Going bankrupt on $10M per year

SJ1_ said:
it is even worse for Football players:
"An estimated 60 percent of N.B.A. players are broke within five years of retiring, and 78 percent of N.F.L. players are bankrupt or under financial stress because of joblessness or divorce within two years, "
Click to expand...

The reason it's worst for football players is because the minimum salary is much lower, I think. The minimum NFL salary 5 seasons ago was $285k, increasing each year in the league up to $720k for 10th year players. Probably nearly half the players on a team are around that level when you consider special teams and practice squad guys. Take away their agent fee and taxes and they're not actually able to afford the high life as much as they think they can.

The NBA minimums, with fewer players on each team, are about 60-70% higher than the NFL.
 
According to popular stories (like from Jay Leno) any NBA star could go broke from child support;)
 
easysurfer said:
Saved by a true friend...

Report: Allen Iverson is not broke because a friend was smart | ProBasketballTalk


Allen Iverson Is Not Broke After All | Bleacher Report

What I find really interesting is that he may put a restraining order against himself so he won't give into temptation.
Click to expand...

Thanks for posting this follow-up, ES. The publication in the OP ("Business Insider") obviously didn't do its homework on this one. Finally I'll be able to sleep at night, knowing Allen is not really broke :).
 
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