Pro Athletes Must Carefully Vet Financial Advice or Risk Losing It All

Sky-high salaries and endorsement deals mean nothing if players don’t properly manage their riches, as several sad stories can attest.

Professional athletes in major American sports leagues command enormous salaries, with contracts often in the multimillion-dollar per year range. Endorsement deals can make those salary figures look small by comparison, in some cases doubling or tripling the earnings of already well-compensated athletes. The income numbers can sound outrageous in comparison to the wages an average American worker lives off of comfortably. So, why do so many of these high-earners end up broke?

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Patrick B. Healey, CFP® MBA
Founder & President, Caliber Financial Partners

Patrick Healey is the founder and president of Caliber Financial Partners and has over 20 years of experience in the financial services industry.