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Essay / Why Athletes Go Bankrupt - 1354
Immense pressure is placed on professional athletes who earn millions of dollars each year to support their loved ones. “If you haven’t experienced it yourself, there’s no way to describe it.” This is how one professional athlete described the pressure from family and friends to share the wealth (Why Athletes Go Bankrupt: The Myth of the Dumb Jock). Magic Johnson became a hugely successful entrepreneur after playing in the NBA. Johnson believes it is beneficial if friends and family are not part of an athlete's investments or business activities. An athlete hiring a friend to do unnecessary work is far more beneficial to the friend than to the athlete. An athlete does not need the help of friends to thrive, while the athlete's friends depend on the athlete's wealth to live (Torre, 4). Many different people will stretch the definition of friend in an attempt to indulge in the luxurious lifestyle of an athlete. “In any business where you make a lot of money, there are people trying to get their hands on it.” Levi Brown said. All kinds of people flock to athletes to try to get their hands on athletes' pockets (ProLivsey 3Athletes Often Fumble the Financial Ball). Regardless, athletes want to prove the memory of a hometown or group of people who supported them on their journey to becoming a professional athlete. Buying houses and cars for friends and family is a way of showing that money hasn't changed the athlete (Why Athletes Go Bankrupt: The Myth of the Dumb Jock).Divorce, Marriages, and Affairs That Lead to the payment of child support and alimony. are detrimental to the finances of professional athletes. The divorce rate for professional athletes ranges from 60 to 80 percent, which is much higher than that of the general public. This is very simple for athletes, but it works against them when it comes to making financial decisions (Why Athletes Go Bankrupt: The Myth of the Dumb Jock). Works Cited Farrell, André. “The Sports Star Money Meltdown.” January 31, 2014.Web.McCaffrey, Gene. Personal interview. March 1, 2014.Pagliarini, Robert. “Why athletes go bankrupt: the myth of the stupid athlete. » July 1, 2013.Web.Sladky, Lynn. “Professional athletes often fail the financial ball. » April 4, 2012.Web.Torre, Pablo. “How (and why) athletes go bankrupt.” March 23, 2009.Web.