How Athletes go Broke with Jalen Rose

GrantlandNetwork, “How Athletes Go Broke.” YouTube. ESPN, 3 Oct. 2012. Web. 19 Apr 2013.

 

                This YouTube video included Jalen Rose a former NBA player and current analyst for ESPN talking about how athletes go bankrupt and why. He explains in the video that when rookies get their first contract you have family you never knew coming to ask you for money. That athlete also wants to help their mother and father buy a new house, help their siblings reach their dreams, and then help themselves out. He also says that every friend always has a brilliant business idea; they just need your money to fund that idea. The three business investment he says to avoid are record labels, clothing lines, and restaurants. Many athletes have tried their hand at these investments and failed.  He also mentioned in the video that if athletes are fortunate to get a second contract that they begin to mature and not loan out any more money after realizing they spent their whole first contract helping others and themselves. Another way that many athletes can get into trouble financially is having too many children and having a messy divorce. Both can cost a lot of money especially if that athlete is paying child support for all their different children.

                I thought this was a very informational video even though it was short. It was a YouTube clip on the Grantland Network which is a sports website sponsored by ESPN. Having a former professional athlete on the clip to share his experiences first hand was also very interesting. He explained all the different people that will come to you asking for money once you get your contract. Athletes all want to buy their immediate family something to help them achieve their dreams, while also dealing with added pressure from others competing for the athlete’s money as well. I was glad to see that bankruptcy is beginning to get more attention from the media and the large sports networks. ESPN also made a documentary on athletes called “Broke”. They discussed the documentary vaguely in the beginning of the clip and both the sports writer and Jalen Rose seemed to like the film. I hope that former athletes begin to speak up about the many financial dangers that will threaten the athlete throughout their career.

http://www.youtube.com/watch?v=-362OfeM9OQ