Many professional athletes face financial struggles after their careers end, despite earning large salaries while they are playing. This can be due to a variety of factors, such as poor financial management, risky investments, and lavish spending. Some athletes may not have received proper financial education and may not have the skills or knowledge to manage their money effectively. Additionally, the high-pressure and fast-paced nature of professional sports can make it difficult for athletes to focus on their long-term financial planning.
Many athletes only have a few years, or even just a few months, to earn a significant income before they are no longer able to play due to injury or age. This can lead to a sense of urgency to earn as much as possible while they can, which can result in poor financial planning and overspending. However, others get involved in personal vices which derail their careers, making it worse. These are the most high profile athletes who had it all, then tragically lost it.