bankruptcy. I was surprised that the list seemed shorter than I would expect, actually. Between the NFL, MLB, and NBA drafts there must be 1,000 or more new professional athletes every year.

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