What Percent of Retired NFL Players go Broke in Three Years?

by Kamil Skwarek on Feb 10, 2015 | Views: 1473 | Score: 0
Percentage of retired NFL players who go... bankrupt80
Sources: forbes.com
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Kamil Skwarek
Kamil Skwarek on Feb 10, 2015 12:22 PM said:

If the median NFL salary is $750,000 and the average career is less than four years, why do NFL players struggle financially after their football career? Most football players go broke in their first three years out of the league due to: bad financial advice, supporting their family, divorce settlements, lack of awareness of how quickly their career can end, and lack of preparation for a second career.

kendramayer2017 on Feb 12, 2015 5:05 AM said:

I agree that the shortness of NFL careers is a big factor in going bankrupt. I also think this is interesting, since this stat specifically looks at players that go broke in just three years. Seeing this, I would argue that bankruptcy is definitely not a long-term result of not finding another job.

Kamil Skwarek
Kamil Skwarek on Feb 12, 2015 7:59 AM said:

I agree, a big part of this is handing someone fresh out of college multi millions. They don't know what to do with it. Many probably think that kind of money will last them decades. The NFL needs to do a better job of financially educating their players.