Once the Cheering Stops: The life of a retired pro athlete

During their playing careers, athletes live the life. They play the games many people participate in for fun as a living. Not only are their jobs considered hobbies for most, they receive millions of dollars to play them and obtain unfathomable fame throughout the world. Many of these athletes are younger than I am right now and are easily less mature, as well. I'm not sure what I would do if I were given several million dollars every year, but I know I would make my fair share of immature purchases and be less than conservative with my money. So I don't necessarily blame athletes for the ridiculous spending on cars, homes, and accessories that the majority of athletes make during their playing careers. However, this spending is often detrimental to athletes once they retire.

Upon retiring, athletes typically become so accustomed to the fame and fortune of their playing days that they don't know how to transition. The pay checks stop coming in,  but the expenditures and purchases remain sky high because they don't know any other way to live. Many athletes grew up poor and began spending fruitfully when they received their multimillion dollar salaries as a 20-year-old or so. After retiring, many athletes can't, or won't, go back to spending less, so many eventually go broke. Athletes like Lebron James, Kobe Bryant, and Tiger Woods will never go broke due to endorsements and the eternal fame associated with being one of the greatest of all time. Standard, less successful athletes aren't as fortunate.

A lot of athletes are undereducated due to going straight to the pros out of high school or leaving college early to join the professional ranks. This lack of education adds to the immense spending because athletes aren't taught how to save or invest their money. Also, the lack of a degree makes it difficult for players to get a job after retiring. I realize it is somewhat unconstitutional to prevent players from playing professionally before graduating college, so I won't suggest that as a solution. However, I feel like if professional sports made it a requirement to hire a financial advisor, players would be better suited to transition into retired life.

Jake Packman