It’s no secret that pro footballers can out-earn even the best-paid professions such as doctors, engineers, investment bankers, etc. However, unlike them, NFL players don’t have the privilege of earning till 60 as the average length of a player’s career is under four years and it is because of this that most of the footballers end up going broke.
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Former Washington FB Mike Sellers has suffered the same fate as his deteriorating health because of heart problems and continuous procedures to correct his condition have drained the family’s finances. Sellers, who played over a decade in the league, mostly with the Commanders and made one Pro Bowl, has been playing football professionally since the age of 19, starting with the CFL.
He had career earnings of nearly $ 10 million but after going through nine procedures, he is unable to provide for his wife any longer, which has forced his wife to start a GoFundMe page. She is asking for $100,000 for the year 2024 so her family can pay their monthly medical bills.
She said before her husband can resume his work as a high-school coach and reach a stable healthy lifestyle, he would require two more procedures and lots of recovery time. For that to happen, she would have to take time off from her job, being his primary caregiver according to Gridiron Heroics. Mike Sellers isn’t the only NFL player who has faced monetary hardships. Many like him have suffered a similar fate, albeit for different reasons.
What Percentage of NFL Athletes Go Bankrupt?
Mike Sellers going bankrupt isn’t an isolated incident, but a part of a larger problem that plagues the athletes from the top three American leagues- NFL, NBA, and MLB. The average length of career in these three leagues is less than five years and after reaching their peak earning potential, most athletes never make it at the same level again.
Most of them retire and blow through their career earning, spending it without realizing that no new cheque will be coming every week. Around 16% of the NFL players end up filing for bankruptcy. Many fell prey to swindlers and con men who promised a double on their investments as per the American Institute of Bankruptcy.
Several notable figures like Dan Marino, Curt Schilling, and Vince Young have suffered substantial financial losses due to misplaced trust in the wrong individuals or investments in unproven ventures. Notably, during their college years, athletes often receive limited guidance on studies and financial management.
Moreover, emphasis should be placed on avoiding unnecessary expenditures on luxuries. These lessons become even more imperative with the increasing inflow of money through Name, Image, and Likeness (NIL) deals with college athletes now making considerable money.
