When people typically view professional athletes they see the lavish lifestyle, they see the big contracts, and figure that they must be set up financially for the rest of their life. This is not the case though as becoming a professional athlete is similar to hitting the lottery just genetically. Being an athlete creates a large amount of income early in life, but that income decreases to zero once retirement comes around. The documentary Broke is a compilation of interviews and incidents that occurred which showcase the poor money management done by professional athletes. Whether the athlete played basketball, baseball, football, or was a boxer it did not matter there were multiple instances where an athlete that made millions in that sport ended up filing for bankruptcy. This is a stunning set of circumstances to many, but this is the realism for athletes right now. Professional athletes should learn better money management techniques, to provide proper knowledge and stability for their future endeavors once their playing days are over.
With such a large portion of athlete...
Many professional athletes make six or more digits in a year and then go broke. The director of the movie Broke, Billy Corben, the question of how for the curious watchers. Corben interviews multiple athletes who have gone bankrupt and what they did to get there. The overall claim Corben make is most professional athletes make more money than they can handle. Corben makes a strong argument with evidence of how athletes get overwhelmed and tempted to spend.
The focus of professional sports has evolved from one of teamwork and camaraderie to one of avarice and greed. The specific problems in recent years that have stemmed off this overwhelming greed include exorbitant salaries, lockouts (or work stoppages) in professional sports, and the growing disparity among team payrolls. Most recognize these issues as major problems; however, others overlook the greed and see validity in the financial aspect of today's sports world. They argue that professional sports are thriving and should not be modified.
Ever watched ESPN and seen a report about a baseball player signing a five year contract worth 150 million dollars? Now, with a little math, one would come to realize that that contract means that baseball player will make a bit less than 30 million dollars in that five year period. That is ridiculous. Why do professional baseball players as well as professional athletes in general make so much money just to play a game that little kids play to stay out of trouble? It is because people pay them to play, athletes unions that, for a large part, are used to force team owners to pay them such a high salary, and businesses pay them to advertise their products.
Immense pressure is put on professional athletes making millions of dollars every year to support loved ones. “If you haven’t experienced it yourself, there is no way to describe it.” That is how one professional athlete described the pressure put on by family and friends to share the wealth (Why Athletes Go Broke: The Myth of the Dumb Jock). Magic Johnson has become an extremely successful entrepreneur after playing in the NBA, Johnson believes it is beneficial if friends and family are no part of an athlete’s investments or business endeavors. An athlete hiring a friend to do a pointless job is much more beneficial for the friend than the athlete. An athlete does not need the help of friends in order to prosper while friends of the athlete rely on the athlete’s wealth to live (Torre,4). Many different people will stretch the definition of friend in order to try and indulge in the luxurious lifestyle an athlete is living. “In any business where you make a lot of money, there are people trying to get their hands on it.” said Levi Brown. All sorts of people are flocking to athletes to try and get in the athlete’s pockets (Pro
According to Times Magazine, “Upmarket estate agents have been voted the most overpaid members of any profession, ahead of lawyers, celebrity chefs and football players.” (Coates), however many people believe that professional athletes have the most overpaid occupation. An average athlete’s salary ranges depending on the sport you participate in. In the NBA an athlete makes around five million dollars a year; yet in the MLB an average baseball player will make about three million dollars a year. A football player In the NFL averages two million dollars a year, and the NHL’s average salary is roughly $1.5 million dollars (Coates). Athletes are not the problem in today’s economy; the problem is currently America’s physicians. The focus should be put more specifically on physicians and not professional athletes because we need physicians to survive; while athletes are a source of entertainment. Although an athlete’s salary is surprising large, athletes willing do what they love because of their fan base and all of the people that support them throughout their career. Physicians lost the focus that was once on their patients, and are now concentrating more on how they can supplement their money, which is selfishly putting them above all people. Having a doctor who is unfocused is threatening to all patients, who may or may not know what it actually going in behind closed doors.
The controversy of athletes being overpaid dates back to 1922, when well-known baseball player George “Babe” Ruth received $50,000 within the first year of his career. Ruth’s extensive wealth was bolstered by dozens of endorsements (Saperecom). As it is shown in figure 1, in the Fortunate 50 Tiger Woods takes the number one spot for highest paid athlete. Tiger’s salary for 2011 is $2,294,116 and like Babe Ruth, his endorsements exceed his salary earning $60,000,000 making his total $62,294,116 (Freedman). It’s crazy to think that 89 years ago professional athletes scarcely made more than the average person today. This is of course not counting the inflation that has occurred since the years which Babe Ruth played baseball.
