Professional Athletes Fumbling Financial Planning

July 2002
Journal of Financial Planning;Jul2002, Vol. 15 Issue 7, p27
Academic Journal
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.


Related Articles

  • We must solve America's financial literacy crisis. Tillett, Doug; Carberry, Joe // Hill;6/7/2007, Vol. 14 Issue 67, p26 

    The author reflect on how to teach American youth to manage their personal finances. They stress that these young people are at risk of making financial mistakes that could have serious long-term consequences. They suggest that financial literacy should start at home, where parents need to have...

  • Financial Planning for Individuals.  // Accountancy;Mar1971, Vol. 82 Issue 931, p106 

    The article features a booklet on financial planning in Great Britain in 1971. The article also cites the author of the booklet and the diversity of individuals who require guidance for their finances, as well as comments about the booklet. Implications for financial management are also cited by...

  • Surf your way to savings. C. R. // Self;May2008, Vol. 30 Issue 4, p48 

    The author shares how she saved money using the free money site www.Mint.com. After allowing access to her bank and credit card transactions and balances in the U.S., every purchase, deposit and withdrawal she made appeared in pie charts. The charts revealed how much she spent for groceries,...

  • Prepared for the unexpected? Ross, Janet // Hays Free Press (Buda, TX);1/1/2014, Vol. 115 Issue 40, p1D 

    The author offers advice on how to be prepared for some unexpected financial challenges including emergency expenses, investment risk and market volatility and long-term disability.

  • Creating The'Ideal' Financial Planning Practice. Moseley-Williams, Dennis // National Underwriter / Life & Health Financial Services;6/21/2004, Vol. 108 Issue 24, p14 

    Focuses on the creation of the ideal financial planning practice in the U.S. Steps to generate referrals; Permission marketing.

  • Reading Between the Lines of Investor Biases. Bolhuis, Michelle; Goodman, Ned // Journal of Financial Planning;Jan2005, Vol. 18 Issue 1, p62 

    • It's clear that it's impossible to predict what is going to happen in the stock market in the short term, yet many intelligent investors make investment decisions based on short-term market forecasts made by forecasters, journalists, and others. Why? One reason is that people are...

  • Maximise your personal wealth by putting the focus on strategy. Whelan, Dervilla // Accountancy Ireland;Aug2006, Vol. 38 Issue 4, p52 

    The article discusses the effects of having a good financial plan as a keystone to financial security for accountants in Ireland. It offers answer regarding the failure of many profitable business owners and executives to maximize their personal financial wealth. Lastly, it presents several...

  • Insurance shortfall is a serious risk. Shermon, Richard // Money Management;2/24/2005, Vol. 19 Issue 6, p12 

    Examines the increase in financial risks associated with under insurance in Australia. Rise in opportunity costs for the industry and financial advisors; Issues raised by the claims being paid for income protection; Actions taken by the government and insurance companies to address the issue.

  • Tips for tracking your personal economic recovery. Kinney, Derrick // Fort Worth Business Press;8/1/2003, Vol. 16 Issue 29, p58 

    Gives advice on making personal economic forecast. Effects of life events on an individual's personal economy; Role of a plan in defending against personal economic instability; Factors to be considered when getting a real job.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics