Shocking figures in Sports Illustrated, that shows what happens when you don’t care of your finances:
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
Within five years of retirement, an estimated 60% of former NBA players are broke.
The reason: ignorance, poor planning, relying on friends instead of professionals, hiring dishonest professionals (no due diligence), going for tangible assets (real estate, newly invented products) instead of intangibles (stocks), and of course, reckless spending.