Americans: Lousy investors, free spenders

Pro athletes can buy the best investment advice available. But MOST end up broke… far sooner than you might think possible:

• 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.

If most pros — with the wealth to purchase top financial advice and overcome even big mistakes — blow it all so quickly, it’s no wonder so many ordinary Americans have lived on the financial precipice so long (and many have been pushed over the edge by the recession).

Our inability to budget and invest wisely is yet another glaring symptom of our dysfunctional educational system and consumption-crazed culture.

Posted by James on Tuesday, July 06, 2010