By Denise Garcia
The median NFL career is 6 years
70% of NFL players are black
CBx Vibe: “Almeda” Solange
Ever heard that 78% of NFL players go broke two years into retirement? The widely-cited Sports Illustrated report pointed that joblessness and divorce led to financial distress or bankruptcy two years into retirement. Whether an NFL player has a long or short career span, high or lower-end earnings, a 2015 study by the Global Financial Literacy Excellence Center at The George Washington University, states that neither of these factors “provide much protection against the risk of going bankrupt.” Rashida Gayle, 27, an Atlanta-based director of talent at GSE Worldwide, is burning the midnight oil to put the fate of NFL athletes in their own hands.
Why This Matters: The actual stats about what percentage of football retirees file for bankruptcy seems to be debatable. For instance, the GFLEC study noted its results were notably different from the Sports Illustrated report, and claimed only 2% of players go bankrupt within two years. However, that number shoots up to about 16% after 12 years of retirement. Nonetheless, even an isolated incident begs the question: how can one make millions of dollars and mismanage it into depletion?Read More