Today we talk about Greg Hardy, formerly of the Dallas Cowboys, who was seen as a Walmart employee. How did this happen? Dr Boyce Watkins breaks it down.
The National Football League (NFL) is an immensely popular sports organization, boasting high-profile athletes that often receive public admiration and sizable salaries. However, despite the fame and fortune that comes with being an NFL player, many of these athletes face short careers and financial struggles.
Statistics paint a concerning picture of the average NFL career. According to the NFL Players Association (NFLPA), the average length of an NFL player's career is only about 3.3 years, which is relatively short compared to other professional sports. This brevity can be attributed to the physically demanding nature of the sport, leading to a higher risk of injuries that can shorten or end careers prematurely.
Moreover, the financial ramifications of such short careers are significant. A 2009 Sports Illustrated study revealed that a staggering 78% of NFL players faced bankruptcy or severe financial stress within just two years of retirement. One contributing factor is the fact that many players lack the necessary financial literacy to manage their wealth responsibly. They often make poor investment choices, fall victim to fraud, or struggle with extravagant spending habits. Additionally, players may not be prepared for the sudden loss of income that occurs upon retirement, as they may still have ongoing expenses or debt to manage.
Dr Boyce Watkins is a Finance PhD and founder of The Black Business School. To learn more, please visit BoyceWatkins.com
