Why Athletes Struggle After Retirement

1501 WordsMay 5, 20177 Pages
Mike Tyson, a renown worldwide boxer, made over $400 million dollars in the span of his boxing career. However, before his retirement from the sport, Tyson had declared bankruptcy in 2003. Tyson was known to spend his match earnings on materialistic wants like jewelry, limousines and even a Siberian Tiger. Currently, Tyson has many debts to owe to many different people and companies. As he works with his bankruptcy lawyers, he will continue to decrease his debt as much as he can. The problem that Mike has and along with numerous other professional athletes is that they struggle financially and emotionally after they retire. It’s becoming notorious in the sport’s world that athletes’ lives seem to decline post-retirement. However, some know…show more content…
A combination of all these aspects leads retirees to stress and a struggling retirement. Athletes are known based on their names, their jersey numbers, and the teams they play for. What they are not known for is their investment portfolios or the stocks they have positions in. They’re not good with money and aren’t well educated on the subject of money too. When they retire, they lose a lot of money because they have more expenses than revenue. They go into a financial crisis and can lose everything. Athletes give up the sport they love to retire at an early age, giving up their dreams and major goals in life. They feel empty about themselves and begin to progress into an emotional crisis where they can’t motivate themselves to do anything. Emotionally, they have a downfall because of retiring which can affect the other aspects of life. Physically, professional sports can be demanding on the body and athletes are more prone to injuries. In the NFL, concussions are the likeliest form of injury and can also be the most damaging long-term. Damage to your body can be affected after sports and can also be the reason why you must retire. Putting your body on the line for the dream of having a temporary, short-term passion is a big dedication. The best way for professional athletes to prepare for life after retirement is for them to find an occupation that still connects them to a passion, educate themselves about money and
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