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Ep 019 FINANCES - Why Do Professional Athletes Struggle With Finances?
Welcome to Episode 17 with host Frederick Entenmann: FINANCES - Why Do Professional Athletes Struggle With Finances?
Everyone acknowledges that the finances of pro athletes is a source of serious concern. Particularly, students of behavioral economics may not be surprised to learn that basketball players who demonstrate a preference for low-range, low-percentage three-pointers seem especially likely to run into financial problems when they retire.Poor financial literacy, ill-chosen accountants and other financial advisors, high-risk investing, gambling addictions, divorce, cultures of lavish spending, and much else have led countless professional athletes to bottom out financially over the years. The question remains, why DO people continue to be enamored with professional athletes when they are living proof that even the biggest of fortunes can have a short shelf life?
Four years ago future NBA Hall of Famer, Scottie Pippen unsuccessfully sued his former law firm for allegedly losing $27 million of his money through poor investments. (He had earned about $110 million in salary alone over a 17-year career.) Back in February 2007-around the same time as Pippen's failed NBA comeback attempt--the Missouri Court of Appeals upheld a ruling that the player owed U.S. Bank more than $5 million in principal, interest and attorneys' fees from a dispute regarding a Grumman Gulfstream II corporate jet that he'd purchased in 2001.
In an era in which banks are lambasted for using taxpayers' money to fly their executives on luxury private planes, it's a smart bet for players not to use their own cash to do the same. In this economy, especially, the goal shouldn't be living that kind of lifestyle or trying to get richer. It needs to be about trying to maintain the wealth, downsizing and living waaaaaay below your means. Sometimes, though, an athlete with a big ego just can't shake the temptation to try to hit the jackpot. There's something in an athlete's egotistical mentality that drives him to swing for the fences financially--usually at his own peril. The solution to the problem is, without a doubt, education. Change simply won't happen until grown men start wanting to learn.
Connect with Frederick at (614) 827-5427, [email protected], FrederickEntenmann.com
and Skype frederick.entenmann8.
Everyone acknowledges that the finances of pro athletes is a source of serious concern. Particularly, students of behavioral economics may not be surprised to learn that basketball players who demonstrate a preference for low-range, low-percentage three-pointers seem especially likely to run into financial problems when they retire.Poor financial literacy, ill-chosen accountants and other financial advisors, high-risk investing, gambling addictions, divorce, cultures of lavish spending, and much else have led countless professional athletes to bottom out financially over the years. The question remains, why DO people continue to be enamored with professional athletes when they are living proof that even the biggest of fortunes can have a short shelf life?
Four years ago future NBA Hall of Famer, Scottie Pippen unsuccessfully sued his former law firm for allegedly losing $27 million of his money through poor investments. (He had earned about $110 million in salary alone over a 17-year career.) Back in February 2007-around the same time as Pippen's failed NBA comeback attempt--the Missouri Court of Appeals upheld a ruling that the player owed U.S. Bank more than $5 million in principal, interest and attorneys' fees from a dispute regarding a Grumman Gulfstream II corporate jet that he'd purchased in 2001.
In an era in which banks are lambasted for using taxpayers' money to fly their executives on luxury private planes, it's a smart bet for players not to use their own cash to do the same. In this economy, especially, the goal shouldn't be living that kind of lifestyle or trying to get richer. It needs to be about trying to maintain the wealth, downsizing and living waaaaaay below your means. Sometimes, though, an athlete with a big ego just can't shake the temptation to try to hit the jackpot. There's something in an athlete's egotistical mentality that drives him to swing for the fences financially--usually at his own peril. The solution to the problem is, without a doubt, education. Change simply won't happen until grown men start wanting to learn.
Connect with Frederick at (614) 827-5427, [email protected], FrederickEntenmann.com
and Skype frederick.entenmann8.
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By Global Voice RadioWelcome to Episode 17 with host Frederick Entenmann: FINANCES - Why Do Professional Athletes Struggle With Finances?
Everyone acknowledges that the finances of pro athletes is a source of serious concern. Particularly, students of behavioral economics may not be surprised to learn that basketball players who demonstrate a preference for low-range, low-percentage three-pointers seem especially likely to run into financial problems when they retire.Poor financial literacy, ill-chosen accountants and other financial advisors, high-risk investing, gambling addictions, divorce, cultures of lavish spending, and much else have led countless professional athletes to bottom out financially over the years. The question remains, why DO people continue to be enamored with professional athletes when they are living proof that even the biggest of fortunes can have a short shelf life?
Four years ago future NBA Hall of Famer, Scottie Pippen unsuccessfully sued his former law firm for allegedly losing $27 million of his money through poor investments. (He had earned about $110 million in salary alone over a 17-year career.) Back in February 2007-around the same time as Pippen's failed NBA comeback attempt--the Missouri Court of Appeals upheld a ruling that the player owed U.S. Bank more than $5 million in principal, interest and attorneys' fees from a dispute regarding a Grumman Gulfstream II corporate jet that he'd purchased in 2001.
In an era in which banks are lambasted for using taxpayers' money to fly their executives on luxury private planes, it's a smart bet for players not to use their own cash to do the same. In this economy, especially, the goal shouldn't be living that kind of lifestyle or trying to get richer. It needs to be about trying to maintain the wealth, downsizing and living waaaaaay below your means. Sometimes, though, an athlete with a big ego just can't shake the temptation to try to hit the jackpot. There's something in an athlete's egotistical mentality that drives him to swing for the fences financially--usually at his own peril. The solution to the problem is, without a doubt, education. Change simply won't happen until grown men start wanting to learn.
Connect with Frederick at (614) 827-5427, [email protected], FrederickEntenmann.com
and Skype frederick.entenmann8.
Everyone acknowledges that the finances of pro athletes is a source of serious concern. Particularly, students of behavioral economics may not be surprised to learn that basketball players who demonstrate a preference for low-range, low-percentage three-pointers seem especially likely to run into financial problems when they retire.Poor financial literacy, ill-chosen accountants and other financial advisors, high-risk investing, gambling addictions, divorce, cultures of lavish spending, and much else have led countless professional athletes to bottom out financially over the years. The question remains, why DO people continue to be enamored with professional athletes when they are living proof that even the biggest of fortunes can have a short shelf life?
Four years ago future NBA Hall of Famer, Scottie Pippen unsuccessfully sued his former law firm for allegedly losing $27 million of his money through poor investments. (He had earned about $110 million in salary alone over a 17-year career.) Back in February 2007-around the same time as Pippen's failed NBA comeback attempt--the Missouri Court of Appeals upheld a ruling that the player owed U.S. Bank more than $5 million in principal, interest and attorneys' fees from a dispute regarding a Grumman Gulfstream II corporate jet that he'd purchased in 2001.
In an era in which banks are lambasted for using taxpayers' money to fly their executives on luxury private planes, it's a smart bet for players not to use their own cash to do the same. In this economy, especially, the goal shouldn't be living that kind of lifestyle or trying to get richer. It needs to be about trying to maintain the wealth, downsizing and living waaaaaay below your means. Sometimes, though, an athlete with a big ego just can't shake the temptation to try to hit the jackpot. There's something in an athlete's egotistical mentality that drives him to swing for the fences financially--usually at his own peril. The solution to the problem is, without a doubt, education. Change simply won't happen until grown men start wanting to learn.
Connect with Frederick at (614) 827-5427, [email protected], FrederickEntenmann.com
and Skype frederick.entenmann8.