Why some Athletes go broke after financial rewarding sports careers
Athletes going broke after their active years in the sport is no longer uncommon to come by. It's increasing on a much wider scale of late, and the reason most times, all boils down to lack of investments.
Using footballers as a case study, so many are broke because they failed to invest some of the money earned while playing the beautiful games. A whole lot thinks they have forever to play the game and that's their first mistake.
The term nothing lasts forever seems foreign to many and they fail to properly get the financial aspects of their lives in order. They enjoy partying with girls and clubbing instead all nights and lavishly wasting their earned funds.
Other footballers go broke through their addictions. Addiction is one problem that will ruin a person and the fun fact is, no addiction is good. Regardless of how many investments you have, if one is addicted to gambling, drinking, Drugs or womanizing, the investments will be closed to satisfy the addictions soon.
Ronaldinho remains broke despite a luxurious football career and the reason for this remains that he is addicted to partying and drinking. That's two elements don't bring money into anyone's account instead, it will always leave one at their mercy clamoring for more.
Lack of education or financial knowledge also leaves a lot of football broke after their football careers. This aspect mostly affects footballs from Africa who don't have sound education before kick-starting their football career and also not seeking financial knowledge during their plating days. This kind of players leave all monetary expects of the game in the hands of their agents and most times, they end up being defrauded.
A whole lot of other reasons exist but in closing, I will leave you with the last one which is divorce. In the case of Emmanuel Eboue being divorced by his wife, he lost almost all of his properties and money. He went broke instantly and had to plead to get jobs just to survive.
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The answer is most suffer from financial illiteracy. Being good at a sport does not mean one is knowledge about money nor its management.
Whatever the sport, we see the same results. Sadly, the poorer one was growing up, the more likely they are to end up squandering the millions they make during their careers.
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The last point you made was very valid and I could literally connect with it but I feel the financial literacy part is been blown out of proportion.
Some might be financial literates and they may be financially liberated but their addictions such as gambling could make them lose all of their money regardless of how financially exposed they are
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