Becoming Poor Essay

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Becoming Poor Winning the lottery and becoming a professional athlete can both be precarious. They can bring friends, relief of debt, and eliminate school loans. Suddenly receiving thousands and millions of dollars can also bring drug addiction, crime, and broken hearts. The documentary “Broke” shined a light on the dangerous transition from lacking financial experience to abruptly having a hefty sum of money. This is called “sudden wealth syndrome”. Sudden wealth syndrome is a difficult problem for people to overcome. When a sportsperson transitions from playing for a college team to becoming a professional athlete, they will sign a contract that can make the competitor into a millionaire instantaneously. The athlete commonly has limited monetary knowledge, if any. When the athlete receives a check for ten-thousand dollars, they might spend it hastily. The rationale behind this is clarified by the athlete’s socioeconomic background, being too young to handle a large sum of money, and lack of financial training. Sudden wealth syndrome can be dangerous. Sudden wealth syndrome is complex and perilous. The National Endowment for Financial Education estimates that 70 percent of Americans who suddenly accumulate large sums of money will be broke within the next few weeks (DeLucca). There is a lack of accountability for athletes. Sportspersons that gross millions have a tendency to spend recklessly. In the documentary “Broke”, former athletes speak of reckless spending that made them poor. One athlete explained how he bought $30,000 earrings, and did not think twice about it. Other players would buy things such as yachts, mansions, cars, and expensive clothes. On average, athletes will only play between five and ten years. After they withdraw from playing professionally, it may be hard to find a new job. Many will resort to drugs and alcoholism.

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