Ryan Dorfman's From Riches to Rags, in the October 29, 2017, Sunday Republican's business section, offers a fresh and surprising perspective on the prominent problem of bankrupt pro-athletes. He starts by outlining four major athletes, all in different sports, and their huge losses of money. It's revealed that about 60% of NBA athletes lose everything and go broke within five years of retiring from the sport. In the NFL, 16% of players who were drafted between 1996 and 2003 declared bankruptcy within twelve years. These insane numbers, the most surprising part of the article, present a picture of young, vulnerable sports players being thrust into the limelight with millions of dollars in their bank accounts. What's most surprising about these
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Despite the fact that families everywhere make entirely different amounts, it's easy to agree that the basic task of managing your money is a common factor for everyone. What From Riches to Rags offers for wisdom is a look at the consequences of not being aware of your finances. What the article addresses is a cautionary tale stemming from the misfortune of those who did not have the knowledge, experience, or help necessary to manage their funds. The lessons it teaches is to use your resources and learn how to manage your money so that when you're no longer making a paycheck you are still able to live within your means, even if it means cutting your budget to adjust for things you need. This lesson, of course, is one that everyone can benefit …show more content…
Shocked by the sudden reality that they are not able to live within these means, many athletes face bankruptcy soon after they leave the world of professional sports. From Riches to Rags is an excellent article, and one I agree with wholeheartedly. The lessons that it teaches mimic a lot of what we've learned in class, the most important being that "no one else is going to watch out for your money, only you." It demonstrates that those without the knowledge to manage their money can fall into extreme debt, no matter the amount of cash they started
Despite the fact that families everywhere make entirely different amounts, it's easy to agree that the basic task of managing your money is a common factor for everyone. What From Riches to Rags offers for wisdom is a look at the consequences of not being aware of your finances. What the article addresses is a cautionary tale stemming from the misfortune of those who did not have the knowledge, experience, or help necessary to manage their funds. The lessons it teaches is to use your resources and learn how to manage your money so that when you're no longer making a paycheck you are still able to live within your means, even if it means cutting your budget to adjust for things you need. This lesson, of course, is one that everyone can benefit …show more content…
Shocked by the sudden reality that they are not able to live within these means, many athletes face bankruptcy soon after they leave the world of professional sports. From Riches to Rags is an excellent article, and one I agree with wholeheartedly. The lessons that it teaches mimic a lot of what we've learned in class, the most important being that "no one else is going to watch out for your money, only you." It demonstrates that those without the knowledge to manage their money can fall into extreme debt, no matter the amount of cash they started