Earning the big bucks during your career as an athlete doesn’t mean you’re guaranteed financial security once that knee of your’s finally gives in. A study found that 78% of former NFL players were in financial distress only two years after retirement. 60% of NBA players weren’t doing much better after five years due to lousy investments, divorce and excessive partying.
But there are few that did pretty well for themselves after retirement. In fact, some are earning more now that they did while playing. Last year was Michael Jordan’s best year yet, raking in $90 million, and he hasn’t played since 2003. His windfall is mainly due to his deal with Nike. Air Jordan shoe sales grew by 11% in the US last year. He also owns seven restaurants, a car dealership and 80% of the NBA’s Charlotte Bobcats.
Retired golfers also tend to do better in retirement. The lucrative sport earned Arnold Palmer $40 million last year, which is crazy considering he only won $1,9 million on the PGA Tour. Arnold earned his cash through beverage sales and licensing his name to retail stores in Asia.
South Africa’s golfing legend, Gary Player, is also earning more than what he made during his time as an athlete. Player earned an estimated $19 million last year. With more than 40 golf course design projects in the works, and sponsors like Callaway and Rolex, the South African golfer can’t complain about retirement.
To check out some of the other athletes doing well after retiring, click here.
[ Source : Forbes ]
