planning perspectives

Why Do Rich Athletes Go Broke?

Certified Financial Planner Don Padilla Knows Why – and Wants to Help

LOS ANGELES, April 14, 2017 /PRNewswire/ — The average professional athlete will make more money in one season than most Americans will make in their entire lives – but many of them will blow their fortunes.

“Despite those amazing salaries, 78 percent of NFL players, 60 percent of NBA players and a large percentage of MLB players file bankruptcy within five years of retirement,” said Don Padilla, a Certified Financial Planner™, National Football League Players Association (NFLPA) Registered Player Financial Advisor and author of the soon-to-be-published book, “Not Another Broke Athlete.

How can this happen?

“Over the years, through interviews with athletes and market research, I have identified four major reasons for this epidemic that is running rampant in the world of professional sports. If these issues are not addressed, it doesn’t matter how much money athletes make during their careers — they will spend it all and then some, often leaving them worse off than they were before they started playing,” he said.

Here are four major reasons why so many of today’s professional athletes go broke:

  • Living beyond their means
  • Poor investment choices
  • Family pressures
  • Bringing the wrong people into their trusted circle

“Now is the time for us – athletes – as well as regular folks to be accountable and responsible for where we are at in our lives, financially, and more importantly spiritually and mentally,” he said.

He’s set up a Facebook page to help all people – from athletes to fans – understand their finances.

Overcoming the Scarcity Mindset

He’s writing a book, “Not Another Broke Athlete” which is a spiritual awakening not only for athletes but also for all people who want to break the chains of poverty or a scarcity mindset. Whether it’s passed down from our parents, parents’ parents or parents’ parents’ parents who have lived through bondages, holocausts, genocides, depressions or recessions, if we aren’t aware of the limiting beliefs and repetitive patterns of the mistakes of previous generations then we will continue living these vicious cycles of a poverty or scarcity mindset.

Even if you are 'rich' financially you can still lead a 'poor' unfulfilled life.

“Even if you are ‘rich’ financially you can still lead a ‘poor’ unfulfilled life,” he said.

The book will provide the tools to break these cycles of poverty or a scarcity mindset and lead anyone who wants to have secure financial future to a path to grow and protect your legacy, he said.

Padilla should know firsthand. He’s been kicked out of his home, broke, almost bankrupt, on the brink of divorce and – despite those setbacks – became – and stayed – a millionaire.

Praise for “Not Another Broke Athlete” and Don Padilla

“Not Another Broke Athlete,” positively and easily offers a great foundation for must-have principles in money management. I wish I had access to this book as a young professional and during my time as a sports agent. I look forward to implementing with my clients and businesses,” said David Meltzer, CEO and Co-Founder, Sports 1 Marketing, author, speaker and humanitarian.

“Being a former athlete, I know how important it is to manage your money and think long-term stability. This book does wonders in giving athletes financial direction. I believe every athlete – rookie, current, or former athlete – should be reading this book,” said Warren Moon, Pro Football Hall of Fame & CFL Hall of Fame Quarterback, President and Co-Founder, Sports 1 Marketing.

“If you’re ready to positively transform your life, then read and absorb the strategies in this brilliant book by my friend Don Padilla! Don truly cares about helping others and his ideas will make a positive difference in your life.”




About Don Padilla
Don Padilla is a Certified Financial Planner™, public speaker, author of “Not Another Broke Athlete” and CEO of PS&A Wealth Management, Inc.
He has taught and lectured retirement and life planning courses at various universities and colleges. Don has been in the financial services industry for over 18 years and has managed over a quarter of a billion dollars.
Padilla and Dr. Tim Benson, a Harvard Trained Psychiatrist who is also known as the Surviving Success Doctor, are in the final stages of creating a program called “Surviving Success, Mentally, Spiritually & Financially,” also known as the SSMSF Academy. Their mission is to support athletes to live the life of their dreams and create a legacy for themselves and their families.
For information about the book, “Not Another Broke Athlete,” please visit here.
For information about Don Padilla’s services, please visit here.