Friday, October 9, 2009

Where does the money go?

This article is about N.B.A. players going back to college during the off season to try and finish their degrees. The interesting thing is it gives some statistics on professional sports players in general and how they fare once they are not plying their trade.

Here is the alarming section of the NYT article which cites a fascinating Sports Illustrated article,

"The average annual salary in the N.B.A. is $5.85 million, and players are generally secure in the near term. Their retirement years can be completely different. An estimated 60 percent of N.B.A. players are broke within five years of retiring, and 78 percent of N.F.L. players are bankrupt or under financial stress because of joblessness or divorce within two years, according to a report by Sports Illustrated in March. The magazine also reported that many baseball players struggle financially after retirement."

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