TITLE

Professional Athletes Fumbling Financial Planning

PUB. DATE
July 2002
SOURCE
Journal of Financial Planning;Jul2002, Vol. 15 Issue 7, p27
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article reports on the failure of U.S. professional athletes to competently manage their personal finances. The National Basketball Association and the players' union, for example, are trying to convince the league's young millionaires of the critical need for estate planning in the wake of two young players being killed in car crashes. Many of the league's 400-plus players do not have wills or adequate life insurance, let alone a formal estate plan. And the National Football League Players Association has started a Financial Advisors Program to screen financial advisors for its active and past players and coaches after 78 players were conned out of $42 million from 1999 to 2001 by fraudulent advisors. To join the advisors program, advisors must cough up $1,000 in a nonrefundable application fee and a $500 annual fee.
ACCESSION #
6990021

 

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