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?

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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.