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this post was submitted on 11 Feb 2024
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Unpopular Opinion
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A lot of them go bankrupt because they've never had money before and someone hands them three million dollars. They're rich and famous overnight, with no financial planning experience, and they party like... well they party like the ballers they are. Football and basketball players waste so much money that the word "baller" is synonymous with someone who throws a lot of money around.
But make no mistake, if someone handed you or I three million dollars, we could invest it and retire for the rest of our lives. They make a lot of money, and a lot of money all at once is worth a hell of a lot more than a lot of money spread out over a lifetime. But a lot of them make really poor financial choices too, because they're just kids.
They aren't getting that amount at once.
They get big fat paychecks when they sign their contracts. Lower paid players aren't getting $3M all at once, but they get tens of thousands of dollars all at once, and it keeps coming every week. Even the lowest paid rookie players who only get the $750,000 rookie base salary get it over 17 weeks. That's $44,117.64 every week for 17 weeks. That's a fuck ton of money all at once, especially for a kid who has never had any.
For reference:
NFL Veteran Minimum Salary
The minimum salary for NFL players with one year of experience is $870,000. It increases with each year:
And if the median is 860k, how many are making the salary of one year veterancy? Less than half?
Partial years, LOTS of rookies on backup teams making partial wages maybe.