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The Big Issue

There has historically been a large problem with young professional athletes ‘getting rich quick’, and many, whether it be there own fault or the fault of others, can make some poor decisions.

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Some young athletes can be paid a startling amount coming out straight form college. Although the highest paid are not usually soccer players, non the less the theory remains consistent. This theory is that young professional athletes are destined for a tough few years being paid high amounts in their first few years. This is the case for a number of reasons. First of all, in college (although there has been some dispute as to whether this will continue) there is no official classes taught that athletes must attend, that teach about handling money correctly and taxes and banking etc. This lack of knowledge means that usually most young professionals have to deal with their small starting salaries in a way where they can make a few mistakes and put it right budgeting properly. The more money you have, the more chances there are for mistakes to happen, so some athletes who are getting paid huge amounts, squander masses of it thinking they are safe fiscally, when in actual fact they are running thin. This is partly because they are unaware how to handle and budget money properly because of no official prior training. Another reason, is the example set by todays pop culture. It is seen as cool and admirable to not need to worry about money, and be able to squander it in areas where it wont gain any return (or short term return). This is a social status act, and is extremely unwise. Athletes are seen as top of the ranking in most social status’, and thus have a pressure to hold this up by living lavishly and spending money where its better not to. Adding to this, many (not all) athletes come from a background or lifestyle where money is something that is not easily found. This means for some, that when they have it they spend it wisely and with caution. However with a lot, they have so many resources and riches available to them so quickly, they become vulnerable to spending habits that were previously not available to them. These can include some terrible addictions including substances and gambling. This is a sad reality and I will be discussing some solutions to the issues in my next blog post.

Some young athletes can be paid a startling amount coming out straight form college. Although the highest paid are not usually soccer players, non the less the theory remains consistent. This theory is that young professional athletes are destined for a tough few years being paid high amounts in their first few years. This is the case for a number of reasons. First of all, in college (although there has been some dispute as to whether this will continue) there is no official classes taught that athletes must attend, that teach about handling money correctly and taxes and banking etc. This lack of knowledge means that usually most young professionals have to deal with their small starting salaries in a way where they can make a few mistakes and put it right budgeting properly. The more money you have, the more chances there are for mistakes to happen, so some athletes who are getting paid huge amounts, squander masses of it thinking they are safe fiscally, when in actual fact they are running thin. This is partly because they are unaware how to handle and budget money properly because of no official prior training. Another reason, is the example set by todays pop culture. It is seen as cool and admirable to not need to worry about money, and be able to squander it in areas where it wont gain any return (or short term return). This is a social status act, and is extremely unwise. Athletes are seen as top of the ranking in most social status’, and thus have a pressure to hold this up by living lavishly and spending money where its better not to. Adding to this, many (not all) athletes come from a background or lifestyle where money is something that is not easily found. This means for some, that when they have it they spend it wisely and with caution. However with a lot, they have so many resources and riches available to them so quickly, they become vulnerable to spending habits that were previously not available to them. These can include some terrible addictions including substances and gambling. This is a sad reality and I will be discussing some solutions to the issues in my next blog post.

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