Sports Illustrated estimates that 78 percent of former National Football League players, within two years of retirement, are bankrupt or “under financial stress because of joblessness or divorce.” Within five years of retirement, an estimated 60 percent of former National Basketball Association players “are broke.”
Recession or no recession, many NFL, NBA and Major League Baseball players have a penchant for losing most or all of their money. It doesn’t matter how much they make. And the ways they blow it are strikingly similar.
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