Building Up Their Savings Over The Years

Young athlete’s main goal to attain is to become a professional athlete. Many want to become a professional athlete due to the money, others for the love of the particular sport that they are interested in. There is a downside in becoming a professional athlete, that many young players are not aware of. This downside is that professional athletes’ go broke faster than they are drafted into the leagues. Many professional athletes such as NBA and NFL players go broke due to career duration, overspending, family issues, and lack of financial knowledge.

After watching ESPN’s 30 for 30, Broke, my mind starting pondering this question of why and how so many professional athletes are blowing through the millions they make while playing their specific sport? It is amazing that someone can spend that much money so quickly. What are they buying and who are they buying things for? Where are they spending it? Where do they go wrong? When did this trend start and will it continue in the future? What are the league officials doing in order to prevent this tragedy from happening? These are some of the questions I will try to answer throughout this paper.

When people typically view professional athletes they see the lavish lifestyle, they see the big contracts, and figure that they must be set up financially for the rest of their life. This is not the case though as becoming a professional athlete is similar to hitting the lottery just genetically. Being an athlete creates a large amount of income early in life, but that income decreases to zero once retirement comes around. The documentary Broke is a compilation of interviews and incidents that occurred which showcase the poor money management done by professional athletes. Whether the athlete played basketball, baseball, football, or was a boxer it did not matter there were multiple instances where an athlete that made millions in

Marc Edelman is firm believer that college athletes deserve the right to get paid without any issues involving taxing scholarships. Edelman states as his thesis, “This movement to allow athletes to share in the revenues of college sports arises from the belief that college athletes sacrifice too much time, personal autonomy, and physical health to justify their lack of pay” (1139). He supports his claim with facts about the amount of revenue college athletics brings into a school. “The college sports industry represents a more than eleven billion-dollar U.S. enterprise” (Edelman 1141). Without athletes, there would be no revenue coming in so athletes deserve a portion of the revenue. He also supports the devotion to the spot by stating, “In these sports, the star athletes devote upwards of forty hours per week to team travel, play, and practice” (Edelman 1141). The amount of time put into the specific sport is equivalent to a normal week of work. Another key point expressed is

Athletes are overpaid by their couches and businesses just for playing in their team’s games and doing commercials. Even after they retire they still make more money than they work for. They are paid millions every year, Shaqeel Oneel made enough money that he could hire builders to make him a full sized basketball court in his basement. Furthermore, Peyton Manning makes about 700 thousand after he retired. Most athletes don’t know how to handle that much money a pro football player bought a Ferrari even though he didn’t know how to drive. Another pro NFL player spent 30 thousand dollars on earrings. Some pro athletes know how to spend money a few athletes invested their money in companies. Other athletes donated to charities and other organizations. Few athletes do

When they were in college they never had time to get a job, because they were spending their time doing either school work or practicing/playing the . Also if the athlete is good enough to make it into professionals they will have to manage more money. Tiffany Patterson stated, “One aspect I find lacking in this topic discussion is the ignoring of the very real fact that a lot of athletes are very financially irresponsible.”.

Many college athletes have trouble with their money throughout their college lives. One of the main reasons that colleges don’t want to pay their athletes is because they think that they won’t use the money efficiently. “The debate over paying college athletes ignores the fact that they are already paid. The real question is, should they be paid more?” (Sack).

