60% of NBA Players are Broke 5 Years into Retirement

Now I’m not some insurance broker or some retirement investor who wants NBA players to throw money at me…well not entirely, but this is an interesting story. After all, NBA players make millions of dollars fairly quickly nba_ballersand are seen living lavish lives so how could they possibly become broke 5 years into retirement?

The fact is a lot of celebrities like to “over hype” their wealth. They land an NBA contract and go spend all of it before they have earned it on the court.  The lifestyle they live at the time is rich and includes multiple vacation homes and Ferraris in their driveway, but the question is whether they will be able to continue that lifetyle when those paychecks stop coming in. According to a study by mediatakeout.com from 2008, nearly 60% of NBA players go bankrupt after 5 years of retirement because they don’t save their money.  They tend to mistake how expensive upkeep is and providing for a family and a posse and before long they need another career.

Good story? Want more interesting hoops news? Follow me on Twitter: @DinoGomez.

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