Although professional athletes get money from winnings, this can be overshadowed by the fact that athletic finances are one of the biggest problems associated with competitive sports. Some of the most famous NFL players sign big contracts, receive sponsorship, and remain in debt, file for bankruptcy, or simply mismanage their money. The Pittsburgh Steelers are one team that can attest that even players who have had such a bumpy ride in life were at one point part of history and icons that boasted of the Steelers.
Former Steelers cornerback, Patrick Peterson sits down to sign his two-year contract with Pittsburgh at the team's facility. | Photo Credit: Steelers.com
We will describe the real lives of the Steelers players and tell about their money-related problems, which often become a serious test for a player and can end a professional career.
Why Athletes Often Struggle with Debt
Issues like lifestyle expectations, financial illiteracy, and career instability cause athletes to get into debt. Athletes can overspend by emulating the high standards set, as many athletes' incomes allow them to spend a lot on flashy cars, big houses, and personal branding. This often overshadows the importance of savings and long-term financial planning.
However, many young athletes need to show better financial knowledge, which is very important when managing money. With leadership training on managing budgets, investments, and debts, they will likely make the right decisions that lead to debt.
Also, the finances are challenging for athletes because such work is unpredictable, and the athletes’ careers are short. Any day an athlete can get injured, or there could be changes in the training team. As a result, an athlete could end up jobless earlier than expected. If they have failed to plan for themselves once their sporting careers are over, this can cause instabilities that will lead to their financial downfall.
Financial Recovery and Support Systems for Athletes
Mental and financial assistance options have emerged as leagues such as the NFL enhance efforts to help their players by providing financial assistance to meet the cost of living. Individual teams and organizations have embraced programs to assist athletes in budgeting. For example, the NFL Player Engagement provides tools and financial literacy workshops where players learn about spending, investing, and owing money. Some teams have also organized their financial prosperity programs according to the players’ preferences.
There are also companies that help athletes get quick, short-term assistance when they face a financial need. One of these companies is 1F Cash Advance. Besides providing financing, they know the peculiarities of athletes’ cash flow and provide strategies athletes need to get control over their money. With such companies’ assistance, athletes can achieve financial security, consider their future existence, and not allow financial factors to affect their performance negatively.
Case Study: Plaxico Burress – A Former Steelers Wide Receiver
Plaxico Burress, a former wide receiver in the NFL, started with the Pittsburgh Steelers after joining the team in 2000 after being drafted. Described as an agile, tall receiver, Burress did not take long to transform the Steelers’ offense. His career in the NFL also earned him fame by receiving flattering contracts and endorsement deals.
But Burress had financial problems in the later years of his life. His sources of mishaps included bad investments as well, and he spent a lot of his money on lawyers' fees; besides, he was also very extravagant. For example, in 2008, he shot himself accidentally, and this led to legal problems, including time in jail, which cut his career as well as his income. Other shock factors that emerged included challenges of post-retirement living as there was poor finance and declining income.
These financial problems eroded Burress’s image outside the field of football and affected his personal life. The press outlined his tribulations and informed people of the common financial mistakes made by a typical sportsman. His case served as a good lesson on financial planning and leading a post-sports life.
USA Today
Other Steelers Players Who Faced Financial Struggles
Most modern sportspeople go broke eventually, and several Pittsburgh Steelers are no exception. One is Plaxico Burress, whose past debts and financial problems were highlighted. This is not a unique situation. Ex-Steelers, including Antwaan Randle El, also experienced the bitterness of being broke after retiring from the NFL.
Hence, even with a good income, issues, such as corruption, extraneous spending, or bad investment decisions, can affect many athletes financially. These cases are to be expected regardless of their incomes, proving the importance of learning how to manage the wealth through and after an NFL career.
Final Thoughts
Even if you’re a famous NFL player, financial difficulties may still arise, even during your career. Health problems, bad spending habits, and lack of budgeting may cause financial strain and lead to a cycle of debt. Proper financial planning and education can help you avoid the sad money scenarios of Plaxico Burress and Antwaan Randle El. Thankfully, both Burress and Randle El have bounced back with their NFL jobs in media and coaching respectively.
If you already experience financial struggles, don’t hang your head. There are multiple programs designed specifically for athletes who get into money troubles. Just find the right option and get much-needed financial relief.
