Professional Athletes

Professional Athletes

"Within 5 years of retirement, 60% of NBA players are broke"

In a recent Sports Illustrated article, Pablo S. Torre describes the tragedy that comes to the majority of retired professional athletes:

"Athletes from the nation's three biggest and most profitable leagues - the NBA, NFL, and Major League Baseball - are suffering from a financial pandemic. Although salaries have risen steadily during the last three decades, reports from a host of sources (athletes, players' associations, agents and financial advisers) indicate that:

  • By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
  • Within five years of retirement, an estimated 60% of former NBA players are broke."

At RAM Financial Group, we are determined to help our Professional Athletes not become a part of this alarming statistic.

RAM Financial Group understands that Professional Athletes are similar to corporate executives and entrepreneurs. They have unique skills in a competitive marketplace, earn a large amount of annual compensation, may be relocated to different cities, are involved in a variety of business transactions and have the opportunity to accumulate a significant amount of wealth.

Professional athletes are among the most financially fortunate members of society, and yet they are also among the most vulnerable. Young, financially inexperienced and recently wealthy, professional athletes can be magnets for scam artists. According to the NFL Players Association, from 1999 through 2002, 78 NFL players lost at least $42 million as a result of criminal fraud. 

However, unlike the corporate executive and entrepreneur, the professional athlete is faced with a variety of financial issues which include a short playing career (on average), an unstable market for the athlete’s services, and the desire to maintain the lifestyle to which the athlete has become accustomed during his or her peak playing years.

RAM Financial Group offers expertise in several areas, as we are not only thinking of helping you manage your money, investments, and financial decisions, but also managing your unique risks.

In developing and maintaining a well thought out wealth accumulation plan for Professional Athletes, we focus on a variety of personalized strategies. We have access to the broadest range of financial products from which to choose to help you accomplish your goals. RAM Financial Group’s objective is to remove financial distractions and enable you to concentrate on your professional career. We want you to be financially ‘bulletproof’ when your playing days are over – able to do whatever you wish with the rest of your life.

 

Contact us today at (512) 327-6000 for a private, no-obligation consultation.