While the careers of most Arkansas residents get well on track at about the age of 30, the careers of some professional sports people are over by that time. The National Bureau of Economic Research reported that a new study revealed that a high number of professional athletes file for bankruptcy within a couple of years after retirement. Sports Illustrated showed similar results in a 2009 report, in which it revealed that 78 percent of retired NFL players experienced financial difficulties due to unemployment or divorce within two years of retirement.
Most people will likely find it difficult to adapt to retirement at such a young age, and this typically presents many problems. It is said that average NFL players earn more than $3 million during about six years of playing in the league. However, not many of them are ready to invest in their retirements at that time.
It has apparently been found that many NFL retirees disregard sensible investing advice or fail to seek such advice from professional financial advisors. Instead, some of them have fallen prey to bad advice and lost millions in dubious investment schemes. Upon retirement, they experience a sudden end to the inflow of millions of dollars, and many find it impossible to adjust to scaled-down lifestyles on limited incomes.
NFL players are known for maintaining extravagant lifestyles, and some continue this culture until their fortunes are drained. Fortunately, personal bankruptcy offers those with significant financial difficulties some level of protection, along with an opportunity to regain financial stability. A consultation with an experienced Arkansas bankruptcy attorney will provide information on the available bankruptcy options to assist individuals in making informed decisions about their financial futures.
Source: time.com, “Why NFL Players Are So Likely to Declare Bankruptcy“, Brad Tuttle, April 14, 2015