We have seen over the past 30 years time that a large number of professional athletes end up broke or in financial distress within 3-5 years from the day they retire.
There are estimated numbers that 60% of all NBA players go broke within 5 year after retirement and around 75% of all NFL players have the same outcome.
There are many reason athletes go broke within 5 years after retirement, but we can say with certainty that gambling addiction is a big problem for many athletes.
And very often Las Vegas casinos among others try and get professional players to come and spend time at their casino, and very often there are great perks that are being offered like free hotel rooms and even sometimes free chips to play with in the beginning!.
This is how many athletes gets started with their gambling journey, not everybody can control their gambling like Michael Jordan can, and they become addicted after awhile.
Then they start losing after awhile and then they enter the most dangerous stage in all gambler’s lives which is the state of chasing your losses!.
So let us say that you end up losing 1 million dollars the first year you gamble and you want it back, so after the second year you are down 2 million dollars.
And this is where most gamblers lose it all!, chasing their losses year after year.
NEGA/Never ever gamble again addiction treament program works well in these cases, where you nip the problem in the butt so to speak as soon as possible.
So once the athlete has lost the first one million dollars gambling the access to money gets cut off and the power of attorney makes it so that casinos can not any longer offer any credit to the player.
And of course in most cases it is good to inform all casinos in the US that the player has given a power of attorney to a CPA or another professional.
We want to point out that we often suggest that in normal peoples lives the power of attorney can he given to family members or closly trusted friends.
Because a normal gambling addict does not have access to a lot of money in a short time frame!.
When it comes to professional athletes there is the problem that many of them come from low income households and their family members are often not used to handling large sums of money at once or at all.
So we advise often that in cases with athletes that comes from low earing families that you use a big CPA firm that can manage the money for the athlete from very early on in their careers.
Lets look at an example of an NBA player who makes 4 million dollars a year in salary with endorsements included in this sum.
There is depending on which state the player lives in at least 30-50% in taxes that disappears that way.
Then you have agent fees, and other fees that needs to be covered also.
So for the sake of the argument lets assume that the player gets to keep 50% of their income after taxes and costs.
This would mean that they have around 166.000 dollars a month left in net income and that sounds like a lot of money.
But many professional athletes have up to 7 or even 8 relatives either living with them or that they have to financially care for each month.
So a good portion like 60k can be given out to relatives.
Then comes the houses and the cars that requires monthly payments on mortgages and car leases, So let us say that this takes up another 50k a month of the net income.
Then on top of this their is usually a lot of so called friends hanging around that needs money to stay a float, and here usually there is dinners and nightclubs visits and of course the athlete pays for all of this.
Now if you add gambling on top of this, you can very clearly see why many athletes spend everything they make or sometimes even more.
And in many cases when there is no CPA involved the athlete spend the full paycheck and does not understand to cover their taxes.
So then often the IRA comes knocking after awhile and then the properties and the cars gets sold off to cover the tax bill.
So the NEGA gambling addiction treatment program really helps with making sure that the professional athlete does not have to end up broke, due to a developed over time gambling addiction.
It is mind boggling that we are living in the year of 2021 and still big organization like the professional sports teams does not take this matter serious enough, that over half of all professional athletes end up broke within a few years of retirement.
So it is very much up to the family members and people close to the professional athletes to get involved and seek outside help from big CPA firms who can be a full service staff for handling taxes and also handling investments.
If an athlete makes 10 million dollars during a 5 year period that amount should be enough to live on for the remainder of their life, if the money is wisely invested.
And wise investments are not buying land with a high school friend based on a gut feeling that it could be a good idea.
We are sometimes amazed about the investments that professional athletes end up making with their family members or friend that a normal business plan made by a professional would easily show the risks and down sides of that investment.
Most of these so called investments are complete BS and there is a study out there somewhere that 95% of these investments failed to give back more than 10% of the initial investment.
So one would hope that we could help our young athletes that are coming up now in the professional sports world with sound investments advice, and also making sure that they never start to gamble in the first place, because that is a slippery slope like nothing you ever seen before!.
So you will find our NEGA gambling treatment program in our shop or true this link here below.
And as we recommend in our program that you also go to meetings at the gamblers anonyms.
Here is the link to the US meetings
http://www.gamblersanonymous.org/ga/locations
Take care out there.
