This Thursday, April 30, 2015 is the NFL Draft. There, college players who lack any experience but have the world of potential will receive millions of dollars to play the game they love. It sounds great, but, a recent article in the April 15, 2015 edition of the Washington Post suggests otherwise.
The article states that after twelve years of retirement, 15.7% of players file for bankruptcy. At that rate, the NFL players are filing for bankruptcy at a greater rate than the general population. The article reasons that the players don’t foresee an income reduction and therefore fail to financially plan accordingly. The financial lesson is, at almost any income level, financial success is not solely based on income, but improving financial habits one day at a time.
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