Professional athletes are paid very well. Some make millions of dollars during their careers, but statistics show that 78% of former NFL players fall into financial debt or go bankrupt within two years of leaving the league.
NBA athletes aren’t much better off. 60% of former players go broke within 5 years of retirement. Bad investments, financial advisers and lavish spending are just a few of the reasons athletes end up in financial trouble. Lee Hawkins of the Wall Street Journal recently sat down with 50 Cent to get his opinion on the subject.
“I understand it,” 50 said. “I understand the portion of their career when they actually become extravagant. Pat their mark when they don’t have to. It’s because they spend so much time with the dream. The dream of actually making it and how it’s gonna actually be when I make it to the league, with so many people trying. When you’ve disciplined yourself to the point where you actually do make it. You get there and you realize there’s only 33 teams with 14 players and only 3 receive the endorsements. You’re on a team, but you’re not the actual guy. You’re not the main guy. Those guys have to spend money to be exciting at points. Even in a nightclub environment they gotta buy bottles.”
50 also gives his thoughts on Donald Sterling’s racist remarks that caused him to lose the L.A. Clippers. Watch the full interview below.