In 2008, the NBA Players’[..]ociation claimed that 60 percent of pro basketball players go broke within five years of retirement. It’s not hard to see why. In the annals of “easy come, easy go,” few people see it come and go like professional athletes.
While it’s true that many take their salaries and invest them in sensible and enduring business ventures, many others squander their multimillion-dollar salaries on expensive cars, jewelry and mansions, and when the checks stop coming in, they have little to show for it.
Basketball player Latrell Sprewell first made headlines during his tenure with the Golden State Warriors. During a 1997 practice, he choked his coach, P.J. Carlesimo, and earned a 68-game suspension. Sprewell still went on to a substantial career, earning almost $100 million.