WHY PRO ATHLETES GO BROKE

There has been much discussion and debate about why professional athletes go broke. Frequently we hear the stories of multi-millionaire athletes having serious financial challenges during and after their pro sports careers. An article written numerous years ago in Sports Illustrated gave some sobering statistics about pro athletes and bankruptcy, including an estimate that 60% of NBA are broke within five years after retirement and 78% of NFL players have gone bankrupt within two years out. Former boxer, Michael Tyson, still remains the epitome of this discussion, blowing through an estimated $300 million from his pro boxing career and is especially mind-blowing when you realize this amount is larger than some countries' Gross Domestic Product (GDP), which is the total value of goods and services provided by that country for the whole year. But Tyson is not alone as countless articles are written about who is broke almost every week. Often, I am asked about this topic, off the record and on, and I usually give the same answer which is, 'I don't care how much money someone makes.....if you take a 90% pay cut that's a major lifestyle change and most of the time athletes are not prepared for it.' Factor in the fact that this athlete also goes from being 100% on the company's dime for food, travel, and other support for six months out of the year to now being home year round and paying their own food and travel out of a substantially diminished income. I've had former athletes often mention the irony of the fact that they receive free cars, clothes, and other luxuries when they are making a hefty income, but those gifts go away when they are not. One must also consider the fact that one's spouse goes from seeing him on a regular basis only six months out of the year and suddenly everyday when the sports career is over while experiencing a major income loss, which is probably why there is an 80% divorce rate among athletes (not simply from the infidelity you hear about in the news). In his book titled, "Winning the Money Game: Lessons From The Financial Fouls of Pro Athletes" former NBA player, Adonal Foyle says, “Lots of players are having ­financial trouble, but they won’t talk about it. There’s a lot of fear,” Foyle says. “Guys are vilified. They’re waiting to see who goes into the lottery of going broke.” Of course, it’s not a lottery, a game of chance. Pro athletes go broke due to a constant series of bad decisions, and seemingly no amount of cautionary tales — from Tyson to Iverson to Holyfield to William “The Refrigerator” Perry — can stop them. This is a discussion Foyle hopes his book will help break open. “We owe it to our brotherhood — and society, too — to have this conversation, in a really raw way,” Foyle says. “We all make bad decisions over the course of our career. The question is: Do we learn from it? Or do we keep doing it?” "100% of professional athletes ultimately experience job termination." - K. David My hope and prayer is for continued conversation among athletes about this topic. You can find out more about me, my books, and my TV show at: www.kurtdavid.com

WHAT HAPPENS AFTER THE MADNESS?

As we complete another coveted March Madness and NCAA Basketball Championship, I thought I'd share some revealing stats about these college players after the final horn. Of the approximately 345 Division I college basketball programs and 17,500 players, only one team and 15 players will finish on a win. Needless to say, the odds of finishing the season on a win are sobering. According to the NCAA, the odds of these players going pro can be just as staggering. Only 1.2% of Division I college basketball players will turn pro. (At least those odds are better than high school basketball players who only possess a 0.3% chance of getting an NBA contract) The chance of a college basketball player playing in the NBA is less than any other major sport (1.6% college baseball players go pro, 1.7% of college football players hit the NFL, and 1.3% of college hockey players go pro). The good news is......according to a NCAA Graduation Success Rate report (GSR), 82% of Division I student-athletes earned a degree, although, that report is for all sports, not simply basketball, and not recently updated. So even if a Division I basketball player does beat the odds and become a pro athlete remember..... 100% of professional athletes ultimately experience job termination and ALL professional athletes eventually lose their jobs, which means they must must find a life after their glory days. As a certified sports counselor and transition consultant to pro and Olympic athletes I've seen many great athletes reach dizzying heights, and sometimes subsequent slippery slopes, and can honestly say that those student-athletes that finish their degree prior to turning pro have an easier transition following their pro sports careers. So as we celebrate college basketball's biggest event - the FINAL FOUR & NCAA Championship - remember that after the final horn has sounded and the trophy has been awarded, numerous student-athletes will NOT make the NBA, and even if they do, they must eventually find their next championship to accomplish. You can find out more about me, my bestselling book, my TV show, and my services at: www.kurtdavid.com

From Super Bowl to Super Now What?

No sports fan is able to ignore the existence of one of the biggest sporting events of the year....THE SUPER BOWL.

But when the six hour pregame hype is over, the last half-time song has been sung, and the final pricey commercial has been aired what happens to the 106 warriors on the field who have just experienced the most intense sporting experience of their lives? Fifty-three privileged men on each roster stand where others can only envy. But when the smoke of the fireworks clear, the final horn has sounded, and the champion is crowned what happens to these select NFL players?

Unfortunately for many, it will be their final competition. Who truly knows what exact percent of Super Bowl players face job termination proceeding this event year in and year out, but there are some stats that are worth paying attention to.

For instance, one statistic indicates 25% of NFL players are bankrupt within their first year out. Another states 50% of divorces occur within the first year after an NFL player's retirement. Some say 78% of NFL players are either divorced, bankrupt, or unemployed two years after departing from the game.

One of the biggest misconceptions for pro football fans is thinking everyone plays 10 to 15 years and makes millions of dollars. Not so, says the reality of an NFL longevity of under 4 years. In addition, many league minimums are paid out and it is only the exceptional athlete who plays for 15 years and makes the millions and millions of dollar we read about.

It's estimated that 320 NFL players must annually face the cold, hard reality of permanent job termination from pro sports, which includes a loss of status, lack of purpose, lack of direction, and needless to say a huge income loss. How would you feel if I told you, you were going to lose 90% of your income for the rest of your life? I don't care how much money you make, losing 90% of your income is a major lifestyle change, no matter how much you started with. Most NFL players are far from being set for the rest of their lives and our society is not set-up to handle those 35 year old retirees who are.

So what is a former Super Bowl athlete to do? Well, perhaps keep working out and spending a significant amount of money attempting to get back into the game for a couple of years or...perhaps find a way to channel the same wherewithal they applied as a pro athlete into the next phase of their lives.

Imagine the focus, the drive, the self-discipline, the ability to work together with others for a common cause all channeled into a new phase, a new focus, a new life. Exciting isn't it?

Imagine, if pro athletes apply the same mental, physical, and emotional energy they applied during pro sports, into the betterment of our society.....this world would be a much better place.

Some have done this and others eventually will.

So whether you've played in a Super Bowl or not remember one thing holds true....."100% of PROFESSIONAL ATHLETES ULTIMATELY EXPERIENCE JOB TERMINATION."

Let's hope they're ready.

You can find out more about me, my book, and my services at: www.fromglorydays.com