Super Bowl Goals (Are We Still Talking Broke?)
Super Bowl LIII is almost here. But I'm afraid the conversation still hasn't changed much. I get a text message or email from a media outlet at least one a week and usually they want to discuss how "so many athletes are going broke." The funny thing is they all refer to the stats of 78% of NFL players are financially distressed within 2-3 years of retirement and 60% of NBA athletes are bankrupt 5 years after retiring.
But is this reality? What if I told you that the stats I just mentioned came from a Sports Illustrated article that was written almost a decade ago in 2009. Based on our research, the stats haven't been updated since that article. In fact, if you google "athletes going broke" Wikipedia will refer to that 2009 article. It's now 2019. The question is... has perception become reality?
Why do people love to write about or cover stories on the topic of athletes going broke? In some strange way people appear to enjoy the conversation. It's not about finding a solution to help change the perception. People will continue to refer to this old dated information because it gets everyone's attention. But where's the truth?
According to our company's research (Qwerkz) 25% of retired NFL players are entrepreneurs or small business owners, 15% are in the sports industry (Fitness, Coaching or Training), and nearly 10% are in the finance industry (Banking, Investing or Insurance). This is 50% of players that have transitioned well. As for the other 50%, no one completely knows what they're doing.
But, what I do know is that it's time for the conversation to change. There's a new perception and a new reality. Many athletes are doing better economically after retirement than they did while playing. Every athlete should know that this is a real possibility. In fact, they should expect it. You get to go pro more than once... How awesome is that?
Thanks for reading. Please leave a comment or question below. To learn more about my company (Qwerkz) and how we're connecting athletes with companies and brands, visit Qwerkz.com
Corey Jackson
Financial Advisor Helping Executives & Managers, Business Owners, Athletes, and Entertainers With Wealth & Exit Strategies
6 年Be the change you want to see! Thank you for challenging the old perspective and shedding light on what you know to be true Corey. “Broke” May also be a perception based on relative dollars compared to s former athlete’s playing days. I don’t buy-in to the elevated bankruptcy numbers in today’s environment as athletes are much smarter and aware than in the past based on these same stories we’re challenging per your piece.
Owner Binghamton Black Bears - Forbes Writer - Real Estate Investor
6 年I think the 90% stat or whatever they're quoting is largely outdated, and inflated at that point too. I work with a lot of former athletes (some who have been portrayed as "broke", but been far from it...) and I would say that while the actual number of athletes suffering financially is lower than what's been out there, it is still a huge problem. Some guys I work with have made 3-4M per year over a long career, but couldn't pay a credit card bill or open a bank account without someone helping them. Family and friends there to "help" all the way through, and those people often make the most money in the long run, sadly. I think the public in general likes to reed those stories as it makes them feel good (pathetic as it is...) "look he made 30M and is still going broke, I make soooo little and I'm still okay, what a loser" - I've seen it first hand with a partner of mine where everyone wanted to be there for the ride up, but the ride down was very lonely. The more interesting aspect I think should be the shift in mindset that happens once you retire from pro sports, how your life and decisions completely change, and how you have to adjust to a new reality. Many athletes have tremendous gifts that can make them great business pe
Project/Grants Manager & Training Professional with a Knack for Creative Solution-Finding and Event Production
6 年More athletes should tell their story because no one can tell your story like you can. If you want the narrative to change from fiction, share the cold hard facts and speak your truth. Strikeout the stereotype and share that there really is more to professional athletes than meets the eye. Corey, QWERKZ seems to be an EXCELLENT PLATFORM for doing just that and hopefully more of your peers in professional sports will join your efforts. Best wishes! There are indeed brains behind and efforts beyond the braun!
You're right. Everyone does quote that 10 year old stat. I too believe things are changing and more and more athletes are launching business during their careers and monetizing their brand ever more nowadays. Great read Corey Jackson. Will you be here in a few weeks? Let's connect. And possibly partner to host a life after the game session at my office to talk about the transition with a group of players.