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The Cost of Wealth

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Penttila 1 Juha Penttila EPP 150 11/20/2013

The cost of wealth Money is as much of a blessing as it is a curse. People with significant amount of funds have their possibilities extended to a great spectrum, but as described in the famous blockbuster film Spider-Man® “with great power, comes great responsibility.” This applies particularly to professional athletes, who, to an extent, experience even more pressure directed towards them than politicians, due to the constant exposure under the limelight and the demand to win from fans all over the world. Expectations towards young and talented professional players are tangible; family, peers, community and agents are only a fraction of the people lining up to share in the fruits of success. Needless to say, this recognition comes with the assumption that they will have a share of the athlete’s financial earnings. So how do these players react to such vast demand and how do they perceive money and its use in different aspects of life? Sports Illustrated published an article in 2009, which shows that on average, 78% of former NFL players go bankrupt within two years of retirement, and about 60% of former NBA players are penniless within five years of ending their career (Torre 1). How is this possible? What are the crucial factors that drive successful athletes to lose all their money, and more importantly, is there a way to avoid such stalemate? “We always felt like if you looked good, played good, they pay good. That was our philosophy” (qtd. in Corben). This is a quote from Keith McCants in Broke, an episode of ESPN’s acclaimed documentary series 30 For 30, that examines professional athletes’ financial behavior and reasons leading up to the substantial amount of sports retirees that are either near or

Penttila 2 Juha Penttila EPP 150 11/20/2013

completely penniless at the time of retirement. McCants is a

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