Do athletes get overpaid? Is it fair that the average NFL player gets paid 1.9 million dollars a year while the average heart surgeon gets paid 533 thousand dollars annually? I think that professional athletes don’t get paid too much. There are multiple reasons that proves that their pay is not excessive. Their careers are short, they risk their body for our entertainment, and they motivate children.
When students first graduate from college and are finally living on their own, they must be able to start a career and manage their financial plans wisely. However, many athletes are not able to do this so easily. According to a recent report published by the NCAA, about 60% of NBA players are broke just five years after retirement (Patterson). Most of the time, however, financial failure is blamed on the athletes trusting corrupt financial advisors, and lavish spendings (Patterson).
In closing, these athletes are making too much money in a society that traditionally bases salaries on the value of ones work. These athletes do not know what real work is or how hard it is to make a dollar. Although their job is difficult, they do not play a role in our economy like their salaries indicate. Therefore, they should receive less money.
Americans believe that athletes, celebrities, and CEOs are the highest paid jobs in America. This belief is true however the average income of these three jobs is nowhere near what the perception is. Athletes are the most confusing when it comes to pay since people do not factor in that an average professional is only 4.85 years, NFL is 3.5 years, MLB is 5.6 years, NBA is 4.8, and NHL is 5.5 years, (RSVLTS, 2013) United States Bureau of Labor Statistics stated that an average income for “athletes and sport competitors” was only $47,710 (BLS, 2017). People believe that athletes are only the stars you see on television, but this is not the case. Athletes are risking their health for that paycheck. They spend a majority of their lives in the gym or on
NBA Players are Greedy How many of us would love to make $2.4 million a year? Or even better, how does $126 million over a six-year period sound? Then again, why stop there? As John Donovan, a sports analyst for Sports Illustrated and CNN points out, with the average salary of players in the NBA at $2.4 million a year, and some players with contracts well over $100 million, it's hard to see what many of them are complaining about.
According to the question, if I sympathize with players to take money under the table or not? My opinion on the question is that players should not be punished and they should be given something extra in term of cash and gift with scholarships so that they will not need to take money under the table. At first, college football and basketball players spend their time and waste their health even they don’t think about themselves of getting injured. For instance, when they get older they get chronic pain due to the playing of college football game even they don’t have basic rights for medical insurance like other employees. Secondly, I believe that college athletes are talented students because average students can only do studies, but the students
Many players have risen to stardom by becoming a professional athlete. Athletes have come from many different backgrounds; some from wealthy and some from poverty raised backgrounds. Salaries are continuing to rise, and money doesn’t seem to be an issue. Athletes are getting what they want from the owners by negotiating through their agents. Athletes’ salaries aren’t from their owners, but they come from other sources (“Athletes’ Salary”). Athletes get paid an extremely high salary for the work they do, and should consider the value of their work. They do not deserve the extreme amount they get paid and something should by done about it.
Sport has always entertained and influenced our lives. It creates dreams for children and goals for adults. However, many fans are oblivious to the millions they pocket each year. It is without doubt that our sports stars are grossly overpaid. Their annual earnings exceed those we make in a lifetime, even when compared to highly qualified professions. Despite the money factor, we sometimes question the values that are emphasized.
As entertainers, athletes are paid for fan satisfaction. The more fans that want to see an athlete perform, the more the athlete is paid. In fact, most athletes, even those who make millions of dollars for each flubbed fly ball, dropped pass, and missed free throw, feel they probably deserve even higher salaries; the reason being that they’re still in demand. While certain athletes may never bring a championship ring to their team, or even bring home a winning season, those athletes will always pack the stands. Fans in the stands translate into ticket sales. Ticket sales can potentially lead to national television broadcasts. Inevitably, the formula of ticket sales plus national television broadcasts leads to massive revenue, and this is how owners and organizations can afford to pay players like Michael Jordan $25 Million for his retiring season alone. However, how does society (as a whole) benefit from these over-inflated salaries? In short, it doesn’t.