How Much Does A Football Player Make A Year Risk Management for Professional Athletes

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Risk Management for Professional Athletes

Recently, there have been several articles about professional athletes who have lost millions of dollars due to bad financial decisions. Athletes range from golfers to boxers to professional baseball players, and their bad decisions range from buying cars, women and tigers to struggling with gambling addictions and poor business investments. There are also those who have been cheated on by their agent, accountant or ex-wife. Most of these problems are due to lack of literacy and some lack of maturity. In any case, this challenge has opened doors for entrepreneurs involved in financial trading and risk management.

A staggering statistic states that 78% of NFL players experience bankruptcy or financial difficulty within two years of retirement, and 60% of NBA players are broke within five years of retirement. These athletes know they have a lot of money and don’t think about what will happen when they stop collecting multi-million dollar checks. Most of them do not understand business and/or finance. Some of them may not even have taken a class in college. Some professional athletes may not have time to focus on their finances. The stress of having to produce on the field leaves little time to focus on off-field matters such as investments or retirement plans. Raghib “The Rocket” Ismail, a former professional football player who in 1991 signed the biggest salary of his time for $18.5 million over four years, once said: “I had a meeting with JP Morgan once and it was like listening to Charlie was Brown’s teacher.” It’s not that he isn’t a smart person, but without attention to detail, many professional athletes have been left in the rain when they ran out of money.

Athletes who go broke don’t all necessarily lose money because they live a lifestyle of excess. Some tried to invest and plan for their future but didn’t have people they could trust to manage their money or tried to manage it themselves but didn’t have the time and knowledge to do it right. Some of them invested in high-risk businesses that failed, and some invested in businesses that had no chance at all. One gamer once invested in an invention that consisted of an inflatable sheet that was attached to the bottom of a sofa so that people living in high rainfall areas could inflate the raft and float on the sofa when their area flooded. If this player had someone in the financial/risk business that he could trust and was reputable, then he would not have lost his money in such a foolish investment.

The financial/risk management companies that athletes should use are companies that have a good reputation with all of their clients, not Uncle Joe’s accountant at the local mall. These companies should try to educate their customers about things they don’t understand through counseling sessions and possibly seminars on financial management and personal finance. If they are trying to keep the athlete in the dark, then they will probably try to outsmart them somehow. Every investment does not have to be “home run”. These companies should try to keep the risk of athletes within reason.

Financial/risk management is key to everyone’s financial stability, no matter how much money they make. If each person’s investment is high risk and high reward, they might as well go to the casino because all they do is gamble. As bad as it is that so many athletes face this problem, it opens the door to risk management businesses for those entrepreneurs. Athletes need to understand that even sport is a business and they need to think of themselves as independent contractors who need to run and manage their own business.

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