Dean Graziosi explains why 80% of professional athletes in the NFL and NBA go bankrupt within five years of retirement. He says they focused on sport, not money, and trusted advisors without understanding finance themselves. High earners need enough financial literacy to avoid being exploited and to practice delayed gratification.
There's a scary statistic that around 80% of athletes, especially in the NFL, NBA, go bankrupt within five years of leaving the league. Why do you think it is? And what could athletes or entertainers, influencers, anybody that's making money, what could they do to protect themselves over the course of time.
For someone to be a professional athlete, they had a hustle their whole lives, right? And if they weren't focused on being center fielder or they weren't focused on being a quarterback or whatever position, a forward, like, they never could have got to that level of excellence, right? How you see how many kids are the best, best, best in their high school, they're the best in their city, they're the best in their college, and don't even make it sit on the bench in the pros, right? I mean, tens of thousands of them. So to put that much work in, you don't have the time, I get it. To understand financial literacy, where should I be investing, right? You trust other people. So the only thing I'd say is you got to know enough so you're not dangerous and simultaneously find the right person to invest smartly. And here's another thing. Delayed gratification is the greatest thing on earth. You could take that money today and be able to live amazing for the rest of your life. Or you could have a blast for five years and then struggle.
