“Many professional athletes find themselves living the life of their dreams at a young age. Some of them land multimillion-dollar contracts right out of high school, at a time when they have little to no financial experience,” writes Joseph M. Hanna, Chair of Goldberg Segalla’s Sports and Entertainment Practice Group.
In this article published by the Buffalo Law Journal, Joe draws attention to the unfortunate statistics many young athletes fall victim to: “78 percent of NFL players are bankrupt or in financial trouble within two years of retirement, and 60 percent of NBA players go bankrupt within five years of retiring.” Often times these problems are the result of avoidable mistakes, such as poor planning and management, missed deadlines, and not diversifying investments.
Joe explains that athletes can avoid these statistics, but they must handle their finances as they do playing on the field and have a team supporting them. With a team of trusted professionals, they can mitigate risk and avoid future bankruptcy.