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  • 78%

    Discuss this recent quote from the Toronto Sun.

    Regarding T.Owens but likely applies to ex-NHLers to some degree as well:


    The rest has turned out as it too often does for professional athletes. “If the public understood that 78% of athletes two years out of the game are either bankrupt, divorced or unemployed, they would have a much graver understanding of how difficult this lifestyle is,” Bob LaMonte, an educator, member of the board at New York University, and a player agent for more than three decades, told Sun Media in a recent series on the darker side of fame.

  • #2
    unemployed
    Player makes millions of dollars.

    Player doesn't work after he retires.

    Player is unemployed?

    I think retired would be a more accurate word here.

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    • #3
      Perhaps some financial whizzes could chime in.

      Suppose a guy beats the odds and has a nice average career in the NHL of 5 years at average $ of 1.5 million / year.

      So that is $7.5 million gross.

      After rough estimates of taxes, average house purchase, cars, wife(s) return on investment estimates, etc. how long would a guy be able to live off that loot without getting employment income.

      Obviously there are a ton of assumptions in the above hypothetical, but can someone throw out some estimates?

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      • #4
        Also, it was said by a player agent. Sounds like he's trying to get more money to players(IE him) by saying how hard they have it after they are done playing. Although from what I see, most of his agents are coaches.

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        • #5
          Originally posted by darthlampe View Post
          Also, it was said by a player agent. Sounds like he's trying to get more money to players(IE him) by saying how hard they have it after they are done playing. Although from what I see, most of his agents are coaches.
          I couldn't determine if he was still doing the agent thing or if he was just now living in the ivory tower.

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          • #6
            I think it all depends.

            What kind of lifestyle do they allow themselves and become accustom to while they are 'in the show'?

            What kind of schooling, education they have and how were they raised as far as money handling is concerned.

            What is their spouse like? The same questions above apply here.

            How lucky/unlucky are they with money... investments, etc? It was a well publicized story around here that some years back Mike Modano was swindled to the tune of like $5-7 Million, I can't recall the details, by some real estate developer. For some reason it turned out that Mike was just out the money and would never be able to recover it. I think the guy that took him filled bankruptcy or went to jail or both.

            The successfully ones are the ones that save, invest conservatively, live somewhat conservatively, and continue to work. Some retired athletes go on to own insurance agencies, investment offices, etc. Or you could go to work as an analyst as many do or as a coach or consultant inside the sport you played.

            Edit***- here is a link to a blog that talks about this subject and he mentions Modano losing $5 million.

            james mirtle: The money they spend - A hockey journalist's blog
            Last edited by way2fast91; 02-10-2012, 11:38 PM. Reason: added the link

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            • #7
              I work for an NHL player who played for 10 years. You can make a killing doing private lessons if you have half a brain and can keep kids moving.

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              • #8
                Originally posted by NHGoalie View Post
                I work for an NHL player who played for 10 years. You can make a killing doing private lessons if you have half a brain and can keep kids moving.
                Ah yes...........as long as parents think their kid is the one..... There will always be work.

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                • #9
                  players are stupid, anyone who makes more then 1-5 million and cannot invest it or know how to use it is just retarded and should seek financial advice

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                  • #10
                    Here's my guesstimate (graveyard shift has ****ed up my sleeping habits even on my day off):



                    ~40 years @ 65k, I think... Poke away at it...

                    Real take away for me is I see no reason you couldn't make it a good chunk of your life with just even a little bit of smart, conservative planning. That doesn't include the 8k a year for the pension later in life (assuming less than 400 games unless our boy here's an ironman who just falls off the face off the earth).

                    Also doesn't include monthly alimony payment(s)
                    Last edited by leaferguy; 02-11-2012, 01:44 AM.

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                    • #11
                      Stupid investments, paying off parents debts, nickle and dime spending, living outside thier means with 5 cars and a 4600 sq ft home...welcome to Brokeville

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                      • #12
                        The divorce angle I believe is integral. Marriages are statistically failing at a higher rate with pro athletes.

                        You pop one divorce into that beautiful spreadsheet leaferguy made and you got a guy looking for work at Swiss chalet...."

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                        • #13
                          No offense meant by this Keeks but, could you have survived living an adequate lifestyle with what you made? Without coaching?

                          I think that article is actually a bit on the low-end.

                          Living and playing where I do, you see a lot of Ex-NHL guys...They're all working, full time, to survive...They just can't do it with what they get paid.

                          Once you actually do the math, without divorce, we're not talking an NBA lifestyle -- We're talking about a humble, low-expensive, living...It's not the life of posh and luxury that everyone makes it out to be.

                          For example, I really don't want to call anyone out but, a couple years ago a Ranger bought a house on the "shore"...It cost literally 3/4 of his TOTAL saved income...We're not even talking about a big house here...

                          75% of his TOTAL earnings went into buying this residence -- I think that says a tremendous amount about what he earns when Basketball players or Football players spend 1/10th of their total income to buy a house 4x it's size...

                          These guys don't make that much...And if they get traded, they get to play the finance game all over again.
                          Last edited by Masked; 02-11-2012, 07:49 AM.

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                          • #14
                            This applies more to football players than hockey players, but I've heard it from all sorts of athletes. I hear, "I only have a limited amount of time to get paid, so I need to get mine." I never understood that.

                            Sure, you only have a limited amount of time to get paid as an athlete, but after you retire, you can still...GASP!...get another job. If you want to stay in the sport, you can work as a coach, analyst, etc. Otherwise you can get a job in the really real world, whether you start your own business or go work somewhere else.

                            Again, this applies more to football and basketball, but you either graduated college or had the opportunity to graduate college even if you didn't take advantage of it. You finish your career with a FREE education, startup cash, and contacts. That's way more than the average person has when trying to make his way through the world. As Leafer indicated, if you live reasonably, you don't have to work for many years and you'll still be fine, but it doesn't take much work to improve your financial situation after retirement. Not everything has to be a multi-million dollar investment. Something more modest still helps and doesn't have nearly the risk.

                            On a personal note, I *have* to retire by the age of 55. That's a requirement for Jersey troopers. My mindset is not, "I only have a limited amount of time before I retire. I'd better get mine so I'm set." Rather, it's, "I'm going to have a couple decades after I retire when I'm going to have a powerful need to eat and have a roof over my head. I need another job." I know the vast majority of troopers won't retire until after they find post-retirement jobs. Corporate security, insurance investigation, civilian police employees, teachers, etc. - there are a lot of options if you're willing to look for them and willing to work.

                            And police officers have a brutally high divorce rate too, so that factors into our decision-making.

                            So I shed no tears for millionaires who are broke in a few years. That's on them.

                            Dragon

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                            • #15
                              Anyone else catch Darren McCarty on the show Hardcore Pawn?

                              From playing in the show to working in a pawn shop (after several bouts in rehab, divorce + child support x4, etc.).

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