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John Lennon wrote a song entitled “Nobody Told Me”. Couldn’t the same be true of professional basketball players when their playing days are over?
Most people could only dream of having a lifestyle like those of NBA players; they are paid millions, eat in the finest restaurants, sleep in the most elite hotels and, due to their status, are able to party and associate with countless entertainers and rock stars. Often times, though, lives continue to exist in this fashion after the final buzzer goes off.
Statistics show that 60% of the players are broke five years after retirement. Considering what they are paid, the average John Q. Public in America would likely feel little sympathy for them. Moreover, how often is the emotional effect on one’s psyche addressed, after a player stops doing the only thing he’s ever known in life? Certainly, agents and financial advisors do their best to ensure their clients are well taken care of, but doesn’t it go beyond that?
We who are in the business need to take greater steps vis-à-vis the player’s lifestyle, to assist the players in more ways than we already are. Though statistics do show a downward monetary trend post-career, they do not indicate that players are broke immediately after retirement. This indicates the agents and financial advisors are helping the athlete save their money. The players must also be made to realize, however, that unless they are amongst the top five or ten players in the league, they cannot continue the type of lifestyle afforded by the NBA.
It must be emphatically and more continually stressed to the players the gambling must stop. The entourage must vanish. The private jets must be downgraded to commercial flights. The clubbing every weekend (or more) is not the “real life”. The mansions should be downsized to an “average” sized house. A player’s mindset should be staying in a Hilton Garden Inn rather than the Four Seasons or the Ritz. Eating out at expensive restaurants is not a “given”, and eating home cooked meals is not only healthier, but it is more cost effective as well.
I submit to you the idea that if a player is made to train his mindset more about life as a whole, in addition to physically training his body, his transition to post basketball life would be much more smooth as well financially acceptable.
Disclosures. The information contained herein is neither an offer to sell nor a solicitation of an offer to buy any security. Past performance is not a guarantee of future results. Further, the information herein is intended solely to provide general information and does not constitute a promotion of any offerings or products. Donald J. Kushner is an independent financial advisor with Arque Capital, Ltd., and does business as DK Sports Financial. Arque Capital, Ltd., and DK Sports Financial are unrelated entities. Securities offered through Arque Capital, Ltd. 7501 E. McCormick Parkway, Suite 111 North Court, Scottsdale, AZ 85258. (602) 971-9000. Member FINRA/SIPC. Any unauthorized reproduction of this information is strictly prohibited.
2 replies on “Who Talks To Pro Basketball Players After Playing Days Are Over?”
Pro player retirement dynamics are much more complex, and often times more detrimental, to an athlete than financial problems that the article leans toward. You briefly mentioned the players psyche, which you should have spent more time supporting. Most financial advisors are only equipped to treat the symptoms, not the problem. The root problems are in psyco-social skills that elite players have not had the chance to develop, mostly due to a systematic problem, rather than an individual problem. Therefore, the transition event (retirement), especially unanticipated ones like injury, is something that our sport system has trained our athletes over decades to be ill-prepared to overcome. Financial problems for the athlete are just the symptoms and by-products of a broken system. I’d be glad to go into more depth with you if you’d like, as it is treatable, but not by financial advisors alone.
Dave Walsh
PhD Student-Sports Mgt.
[email protected]
Yes, there is a whole plethora of issues and situations unique to the world of professional sports. Many of those issues are addressed by the various Leagues. Unfortunately, there will be the agent, financial advisor, accountant, or a friend who will want to cause emotional and financial harm to the athlete for there own greedy benfit. Those of us who have the dedication and integrity are trying to get the word out to the athlete that there is help available. Then, there is the neverending “You can lead a horse to water” syndrome, which nobody can do anything about.