Apparently, no amount of touchdowns can protect a National Football League player from filing for bankruptcy quicklyright after retirement.
A researchA term paper published by the National Bureau of Economic Research discovered that nearly 16 percent of NFL players prepared in between 1996 and 2003 have actually stated bankruptcy within 12 years of retirement.
While that may seem overwhelming to the typical American, thinking about that the average professional football gamer makes $1.9 million per year, scientists have actually found that preliminary bankruptcy filings start quickly after a gamer retires from the league and stays relentless after the very first dozen years of retirement.
The paper acknowledges that NFL players struck their peak making quantities while they are young, typically right from college. Then, due to the brutality of the sport, are forced to retire young, and are not most likely to ever earn moneymake money on the very same level once more.
Conversely, the typical American female reaches pay peak at age 39, while male income continues to grow until age 48, according to Forbes.
“Athletes have a different set of challenges from, say, performers,” said Michael Seymour, creator of UNI Private Wealth Approaches. “There’s a far much shorter peak revenues period [in sports] than in other occupation, and in lots of cases they do not have the time and desire to understand and monitor their financial investments.”
No matter when peak earning amounts are reached, however, numerous specialists believe that the factors athletes or regular Americans go broke simply boils down to poor moneyfinance and lost trust.