Title
The Importance of Financial Management for Professional Athletes and the Prevention of Bankruptcy
Date of Publication
Spring 2012
Document Type
Undergraduate Project
Professor's Name
Emily Dane-Staples
Abstract
This research explores the importance of financial management and fiscal responsibility for professional athletes. Professional athletes within the four major leagues earn a salary above six-figures, yet a previous report has suggested that over 78% of professional athletes within two years of retirement experience financial distress or file bankruptcy. Professional athletes earn large amounts of money over a short career span, which averages around 5 years or less where upon retirement, it is a drastic change socially and mentally for these athletes which a lot of them are not prepared for. Agents and financial advisors believe athletes’ bankruptcies are completely preventable by helping them plan for the future through educated and smart financial management along the way.
Recommended Citation
Danowski, Christopher, "The Importance of Financial Management for Professional Athletes and the Prevention of Bankruptcy" (2012). Sport Management Undergraduate. Paper 40.
https://fisherpub.sjf.edu/sport_undergrad/40
Please note that the Recommended Citation provides general citation information and may not be appropriate for your discipline. To receive help in creating a citation based on your discipline, please visit http://libguides.sjfc.edu/citations.