Recent Posts

Archive

Tags

For Pro Athletes, Money Can Be Easy Come, Easy Go


Times have changed. And yet, they remain the same.

As the No. 1 pick in last year’s NBA draft, Ben Simmons will earn an average annual salary of approximately $6 million — double that earned by David Robinson, the first player drafted in 1987, the year I was selected by the Cleveland Cavaliers.

At last look, an estimated 60 percent of former NBA players go broke within five years of departing the league. And by no means are these financial problems confined to the NBA. A reported 78 percent of former NFL players have gone bankrupt or are under financial stress just two years after retirement.

As the salaries of professional athletes across all sports grow larger, so too does the number of individuals seeking to prey on their successes and wealth. The reality is, they’re targets the day they sign those contracts.

Please click here to continue reading: http://bit.ly/2nhzWjv

 

Julian Schubach is an Investment Advisor Representative of Nosuris, Inc., a New York State Registered Investment Advisory. Investment Advisory Services are offered through Nosuris, Inc., a NYS Registered Investment Advisory. Please visit www.Nosuris.com for additional disclosures. Check the background of this firm on FINRA’s BrokerCheck.

©2016 by Julian Schubach