ASU Sports Professional Organizations Discussion

respond to each question/answer whether you agree or not or yes or no and provide some information.

Should Professional Organizations Provide Financial Assistance For Every Player?

Professional athletes going broke has been a reoccurring issue in sports for a very long time. Often times because these players financial assistance aren’t right for the job or because they never even have one to begin with. When the players begin to make more money than they know what to do to with, they begin to become quite generous with their funds and give it out to friends and family and then of course some big items for themselves as well, and before they know it they retire and have to file for bankruptcy. These professional organizations watch it happen to their player right in front of their eyes sometimes, and with the amount of money these teams have, I think it would go a long way if they had really good financial assistants that they assign to their players while they are with that team. Do you think this could be an effective strategy to decrease the amount of pro athletes who end up bankrupt?

Why is there such a high percentage of professional athletes that go broke?

In class, we alluded to the percentage of former professional athletes that went broke within a certain amount of time after their career. This is a major problem when it comes to the knowledge that professionals have about their money. Many pros didn’t ever care much about their education and think that money can solve all problems. Others have never seen money before and don’t have any clue how to use it or spend it. I hear many stories from former athletes that felt like they had to help out everyone that helped them get to that pedestal and by the time they pleased everyone they were left with minimal amounts of money. In the future, it needs to be an emphasis to help teach athletes the best way to handle their money, so they are much less likely to go broke.