It’s a mind-boggling concept most ordinary people try and try again to wrap their heads around. Why and how do pro-athletes who make more in a year than many will probably ever make in their lifetimes go broke at the end of their careers?
According to Sports Illustrated, “60% of former NBA players are broke within five years of retirement. By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress.”
Many of them are suckered into bad investments, besieged by freeloaders, and, unfortunately, broken with medical problems. It appears that many young athletes lack the discipline to hang onto their cash after they hang them up.
Scott has developed a second life as an NBA broadcaster, businessman, and music production company owner.
It’s safe to say he is one retired NBA player that won’t be joining the queue on the unemployment line.
When we noticed that 3-D was in the mood to share advice, we capitalized on his generosity of spirit and asked him to dish three tips to young athletes in the game that could save them from going broke when the league spits them out.
Here’s some of what he told us about surviving after the game and about his personal journey into the world of music:
Lose the Ego.
Please check your ego at the door. That is the No. 1 problem in men, period. Black, white, Hispanic, yellow, green, purple, Asian or alien. If you can check your ego at the door, normally it’s a better start in life, business relationships, whatever it may be.
Just Say No.
Be able to say no. And sometimes you gotta say hell no! Because sometimes the regular no doesn’t get the attention from a family member, girlfriend, wife, fiance, or business partner. Sometimes you have to say no to yourself too. If you can figure out when and how to say no, you’ll have a better chance to be successful.
Live Below Your Means.
Always live your lifestyle below your means. If you are making $100,000, you probably should be living right around 30 or 40 grand. If you are making a million you probably should be living right around $300,000. Athletes making $3 million a year shouldn’t be spending $2.8 million, because they get to the end of their careers and it’s hard to adjust — so then they are still spending $3 million but only making $300,000 because they’re retired.