Summary of (How and Why) Athletes go Broke - Essay Example

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Summary of (How and Why) Athletes go Broke

Ismail Rocket admits that he has lost millions of dollars out of total ignorance. Athletes tend to invest in highest-caliber private deals no more than 1 in 30 of which every works out as advertised. Conservative spending seems like a boring idea to the athletes. Instead, they prefer investing money in inventions, nightclubs, and other innovative ideas with a thrill of tangibility. The inflatable raft invention that Hunter invested $70,000 about five years ago was one such trap. The investment partner asked Hunter to invest up to $500,000 more. Upon Hunter’s refusal, the investment partner vanished along with the original money. Much money is lost when athletes attempt to sell their possessions at a much lower than justified price in urgency to make up for other losses they are incurring. An example is provided by Muhammad who after having his music company sued offers his 8,200 sq. foot lakeside estate with unique features for a price that is $800,000 lesser than his original demand. Athletes get into sports at such an early age that they miss out on colleges and are not formerly equipped with the knowledge of finance and accounting. Neither have they much sense nor much time to get into the intricate details of their financial matters. ...Show more

Summary

Summary There are four main reasons why most professional athletes eventually lose all their money; their temptation for tangible possessions, misplaced trust, family matters, and great expectations. Peak earnings period for athletes is shorter than in other professions…
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