Everyone knows that athletes who play professional sports earn an extraordinary amount of money. Many of them have salaries not just in the millions, but tens of millions. And to be fair, there's not a lot of argument that they don't earn it. Not only is sports a billion-dollar business, but we've got sports franchises that are worth 10 figures. That being the case, there's nothing wrong with athletes taking their fair share.
Bearing that in mind, it always comes as a bit of a surprise to me whenever it's reported that a well-known sports figure has burned through the money he earned and is now broke. In fact, it's practically heartbreaking. Take Allen Iverson, for example. Here's a guy who made a staggering $150 million during his NBA career, and ended up broke. (Of course, it didn't help that he travelled with a 50-person entourage, as well as a personal stylist.)
Most of us will never earn the kind of payday that athletes get. In fact, many of them will make more in a single season that most of us will earn during our entire working lives. And that's not even taking into account their peak earning years, or even those who play at the highest level of the game. By way of example, the average NBA salary(average, mind you) is over $5 million.
In addition to the astronomical salaries, major league sports have some of the best retirement packages around. In the NBA, for example, a player qualifies for an annual pension of $57,000 after 3 seasons. However, a player must wait until age 62 to get full benefits, although reduced benefits are available starting at age 45. (To get the maximum benefit possible - $195,000 per year - a player must spend 11 seasons in the league.)
In short, it seems odd that between what they earn and the pensions that athletes should go broke. Still, it happens to even the best of them.
Bearing that in mind, it always comes as a bit of a surprise to me whenever it's reported that a well-known sports figure has burned through the money he earned and is now broke. In fact, it's practically heartbreaking. Take Allen Iverson, for example. Here's a guy who made a staggering $150 million during his NBA career, and ended up broke. (Of course, it didn't help that he travelled with a 50-person entourage, as well as a personal stylist.)
Most of us will never earn the kind of payday that athletes get. In fact, many of them will make more in a single season that most of us will earn during our entire working lives. And that's not even taking into account their peak earning years, or even those who play at the highest level of the game. By way of example, the average NBA salary(average, mind you) is over $5 million.
In addition to the astronomical salaries, major league sports have some of the best retirement packages around. In the NBA, for example, a player qualifies for an annual pension of $57,000 after 3 seasons. However, a player must wait until age 62 to get full benefits, although reduced benefits are available starting at age 45. (To get the maximum benefit possible - $195,000 per year - a player must spend 11 seasons in the league.)
In short, it seems odd that between what they earn and the pensions that athletes should go broke. Still, it happens to even the best of them.
About the Author:
Learn more about the nfl pension and pensions/retirement packages for other major sports. Stop by our site, where you can also find out all about broke athletes who squandered the millions they earned.
No comments:
Post a Comment