Experts say that college athletes should have a bank account set up for them with money in it so that college athletes would not have an actual paycheck. Joe Nocera a New York Times writer Suggest that, we should set up bank accounts for the college athletes. He says “I would impose a minimum salary: $25,000 per player in each sport. This would obviously not make the athletes rich, but it would give them enough to live like typical college students”. The other side of the conversation says that, the colleges can’t afford to set up bank accounts for every college sports player. The colleges can’t afford it because putting 5,000 dollars in every athlete's account is a lot of

The main reason they are able to be in college is because they could play a sport. With that being sad there are certain things their scholarships won’t be able to cover. Many of them aren’t able to rely on their parents for financial support a lot of times for that reason. The best thing most college students can decide to do is to have a small job on the side. This is normally a good choice and rather helpful, but for an athlete it is different. Since they have such an intense schedule to worry about along with school work handling a job too may be too much to handle. They can end up overwhelming themselves by doing this. It very well may be true that college athletes chose to be that,but in all fairness they have no choice. Society tells us to get educated in order to get a step up in life. College athletes don’t just have the money lying around to do so. The one thing they had going for them was a sport.So in order for them to get to college they continued their sport. That should not penalize them causing a struggle to live off in college.College athletes don’t necessarily need a ton of money, but a little bit would definitely help. Only the essentials are truly needed to keep them going. Things such as: food,clothing,school supplies ,hygiene products, and maybe a little extra on the side in case something happens. By no means should athletes have money to carelessly flaunt around,but essentials helped. Books cost a ton of money and most athletes are ignorant to the fact they must come out of pocket for them. Athletes often times get behind in homework due to the fact that they don’t have the books just yet. And by the time they can get their hands on the book it could possibly be too late.A lot of these young men and women had hard lives why continue the

Athletes say that after paying rent and buying food they don’t have enough money to pay for cell phone bills, car insurance, and transportation.

When athletes begin playing on a professional level, they are drafted to a team. Whether it is a large amount or small amount they are signed to a contract. However, some of them use their money unwisely and find themselves in debt. In order to counter this they should be allowed a sum of money while attending school to enable them to be financially aware. Yes, some may argue that scholarships are enough to cover the student’s expenses when in reality it will not be enough to support them all 4 years.

Many high school athletes biggest dream is to become one of the men or women they watch every weekend playing the sport they love on television in front of the thousand in the stadium and the millions at home. Usually the only downfall to going to a favorite college teams game, is having to pay for the ticket to get in. Fans may think, “Where does all the money go to?” Because it doesn’t go to the player out on the field who is bringing the fans, TV contracts, and publicity to their games. The NCAA (National Collegiate Athletic Association) makes an astonishing six billion dollars a year.

The authors of this article discuss if the student-athletes would need start getting paid for their talents on the field and how that would affect the sports in college universities. One of the main arguments was that some universities in certain states where income taxes are low would have an advantage over other universities located in states where are high income taxes. Another implication is that NCAA considers all of the athletes’ as amateurs and getting money for their talents while playing for the university would make them into professional status. Also, the researchers suggested that there is a high probability that in the near future the student-athletes might get started being paid for

Professional soccer athletes can make anywhere between starting salary, $30,000, to $1,000,00 per year. With this great amount money it is significant to make sure it is being invested in the proper places. Investing in the wrong places could result in rapidly losing money or becoming bankrupt. Alex Morgan makes $450,000 every season, not including her books or other festivities. It is also important to create a diversified portfolio for my client because investing in one industry could lead her to becoming broke. This essay will explain why my client should invest her money in McDonald’s and Apple’s stocks.

The passages present a discussion about arguments concerning whether or not professional athletes are overpaid. This is an important debate since professional sports represents a multi-billion-dollar-per-year industry. The two positions argue whether or not professional athletes should be paid the large yearly salaries they are paid. Both viewpoints have valid claims warranting consideration. For example, evidence suggests that people with far more important jobs are paid much less than professional athletes; in contrast, opposing evidence suggests that since professional athletes generally have short careers and must train very hard to build and maintain their skills, the higher salary is justified. While both sides of the issue have valid points, the viewpoint that professional athletes are not overpaid is the best-supported position, the position supported by the preponderance of the evidence cited in the passages. The strongest and best reasons supporting this position are that professional athletes must endure grueling and intensive training, they generally have short careers that often end in injury, and the amount that they are thought to be paid is often inflated. Accordingly, these reasons and opposing viewpoints will be discussed next.