Athletes are some of the highest-paid individuals globally, with some earning millions of dollars annually in salaries, sponsorships, and endorsements. However, excessive wealth and fame have a dark side, which can affect athletes negatively. Henceforth, this article shall explore the negative consequences that can arise from an athlete's excessive wealth and fame, using examples of both male and female athletes.
Money Smart Athlete Blog
With great success come great financial opportunities, but also additional pressure and responsibilities. Professional athletes may suddenly find themselves earning excessively large sums of money, which they may have a hard time having control over. It is quite easy for sudden wealth to cloud one’s financial decision-making and judgement. This is especially true for a lot of athletes with humble financial backgrounds, who eventually meet success and want to treat themselves, as well as the people close to them. This newfound wealth can be a great opportunity to create a better life for themselves and their family or a trap, leading to financial distress, if it is not managed properly.