Professional athletes are more aware about the financial pressures and dangers that come with their massive paychecks. Still, these young millionaires continue to go bankrupt at an alarming rate, said Leo Kelly, managing director at HighTower’s Kelly Wealth Management. ‘Smokers know that it is bad for them and they still smoke,’ said Kelly. ‘I think what happens is that the opportunities that are available to these very young individuals who don’t have investment experience and who have an extraordinary amount of money thrown at them, it gets very difficult for them to make smart decisions. They need someone they can trust behind them.’ Sports Illustrated reported that within five years of retiring, 60% of NBA players are bankrupt, a figure that increases to 78% within the first two years for former NFL players. Kelly’s team recently launched KWM Sports & Entertainment that works with professional athletes, coaches and entertainers in the areas of financial planning, budgeting, cash flow analysis and portfolio management.
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